Q1 2022 Press Release

Exhibit 99.1

FOR IMMEDIATE RELEASE

Mercury Systems Reports First Quarter Fiscal 2022 Results

First Quarter Highlights Include:

Revenues of $225 million increased 9% over prior year

Executing on 1MPACT value creation initiative

Announced agreement to acquire Avalex Technologies

ANDOVER, Mass. November 2, 2021 Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), reported operating results for the first quarter of fiscal 2022, ended October 1, 2021.

Management Comments

"The Company's first quarter financial performance was in line with our expectations," said Mark Aslett, Mercury's President and Chief Executive Officer. "We expect to deliver substantial year- over-year growth in bookings in FY22, weighted toward the second half, as well as a positive book-to-bill for the year and solid growth in our backlog. This should set the stage for strong results in FY23, including a return to high single-digit to low double-digit organic growth. We anticipate elevated risk levels for the remainder of the fiscal year due to the potential of a prolonged defense budget continuing resolution, federal vaccination mandate and supply chain constraints though we are diligently managing and mitigating those risks. During the quarter, we continued executing on our 1MPACT value creation initiative and are progressing as planned on the expected savings in this fiscal year. We also announced a definitive agreement to acquire Avalex Technologies, which scales our global avionics and mission systems capabilities."

Does not contain Technical Data.

//Mercury Proprietary/Not_Tech_Data/US//

Mercury Reports First Quarter Fiscal 2022 Results, Page 2

First Quarter Fiscal 2022 Results

Total Company first quarter fiscal 2022 revenues were $225.0 million, compared to $205.6 million in the first quarter of fiscal 2021. The first quarter fiscal 2022 results included an aggregate of approximately $41.3 million of revenue attributable to the Physical Optics Corporation and Pentek acquired businesses.

Total Company GAAP net (loss) income for the first quarter of fiscal 2022 was $(7.1) million, or $(0.13) per share, compared to $15.8 million, or $0.29 per share, for the first quarter of fiscal 2021. Adjusted earnings per share ("adjusted EPS") was $0.41 per share for the first quarter of fiscal 2022, compared to $0.51 per share in the first quarter of fiscal 2021.

First quarter fiscal 2022 adjusted EBITDA for the total Company was $38.3 million, compared to $42.8 million for the first quarter of fiscal 2021.

Cash flows from operating activities in the first quarter of fiscal 2022 were $(2.0) million, compared to $22.9 million in the first quarter of fiscal 2021. Free cash flow, defined as cash flows from operating activities less capital expenditures for property and equipment, was $(7.4) million for the first quarter of fiscal 2022 and $12.0 million for the first quarter of fiscal 2021.

All per share information is presented on a fully diluted basis.

Bookings and Backlog

Total bookings for the first quarter of fiscal 2022 were $199.3 million, yielding a book-to-bill ratio of 0.89 for the quarter.

Mercury's total backlog at October 1, 2021 was $883.9 million, a $57.8 million increase from a year ago. Of the October 1, 2021 total backlog, $553.9 million represents orders expected to be shipped within the next 12 months.

50 Minuteman Road, Andover, Massachusetts 01810 U.S.A. | [phone] | www.mrcy.com| twitter: @MRCY

Does not contain Technical Data.

//Mercury Proprietary/Not_Tech_Data/US//

Mercury Reports First Quarter Fiscal 2022 Results, Page 3

Business Outlook

This section presents our current expectations and estimates, given current visibility, on our business outlook for the current fiscal quarter and fiscal year 2022. It is possible that actual performance will differ materially from the estimates given, either on the upside or on the downside. Investors should consider all of the risks with respect to these estimates, including those listed in the Safe Harbor Statement below and in the First Quarter and Fiscal 2022 Earnings Presentation and in our periodic filings with the U.S. Securities and Exchange Commission, and make themselves aware of how these risks may impact our actual performance. All references in this press release to the second quarter of fiscal 2022 and full fiscal 2022 are to the quarter ending December 31, 2021 and to the 52-week period ending July 1, 2022.

For the second quarter of fiscal 2022, revenues are forecasted to be in the range of $215.0

million to $225.0 million. GAAP net income for the second quarter is expected to be

approximately $0.3 million to $1.0 million, or $0.00 to $0.02 per share, assuming no incremental

acquisition costs, other non-operating adjustments, or non-recurring financing in the period, and

approximately 55.7 million weighted average diluted shares outstanding. Adjusted EBITDA for

the second quarter of fiscal 2022 is expected to be in the range of $38.0 million to $41.0 million.

