Lockheed Martin (LMT) shares plummeted 5.09% in pre-market trading on Wednesday following reports that the Pentagon has significantly reduced its request for Air Force F-35 fighter jets. This unexpected move has sent shockwaves through the defense sector and raised concerns about the future of one of Lockheed's key programs.

According to Bloomberg News, a U.S. Defense Department procurement request document sent to Capitol Hill this week asked for only 24 F-35 planes, down from the 48 that were forecast last year. This represents a 50% reduction in the Air Force's request, potentially impacting Lockheed Martin's revenue projections. The Air Force now plans to seek $3.5 billion for the F-35 aircraft, along with an additional $531 million for advance procurement of materials.

The F-35 program accounts for approximately 30% of Lockheed Martin's revenue, making it a crucial component of the company's business model. While the reduction in orders is specific to the Air Force, there are also reports of slight decreases in requests for the Navy and Marine Corps versions of the F-35. This broader trend could signal a shift in the Pentagon's procurement strategy, possibly influenced by budget constraints or a reevaluation of defense priorities. Investors will be closely monitoring how Lockheed Martin addresses this challenge and its potential impact on the company's long-term growth prospects.