V2X, Inc. (NYSE: VVX) grows revenue and expands $12.7B defense backlog

Rhea-AI Filing Summary

V2X, Inc. reported revenue of $1,256,643 (in thousands) for the quarter ended July 3, 2026, up 16.5% year over year, with net income of $25,540 (in thousands), up 14.1%. For the first six months, revenue rose 19.9% to $2,510,771 (in thousands) and net income increased 45.8% to $44,465 (in thousands), driven by program ramp-ups in global training and aerospace and $200.9 million of discrete national security mission work.

Operating income was $53,810 (in thousands) for the quarter and $97,900 (in thousands) year to date, with operating margin at 4.3% for the quarter versus 4.9% a year earlier, as selling, general and administrative expenses grew 35.6% year to date, reflecting higher operating costs, integration activities and merger-and-acquisition evaluation expenses.

Operating activities used $108,360 (in thousands) of cash in the first half, influenced by an estimated $142.9 million net cash outflow from receivables sold under the MARPA Facility and working-capital movements. The company held $214,313 (in thousands) of cash, cash equivalents and restricted cash and has scheduled term-debt payments totaling $1,086,429 (in thousands), alongside $485.1 million of available revolver capacity. Backlog expanded to $12,727 (in millions), including funded backlog of $2,520 (in millions); the company expects to recognize a substantial portion of funded backlog as revenue within the next 12 months, even as a reduction in the LOGCAP V Kuwait task order decreased backlog by $414.6 million.

Positive

• Revenue grew 19.9% year to date to $2,510,771 (in thousands), while net income rose 45.8% to $44,465 (in thousands), reflecting program ramp-ups in global training and aerospace and discrete national security mission work.
• Total backlog increased to $12,727 (in millions), with funded backlog of $2,520 (in millions) and funded orders of $2.7 billion in six months 2026, providing substantial visibility into near-term and longer-term revenue.

Negative

• Operating cash flow was a use of $108,360 (in thousands) in six months 2026, compared with $66,931 (in thousands) used a year earlier, driven by a $142.9 million net cash outflow from receivables sales and working-capital movements.
• LOGCAP V - Kuwait revenue declined to $182.4 million from $229.1 million year to date, and a scope reduction cut backlog by $414.6 million, increasing dependence on other programs and geographies to sustain growth.

Key Figures

Revenue Q2 2026: $1,256,643 (in thousands) Net income Q2 2026: $25,540 (in thousands) Revenue first six months 2026: $2,510,771 (in thousands) +5 more

8 metrics

Revenue Q2 2026 $1,256,643 (in thousands) Three months ended July 3, 2026

Net income Q2 2026 $25,540 (in thousands) Three months ended July 3, 2026

Revenue first six months 2026 $2,510,771 (in thousands) Six months ended July 3, 2026

Net income first six months 2026 $44,465 (in thousands) Six months ended July 3, 2026

Net cash used in operating activities $(108,360) (in thousands) Six months ended July 3, 2026

Total backlog $12,727 (in millions) As of July 3, 2026

Cash, cash equivalents and restricted cash $214,313 (in thousands) As of July 3, 2026

Aggregate scheduled term-debt payments $1,086,429 (in thousands) Future payments under First Lien and 2023 Credit Agreements as of July 3, 2026

Key Terms

remaining performance obligations, cost-plus contracts, Master Accounts Receivable Purchase Agreement, Net Controlled Foreign Corporation Tested Income, +1 more

5 terms

remaining performance obligations financial

"Remaining performance obligations represent firm orders by the customer and exclude potential orders"

Remaining performance obligations are the work a company still needs to complete for its customers, like finishing a service or delivering a product. It’s important because it shows how much future income the company has coming in from current agreements, giving a clearer picture of its ongoing business.

cost-plus contracts financial

"On a cost-plus contract, the Company is paid allowable incurred costs plus a profit"

Master Accounts Receivable Purchase Agreement financial

"The Company has a Master Accounts Receivable Purchase Agreement (MARPA Facility) with MUFG Bank"

A master accounts receivable purchase agreement is a standing contract that lets a company regularly sell its unpaid customer invoices to a buyer in exchange for immediate cash, with agreed rules about pricing, responsibilities, and how disputes are handled. For investors it matters because this arrangement speeds up cash flow and can reduce borrowing needs, but it also comes with fees, affects reported liabilities and credit risk, and can signal how a company finances its working capital.

Net Controlled Foreign Corporation Tested Income financial

"The effective income tax rates vary from the federal statutory rate of 21.0% mainly due to state and foreign taxes, Net Controlled Foreign Corporation Tested Income"

request for equitable adjustments regulatory

"the Company periodically files requests for equitable adjustments (REAs) that are sometimes converted into claims"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did V2X (VVX) perform financially in Q2 2026?

V2X generated Q2 2026 revenue of $1,256,643 (in thousands), up 16.5% year over year, and net income of $25,540 (in thousands), up 14.1%. Operating margin was 4.3%, slightly below 4.9% a year earlier, as support costs rose with growth.

What drove V2X (VVX) revenue growth in the first half of 2026?

First-half revenue rose 19.9% to $2,510,771 (in thousands), mainly from program ramp-ups in global training and aerospace plus $200.9 million of discrete national security mission work. U.S. programs contributed most of the increase, with additional growth in Asia and Europe.

What is V2X (VVX) backlog as of July 3, 2026?

As of July 3, 2026, V2X reported total backlog of $12,727 (in millions), including funded backlog of $2,520 (in millions). Management states it expects to recognize a substantial portion of funded backlog as revenue within the next 12 months, supporting near-term activity.

Why was V2X (VVX) operating cash flow negative in the first half of 2026?

Operating activities used $108,360 (in thousands) of cash in six months 2026, largely due to a $142.9 million net cash outflow from the sale of receivables under the MARPA Facility and unfavorable working-capital movements, partly offset by non-cash charges and net income.

How significant is the LOGCAP V - Kuwait contract to V2X (VVX)?

The LOGCAP V - Kuwait task order contributed $182.4 million of revenue in six months 2026 versus $229.1 million a year earlier. A May 2026 scope reduction and extension to December 31, 2026 decreased backlog by $414.6 million, though other programs are ramping up.

What does V2X (VVX) debt and liquidity position look like?

V2X held $214,313 (in thousands) of cash, cash equivalents and restricted cash as of July 3, 2026, with scheduled term-debt payments totaling $1,086,429 (in thousands). The company also had $485.1 million of availability under its 2025 Revolver, with no revolver borrowings outstanding.

How dependent is V2X (VVX) on U.S. government and defense spending?

V2X describes itself as a provider of critical mission solutions primarily to defense customers, with the U.S. Department of War/Defense as its primary customer. For six months 2026, the substantial majority of revenue came from U.S. government customers, including Army, Navy and Air Force.

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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 3, 2026

or

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to    

Commission File Number: 001-36341        

V2X, Inc.

(Exact name of registrant as specified in its charter)

Indiana									38-3924636
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)
			2100 Reston Parkway, Suite 300, Reston, Virginia 20191
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code:
(571) 481-2000

Securities Registered Under Section 12(b) of the Act:

Title of each class			Trading symbol(s)			Name of each exchange on which registered
Common Stock, Par Value $0.01 Per Share			VVX			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑   No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

Table of Contents

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐

No  ☑

As of July 28, 2026, there were 31,345,358 shares of common stock ($0.01 par value per share) outstanding.

Table of Contents

V2X, INC.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

												Page No.
			PART I. FINANCIAL INFORMATION									4
Item 1.			Financial Statements (Unaudited)									4
			Condensed Consolidated Statements of Income									4
			Condensed Consolidated Statements of Comprehensive Income									5
			Condensed Consolidated Balance Sheets									6
			Condensed Consolidated Statements of Cash Flows									7
			Condensed Consolidated Statements of Changes to Shareholders' Equity									8
			Note 1. Description of Business and Summary of Significant Accounting Policies									10
			Note 2. Recent Accounting Standards Update									11
			Note 3. Revenue									11
			Note 4. Receivables									14
			Note 5. Debt									14
			Note 6. Derivative Instruments									16
			Note 7. Commitments and Contingencies									17
			Note 8. Stock-Based Compensation									18
			Note 9. Income Taxes									19
			Note 10. Earnings Per Share									19
			Note 11. Post-Employment Benefit Plans									20
			Note 12. Sale of Receivables									20
			Note 13. Segment Information									21
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations									22
Item 3.			Quantitative and Qualitative Disclosures about Market Risk									31
Item 4.			Controls and Procedures									31
			PART II. OTHER INFORMATION									33
Item 1.			Legal Proceedings									33
Item 1A.			Risk Factors									33
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds									33
Item 3.			Defaults Upon Senior Securities									33
Item 4.			Mine Safety Disclosures									33
Item 5.			Other Information									33
Item 6.			Exhibits									34
			Signatures									35

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

V2X, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

												Three Months Ended												Six Months Ended
																		July 3,						June 27,						July 3,						June 27,
(In thousands, except per share data)																		2026						2025						2026						2025
Revenue																		$	1,256,643					$	1,078,330					$	2,510,771					$	2,094,253
Cost of revenue																		1,147,139						982,597						2,295,449						1,920,417
Selling, general, and administrative expenses																		55,694						42,793						117,422						86,598
Operating income																		53,810						52,940						97,900						87,238
Loss on extinguishment of debt																		(1,739)						(313)						(1,739)						(2,527)
Interest expense, net																		(16,705)						(20,598)						(34,830)						(40,317)
Other expense, net																		(2,137)						(2,579)						(4,583)						(4,874)
Income from operations before income taxes																		33,229						29,450						56,748						39,520
Income tax expense																		7,689						7,059						12,283						9,022
Net income																		$	25,540					$	22,391					$	44,465					$	30,498
Earnings per share
Basic																		$	0.82					$	0.71					$	1.42					$	0.96
Diluted																		$	0.81					$	0.70					$	1.41					$	0.96
Weighted average common shares outstanding - basic																		31,327						31,693						31,270						31,643
Weighted average common shares outstanding - diluted																		31,524						31,883						31,519						31,886

The accompanying notes are an integral part of these financial statements.

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V2X, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

												Three Months Ended												Six Months Ended
																		July 3,						June 27,						July 3,						June 27,
(In thousands)																		2026						2025						2026						2025
Net income																		$	25,540					$	22,391					$	44,465					$	30,498
Other comprehensive income, net of tax
Changes in derivative instruments:
Net change in fair value of interest rate swaps																		1,369						(1,663)						3,616						(5,172)
Tax (expense) benefit																		(317)						386						(836)						1,201
Net change in derivative instruments																		1,052						(1,277)						2,780						(3,971)
Foreign currency translation adjustments, net of tax benefit (expense) of $2, $(1,635), $196 and $(2,959)																		6						5,404						(651)						9,780
Other comprehensive income, net of tax																		1,058						4,127						2,129						5,809
Total comprehensive income																		$	26,598					$	26,518					$	46,594					$	36,307

The accompanying notes are an integral part of these financial statements.

