Lockheed Martin Corporation (NYSE:LMT) has resumed deliveries of the F-35 jets to the U.S. military after a months-long pause, but the U.S. government is withholding the final $5 million payment per jet until a long-delayed technology upgrade, known as Technology Refresh 3 (TR-3), is fully implemented.
The delay in the TR-3 upgrade has prompted the U.S. government to withhold a portion of the payment for each jet.
The TR-3 upgrade includes essential software and hardware improvements, such as enhanced displays, increased computer memory, and improved processing power, all critical to the jet’s combat capabilities.
Although the deliveries have resumed, the withheld funds will significantly impact Lockheed Martin’s profit margins, the ...
