HUNTINGTON BEACH, Calif.--(BUSINESS WIRE)--Jul 22, 2026--
Karman Space & Defense (“Karman,” “Karman Holdings Inc.” or “the Company”) (NYSE: KRMN), a leader in the rapid design, development and production of critical, next-generation system solutions that align with the U.S. Department of Defense’s core mission priorities and the nation’s accelerating demand for access to space, today announced that Northrop Grumman Corporation has awarded a $21.3 million contract for the Proof of Manufacture (“POM”) phase of the U.S. Navy’s MK 54 Torpedo Fleet Exercise Section (“FES”) program.
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This contract award builds on Karman’s decades of proven performance as a critical supplier of maritime defense systems across submarine, surface ship, and autonomous naval platforms, including mission critical undersea warfare and fleet readiness applications.
The MK 54 Fleet Exercise Section (FES) is a recoverable training configuration used in U.S. Navy anti-submarine warfare exercises involving the MK 54 lightweight torpedo. It replaces the live warhead with a non-explosive exercise and recovery assembly, enabling safe deployment in training environments, collection of performance data, and recovery of the system for reuse. The FES supports fleet readiness, reduces lifecycle training costs, and enhances safety during operational training.
The MK 54 Lightweight Torpedo is deployed across multiple platforms, including submarines, aircraft, and surface ships operated by the U.S. Navy and allied partner nations.
The POM phase will validate the system’s design, manufacturing, and testing processes while supporting the transition to Low-Rate Initial Production (“LRIP”), enabling the U.S. Navy to conduct full system qualification prior to fleet fielding.
“We’re excited to move forward from the Proof of Demonstration phase to the Proof of Manufacture phase for the next generation of the U.S. Navy’s MK 54 Fleet Exercise Section,” said Jon Rambeau, chief executive officer of Karman. “The FES is an innovative solution to a complex challenge that Karman developed, tested and is now poised to produce for the Navy. Serving our nation’s military needs is core to our mission and drives our team to achieve the impossible every day.”
About Karman Space & Defense
Karman Space & Defense is a leader in the rapid design, development and production of critical, next-generation system solutions that align with the U.S. Department of Defense’s core mission priorities and the nation’s accelerating demand for access to space. Building on nearly 50 years of success, we deliver Payload Protection & Deployment Systems, Hydro/Aerodynamic Interstage Systems, and Propulsion & Launch Systems to more than 80 prime contractors supporting over 130 space and defense programs. Karman is headquartered in Huntington Beach, California, with multiple facilities across the United States. For more information, visit Karman Space & Defense.
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MK 54 Torpedo Fleet Exercise Section
DUBAI, United Arab Emirates (AP) — U.S. President Donald Trump has warned Iran that the U.S. will destroy one bridge or power plant each time Iran shoots at a ship in the Strait of Hormuz.
In his warning on social media, the president returned to earlier threats to target civilian infrastructure in retaliation for Iranian attacks. It comes as strikes have escalated on both sides, leaving an interim deal to end the war in tatters.
“From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT,” Trump wrote on social media.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
DUBAI, United Arab Emirates (AP) — The United States on Wednesday carried out another wave of strikes on Iran, where air defenses opened fire over the capital, Tehran. Iran launched a missile attack on a Jordanian city on Israel’s doorstep, and alerts were issued in Bahrain and Saudi Arabia.
The 11th night of American airstrikes on Iran came as diplomatic efforts have shown little public sign of progress. Officials on both sides have dug in on their dispute over the Strait of Hormuz, a crucial waterway for global energy that remains largely closed because of Iranian attacks.
Iran has avoided striking Israel since hostilities resumed last month, apparently hoping to keep it from reentering the war. But the missile and drone attack on Jordan’s city of Aqaba, within sight of Israel’s Eilat, raised concerns over a further widening of the conflict after an agreement to halt hostilities collapsed.
The closure of the strait, through which a fifth of the world’s traded oil and gas passed during peacetime, has jolted the world economy with effects far beyond the Middle East. A new threat by Iran-backed Houthi rebels in Yemen to target Saudi shipping in the Red Sea puts another trade chokepoint at risk.
Benchmark Brent crude oil rose to around $94 a barrel in trading, and gasoline prices are once again climbing ahead of U.S. midterm elections this fall.
Jordan’s military said it intercepted four Iranian missiles over Aqaba, while two others fell in “uninhabited areas.” Plumes of smoke could be seen overhead in videos filmed by people in the nearby Israeli city of Eilat. Jordan said it also intercepted four Iranian drones.
Another missile alert sounded in Bahrain, and Saudi Arabia warned residents of the Persian Gulf city of Dammam to seek shelter. Saudi authorities later said the danger had passed, without elaborating.
The U.S. military said earlier Wednesday that it had completed an 11th night of strikes on Iran, with targets including aircraft hangars and drone storage sites.
Iran's state-run IRNA news agency reported explosions across several provinces. Iran's Health Ministry says U.S. strikes over the past 11 days have killed 53 people, including six women and three children, and wounded nearly 600 people.
Iran's paramilitary Revolutionary Guard insisted its retaliatory attacks would continue.
Before the latest strikes, Iranian Interior Minister Eskandar Momeni visited Pakistan, a key mediator in the conflict, seeking to revive diplomacy. But it was unclear what new arrangement might be reached to end the war, which lately has become a battle for control over the Strait of Hormuz.
Iran's Interior Ministry spokesman Ali Zeinivand said “diplomacy isn’t called off” and that messages were still being exchanged, without elaborating, according to IRNA.
At a regional summit in the Philippines, U.S. Secretary of State Marco Rubio denounced Iran’s actions in the strait.
“If we create a precedent in the Middle East where a nation state can decide that they are going to control an international waterway, charge a toll and if you don’t pay them, blow up your ships, we have created a very dangerous precedent which will repeat itself in other parts of the world, including in this region,” he said.
In response to Iran’s attacks, the U.S. re-imposed a blockade on Iranian ports.
Speaking from the Oval Office on Tuesday, U.S. President Donald Trump gave a dim view on possible talks, saying the U.S. had “no interest in meeting.”
He signaled that U.S. forces could soon target an under-construction Iranian nuclear site buried deep under a mountain.
The site, known as Pickaxe Mountain, lies on the south side of Iran’s Natanz nuclear enrichment site, which was bombed by the U.S. during the 12-day war between Iran and Israel in 2025. But Pickaxe Mountain has remained untouched as Iran continues to dig at the site.
Iran has always insisted its nuclear program is peaceful, while resuming the enrichment of uranium to near weapons-grade levels since Trump scrapped a 2015 nuclear deal during his first term. The U.S. and others believe Iran had a nuclear weapons program until 2003 and may reconstitute it in the future.
Binkley reported from Washington. Associated Press writers Bassem Mroue in Beirut, and Michelle L. Price and Jim Gomez in Manila, Philippines, contributed to this report.
Secretary of State Marco Rubio speaks during a press conference on the sidelines of the Association of Southeast Asian Nations (ASEAN) Foreign Ministers' Meeting in Pasay, Metro Manila, Philippines Wednesday, July 22, 2026. (Brendan Smialowski/Pool Photo via AP)