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V2X, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

												July 3,												December 31,
(In thousands, except per share data)												2026												2025
Assets
Current assets
Cash, cash equivalents and restricted cash												$	214,313											$	368,994
Receivables												827,359												730,256
Prepaid expenses and other current assets												163,671												127,102
Total current assets												1,205,343												1,226,352
Property, plant, and equipment, net												48,990												52,383
Goodwill												1,676,954												1,677,154
Intangible assets, net												194,163												239,760
Other non-current assets												72,876												76,525
Total non-current assets												1,992,983												2,045,822
Total Assets												$	3,198,326											$	3,272,174
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable												$	547,403											$	557,042
Compensation and other employee benefits												134,173												176,530
Short-term debt												16,107												14,935
Other accrued liabilities												216,723												258,373
Total current liabilities												914,406												1,006,880
Long-term debt, net												1,047,980												1,083,234
Deferred tax liabilities												33,640												28,357
Other non-current liabilities												67,844												69,067
Total non-current liabilities												1,149,464												1,180,658
Total liabilities												2,063,870												2,187,538
Commitments and contingencies (Note 7)
Shareholders' Equity
Preferred stock; $0.01 par value; 10,000,000 shares authorized; No shares issued and outstanding												—												—
Common stock; $0.01 par value; 100,000,000 shares authorized; 31,908,996 shares issued and 31,345,358 shares outstanding as of July 3, 2026; 31,735,083 shares issued and 31,171,445 shares outstanding as of December 31, 2025												319												317
Treasury stock, at cost - (563,638) shares as of both July 3, 2026 and December 31, 2025												(30,274)												(30,274)
Additional paid in capital												782,308												779,084
Retained earnings												387,882												343,417
Accumulated other comprehensive loss												(5,779)												(7,908)
Total shareholders' equity												1,134,456												1,084,636
Total Liabilities and Shareholders' Equity												$	3,198,326											$	3,272,174

The accompanying notes are an integral part of these financial statements.

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V2X, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

												Six Months Ended
																		July 3,						June 27,
(In thousands)																		2026						2025
Operating activities
Net income																		$	44,465					$	30,498
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation expense																		8,074						8,175
Amortization of intangible assets																		45,796						45,125
Amortization of cloud computing arrangements																		2,524						2,453
Loss on disposal of property, plant, and equipment																		5						325
Stock-based compensation																		8,419						6,181
Deferred taxes																		4,649						(4,807)
Amortization of debt issuance costs																		3,240						3,032
Loss on extinguishment of debt																		1,739						2,527
Changes in assets and liabilities:
Receivables																		(89,623)						(20,635)
Other assets																		(34,928)						(13,894)
Accounts payable																		(10,683)						(116,931)
Compensation and other employee benefits																		(42,236)						(17,322)
Other liabilities																		(49,801)						8,342
Net cash used in operating activities																		(108,360)						(66,931)
Investing activities
Purchases of capital assets																		(3,374)						(5,180)
Proceeds from the disposition of assets																		—						90
Net cash used in investing activities																		(3,374)						(5,090)
Financing activities
Repayments of long-term debt																		(37,390)						(3,812)
Proceeds from revolver																		—						319,000
Repayments of revolver																		—						(319,000)
Proceeds from stock awards and stock options																		142						77
Payment of debt issuance costs																		(1,194)						(3,909)
Payments of employee withholding taxes on stock-based compensation																		(5,335)						(2,974)
Net cash used in financing activities																		(43,777)						(10,618)
Exchange rate effect on cash																		830						4,775
Net change in cash, cash equivalents and restricted cash																		(154,681)						(77,864)
Cash, cash equivalents and restricted cash - beginning of period																		368,994						268,321
Cash, cash equivalents and restricted cash - end of period																		$	214,313					$	190,457
Supplemental disclosure of cash flow information:
Interest paid																		$	33,959					$	32,956
Income taxes paid																		$	7,861					$	5,164
Purchase of capital assets on account																		$	1,458					$	2,125

The accompanying notes are an integral part of these financial statements.

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V2X, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES TO SHAREHOLDERS' EQUITY (UNAUDITED)

						Common Stock Issued												Additional Paid-in Capital												Accumulated Other Comprehensive Loss						Total Shareholders' Equity
(In thousands)						Shares						Amount												Retained Earnings
Balance at December 31, 2024						31,560						$	316					$	769,719					$	265,535					$	(9,418)					$	1,026,152
Net income						—						—						—						8,107						—						8,107
Foreign currency translation adjustments						—						—						—						—						4,376						4,376
Unrealized loss on cash flow hedge						—						—						—						—						(2,694)						(2,694)
Employee stock awards and stock options						124						1						76						—						—						77
Taxes withheld on stock compensation awards						—						—						(2,653)						—						—						(2,653)
Stock-based compensation						—						—						2,452						—						—						2,452
Balance at March 28, 2025						31,684						$	317					$	769,594					$	273,642					$	(7,736)					$	1,035,817
Net income						—						—						—						22,391						—						22,391
Foreign currency translation adjustments						—						—						—						—						5,404						5,404
Unrealized loss on cash flow hedge						—						—						—						—						(1,277)						(1,277)
Employee stock awards and stock options						25						—						—						—						—						—
Taxes withheld on stock compensation awards						—						—						(321)						—						—						(321)
Stock-based compensation						—						—						3,729						—						—						3,729
Balance at June 27, 2025						31,709						$	317					$	773,002					$	296,033					$	(3,609)					$	1,065,743

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						Common Stock Issued												Treasury Stock												Additional Paid-in Capital												Accumulated Other Comprehensive Loss						Total Shareholders' Equity
(In thousands)						Shares						Amount						Shares						Amount												Retained Earnings
Balance at December 31, 2025						31,735						$	317					(564)						$	(30,274)					$	779,084					$	343,417					$	(7,908)					$	1,084,636
Net income						—						—						—						—						—						18,925						—						18,925
Foreign currency translation adjustments						—						—						—						—						—						—						(657)						(657)
Unrealized gain on cash flow hedge						—						—						—						—						—						—						1,728						1,728
Employee stock awards and stock options						139						1						—						—						59						—						—						60
Taxes withheld on stock compensation awards						—						—						—						—						(4,758)						—						—						(4,758)
Stock-based compensation						—						—						—						—						3,609						—						—						3,609
Balance at April 3, 2026						31,874						$	318					(564)						$	(30,274)					$	777,994					$	362,342					$	(6,837)					$	1,103,543
Net income						—						—						—						—						—						25,540						—						25,540
Foreign currency translation adjustments						—						—						—						—						—						—						6						6
Unrealized gain on cash flow hedge						—						—						—						—						—						—						1,052						1,052
Employee stock awards and stock options						35						1						—						—						81						—						—						82
Taxes withheld on stock compensation awards						—						—						—						—						(577)						—						—						(577)
Stock-based compensation						—						—						—						—						4,810						—						—						4,810
Balance at July 3, 2026						31,909						$	319					(564)						$	(30,274)					$	782,308					$	387,882					$	(5,779)					$	1,134,456

The accompanying notes are an integral part of these financial statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business

V2X, Inc. is a leading provider of critical mission solutions primarily to defense customers globally. The Company operates as one segment and offers a broad suite of capabilities including multi-domain high impact readiness, integrated supply chain management, assured communications, mission solutions, and platform renewal and modernization to national security, defense, civilian and international customers.

Unless the context otherwise requires or unless stated otherwise, references in these notes to "V2X," "we," "us," "our," "the Company" and "our Company" refer to V2X, Inc. and all of its consolidated subsidiaries, taken together as a whole.

Equity Investment

In 2011, the Company entered into a joint venture agreement with APTIM Federal Services LLC. Pursuant to the joint venture agreement, High Desert Support Services, LLC (HDSS) was established to pursue and perform work on the Ft. Irwin Installation Support Services Contract, which was awarded to HDSS in October 2012. In 2018, the Company entered into a joint venture agreement with J&J Maintenance, pursuant to which J&J Facilities Support, LLC (J&J) was established to pursue and perform work on various U.S. government contracts. In 2020, the Company entered into a joint venture agreement with Kuwait Resources House for Human Resources Management and Services Company, pursuant to which ServCore Resources and Services Solutions, LLC (ServCore) was established to operate and manage labor and life support services outside of the continental U.S. at designated locations serviced by V2X and others around the world. In February 2022, the Company and Permagreen Grønland formed Inuksuk A/S (Inuksuk), a corporation in Greenland, to bid for certain contracts in Greenland.

The Company accounts for its investments in HDSS, J&J, ServCore and Inuksuk under the equity method and has the ability to exercise significant influence over, but does not hold a controlling interest in, these entities. The Company's proportionate 25%, 50%, 40% and 49% shares, respectively, of income or losses from HDSS, J&J, ServCore and Inuksuk are recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Income. These investments are recorded in other non-current assets in the Condensed Consolidated Balance Sheets.

When cash distributions are received by the Company from its equity method investments, the cash distribution is compared to cumulative earnings and cumulative cash distributions. Cash distributions received are recorded as a return on investment in operating cash flows within the Condensed Consolidated Statements of Cash Flows to the extent cumulative cash distributions are less than cumulative earnings. Any cash distributions in excess of cumulative earnings are recorded as a return of investment in investing cash flows within the Condensed Consolidated Statements of Cash Flows. As of July 3, 2026 and December 31, 2025, the Company's combined investment balance was $12.1 million and $10.8 million, respectively, included in other non-current assets on the Company's Condensed Consolidated Balance Sheets. The Company's proportionate share of income from equity method investments was $1.4 million and $3.5 million for the three and six months ended July 3, 2026, respectively, and $2.1 million and $2.9 million for the three and six months ended June 27, 2025, respectively.

Basis of Presentation

The Company's quarterly financial periods end on the Friday closest to the last day of the calendar quarter (July 3, 2026 for the second quarter of 2026 and June 27, 2025 for the second quarter of 2025), except for the last quarter of the fiscal year, which ends on December 31. For ease of presentation, the quarterly financial statements included herein are described as three months ended.

The unaudited interim Condensed Consolidated Financial Statements of V2X have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the U.S. (GAAP) have been omitted. These unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position and operating results. Revenue and net income for any interim period are not necessarily indicative of future or annual results.

Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no material impact on the results of operations, financial position, or changes in shareholders’ equity.

Restricted Cash

As of July 3, 2026, the Company had total cash, cash equivalents, and restricted cash of $214.3 million which included $4.0 million of restricted cash. The Company's restricted cash was $3.0 million as of December 31, 2025.

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Cloud Computing Arrangements (CCA)

The Company capitalizes implementation costs associated with its CCA consistent with costs capitalized for internal-use software. Capitalized CCA implementation costs are included in prepaid expenses and other current assets and other non-current assets on the Company's Condensed Consolidated Balance Sheets. The CCA implementation costs are amortized over the term of the related hosting agreement, including renewal periods that are reasonably certain to be exercised. Amortization expense of CCA implementation costs is included in cost of revenue on the Company's Condensed Consolidated Statements of Income. The CCA implementation costs are included within operating activities on the Company's Condensed Consolidated Statements of Cash Flows.

As of July 3, 2026 and December 31, 2025, the Company had total capitalized CCA implementation costs, net of accumulated amortization, of $24.5 million and $25.1 million, respectively, included in prepaid expenses and other current assets and other non-current assets on the Company's Condensed Consolidated Balance Sheets.

