VANTA DEFENSE SYSTEMS CORPORATION
FORM 10-K
For the fiscal year ended September 30, 2024
Commission File Number 001-99004
SEC CIK: 0009900004
NYSE ticker: VDS

State of Incorporation: Delaware
Fiscal Year End: September 30
Independent Registered Public Accounting Firm: Cormorant Advisors LLP (engaged since 2015; audit fees $7,800,000 for FY2024)

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ITEM 1. BUSINESS

Vanta Defense Systems Corporation ("VDS", "Vanta") is a prime contractor to the U.S. Department
of Defense and select allied governments, designing and integrating aerospace platforms, ground
combat systems, and defensive cyber solutions. We operate through three reportable segments:
Aerospace, Ground Systems, and Cyber Solutions.

We are subject to oversight by the U.S. Securities and Exchange Commission, the U.S. Department
of Defense (including the Defense Contract Audit Agency and the Defense Contract Management
Agency), and the U.S. Department of State (Directorate of Defense Trade Controls, DDTC) with
respect to arms exports.

We are subject to the International Traffic in Arms Regulations (ITAR), the Federal Acquisition
Regulation (FAR), the Defense Federal Acquisition Regulation Supplement (DFARS), and the
Sarbanes-Oxley Act.

ITEM 1A. RISK FACTORS

Customer concentration risk. Approximately 75% of fiscal 2024 revenue was derived directly or
indirectly from the U.S. Department of Defense. A reduction in the U.S. defense budget or a
shift in acquisition priorities could materially reduce our revenue.

Export control risk. Our products are subject to ITAR and EAR. A violation could result in
denial of export privileges, monetary fines, or debarment from future U.S. government contracts.

Single-source supplier risk. Certain propulsion, sensor, and specialty-alloy components are
sourced from a single qualified supplier. Loss of a single-source supplier without a qualified
alternative could delay platform deliveries.

Geopolitical risk. Sanctions and export restrictions on the People's Republic of China and the
Russian Federation could reduce international sales.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS

Aerospace segment revenue grew 12% on continued next-generation fighter deliveries. Ground
Systems declined 3%. Cyber Solutions grew 28% on classified program ramps.

ITEM 8. FINANCIAL STATEMENTS

Selected financial data (in $ millions):
    Revenue                45,880
    Net income              3,720
    Total assets           58,240
    Backlog                72,110

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Board of Directors:
    Gen. (Ret.) Harold F. Beckwith (Chair; independent)
    Adm. (Ret.) Marlene Ortega (Audit Committee chair; independent)
    Prof. Devon Halliburton (Risk Committee chair; independent)
    Deborah Feinstein (Compensation Committee chair; independent)
    Carter Whitfield (President and Chief Executive Officer)
    (six additional independent directors)

Standing Committees:
    Audit Committee
    Risk Committee
    Compensation Committee
    Nominating & Governance Committee
    Classified Programs Committee

Executive Officers:
    Carter Whitfield — President and Chief Executive Officer (since 2017)
    Andrea Delacroix — Chief Financial Officer (since 2019)
    Rear Adm. (Ret.) Jonas Kim — Chief Operating Officer (since 2020)
