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Epirus Stock (EPIR)
Epirus designs and builds high-powered microwave products for the defense and commercial sectors.
Epirus is a defense technology company that develops high-powered microwave products for the government and commercial sectors.
About Epirus Stock
Founded
2018
Total Funding
544M
Industries
Manufacturing, Software, Science and Engineering
Epirus designs and builds electronic warfare and air domain awareness tools, including high-powered microwave products for the defense and commercial sectors. The company is a developer of software-defined electromagnetic pulse (EMP) technology designed to take down unmanned aircraft systems (UAS), drones and other asymmetric technologies.
Epirus Press Mentions
Stay in the know about the latest news on Epirus
China announces sanctions on 20 US defence firms over Taiwan arms sales
business-standard • Dec 27, 2025
China is going after US defense firms and execs over weapons sales to Taiwan — and Palmer Luckey's on the list
businessinsider • Dec 26, 2025
US Navy Advances Non-Lethal Microwave and Laser Tech to Disable Enemy Ships
webpronews • Dec 02, 2025
Sector Snapshot: Defense Tech Funding Hits Record High
news • Dec 01, 2025
Growth, tech and operations leadership moves across the market
washingtontechnology • Nov 23, 2025
Epirus Management
Leadership team at Epirus
Chief Executive Officer
Andy Lowery
Chief Operations Officer
Mick Jaggers
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Epirus Key Facts
- Successful Neutralization of Fiber-Optic Guided Threats: In January 2026, Epirus demonstrated a landmark technical milestone: the first known successful defeat of fiber-optic guided unmanned aerial systems (UAS) using its Leonidas VehicleKit (VK) platform. These drones, which operate without radio frequency (RF) links, are immune to traditional jamming and spoofing. By delivering software-defined electromagnetic interference that targets critical onboard electronics rather than signal disruption, Epirus has effectively closed a major operational gap for Western defenses against high-survivability FPV drones now proliferating in global conflicts.
- Tier-1 Defense Status and Multi-Million Dollar Expansion: Epirus continues to dominate the U.S. Army’s Indirect Fire Protection Capability (IFPC-HPM) roadmap. In July 2025, the Army awarded Epirus a $43.5 million contract for the delivery of Generation II (GEN II) Leonidas systems, which feature a 30% increase in power and double the effective range (up to 2 km) of GEN I models. This expansion follows a 2025 live-fire demonstration where a single Leonidas burst disabled a record 49-drone swarm, cementing the platform’s reputation as the most efficient "one-to-many" effector for protecting high-value targets like airbases and critical infrastructure.
- Strong balance sheet and scaling capacity for Leonidas: Epirus closed a $250 million Series D round in March 2025, led by 8VC and Washington Harbour Partners, bringing total venture funding to more than $550 million and explicitly earmarking proceeds to “hyperscale” production of the Leonidas HPM product line and support expansion into commercial and international markets. The oversubscribed financing, with participation from strategic investors such as General Dynamics Land Systems and T. Rowe Price‑advised funds, underpins Epirus’ manufacturing investments, talent growth, and ability to respond to rising demand for one‑to‑many counter‑UAS solutions from U.S. and allied customers.
- Program and customer concentration risk: Recent contracts underscore that a significant portion of Epirus’ revenue opportunity is tied to Leonidas HPM systems for a limited number of U.S. Department of Defense programs, especially the Army’s Integrated Fires Protection Capability–High Power Microwave (IFPC‑HPM) effort, where Epirus received a roughly $43.5 million award in 2025 for Generation II systems after earlier prototype deliveries. If U.S. Army requirements, test outcomes, or budget priorities shift toward alternative counter‑UAS approaches (for example, lasers, kinetic interceptors, or competing HPM solutions), Epirus could face slower order growth or delays in reaching a durable program of record, making its revenue more volatile than that of diversified primes.
- Capital intensity and pressure to meet high growth expectations: Funding trackers show Epirus has raised more than $540–550 million, including a $250 million Series D round in March 2025 to “hyperscale” Leonidas production, with private valuations around or above the $1.3 billion mark mentioned in prior rounds. This sizeable capital base enables manufacturing and international expansion but also raises the bar for contract wins and margin expansion; if Epirus cannot convert demonstrations and pilots into large, recurring production contracts at the pace implied by this funding, it could face valuation pressure, tougher future financing terms, or the need for strategic transactions to sustain its growth plan.
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