Prepaid Expenses and Other Current Assets

The components of prepaid expenses and other current assets are as follows:

						As of
						July 3,						December 31,
(In thousands)						2026						2025
Inventory, net						$	59,071					$	45,854
Prepaid expenses						52,872						48,895
Prepaid taxes						6,296						9,427
Other						45,432						22,926
Total						$	163,671					$	127,102

NOTE 2

RECENT ACCOUNTING STANDARDS UPDATE

In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2024-03 Expense Disaggregation Disclosures (Subtopic 220-40), as amended by ASU No. 2025-01 Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, to require public business entities (PBEs) to disclose disaggregated information about expenses to help investors better understand an entity's performance, better assess the entity's prospects for future cash flows, and compare an entity's performance over time and with that of other entities. The amendments in this ASU are effective for PBEs for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06 Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use-Software, to remove all references to prescriptive and sequential software development stages throughout Subtopic 350-40 to better align the accounting for software costs with how software is developed. The amendments in this ASU are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.

NOTE 3

REVENUE

Remaining Performance Obligations

Remaining performance obligations represent firm orders by the customer and exclude potential orders under indefinite delivery and indefinite quantity (IDIQ) contracts, unexercised contract options and contracts awarded to us that are being protested by competitors with the U.S. Government Accountability Office (GAO) or in the U.S. Court of Federal Claims (COFC) for which a stop work order has been received by the Company. The level of order activity related to programs can be affected by the timing of government funding authorizations and their project evaluation cycles. Year-over-year comparisons could, at times, be impacted by these factors, among others.

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The Company's contracts are multi-year contracts and typically include an initial period of one year or less with annual one year (or less) option periods. The number of option periods varies by contract, and there is no guarantee that an option period will be exercised. The right to exercise an option period is at the sole discretion of the U.S. government when the Company is the prime contractor or of the prime contractor when the Company is a subcontractor. The Company expects to recognize a substantial portion of its performance obligations as revenue within the next 12 months. However, the U.S. government or the prime contractor may cancel any contract at any time through a termination for convenience, including by not exercising its renewal option, or for cause. Substantially all the Company's contracts have terms that would permit recovery of all or a portion of the Company's incurred costs and fees for work performed in the event of a termination for convenience.

Remaining performance obligations are presented in the following table:

												As of
												July 3,												December 31,
(In millions)												2026												2025
Performance Obligations												$	3,731											$	3,375

As of July 3, 2026, the Company expects to recognize approximately 53% of the remaining performance obligations as revenue in 2026 and the majority of the remainder of the balance as revenue in 2027 and 2028.

Contract Estimates

The impact of adjustments in contract estimates on the Company's operating income can be reflected in either revenue or cost of revenue. Cumulative adjustments for the three months ended July 3, 2026 and June 27, 2025 increased operating income by $1.8 million and $1.4 million, respectively. Cumulative adjustments for the six months ended July 3, 2026 and June 27, 2025 increased operating income by $0.7 million and $5.6 million, respectively.

For the three and six months ended July 3, 2026, the net adjustments to operating income increased revenue by $2.8 million and $5.4 million, respectively. For the three and six months ended June 27, 2025, the net adjustments to operating income increased revenue by $4.9 million and $19.7 million, respectively.

Revenue by Category

Generally, the sales price elements for the Company's contracts are cost-plus, cost-reimbursable, firm-fixed-price and time-and-materials, all of which are commonly identified with a single contract. On a cost-plus contract, the Company is paid allowable incurred costs plus a profit, which can be fixed or variable depending on the contract’s fee arrangement, up to funding levels predetermined by the Company's customers.

On cost-plus contracts, the Company does not bear the risks of unexpected cost overruns, provided that incurred costs do not exceed the predetermined funded amounts. Most of the Company's cost-plus contracts also contain a firm-fixed-price element. Cost-plus contracts with award and incentive fee provisions are primarily variable contract fee arrangements. Award fees provide for a fee based on actual performance relative to contractually specified performance criteria. Incentive fees are based on the relationship between total allowable and target cost. Most of the Company's contracts include a cost-reimbursable element to capture costs of consumable materials required for the program. Typically, these costs do not bear fees.

On a firm-fixed-price contract, the Company agrees to perform the contractual statement of work for a predetermined contract price. A firm-fixed-price contract typically offers higher profit margin potential than a cost-plus contract, which is commensurate with the greater levels of risk assumed on a firm-fixed-price contract. Although a firm-fixed-price contract generally permits retention of profits if the total actual contract costs are less than the estimated contract costs, the Company bears the risk that increased or unexpected costs may reduce profit or cause the Company to sustain losses on the contract. Although the overall scope of work required under the contract may not change, profit may be adjusted as experience is gained and as efficiencies are realized or costs are incurred.

On a time-and-materials contract, the Company is reimbursed for labor at fixed hourly rates and generally reimbursed separately for allowable materials, costs and expenses at cost. For this contract type, the Company bears the risk that labor costs and allocable indirect expenses are greater than the fixed hourly rate defined within the contract.

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Revenue by contract type is as follows:

												Three Months Ended																		Six Months Ended
																								July 3,						June 27,						%						July 3,						June 27,						%
(In thousands)																								2026						2025						Change						2026						2025						Change
Cost-plus and cost-reimbursable																								$	735,218					$	647,582					13.5		%				$	1,487,623					$	1,270,653					17.1		%
Firm-fixed-price																								389,650						405,091						(3.8)		%				762,409						769,177						(0.9)		%
Time-and-materials																								131,775						25,657						413.6		%				260,739						54,423						379.1		%
Total revenue																								$	1,256,643					$	1,078,330											$	2,510,771					$	2,094,253

Revenue by geographic region in which the contract is performed is as follows:

												Three Months Ended																		Six Months Ended
																								July 3,						June 27,						%						July 3,						June 27,						%
(In thousands)																								2026						2025						Change						2026						2025						Change
United States																								$	797,512					$	632,357					26.1		%				$	1,608,066					$	1,209,815					32.9		%
Middle East																								324,550						320,317						1.3		%				638,883						638,662						—		%
Asia																								86,566						76,793						12.7		%				162,703						152,771						6.5		%
Europe																								48,015						48,863						(1.7)		%				101,119						93,005						8.7		%
Total revenue																								$	1,256,643					$	1,078,330											$	2,510,771					$	2,094,253

Revenue by contract relationship is as follows:

												Three Months Ended																		Six Months Ended
																								July 3,						June 27,						%						July 3,						June 27,						%
(In thousands)																								2026						2025						Change						2026						2025						Change
Prime contractor																								$	1,206,600					$	1,008,340					19.7		%				$	2,404,062					$	1,972,086					21.9		%
Subcontractor																								50,043						69,990						(28.5)		%				106,709						122,167						(12.7)		%
Total revenue																								$	1,256,643					$	1,078,330											$	2,510,771					$	2,094,253

Revenue by customer is as follows:

												Three Months Ended																		Six Months Ended
																								July 3,						June 27,						%						July 3,						June 27,						%
(In thousands)																								2026						2025						Change						2026						2025						Change
Army																								$	422,112					$	457,443					(7.7)		%				$	862,226					$	899,579					(4.2)		%
Navy																								375,172						354,282						5.9		%				758,093						700,394						8.2		%
Air Force																								215,190						107,822						99.6		%				383,023						206,948						85.1		%
Other																								244,169						158,783						53.8		%				507,429						287,332						76.6		%
Total revenue																								$	1,256,643					$	1,078,330											$	2,510,771					$	2,094,253

Contract Balances

The timing of revenue recognition, billings, and cash collections results in billed and unbilled accounts receivable (contract assets) and customer advances and deposits (contract liabilities) on the Condensed Consolidated Balance Sheets. Amounts are billed as work progresses in accordance with agreed-upon contractual terms at periodic intervals (e.g., biweekly or monthly). Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, the Company may receive advances or deposits from its customers before revenue is recognized, resulting in contract liabilities. These advance billings and payments are not considered significant financing components because they are frequently intended to ensure that both parties are in conformance with the primary contract terms. These assets and liabilities are reported on the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period.

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As of July 3, 2026 and December 31, 2025, the Company had contract assets of $649.1 million and $628.5 million, respectively. Contract assets primarily consist of unbilled receivables which represent rights to consideration for work completed but not billed as of the reporting date. The balance of unbilled receivables consists of costs and fees that are: (i) billable immediately; (ii) billable on contract completion; or (iii) billable upon other specified events, such as the resolution of a request for equitable adjustment. Refer to Note 4, Receivables for additional information regarding the composition of the Company's receivable balances. As of July 3, 2026 and December 31, 2025, contract liabilities, included in other accrued liabilities in the Condensed Consolidated Balance Sheets, were $97.8 million and $100.7 million, respectively. As of January 1, 2025, the Company had contract assets of $620.5 million and contract liabilities of $98.7 million.

NOTE 4

RECEIVABLES

Receivables were comprised of the following:

									As of
												July 3,												December 31,
(In thousands)												2026												2025
Billed receivables												$	154,915											$	87,089
Unbilled receivables (contract assets)												649,052												628,529
Other												23,392												14,638
Total receivables												$	827,359											$	730,256

As of July 3, 2026 and December 31, 2025, substantially all billed receivables were due from the U.S. government, either directly as prime contractor to the U.S. government or as subcontractor to another prime contractor to the U.S. government. Because the Company's billed receivables are with the U.S. government, the Company does not believe it has a material credit risk exposure.

Unbilled receivables are contract assets that represent revenue recognized on long-term contracts in excess of amounts billed as of the balance sheet date. The Company expects to bill customers for most of the July 3, 2026 contract assets during 2026. Changes in the balance of receivables are primarily due to the timing differences between performance and customers' payments.

NOTE 5

DEBT

Senior Secured Credit Facilities

First Lien Credit Agreement

On May 29, 2026, the First Lien Credit Agreement was amended to provide, among other things, a new tranche of term loans in an aggregate original principal amount of $868.5 million (the New Term Loans), in which the New Term Loans replace or refinance in full all the existing term loans outstanding under the First Lien Term Tranche in effect immediately prior to the amendment (the Existing Term Loans). The loans under the First Lien Credit Agreement, as amended (the First Lien Credit Agreement), amortize in an amount equal to approximately $2.2 million per quarter through September 30, 2030, with the balance of $829.4 million due on December 6, 2030. The replacement of the Existing Term Loans with the New Term Loans resulted in a loss on extinguishment of debt of $1.7 million in the Condensed Consolidated Statement of Income for both the three and six months ended July 3, 2026.

On January 2, 2025, the First Lien Credit Agreement was amended to provide, among other things, a new tranche of term loans to replace or refinance in full all the existing term loans outstanding under the First Lien Term Tranche, resulting in a loss on extinguishment of debt of $2.0 million in the Condensed Consolidated Statement of Income for the six months ended June 27, 2025.

V2X LLC (V2X Borrower) obligations under the First Lien Credit Agreement are guaranteed by V2X Intermediate LLC and V2X Borrower’s wholly-owned domestic subsidiaries (collectively, the Guarantors), subject to customary exceptions and limitations. The V2X Borrower’s obligations under the First Lien Credit Agreement and the Guarantors’ obligations under the related guarantees are secured by a first priority lien on substantially all the V2X Borrower’s and the Guarantors’ assets which exists on a pari passu basis with the lien held by the 2023 Credit Agreement lenders.

