NV5 Awarded $12 Million in Federal Defense and Intelligence Geospatial Contracts
Rhea-AI Summary
NV5 has secured $12 million in geospatial contracts from the U.S. Department of Defense, covering both domestic and international national security concerns.
These contracts signify growth opportunities for NV5 in the defense, intelligence, and federal civilian markets.
Executive Chairman Dickerson Wright highlights the incremental increase in federal geospatial contract awards since the federal budget passed in March, predicting continued growth from government and defense clients.
NV5's expertise in geospatial data solutions and its established history with the federal government were key factors in obtaining these contracts.
The contracts involve monitoring and mapping global infrastructure, supporting U.S. national defense, and providing geospatial software to allied nations.
Positive
- NV5 awarded $12 million in new geospatial contracts.
- Contracts cover both domestic and international national security concerns.
- Increased federal geospatial contract awards since March.
- Anticipated sustained growth from government and defense clients.
- NV5 is North America's leading provider of geospatial data solutions.
- Contracts include monitoring and mapping global infrastructure.
- Support for infrastructure and physical security of U.S. bases globally.
- Provision of geospatial software applications to allied nations.
Negative
- Potential dependency on government contracts for growth.
News Market Reaction
On the day this news was published, NVEE declined 0.56%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOLLYWOOD, Fla., May 23, 2024 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of technology, conformity assessment, and consulting solutions, announced today that it has been awarded
“NV5’s federal geospatial contract awards continue to increase since the passing of the federal budget in March. We anticipate sustained growth from government agencies, as well as defense and intelligence clients as the year progresses,” said Dickerson Wright, PE, Executive Chairman at NV5. “NV5’s geospatial capabilities support infrastructure, facilities, and natural resources management across many federal agencies, and we look forward to continuing our support of the United States Government.”
NV5’s position as North America’s leading provider of geospatial data solutions and its history of providing specialized geospatial services to the federal government were instrumental in securing these contracts. Through the awards, NV5 will monitor and map global infrastructure to support the United States national defense. NV5 will also support the infrastructure and physical security of bases across the world and supply geospatial software applications to allied nations.
About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company focuses on multiple verticals: testing, inspection & consulting, infrastructure engineering, utility services, buildings & technology, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. NV5 operates out of more than 100 offices nationwide and internationally. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on LinkedIn, Twitter, Facebook, and Instagram.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.
Investor Relations Contact
NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com
FAQ
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