An F-35 Lightning II from the Vermont Air National Guard takes off from Spangdahlem Air Base, Germany in June 2023. Lockheed Martin said during an earnings call Jan. 23, 2024, that delivery of the latest iteration of the fifth-generation fighter has been pushed back to later this year. (Michael Abrams/Stars and Stripes)
Lockheed Martin is again pushing back its timeline for upgrading the F-35 Lighting II, which prompted the company to cut the number of the fifth-generation fighter jets it expects to deliver to the U.S. military this year.
The first deliveries are likely to begin in the third quarter of 2024, CEO Jim Taiclet said during an earnings call Tuesday.
The latest iteration of the F-35 was originally slated to roll out in April 2023. Then the second quarter of 2024 became the target.
The delays stem from Technology Refresh 3, an upgrade that would provide better target recognition and advanced sensing, jamming and cybersecurity capabilities, among other things, according to the company.
Because of the setbacks, Lockheed will likely deliver between 75 and 100 F-35s this year instead of a planned 156, Taiclet said.
The world’s largest defense contractor has been producing the new jets at its plant in Fort Worth, Texas, since July. Lockheed has been storing them until the technology upgrade is finalized.
“We are taking the time and attention to get this technology insertion right the first time because it will be absolutely worth it,” Taiclet said, adding that the company is still trying to finish developing the upgrade before the third quarter.
Without payment for the aircraft, the company’s F-35 revenues declined $400 million last year. However, that drop was offset by stronger revenues from its Skunk Works advanced products unit and F-16 sales, according to the earnings report.
Net sales for 2023 were $67.6 billion, compared with $66.0 billion in 2022, while net earnings were $6.9 billion, or $27.55 per share, compared with $5.7 billion, or $21.66 per share, in 2022.
Lockheed delivered 18 F-35 planes in the Technology Refresh 2 configuration in the fourth quarter, bringing its 2023 total to 98, Taiclet said.