The borrowings under the First Lien Credit Agreement bear interest at rates that, at the V2X Borrower’s option, can be either a base rate, determined by reference to the greater of (a) the federal funds rate plus 0.50%, (b) the prime lending rate, or (c) an adjusted Secured Overnight Financing Rate (SOFR) rate plus 1.00%, plus a margin of 1.00% per annum, or SOFR, plus a margin of 2.00% per annum. As of July 3, 2026, the effective interest rate for the First Lien Credit Agreement was 6.18%.

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The First Lien Credit Agreement contains customary representations and warranties and affirmative covenants. The First Lien Credit Agreement also includes negative covenants that limit, among other things, additional indebtedness, additional liens, sales of assets, dividends, investments and advances, prepayments of debt and mergers and acquisitions.

The First Lien Credit Agreement contains customary events of default, including, but not limited to, payment defaults, breaches of representations and warranties, covenant defaults, events of bankruptcy and insolvency, failure of any guaranty or security document supporting the First Lien Credit Agreement to be in full force and effect, and a change of control. If an event of default occurs and is continuing, the V2X Borrower may be required immediately to repay all amounts outstanding under the First Lien Credit Agreement.

As of July 3, 2026, the carrying value of the First Lien Credit Agreement was $866.4 million, excluding deferred discount and unamortized deferred financing costs of $20.9 million. The estimated fair value of the First Lien Credit Agreement as of July 3, 2026 was $864.2 million. The fair value is based on observable inputs of interest rates that are currently available to us for debt with similar terms and maturities for non-public debt (Level 2).

2023 Credit Agreement

The 2023 Credit Agreement provides for $750.0 million in senior secured financing, with a first lien on substantially all the V2X Borrower’s assets and consists of (a) a $500.0 million five-year revolving credit facility (the 2023 Revolver) (which includes (i) a $50.0 million sublimit of availability for letters of credit, and (ii) a $50.0 million sublimit for short-term borrowings on a swingline basis) and (b) a five-year $250.0 million term loan (the 2023 Term Loan).

On March 31, 2025, the 2023 Credit Agreement was amended to provide, among other things, a new tranche of term loans in an aggregate original principal amount of $237.5 million (the 2025 Term Loans), which replace or refinance in full all the existing term loans outstanding under the 2023 Credit Agreement in effect immediately prior to the amendment. The 2023 Credit Agreement was further amended to provide a new tranche of revolving credit commitments in an aggregate original principal amount of $500.0 million (the 2025 Revolver), which replace or refinance in full all the existing revolving credit loans and commitments outstanding under the 2023 Credit Agreement in effect immediately prior to the amendment. The 2025 Term Loans amortize at approximately $1.5 million per quarter for the fiscal quarters ending June 30, 2025 through March 31, 2027, increasing to $3.0 million per quarter for the fiscal quarters ending June 30, 2027 through December 31, 2029, with the balance of $183.0 million due on March 31, 2030.

The V2X Borrower’s obligations under the 2023 Credit Agreement are guaranteed by the Guarantors, subject to customary exceptions and limitations. The V2X Borrower’s obligations under the 2023 Credit Agreement and the Guarantors’ obligations under the related guarantees are secured by a first priority-lien on substantially all of the V2X Borrower’s and the Guarantors’ assets (subject to customary exceptions and limitations) which exists on a pari passu basis with the lien held by the First Lien Credit Agreement lenders.

The borrowings under the 2023 Credit Agreement bear interest at rates that, at the V2X Borrower’s option, can be either a base rate, determined by reference to the greater of (a) the federal funds rate plus 0.50%, (b) the prime lending rate, or (c) an adjusted SOFR rate plus 1.00%, plus a margin of 0.50% to 1.50% per annum, or SOFR, plus a margin of 1.50% to 2.50% per annum, in each case, depending on the consolidated total net leverage ratio of the V2X Borrower and its subsidiaries. As of July 3, 2026, the effective interest rate for the 2025 Term Loans was 5.82%.

Unutilized commitments under the 2025 Revolver are subject to a per annum fee ranging from 0.25% to 0.375% depending on the consolidated total net leverage ratio of the V2X Borrower and its subsidiaries.

The V2X Borrower is also required to pay a letter of credit fronting fee to each letter of credit issuer equal to 0.125% per annum of the amount available to be drawn under each such letter of credit (or such other amount as may be mutually agreed by the V2X Borrowers and the applicable letter of credit issuer), as well as a fee to all lenders equal to the applicable margin to SOFR of revolving credit loans times the average daily amount available to be drawn under all outstanding letters of credit.

The 2023 Credit Agreement contains customary representations and warranties, which must be accurate for the V2X Borrower to borrow under the 2023 Credit Agreement, and affirmative covenants. The 2023 Credit Agreement also includes negative covenants that limit, among other things, additional indebtedness, transactions with affiliates, additional liens, sales of assets, dividends, investments and advances, prepayments of debt, mergers and acquisitions.

The 2023 Credit Agreement contains financial covenants requiring (a) the consolidated total net leverage ratio not to exceed 4.75 to 1.00 for the reporting periods ending on or prior to December 31, 2026, with further step downs thereafter, and (b) the consolidated interest coverage ratio be at least 2.00 to 1.00 commencing with the reporting period ended on June 30, 2023.

The 2023 Credit Agreement contains customary events of default, including, but not limited to, payment defaults, breaches of representations and warranties, covenant defaults, events of bankruptcy and insolvency, failure of any guaranty or security document supporting the 2023 Credit Agreement to be in full force and effect, and a change of control. If an event of default occurs and is continuing, the V2X Borrower may be required immediately to repay all amounts outstanding under the 2023 Credit Agreement.

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As of July 3, 2026, there were no outstanding borrowings and $14.9 million of outstanding letters of credit under the 2025 Revolver. Availability under the 2025 Revolver was $485.1 million as of July 3, 2026. Unamortized deferred financing costs related to the 2025 Revolver of $3.5 million are included in other non-current assets in the Condensed Consolidated Balance Sheets. As of July 3, 2026, the fair value of the 2025 Revolver approximated the carrying value because the debt bears a floating interest rate.

As of July 3, 2026, the carrying value of the 2025 Term Loans was $220.1 million, excluding unamortized deferred financing costs of $1.5 million. The estimated fair value of the 2025 Term Loans as of July 3, 2026 was $220.2 million. The fair value is based on observable inputs of interest rates that are currently available to us for debt with similar terms and maturities for non-public debt (Level 2).

The aggregate scheduled maturities of the First Lien Credit Agreement and 2023 Credit Agreement as of July 3, 2026 are as follows:

(In thousands)												Payments due
2026 (remainder of the year)												$	7,311
2027												19,076
2028												20,560
2029												20,560
2030												1,018,922
Total												$	1,086,429

As of July 3, 2026, the Company was in compliance with all covenants related to the First Lien Credit Agreement and the 2023 Credit Agreement.

NOTE 6

DERIVATIVE INSTRUMENTS

During the periods covered by this report, the Company has made no changes to its policies or strategies for the use of derivative instruments and there has been no change in related accounting methods. For the Company's derivative instruments, which are designated as cash flow hedges, gains and losses are initially reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings with the corresponding hedged item.

Interest Rate Derivative Instruments

As of July 3, 2026, the Company held $350.0 million of interest rate swap contracts to mitigate risks to earnings and cash flows relating to fluctuations in interest rates. During the three months ended July 3, 2026, the Company elected not to renew certain interest rate swap contracts, which resulted in a decrease in interest rate swap contracts of $100.0 million from the quarter ended April 3, 2026. As of July 3, 2026 and December 31, 2025, these contracts had notional values of $321.9 million and $428.1 million, respectively. These contracts are designated and qualify as effective cash flow hedges.

The following table summarizes the amount at fair value and location of the derivative instruments for interest rate hedges in the Condensed Consolidated Balance Sheets:

						Fair Value (level 2)
												As of
												July 3,						December 31,
(In thousands)						Balance sheet caption						2026						2025
Interest rate swap designated as cash flow hedge						Prepaid expenses and other current assets						$	894					$	—
Interest rate swap designated as cash flow hedge						Other non-current assets						$	571					$	—
Interest rate swap designated as cash flow hedge						Other accrued liabilities						$	—					$	770
Interest rate swap designated as cash flow hedge						Other non-current liabilities						$	—					$	1,380
Interest rate swap designated as cash flow hedge						Accumulated other comprehensive loss						$	1,465					$	(2,150)

The Company regularly assesses the creditworthiness of the counterparty. As of July 3, 2026, the counterparty to the interest rate swaps had performed in accordance with its contractual obligations. Both the counterparty credit risk and the Company's credit risk were considered in the fair value determination.

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Net interest rate derivative expenses of $2.9 million were recognized in interest expense, net, in the Condensed Consolidated Statements of Income for both the three and six months ended July 3, 2026. Net interest rate derivative gains of $0.8 million and $1.5 million were recognized in interest expense, net, in the Condensed Consolidated Statements of Income for the three and six months ended June 27, 2025, respectively. The Company expects $0.9 million of existing interest rate swap gains reported in accumulated other comprehensive loss as of July 3, 2026 to be recognized in earnings within the next 12 months.

NOTE 7

COMMITMENTS AND CONTINGENCIES

General

From time to time, the Company is involved in various investigations, lawsuits, arbitrations, claims, enforcement actions and other legal proceedings, including government investigations and claims, which are incidental to the operation of its business. Some of these proceedings seek remedies relating to employment matters, matters relating to injuries to people or property damage, matters in connection with the Company's contracts and matters arising under laws relating to the protection of the environment. Additionally, U.S. government customers periodically advise the Company of claims and penalties concerning certain potential disallowed costs. When such findings are presented, V2X and the U.S. government representatives engage in discussions to enable V2X to evaluate the merits of these claims as well as to assess the amounts being claimed.

Where appropriate, provisions are made to reflect probable losses related to the matters raised by U.S. government representatives. Such assessments, along with any assessments regarding provisions for other legal proceedings, are reviewed on a quarterly basis for sufficiency based on the latest information available to us.

The Company estimated and accrued $15.7 million and $14.4 million as of July 3, 2026 and December 31, 2025, respectively, in other accrued liabilities in the Condensed Consolidated Balance Sheets for legal proceedings and for claims with respect to its U.S. government contracts as discussed below, including years where the U.S. government has not completed its incurred cost audits. Although the ultimate outcome of any legal matter or claim cannot be predicted with certainty, based on present information, including the assessment of the merits of a particular claim, the Company does not expect that any asserted or unasserted legal or contractual claims or proceedings, individually or in the aggregate, will have a material adverse effect on its cash flows, results of operations or financial condition.

U.S. Government Contracts, Investigations and Claims

The Company has U.S. government contracts that are funded incrementally on a year-to-year basis. Changes in government policies, priorities or funding levels through agency or program budget reductions by the U.S. Congress or executive agencies could have a material adverse effect on the Company's financial condition or results of operations. Furthermore, the Company's contracts with the U.S. government may be terminated or suspended by the U.S. government at any time, with or without cause. Such contract suspensions or terminations could result in non-reimbursable expenses or charges or otherwise adversely affecting the Company's financial condition and results of operations.

