NN Inc. enters Tier 1 firearms manufacturing with contracts expected to generate $12M-$15M in revenue starting Q3.
NN Inc. (NASDAQ:NNBR) shares surged 8% after securing new contract manufacturing agreements to supply firearms components to a major U.S. firearms company. The deals, part of a multi-year development program, are projected to add $12 million to $15 million in revenue beginning in the third quarter and extending through 2028.
The contracts mark NN’s entry into Tier 1 firearms component manufacturing, supported by investments in titanium machining, laser welding, and compliance programs. The company’s Defence & Electronics segment, currently generating nearly $60 million annually, aims to reach $100 million in revenue over the next five years.
NN has secured over 20 new defense programs in the past three years, with an estimated annual value of $30 million to $35 million. The agreements strengthen its position in the defense sector, aligning with its broader growth strategy.