DLH Holdings Corp. SEC filings document the company's federal-services business, operating results, governance, and capital-structure matters. Recent Form 8-K filings furnish quarterly financial results and related press releases, including disclosures about revenue trends, adjusted EBITDA, operating cash flow, free cash flow, debt, backlog, and program transitions within its government contract portfolio.
The company's proxy and governance filings cover annual meeting voting, director elections, executive compensation, shareholder proposals, and equity incentive plan matters. Additional 8-K disclosures address executive employment arrangements, amendments to the 2025 Equity Incentive Plan, preliminary financial information, and shareholder approval records tied to DLH's common stock and compensation programs.
DLH Holdings Corp. insider Zachary C. Parker reports beneficial ownership of 584,594 shares of common stock, representing 4.0% of the class. This total includes 549,594 shares held directly and options to purchase 35,000 shares. The percentage is calculated against 14,493,035 shares outstanding as of January 21, 2026, plus Mr. Parker’s exercisable options. The filing notes that his holdings represent ownership of 5 percent or less of the company’s common stock and exclude unvested restricted stock units.
DLH Holdings Corp. reported weaker quarterly results for the three months ended December 31, 2025. Revenue fell to $68.9 million from $90.8 million a year earlier, mainly because several Veterans Affairs and Health and Human Services contracts shifted to small business contractors.
The company posted a net loss of $1.3 million, versus net income of $1.1 million last year, with diluted EPS moving from $0.08 to $(0.09). Operating income dropped to $1.4 million from $5.6 million, as lower volume outweighed modest cost reductions. Contract costs declined with revenue, while general and administrative expenses fell slightly but rose as a percentage of sales.
DLH carries significant leverage, with $136.6 million of debt obligations and quarterly interest expense of $3.4 million, partly mitigated by prior prepayments and an interest rate swap. Non‑GAAP EBITDA was $5.7 million and Adjusted EBITDA was $6.5 million, both below last year. Management initiated cost‑scaling actions and confirmed goodwill was not impaired after a market‑driven share price decline. Backlog edged up to $517.4 million, including $124.0 million funded, supporting future revenue.
DLH Holdings Corp. reported fiscal 2026 first quarter revenue of $68.9 million, down 24% from $90.8 million a year earlier, as certain legacy programs transitioned to small‑business set-aside contractors. The company posted a net loss of $1.3 million, versus net income of $1.1 million.
Adjusted EBITDA was $6.5 million, or 9.5% of revenue, compared with $9.9 million and an 11.0% margin, reflecting cost-scaling initiatives to align expenses with lower volumes. Operating cash outflow improved to $4.8 million from $11.5 million, while debt increased to $136.6 million and backlog rose slightly to $517.4 million.
DLH Holdings describes a transitional 2025, balancing technology investment with contract and revenue pressure. The company generated Free Cash Flow of 22,975 (in thousands) by converting strong operating cash flow and reduced capital spending, using this cash to pay down debt.
Revenue was highly concentrated in U.S. federal health and defense agencies, with the Department of Health and Human Services, Department of Veterans Affairs, and Department of Defense together accounting for nearly all 2025 revenue. Backlog fell to approximately 514,300 (with 114,100 funded), reflecting the loss or downsizing of major contracts.
Management highlights innovative AI, cloud, and data platforms such as DLH Cyclone, DLH Nexus, DLH NEURA and the FedRAMP-compliant Infinibyte platform, along with multiple national awards, as key differentiators. The 10‑K also details significant risks, including customer concentration, small‑business set‑aside competition, budget uncertainty, shutdown disruptions, debt covenant requirements, cybersecurity threats, and integration risks from past and future acquisitions.
DLH Holdings Corp. is asking shareholders to vote on key governance and compensation items at its 2026 Annual Meeting. The hybrid meeting will be held on March 12, 2026 at 10:00 a.m. Eastern Time, in New York and online via a secure webcast platform.
Shareholders will vote on electing seven directors to serve until the 2027 meeting, a non-binding advisory vote on named executive officer pay, an amendment to the 2025 Equity Incentive Plan to increase shares available under the plan, and ratification of WithumSmith+Brown, PC as independent auditor for fiscal 2026.
The record date is January 21, 2026, when 14,493,035 shares of common stock were outstanding, each entitled to one non-cumulative vote. The Board unanimously recommends voting in favor of all four proposals and describes detailed procedures for voting in person, online, or by proxy.
Mink Brook Asset Management LLC, as a 10% owner of DLH Holdings Corp., reported indirect purchases of the company's common stock in early January 2026. Through Mink Brook Partners LP, the filings show open‑market buys of 3,569 shares on January 7, 2026 and 1,458 shares on January 8, 2026, both coded as purchases at a weighted average price of $5.50 per share. After these transactions, Mink Brook Partners LP is reported as indirectly holding 1,936,552 DLH common shares, while 694,322 shares are reported as indirectly held through Mink Brook Opportunity Fund LP. The filing explains that the funds own the shares directly, and Mink Brook Asset Management LLC and related entities disclaim beneficial ownership except to the extent of their pecuniary interest.
DLH Holdings Corp. reported that its Chief Financial Officer, Kathryn M. JohnBull, received a grant of 46,708 shares of common stock as time-based restricted stock units on 12/17/2025 at a stated price of $0. The award was made under the company’s 2025 Equity Incentive Plan and will vest in full on September 30, 2028, if she remains employed by the company through that date.
After this grant, JohnBull beneficially owns 609,619 shares of DLH common stock, which includes 52,055 time-based restricted stock units previously granted under the company’s 2016 Omnibus Equity Incentive Plan.
DLH Holdings Corp. disclosed an insider filing showing that a 10% owner increased its indirect stake through affiliated investment funds. On December 17, 2025, Mink Brook Partners LP purchased 44,208 shares of DLH common stock at a weighted average price of $5.50 per share, followed by an additional purchase of 78 shares at $5.50 per share on December 18, 2025. After these transactions, the reporting person was shown as indirectly beneficially owning 1,931,525 shares through Mink Brook Partners LP and 694,322 shares through Mink Brook Opportunity Fund LP. The filing notes that certain affiliated entities, including Mink Brook Asset Management LLC and Mink Brook Capital GP LLC, disclaim beneficial ownership beyond their economic interest.
DLH Holdings Corp. director William Mueller reported buying 924 shares of the company’s common stock on 12/11/2025 at a weighted average price of $5.50 per share. The shares were acquired indirectly through Mink Brook Partners LP.
After this transaction, 1,887,239 shares are reported as indirectly beneficially owned through Mink Brook Partners LP and 694,322 shares through Mink Brook Opportunity Fund LP. Mink Brook Asset Management LLC and its affiliated general partner state they may be deemed to beneficially own these securities through their roles with the funds, but they disclaim beneficial ownership except to the extent of any pecuniary interest.
DLH Holdings reported preliminary fiscal 2025 results and contract updates. Total debt at year-end was $131.6 million, down from $154.6 million as of September 30, 2024, a $23.0 million reduction including $10.7 million in the fourth quarter. The company stated that all mandatory amortization payments for fiscal 2026 have been fully satisfied. These figures are preliminary and subject to year-end closing and audit.
On contracts, DLH’s Office of Head Start engagement ends on October 31, 2025; revenue through the third quarter from this contract was $28.4 million, about 10.7% of year-to-date revenue, and services will transition to new contractors. Separately, effective October 28, 2025, DLH received a sole-source IDIQ for the VA CMOP program with a $90.0 million ceiling and a maximum performance period through April 2027, with initial quarterly revenue at approximately $28 million for four locations not yet transitioned.