Departments and agencies of the U.S. government have the authority to investigate various transactions and operations of the Company, and the results of such investigations may lead to administrative, civil or criminal proceedings, the ultimate outcome of which could be fines, penalties, repayments or compensatory or treble damages. U.S. government regulations provide that certain findings against a contractor may lead to suspension or debarment from future U.S. government contracts or the loss of export privileges for a company or an operating division or subdivision. Suspension or debarment could have a material adverse effect on the Company because of its reliance on U.S. government contracts.

U.S. government agencies, including the Defense Contract Audit Agency, the Defense Contract Management Agency and others, routinely audit and review the Company's performance on government contracts, indirect rates and pricing practices, and compliance with applicable contracting and procurement laws, regulations and standards. Accordingly, costs billed or billable to U.S. government customers are subject to potential adjustment upon audit by such agencies. The U.S. government agencies also review the adequacy of compliance with government standards for business systems, including accounting, earned value management, estimating, materials management and accounting, purchasing, and property management systems. A finding by a U.S. government agency that the Company’s business systems are not adequate could adversely affect the Company’s financial condition and results of operations.

In the performance of its contracts, the Company routinely requests contract modifications that require additional funding from U.S. government customers. Most often, these requests are due to customer-directed changes in the scope of work. While the Company is entitled to recovery of these costs under its contracts, the administrative process with the U.S. government customer may be protracted. Based on the circumstances, the Company periodically files requests for equitable adjustments (REAs) that are sometimes converted into claims. In some cases, these requests are disputed by the U.S. government customer. The Company believes its outstanding modifications, REAs and other claims will be resolved without material adverse impact to its results of operations, financial condition or cash flows.

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NOTE 8

STOCK-BASED COMPENSATION

The Company maintains an equity incentive plan, the Third Amendment and Restatement of the V2X, Inc. 2014 Omnibus Incentive Plan, as amended and restated effective as of May 8, 2025 (the 2014 Omnibus Plan), to govern awards granted to V2X employees and directors, including nonqualified stock options (NQOs), restricted stock units (RSUs), performance share units (PSUs) and other awards. The Company accounts for NQOs, stock-settled RSUs and PSUs as equity-based compensation awards.

Stock-based compensation expense and the associated tax benefits impacting the Company's Condensed Consolidated Statements of Income were as follows:

												Three Months Ended												Six Months Ended
																		July 3,						June 27,						July 3,						June 27,
(In thousands)																		2026						2025						2026						2025
Compensation costs for equity-based awards, pre-tax																		$	4,810					$	3,729					$	8,419					$	6,181
Future tax benefit																		$	1,112					$	888					$	1,946					$	1,471

As of July 3, 2026, total unrecognized compensation costs related to equity-based awards were $31.4 million, which are expected to be recognized ratably over a weighted average period of 1.8 years.

The following table provides a summary of the activities for NQOs, RSUs and PSUs for the six months ended July 3, 2026:

						NQOs												RSUs												PSUs
(In thousands, except per share data)						Shares						Weighted Average Exercise Price Per Share						Shares						Weighted Average Grant Date Fair Value Per Share						Shares						Weighted Average Grant Date Fair Value Per Share
Outstanding at January 1, 2026						10						$	21.19					408						$	46.96					368						$	48.48
Granted						—						$	—					190						$	70.57					120						$	76.64
Exercised						(7)						$	20.78					—						$	—					—						$	—
Vested						—						$	—					(208)						$	45.76					(34)						$	40.96
Cancelled						—						$	—					—						$	—					(109)						$	43.85
Forfeited or expired						—						$	—					(11)						$	53.80					(1)						$	77.07
Outstanding at July 3, 2026						3						$	21.98					379						$	59.26					344						$	61.70

Restricted Stock Units

RSUs awarded to employees vest in one-third increments on each of the three anniversary dates following the grant date subject to continued employment as described in the RSU award agreement. RSUs issued to directors are typically granted annually and vest approximately one year after the grant date. The fair value of each RSU grant was determined based on the closing price of V2X common stock on the date of grant. Stock compensation expense will be recognized ratably over the requisite service period of the RSU awards.

As of July 3, 2026, there was $17.1 million of unrecognized RSU related compensation expense.

Performance Share Units

During the six months ended July 3, 2026, the Company granted PSUs that become eligible to vest based on the achievement of Adjusted Earnings Per Share (adjusted EPS) and relative Total Shareholder Return (rTSR) goals over the three-year performance period. The performance-based awards will vest and the stock will be issued at the end of a three-year period based on i) Company performance against an annual adjusted EPS target established each year, over 3 years, as determined by the Compensation and Human Capital Committee of the Company’s Board of Directors (Compensation Committee), and a 3-year rTSR modifier as compared to certain Aerospace & Defense companies approved by the Compensation Committee and assuming ii) the employee’s continued service through the vesting date in accordance with the terms of the 2014 Omnibus Plan. The number of shares ultimately awarded, if any, can range up to 200% of the specified target awards. A Monte Carlo valuation model was used to determine the fair value of the awards by simulating 50,000 potential Total Shareholder Return outcomes for the Company and a group of peer companies over the performance periods and determine the amount of the payout that would occur in each simulation. The fair value is based on the average of the results.

As of July 3, 2026, there was $14.3 million of unrecognized PSU related compensation expense.

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NOTE 9

INCOME TAXES

Effective Tax Rate

Income tax expense during interim periods is based on an estimated annual effective income tax rate, plus discrete items that may occur in any given interim periods. The computation of the estimated effective income tax rate at each interim period requires certain estimates and judgment including, but not limited to, forecasted operating income for the year, projections of the income earned and taxed in various jurisdictions, newly enacted tax rate and legislative changes, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year.

For the three months ended July 3, 2026 and June 27, 2025, the Company recorded income tax expense of $7.7 million and $7.1 million, respectively, representing effective income tax rates of 23.1% and 24.0%, respectively. For the six months ended July 3, 2026 and June 27, 2025, the Company recorded income tax expense of $12.3 million and $9.0 million, respectively, representing effective income tax rates of 21.6% and 22.8%, respectively. The effective income tax rates vary from the federal statutory rate of 21.0% mainly due to state and foreign taxes, Net Controlled Foreign Corporation Tested Income (NCTI), disallowed compensation deduction under Internal Revenue Code Section 162(m), offset by foreign derived intangible income deduction, available deductions not included in book income and income tax credits.

Uncertain Tax Positions

As of both July 3, 2026 and December 31, 2025, unrecognized tax benefits from uncertain tax positions were $1.2 million.

Other

The One Big Beautiful Bill Act (OBBBA) was enacted on July 4, 2025. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research expensing and increases the business interest expense limitation. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The OBBA did not significantly impact our income tax expense or effective tax rate for the three and six months ended July 3, 2026.

NOTE 10

EARNINGS PER SHARE

Basic earnings per share (EPS) is computed by dividing net income, or loss, by the weighted average number of common shares outstanding for the period. Diluted EPS reflects potential dilution that could occur if securities to issue common stock were exercised or converted into common stock. Diluted EPS includes the dilutive effect of stock-based compensation outstanding after application of the treasury stock method.

												Three Months Ended												Six Months Ended
																		July 3,						June 27,						July 3,						June 27,
(In thousands, except per share data)																		2026						2025						2026						2025
Net income																		$	25,540					$	22,391					$	44,465					$	30,498
Weighted average common shares outstanding																		31,327						31,693						31,270						31,643
Add: Dilutive impact of stock options																		4						18						4						18
Add: Dilutive impact of restricted stock units and performance share units																		193						172						245						225
Diluted weighted average common shares outstanding																		31,524						31,883						31,519						31,886
Earnings per share
Basic																		$	0.82					$	0.71					$	1.42					$	0.96
Diluted																		$	0.81					$	0.70					$	1.41					$	0.96

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The following table summarizes the weighted average of anti-dilutive securities excluded from the diluted EPS calculation.

												Three Months Ended												Six Months Ended
																		July 3,						June 27,						July 3,						June 27,
(In thousands)																		2026						2025						2026						2025
Anti-dilutive restricted stock units and performance share units																		108						104						68						45
Total																		108						104						68						45

NOTE 11

POST-EMPLOYMENT BENEFIT PLANS

Deferred Employee Compensation

The Company sponsors non-qualified deferred compensation plans, under which participants are eligible to defer a portion of their compensation on a tax deferred basis. The assets in the plan are held in a Rabbi trust. Plan investments and obligations were recorded in other non-current assets and other non-current liabilities, respectively, in the Condensed Consolidated Balance Sheets, representing the fair value related to the deferred compensation plans. Adjustments to the fair value of plan investments and obligations are recorded in selling, general, and administrative expenses. The plan assets and liabilities were $6.0 million and $5.8 million as of July 3, 2026 and December 31, 2025, respectively.

Multi-Employer Pension Plans

Certain Company employees who perform work on contracts within the continental United States participate in multi-employer pension plans of which the Company is not the sponsor. Company expenses related to these plans were $4.5 million and $9.9 million for the three and six months ended July 3, 2026, respectively, and $4.9 million and $8.9 million for the three and six months ended June 27, 2025, respectively.

NOTE 12

SALE OF RECEIVABLES

The Company has a Master Accounts Receivable Purchase Agreement (MARPA Facility) with MUFG Bank, Ltd. (MUFG) for the sale of certain designated eligible receivables up to a maximum amount of $400.0 million with the U.S. government. Receivables sold under the MARPA Facility are without recourse for any U.S. government credit risk.

The Company accounts for these receivable transfers under the MARPA Facility as sales under ASC Topic 860, Transfers and Servicing, and removes the sold receivables from its balance sheet. The fair value of the sold receivables approximated their book value due to their short-term nature.

																					As of and for the
																		Six Months Ended
																														July 3,						June 27,
(In thousands)																														2026						2025
Beginning balance:																														$	276,720					$	218,897
Sale of receivables																														2,034,406						1,708,624
Cash collections																														(2,177,281)						(1,699,604)
Outstanding balance sold to MUFG1																														133,845						227,917
Cash collected, not remitted to MUFG2																														(20,841)						(77,963)
Remaining sold receivables																														$	113,004					$	149,954
1 For the six months ended July 3, 2026, the Company recorded a net cash outflow, excluding fees, from sale of receivables of $142.9 million from operating activities.
2 Includes the cash collected on behalf of, but not yet remitted to, MUFG as of July 3, 2026. This balance is included in other accrued liabilities as of the balance sheet date.

During the three months ended July 3, 2026 and June 27, 2025, the Company incurred purchase discount fees, net of servicing fees, of $2.2 million and $2.6 million, respectively, which are presented in other expense, net on the Condensed Consolidated Statements of Income. During the six months ended July 3, 2026 and June 27, 2025, the Company incurred purchase discount fees, net of servicing fees, of $4.6 million and $5.1 million, respectively, which are presented in other expense, net on the Condensed Consolidated Statements of Income and are reflected as cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows.

