Kratos Defense & Security Solutions Inc. reported a net loss of $3 million on revenue of $215 million for the first quarter of its fiscal year, which ended March 25.

Revenue at the San Diego-based defense contractor grew 75 percent from the same period one year ago: Kratos had sales of $122.8 million in the first quarter of 2011, generating a $3.5 million net loss.

The company is sticking by its prediction that it will achieve $950 million to $1 billion in revenue this year.

Kratos shares trade on the Nasdaq as KTOS.