Adjusted EPS is expected to be in the range of $0.39 to $0.43 per share.

For the full fiscal year 2022, revenues are forecasted to be in the range of $1.00 billion to $1.03

billion, and GAAP net income of $54.6 million to $59.7 million, or $0.98 to $1.07 per share,

assuming no incremental acquisition costs, other non-operating adjustments, or non-recurring

financing in the period, and approximately 55.7 million weighted average diluted shares

outstanding. Adjusted EBITDA for the full fiscal year is expected to be approximately $220.0

million to $227.0 million, and adjusted EPS for the full fiscal year is expected to be approximately

$2.51 to $2.60 per share.

50 Minuteman Road, Andover, Massachusetts 01810 U.S.A. | [phone] | www.mrcy.com| twitter: @MRCY

Does not contain Technical Data.

//Mercury Proprietary/Not_Tech_Data/US//

Mercury Reports First Quarter Fiscal 2022 Results, Page 4

Recent Highlights

October - Mercury announced that Mitch Stevison joined the Company as executive vice president and chief growth officer, effective October 4, 2021. Reporting to Mark Aslett, Mercury's president and chief executive officer, Dr. Stevison will drive and align the Company's growth strategy across the enterprise to achieve its growth objectives.

September - Mercury announced that it signed a definitive agreement to acquire Avalex Technologies Corporation ("Avalex"). Based in Gulf Breeze, Fla., Avalex is a provider of mission- critical avionics, including rugged displays, integrated communications management systems, digital video recorders, and warning systems.

September - Mercury announced it had successfully demonstrated the Model 8256 Sensor Open Systems Architecture™ (SOSA) aligned Development Platform at the U.S. Army - FACE™ and SOSA Technical Interchange Meeting, proving true heterogenous interoperability with SOSA aligned products from several suppliers.

September - Mercury announced that Thomas Huber had joined the Company as executive vice president and chief transformation officer, effective September 7, 2021. Reporting to Mark Aslett, Mercury's president and chief executive officer, Mr. Huber will lead the Company's 1MPACT strategic value creation initiative announced in its fourth-quarter fiscal 2021 earnings release.

September - Mercury announced that five of its products were recognized among the most innovative solutions in aerospace and defense products and systems by the judges of the 2021 Military & Aerospace Electronics Innovators Awards program.

August - Mercury launched its new avionics data recorder, storage, and transfer systems. The innovative systems are purpose-built to provide air and operations crews with intuitive high- speed secure and reliable data exchange.

50 Minuteman Road, Andover, Massachusetts 01810 U.S.A. | [phone] | www.mrcy.com| twitter: @MRCY

Does not contain Technical Data.

//Mercury Proprietary/Not_Tech_Data/US//

Mercury Reports First Quarter Fiscal 2022 Results, Page 5

August - Mercury announced it received a $17 million order from the U.S. Naval Air Warfare Center's Aircraft Division (NAWC-AD) for Advanced Data Transfer Systems (ADTS) for deployment across multiple rotary-wing and tilt-rotor platforms.

August - Mercury announced that its Torrance, Calif. facility was recognized by Lockheed Martin Rotary and Mission Systems (RMS) for its exemplary contributions to delivering advanced products and services in 2020.

July - Mercury announced the SCFE6931 processing module, the first in the industry to incorporate integrated artificial intelligence (AI) processing functionality. The 6U OpenVPX ™ heterogeneous processing module delivers performance improvements up to 20× more than today's fastest FPGA implementations and 100× more than today's fastest CPU implementations.

July - Mercury announced that it is teaming with CoreAVI to provide CoreAVI's safety-certified graphics, video, and GPU compute solutions to aerospace and defense customers. The licensing agreement between the companies addresses the growing demand for safety-critical solutions and open standards platforms in the defense market.

July - Mercury announced its new line of safety-certifiable 3U OpenVPX™ SOSA-aligned avionics modules designed to accelerate critical avionics applications and streamline subsystem development and platform safety certification.

50 Minuteman Road, Andover, Massachusetts 01810 U.S.A. | [phone] | www.mrcy.com| twitter: @MRCY

Does not contain Technical Data.

//Mercury Proprietary/Not_Tech_Data/US//