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The Company does not retain an ongoing financial interest in the transferred receivables other than cash collection and administrative services. The Company estimated that its servicing fee was at fair value and therefore has not recognized a servicing asset or liability as of July 3, 2026. Proceeds from the sale of receivables are reflected as cash inflows from operating activities on the Condensed Consolidated Statements of Cash Flows.

NOTE 13

SEGMENT INFORMATION

The Company operates as a single reportable segment. V2X performs services worldwide, with the substantial majority of revenue derived from the U.S. government. The chief operating decision maker (CODM) for the Company is the President and Chief Executive Officer. The CODM uses consolidated profit metrics, including net income and operating income, as reported on the Condensed Consolidated Statements of Income, to allocate resources and assess financial performance.

Our CODM reviews significant expenses as reported in the Condensed Consolidated Statements of Income in addition to depreciation and amortization information, which is summarized below for the three and six months ended July 3, 2026 and June 27, 2025:

												Three Months Ended												Six Months Ended
																		July 3,						June 27,						July 3,						June 27,
(In thousands)																		2026						2025						2026						2025
Depreciation and amortization																		$	28,285					$	27,715					$	56,394					$	55,753

The CODM also reviews consolidated capital expenditures as reported as purchases of capital assets in the Condensed Consolidated Statements of Cash Flows.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of our financial condition and results of operations should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto included in this Quarterly Report on Form 10-Q as well as the audited Consolidated Financial Statements and notes thereto and the information under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. This Quarterly Report provides additional information regarding the Company, our services, industry outlook and forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements. See "Forward-Looking Statement Information" for further information. Amounts presented in and throughout this Item 2 are rounded and, as such, rounding differences could occur in period over period changes and percentages reported.

Overview

V2X is a leading provider of critical mission solutions primarily to defense customers globally. The Company operates as one segment and offers a broad suite of capabilities including multi-domain high impact readiness, integrated supply chain management, assured communications, mission solutions, and platform renewal and modernization to national security, defense, civilian and international customers.

Our primary customer is the U.S. Department of War (DoW), also known as the Department of Defense under 10 U.S.C. § 111(a). For the six months ended July 3, 2026 and June 27, 2025, the Company had total revenue of $2.5 billion and $2.1 billion, respectively, the substantial majority of which was derived from U.S. government customers. For the six months ended July 3, 2026 and June 27, 2025, we generated approximately 34% and 43%, respectively, of our total revenue from the U.S. Army.

Executive Summary

Our revenue increased by $178.3 million, or 16.5%, for the three months ended July 3, 2026 as compared to the three months ended June 27, 2025. Revenue increased primarily due to program ramp ups in global training and aerospace along with $101.6 million attributed to discrete activities to support a national security mission. Revenue from our programs in the U.S., Asia, and the Middle East increased by $165.1 million, $9.8 million, and $4.2 million, respectively, partially offset by a decrease in revenue from our programs in Europe of $0.8 million during the three months ended July 3, 2026 as compared to the three months ended June 27, 2025.

Operating income for the three and six months ended July 3, 2026 was $53.8 million and $97.9 million, respectively, an increase of $0.9 million and $10.7 million, or 1.6% and 12.2%, respectively, compared to the three and six months ended June 27, 2025. Operating income increased primarily due to the ramp up of several programs, partially offset by increased Selling, General and Administrative expenses (SG&A) and corporate expenses.

During the performance of long-term contracts, estimated final contract prices and costs are reviewed periodically, and revisions are made as required, which are recorded as changes in revenue and cost of revenue in the periods in which they are determined. Additionally, the fees under certain contracts may be increased or decreased in accordance with cost or performance incentive provisions which measure actual performance against established targets or other criteria. These incentive fees or penalties are included in revenue when there is sufficient information to reasonably assess anticipated contract performance. Amounts representing contract change orders or limitations in funding on contracts are recorded only if it is probable a claim will result in additional contract revenue and the amounts can be reliably estimated. Changes in estimated revenue, cost of revenue and the related effect to operating income are recognized using cumulative adjustments, which recognize in the current period the cumulative effect of the changes on current and prior periods based on a contract's percentage of completion. Cumulative adjustments are driven by changes in contract terms, program performance, customer scope changes and changes to estimates in the reported period. These changes can increase or decrease operating income depending on the dynamics of each contract.

Further details related to consolidated financial results for the three and six months ended July 3, 2026, compared to the three and six months ended June 27, 2025, are contained in the "Discussion of Financial Results" section in this Quarterly Report on Form 10-Q.

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Significant Contracts

The following table reflects contracts that accounted for more than 10% of total revenue:

												% of Total Revenue
												Six Months Ended
																		July 3,						June 27,
Contract Name																		2026						2025
Logistics Civil Augmentation Program (LOGCAP) V - Kuwait Task Order																		7.3%						10.9%

Revenue associated with a contract will fluctuate based on increases or decreases in the work being performed on the contract, award fee payment assumptions, and other contract modifications within the term of the contract resulting in changes to the total contract value.

The LOGCAP V - Kuwait Task Order was exercised through June 30, 2026 and provides services to support the Geographical Combatant Commands and Army Service Component Commands throughout the full range of military operations in the Kuwait region. On May 12, 2026, the U.S. Department of the Army notified the Company of its decision to reduce the scope of work being performed under this task order and to extend the contract with respect to the revised scope for an additional six months to December 31, 2026. The LOGCAP V - Kuwait Task Order contributed $182.4 million and $229.1 million of revenue for the six months ended July 3, 2026 and June 27, 2025, respectively. As a result of this modification, the Company reduced its backlog by $414.6 million. The Company continues to work with the U.S. Department of the Army to support them in the region, including through the current extension of the original task order for $22.6 million until the end of 2026, as well as through other contract vehicles. Management does not currently expect the reduction in scope of the LOGCAP V - Kuwait Task Order to have a material adverse effect on the Company's financial condition or results of operations, including revenue due to other programs ramp up as reflected in "Discussion of Financial Results" section.

Backlog

Backlog represents revenue we expect to recognize in the future as work is performed for remaining performance obligations for our contracts. Backlog includes funded amounts (funding is contractually authorized and appropriated by the customer) and unfunded amounts (amounts not currently contractually obligated by the customer, including unexercised options when the exercise of those options is considered probable). Total backlog excludes potential orders under IDIQ contracts and contracts awarded to us that are being protested by competitors with the GAO or in the COFC for which a stop work order has been received by the Company. Actual backlog values may vary due to the level of order activity related to programs, the timing of government funding authorizations or de-obligations of funding. Year-over-year comparisons could, at times, be impacted by these factors, among others.

Our contracts are multi-year contracts and typically include an initial period of one year or less with annual one-year or less option periods for the remaining contract period. The number of option periods vary by contract, and there is no guarantee that an option period will be exercised. The right to exercise an option period is at the sole discretion of the U.S. government when we are the prime contractor or of the prime contractor when we are a subcontractor. The U.S. government may also extend the term of a program by issuing extensions or bridge contracts, typically for periods of one year or less.

We expect to recognize a substantial portion of our funded backlog as revenue within the next 12 months. However, the U.S. government or the prime contractor may cancel any contract at any time through a termination for convenience. Most of our contracts have terms that would permit recovery of all or a portion of our incurred costs and fees for work performed in the event of a termination for convenience.

The following is a summary of funded and unfunded backlog:

									As of
												July 3,												December 31,
(In millions)												2026												2025
Funded backlog												$	2,520											$	2,303
Unfunded backlog												10,207												8,813
Total backlog												$	12,727											$	11,116

    Funded orders (different from funded backlog) represent orders for which funding was received during the period. We received funded orders of $2.7 billion during the six months ended July 3, 2026, which was an increase of $540.2 million compared to the six months ended June 27, 2025.

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Economic Opportunities, Challenges and Risks

The U.S. government’s investment in services and capabilities in response to changing security challenges creates a complex and fluid business environment for V2X and other firms in this market. The U.S. continues to face substantial fiscal and economic challenges in addition to a varying political environment which could affect funding. The pace and depth of U.S. government acquisition reform and cost savings initiatives, combined with increased industry competitiveness to win long-term positions on key programs, could add pressure to revenue levels and profit margins. However, the Company expects the U.S. government will continue to place a high priority on national security and will continue to invest in affordable solutions. V2X believes that its capabilities should help its clients increase efficiency, reduce costs, improve readiness, and strengthen national security and, as a result, continue to allow for long-term profitable growth in the business. Further, the DoW budget remains the largest defense budget in the world and management believes the Company's addressable portion of the DoW budget offers substantial opportunity for growth.

The U.S. government's Fiscal Year (FY) begins on October 1 and ends on September 30. On February 3, 2026, the President signed into law, H.R. 7148, the "Consolidated Appropriations Act, 2026," to end a partial government shutdown and fund the DoW and other federal agencies through FY 2026. The defense funding bill includes approximately $839 billion in appropriations. The OBBBA was signed into law by the President on July 4th, 2025, and allocates approximately $150 billion in mandatory funds to support defense and national security priorities that are available to be obligated through September 30, 2029. See Note 9, Income Taxes, in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for further discussion relating to the OBBBA.

On April 21, 2026, the DoW released the President's FY 2027 defense budget which requests $1.45 trillion in total budgetary resources. While the FY 2027 budget request reflects a significant increase from FY 2026 levels, it has not yet been passed as law and we anticipate the federal budget will continue to be subject to debate and compromise shaped by, among other things, heightened political tensions, Congress, the debt ceiling, the global security environment, inflationary pressures, and other macroeconomic conditions. The result may shift funding priorities, which could have material impacts on our programs and defense spending broadly. Additionally, the Administration continues to assess government-wide procurement, staffing, and support activities, including the evaluation of mission priorities, acquisition methods, contract performance, and other factors, which could result in potential actions. Those actions remain uncertain and could result in impacts to our current and future financial performance and business prospects.

While it is difficult to predict the specific course of future defense budgets, V2X believes the core functions the Company performs are mission-essential and spending to maintain readiness, improve performance, increase service life, lower cost, and modernize capabilities will continue to be a U.S. government priority. The Company's focus is on providing integrated solutions across the mission lifecycle that encompass (i) high impact readiness; (ii) integrated supply chain management; (iii) assured communications; (iv) mission solutions, including rapid response contingency efforts; and (v) platform renewal and modernization. The Company believes its capabilities enhance mission effectiveness, extend utility, lower cost, and improve security and mission outcomes. While customers may reduce the level of services required from us, the Company does not currently anticipate the complete elimination of these services, and the Company continues to focus on contract expansion and capturing new business opportunities.

However, business conditions have become more challenging and uncertain due to macroeconomic and geopolitical conditions, including inflation and rising interest rates, as well as recent international events. For example, global hostilities could create additional demand for our products and services; however, any such demand, and the timing and extent of any incremental contract activity resulting from that demand, remains uncertain. Additionally, global hostilities could also impact our ability to deliver our products and services to customers. Further, we continue to closely monitor impacts to our business and operations in the Middle East, and the region at large due to the conflict in Iran. In addition, given the current level of inflation and geopolitical factors, the Company is monitoring the impact of rising costs on its active and future contracts and its financial results, and actively evaluating opportunities for cost reductions and deleveraging. The Company’s earnings and profitability may vary materially depending on the total mix of contracts. To date, the Company has not experienced broad-based increases from inflation or geopolitical hostilities, including as a result of tariffs, in the costs of its fixed-price and time and materials contracts that are material to the business. However, if the geopolitical conditions worsen or if the Company experiences greater than expected inflation in its supply chain and labor costs, then profit margins, and in particular, the profit margin from fixed-price and time and materials contracts, which represent a substantial portion of its contracts, could be adversely affected.

