12:47 PM EDT, 05/16/2024 (MT Newswires) -- Lockheed Martin ( LMT ) stealth fighters under the US Department of Defense's F-35 Lightning II Joint Strike Fighter program are facing delayed upgrades and production issues, according to a Thursday report from the Government Accountability Office.
The Defense Department is in its sixth year of program modernization called Block 4 and the GAO said the $1.8-billion Technology Refresh 3, comprising hardware and software upgrades, under this phase continues to encounter software and supply chain issues. According to the GAO, parts shortages and manufacturing problems also led to late engine and aircraft deliveries.
"These challenges, collectively, will delay the full delivery of TR-3 with new capabilities into 2025," said the GAO. This is a two-year delay to planned upgrades and new capabilities to the aircraft, the government office noted.
Lockheed Martin ( LMT ) and the US Department of Defense did not immediately respond to MT Newswires' requests for comments.
Price: 466.17, Change: +2.09, Percent Change: +0.45