The information provided above does not represent a complete list of trends and uncertainties that could impact the Company's business in either the near or long-term and should be considered along with the risk factors identified in Part I, "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and updated, as necessary, on subsequent Quarterly Reports on Form 10-Q, and the matters identified under the caption “Forward-Looking Statement Information" herein.

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Secondary Public Offerings

On May 7, 2026, we entered into an underwriting agreement (the May 2026 Underwriting Agreement), by and among the Company, Vertex Aerospace Holdco LLC (the Selling Shareholder), and Morgan Stanley & Co. LLC, as the sole underwriter (the May 2026 Underwriter), relating to the public offering (the May 2026 Offering) of 2,004,569 shares of common stock by the Selling Shareholder. The May 2026 Offering closed on May 11, 2026. The Company did not sell any securities in the May 2026 Offering and did not receive any proceeds from the sale of the shares offered by the Selling Shareholder. Following the May 2026 Offering, the Selling Shareholder no longer owns any shares of common stock. An entity affiliated with the Selling Shareholder continued to beneficially own 375,420 shares, or approximately 1.2%, of the Company’s outstanding common stock immediately after giving effect to the May 2026 Offering.

On May 15, 2025, we entered into an underwriting agreement (the May 2025 Underwriting Agreement), by and among the Company, the Selling Shareholder and RBC Capital Markets, LLC, as underwriter (the Underwriter), relating to the public offering (the May 2025 Offering) of 2,000,000 shares of common stock by the Selling Shareholder and up to 300,000 additional shares of common stock at the Underwriter’s option at any time on or before the 30th day after the date of the prospectus supplement dated May 15, 2025 (the May 2025 Option). The May 2025 Offering closed on May 19, 2025. The Selling Shareholder elected not to exercise the May 2025 Option. The Company did not sell any securities in the May 2025 Offering and did not receive any proceeds from the sale of the shares offered by the Selling Shareholder.

DISCUSSION OF FINANCIAL RESULTS

Three months ended July 3, 2026 compared to three months ended June 27, 2025

Selected financial highlights are presented in the following table:

						Three Months Ended												Change
						July 3,						June 27,
(In thousands, except for percentages)						2026						2025						$						%
Revenue						$	1,256,643					$	1,078,330					$	178,313					16.5		%
Cost of revenue						1,147,139						982,597						164,542						16.7		%
% of revenue						91.3		%				91.1		%
Selling, general, and administrative expenses						55,694						42,793						12,901						30.1		%
% of revenue						4.4		%				4.0		%
Operating income						53,810						52,940						870						1.6		%
Operating margin						4.3		%				4.9		%
Loss on extinguishment of debt						(1,739)						(313)						(1,426)						455.6		%
Interest expense, net						(16,705)						(20,598)						3,893						(18.9)		%
Other expense, net						(2,137)						(2,579)						442						(17.1)		%
Income from operations before income taxes						33,229						29,450						3,779						12.8		%
% of revenue						2.6		%				2.7		%
Income tax expense						7,689						7,059						630						8.9		%
Effective income tax rate						23.1		%				24.0		%
Net income						$	25,540					$	22,391					$	3,149					14.1		%

Revenue

Revenue increased by $178.3 million, or 16.5%, for the three months ended July 3, 2026 as compared to the three months ended June 27, 2025 primarily driven by program ramp ups in global training and aerospace along with $101.6 million attributed to discrete activities to support a national security mission. Revenue from our programs in the U.S., Asia, and the Middle East increased by $165.1 million, $9.8 million, and $4.2 million, respectively, partially offset by a decrease of $0.8 million in revenue from our programs in Europe.

Cost of Revenue

Cost of revenue increased by $164.5 million, or 16.7%, for the three months ended July 3, 2026 as compared to the three months ended June 27, 2025, consistent with the increase in revenue.

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Selling, General, & Administrative Expenses

SG&A expenses increased by $12.9 million, or 30.1%, for the three months ended July 3, 2026 as compared to the three months ended June 27, 2025, primarily driven by higher operating costs associated with revenue growth, non-recurring integration initiatives, and expenses incurred to evaluate potential merger and acquisition opportunities as part of the Company's capital allocation strategy.

Operating Income

Operating income increased $0.9 million, or 1.6%, for the three months ended July 3, 2026 as compared to the three months ended June 27, 2025. Operating income as a percentage of revenue was 4.3% for the three months ended July 3, 2026, compared to 4.9% for the three months ended June 27, 2025. The increase in operating income was primarily driven by the ramp up of several programs, as described above, partially offset by increased SG&A and corporate expenses.

Aggregate cumulative adjustments increased operating income by $1.8 million for the three months ended July 3, 2026 and $1.4 million for the three months ended June 27, 2025. The aggregate cumulative adjustments for the three months ended July 3, 2026 and June 27, 2025 related to changes in contract terms, program performance, customer changes in scope of work and changes to estimates in the reported period.

Loss on Extinguishment of Debt

The Company recorded a $1.7 million loss on extinguishment of debt for the three months ended July 3, 2026 and a $0.3 million loss on extinguishment of debt for the three months ended June 27, 2025. For further discussion see Note 5, Debt, in the Notes to Condensed Consolidated Financial Statements.

Six months ended July 3, 2026, compared to six months ended June 27, 2025

Selected financial highlights are presented in the following table:

						Six Months Ended												Change
						July 3,						June 27,
(In thousands, except for percentages)						2026						2025						$						%
Revenue						$	2,510,771					$	2,094,253					$	416,518					19.9		%
Cost of revenue						2,295,449						1,920,417						375,032						19.5		%
% of revenue						91.4		%				91.7		%
Selling, general, and administrative expenses						117,422						86,598						30,824						35.6		%
% of revenue						4.7		%				4.1		%
Operating income						97,900						87,238						10,662						12.2		%
Operating margin						3.9		%				4.2		%
Loss on extinguishment of debt						(1,739)						(2,527)						788						(31.2)		%
Interest expense, net						(34,830)						(40,317)						5,487						(13.6)		%
Other expense, net						(4,583)						(4,874)						291						(6.0)		%
Income from operations before income taxes						56,748						39,520						17,228						43.6		%
% of revenue						2.3		%				1.9		%
Income tax expense						12,283						9,022						3,261						36.1		%
Effective income tax rate						21.6		%				22.8		%
Net income						$	44,465					$	30,498					$	13,967					45.8		%

Revenue

Revenue increased $416.5 million, or 19.9%, for the six months ended July 3, 2026 as compared to the six months ended June 27, 2025 primarily driven by program ramp ups in global training and aerospace along with $200.9 million attributed to discrete activities to support a national security mission. Revenue from our programs located in the U.S., Asia, Europe, and the Middle East increased by $398.3 million, $9.9 million, $8.1 million, and $0.2 million, respectively.

Cost of Revenue

Cost of revenue increased $375.0 million, or 19.5%, for the six months ended July 3, 2026 as compared to the six months ended June 27, 2025, consistent with the increase in revenue.

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Selling, General, & Administrative Expenses

SG&A expenses increased $30.8 million, or 35.6%, for the six months ended July 3, 2026 as compared to the six months ended June 27, 2025, primarily driven by higher operating costs associated with revenue growth, non-recurring integration initiatives, and expenses incurred to evaluate potential merger and acquisition opportunities as part of the Company's capital allocation strategy.

Operating Income

Operating income increased $10.7 million, or 12.2%, for the six months ended July 3, 2026 as compared to the six months ended June 27, 2025. Operating income as a percentage of revenue was 3.9% for the six months ended July 3, 2026, compared to 4.2% for the six months ended June 27, 2025. The increase in operating income was primarily driven by the ramp up of several programs, as described above, partially offset by increased SG&A and corporate expenses.

Aggregate cumulative adjustments increased operating income by $0.7 million and $5.6 million for the six months ended July 3, 2026 and June 27, 2025, respectively. The aggregate cumulative adjustments for the six months ended July 3, 2026 and June 27, 2025 related to changes in contract terms, program performance, customer changes in scope of work and changes to estimates in the reported period.

Loss on Extinguishment of Debt

The Company recorded a $1.7 million loss on extinguishment of debt for the six months ended July 3, 2026 and a $2.5 million loss on extinguishment of debt for the six months ended June 27, 2025. For further discussion see Note 5, Debt, in the Notes to Condensed Consolidated Financial Statements.

Interest Expense, Net

Interest expense, net for the three and six months ended July 3, 2026 and June 27, 2025 was as follows:

																		Three Months Ended												Change												Six Months Ended												Change
																														July 3,						June 27,																		July 3,						June 27,
(In thousands, except for percentages)																														2026						2025						$						%						2026						2025						$						%
Interest income																														$	2,582					$	171					$	2,411					1,410		%				$	3,679					$	408					$	3,271					802		%
Interest expense																														(19,287)						(20,769)						1,482						(7)		%				(38,509)						(40,725)						2,216						(5)		%
Interest expense, net																														$	(16,705)					$	(20,598)					$	3,893					(19)		%				$	(34,830)					$	(40,317)					$	5,487					(14)		%

Interest income is related to interest earned on cash and cash equivalents. Interest expense is related to borrowings under our senior secured credit facilities, with the amortization of debt issuance costs, and derivative instruments used to hedge a portion of exposure to interest rate risk. Interest expense, net decreased $5.5 million for the six months ended July 3, 2026 compared to the six months ended June 27, 2025 primarily due to a decrease in our debt balance and increase in interest income. For further discussion of these amendments see Note 5, Debt, in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

Other Expense, Net

During the three and six months ended July 3, 2026, we incurred purchase discount fees, net of servicing fees, of $2.2 million and $4.6 million, respectively, related to the sale of accounts receivable through the MARPA Facility. During the three and six months ended June 27, 2025, we incurred purchase discount fees, net of servicing fees, of $2.6 million and $5.1 million, respectively, related to the sale of accounts receivable through the MARPA Facility. For a discussion of the MARPA Facility, see Note 12, Sale of Receivables, in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

Income Tax Expense

We recorded income tax expense of $7.7 million and $7.1 million for the three months ended July 3, 2026 and June 27, 2025, respectively, representing effective income tax rates of 23.1% and 24.0%, respectively. For the six months ended July 3, 2026 and June 27, 2025, we recorded income tax expense of $12.3 million and $9.0 million, respectively, representing effective income tax rates of 21.6% and 22.8%, respectively. The effective income tax rates vary from the federal statutory rate of 21.0% mainly due to state and foreign taxes, Net CFC Tested Income (NCTI), disallowed compensation deduction under Internal Revenue Code Section 162(m), offset by foreign derived intangible income deduction, available deductions not included in book income and income tax credits.

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LIQUIDITY AND CAPITAL RESOURCES

Liquidity

We are not aware of any known trends, demands, commitments, events or uncertainties that will result in, or that are reasonably likely to result in, a material decrease in our liquidity. In addition, other than items discussed, there are no known material trends, favorable or unfavorable, in our capital resources and no expected material changes in the mix of such resources.

Our major source of funding for 2026 and beyond is expected to be our operating cash flow, our existing balances of cash and cash equivalents and proceeds from any issuances of debt. We believe we have sufficient liquidity to fund operations, acquisitions, capital expenditures and scheduled debt repayments. We expect to fund our ongoing working capital, capital expenditure and financing requirements and pursue additional growth through new business development and potential acquisition opportunities by using cash flows from operations, cash on hand, credit facilities, and access to capital markets. When necessary, our revolving credit facility and MARPA Facility are available to satisfy short-term working capital requirements. See Note 5, Debt, and Note 12, Sale of Receivable, in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for further discussion.

If cash flows from operations are less than expected, we may need to access the long-term or short-term capital markets. Although we believe our current financing arrangements will permit financing of our operations on acceptable terms and conditions, access to and the availability of financing on acceptable terms and conditions in the future will be impacted by many factors, including but not limited to: (i) our credit ratings, (ii) the liquidity of the overall capital markets, (iii) the current state of the economy, and (iv) uncertainties in the U.S. government defense budget and their ability to fund contracts, including those uncertainties arising from a potential U.S. government shutdown. We cannot provide assurance that such financing will be available on acceptable terms or that such financing will be available at all.

On January 2, 2025, the First Lien Credit Agreement was amended to provide, among other things, a new tranche of term loans in an aggregate original principal amount of $899.8 million (the New Term Loans), in which the New Term Loans replace or refinance in full all the existing term loans outstanding under the First Lien Term Tranche in effect immediately prior to the amendment (the Existing Term Loans). See Note 5, Debt, in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for further discussion.

On March 31, 2025, the 2023 Credit Agreement was amended to provide, among other things, a new tranche of term loans in an aggregate original principal amount of $237.5 million (the 2025 Term Loans), which replace or refinance in full all the existing term loans outstanding under the 2023 Credit Agreement in effect immediately prior to the amendment. The 2023 Credit Agreement was further amended to provide a new tranche of revolving credit commitments in an aggregate original principal amount of $500.0 million (the 2025 Revolver), which replace or refinance in full all the existing revolving credit loans and commitments outstanding under the 2023 Credit Agreement in effect immediately prior to the amendment. See Note 5, Debt, in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for further discussion.

On May 29, 2026, the First Lien Credit Agreement was amended to provide, among other things, a new tranche of term loans in an aggregate original principal amount of $868.5 million (the New Term Loans), in which the New Term Loans replace or refinance in full all the existing term loans outstanding under the First Lien Term Tranche in effect immediately prior to the amendment (the Existing Term Loans). The loans under the First Lien Credit Agreement, as amended (the First Lien Credit Agreement), amortize in an amount equal to approximately $2.2 million per quarter through September 30, 2030, with the balance of $829.4 million due on December 6, 2030. The replacement of the Existing Term Loans with the New Term Loans resulted in a loss on extinguishment of debt of $1.7 million in the Condensed Consolidated Statement of Income for the six months ended July 3, 2026. See Note 5, Debt, in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for further discussion.

As of July 3, 2026, the carrying value of the First Lien Credit Agreement was $866.4 million, excluding deferred discount and unamortized deferred financing costs of $20.9 million. The estimated fair value of the First Lien Credit Agreement as of July 3, 2026 was $864.2 million. The fair value is based on observable inputs of interest rates that are currently available to us for debt with similar terms and maturities for non-public debt (Level 2).

As of July 3, 2026, there were no outstanding borrowings and $14.9 million of outstanding letters of credit under the 2025 Revolver. Availability under the 2025 Revolver was $485.1 million as of July 3, 2026. Unamortized deferred financing costs related to the 2025 Revolver of $3.5 million are included in other non-current assets in the Condensed Consolidated Balance Sheets. As of July 3, 2026, the fair value of the 2025 Revolver approximated the carrying value because the debt bears a floating interest rate.

As of July 3, 2026, the carrying value of the 2025 Term Loans was $220.1 million, excluding unamortized deferred financing costs of $1.5 million. The estimated fair value of the 2025 Term Loans as of July 3, 2026 was $220.2 million. The fair value is based on observable inputs of interest rates that are currently available to us for debt with similar terms and maturities for non-public debt (Level 2). See Note 5. Debt, in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for further discussion.

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The cash presented on the Condensed Consolidated Balance Sheets consists of cash held by our wholly owned U.S. and international subsidiaries. Approximately $57.1 million of our $214.3 million in cash, cash equivalents and restricted cash as of July 3, 2026 is held by foreign subsidiaries and is not available to fund U.S. operations unless repatriated. We do not currently expect to repatriate undistributed earnings of foreign subsidiaries. We expect our U.S. domestic cash resources will be sufficient to fund our U.S. operating activities and cash commitments for financing activities.

Sources and Uses of Liquidity

Cash, accounts receivable, unbilled receivables, and accounts payable are the principal components of the Company's working capital and are generally driven by revenue with other short-term fluctuations related to payment practices by customers, sales of accounts receivable through the MARPA Facility and the timing of billings. Our receivables reflect amounts billed to customers, as well as the revenue that was recognized in the preceding month, which is normally billed the month following each balance sheet date. On May 28, 2026, the Government of Greenland drew $4.3 million on a letter of credit held by the Company related to prior year tax claims, which the Company has appealed. The Company has recorded this withdrawal by the Government of Greenland as receivables on the Company's Condensed Consolidated Balance Sheets as management currently believes that there is reasonable likelihood of this amount being recoverable.

Accounts receivable balances can vary significantly over time and are impacted by revenue levels and the timing of payments received from customers. Days sales outstanding (DSO) is a metric used to monitor accounts receivable levels. We determine our DSO by calculating the number of days necessary to exhaust our ending accounts receivable balance based on our most recent historical revenue. DSO was 56 and 57 days as of July 3, 2026 and December 31, 2025, respectively.

The following table sets forth net cash used in operating activities, investing activities and financing activities:

												Six Months Ended
																		July 3,						June 27,
(in thousands)																		2026						2025
Operating activities																		$	(108,360)					$	(66,931)
Investing activities																		(3,374)						(5,090)
Financing activities																		(43,777)						(10,618)
Foreign exchange1																		830						4,775
Net change in cash, cash equivalents and restricted cash																		$	(154,681)					$	(77,864)
1 Impact on cash balances due to changes in foreign exchange rates.

Net cash used in operating activities for the six months ended July 3, 2026 consisted of net cash outflows from the sale of receivables through the MARPA Facility of $142.9 million and net cash outflows in working capital accounts of $85.0 million, partially offset by non-cash net income adjusting items (primarily consisting of depreciation and amortization) of $74.4 million, net income of $44.5 million, and net cash inflows in other long-term assets and liabilities of $0.6 million.

Net cash used in operating activities for the six months ended June 27, 2025 consisted of net cash outflows in working capital accounts of $161.7 million and net cash outflows in other long-term assets and liabilities of $7.8 million, partially offset by non-cash net income adjusting items (primarily consisting of depreciation and amortization) of $63.0 million, net income of $30.5 million and cash inflows from the sale of receivables through the MARPA Facility of $9.0 million.

Net cash used in investing activities for the six months ended July 3, 2026 consisted of $3.4 million of net capital expenditures for the purchase of software and hardware, vehicles and equipment related to ongoing operations.

Net cash used in investing activities for the six months ended June 27, 2025 consisted of $5.1 million of net capital expenditures for the purchase of software and hardware, vehicles and equipment related to ongoing operations.

Net cash used in financing activities for the six months ended July 3, 2026 primarily consisted of repayments of long-term debt of $37.4 million, payments for employee withholding taxes on stock-based compensation of $5.3 million and payments for debt issuance costs of $1.2 million.

Net cash used in financing activities for the six months ended June 27, 2025 consisted of revolver repayments of $319.0 million, payments for debt issuance costs of $3.9 million, repayments of long-term debt of $3.8 million and payments for employee withholding taxes on stock-based compensation of $3.0 million, partially offset by proceeds from the revolver of $319.0 million.

Capital Resources

As of July 3, 2026, we held cash, cash equivalents and restricted cash of $214.3 million, which included approximately $57.1 million held by foreign subsidiaries, and had $485.1 million of available borrowing capacity under the 2025 Revolver. We believe that our cash, cash equivalents and restricted cash as of July 3, 2026, as supplemented by operating cash flows, the 2025 Revolver, and the MARPA Facility will be sufficient to fund our anticipated operating costs, capital expenditures, and current debt repayment obligations for at least the next 12 months.

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Contractual Obligations

As of July 3, 2026, commitments to make future payments under long-term contractual obligations were as follows:

						Payments Due by Period
												Less than 1 year																		More than 5 Years
(In thousands)						Total												1 - 3 Years						3 - 5 Years
Leases						$	42,331					$	6,582					$	20,002					$	11,383					$	4,364
Principal payments on First Lien Credit Agreement¹						866,351						8,685						17,370						840,296						—
Principal payments on 2023 Credit Agreement¹						220,078						7,422						23,750						188,906						—
Interest on First Lien and 2023 Credit Agreements						266,169						63,408						124,762						77,999						—
Total						$	1,394,929					$	86,097					$	185,884					$	1,118,584					$	4,364
¹ Includes unused funds fee and is based on the July 3, 2026 interest rate and outstanding balance.

CRITICAL ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Estimates are revised as additional information becomes available. Management believes that the accounting estimates employed, and the resulting balances, are reasonable; however, actual results in these areas could differ from management's estimates under different assumptions or conditions.

We believe that the assumptions and estimates associated with revenue recognition and income taxes have the greatest potential impact on our financial statements because they are inherently uncertain, involve significant judgments and include areas where different estimates reasonably could materially impact the financial statements. There have been no material changes in the critical accounting policies and estimates from those discussed in our Annual Report on Form 10-K for the year ended December 31, 2025.

New Accounting Pronouncements

Refer to Part I, Item 1, Note 2, Recent Accounting Standards Update in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for information regarding accounting pronouncements and accounting standards updates.

FORWARD-LOOKING STATEMENT INFORMATION

This Quarterly Report on Form 10-Q and certain information incorporated herein by reference contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), and Section 27A of the Securities Act of 1933, as amended (the Securities Act), and the Private Securities Litigation Reform Act of 1995 and, as such, may involve risks and uncertainties. All statements included or incorporated by reference in this report, other than statements that are purely historical, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of our management based on information currently available to management. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements.

The forward-looking statements included or incorporated by reference in this report are subject to additional risks and uncertainties further identified and discussed in Part I, "Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025, and updated, as necessary, on subsequent quarterly reports on Form 10-Q and are based on information available to us on the filing date of this report. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. New risks and uncertainties arise from time to time, and we cannot predict those events or how they may affect us.

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We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to: our ability to submit proposals for and/or win all potential opportunities in our pipeline; our ability to retain and renew our existing contracts; our ability to compete with other companies in our market; security breaches, cyber-attacks or cyber intrusions, and other disruptions to our information technology and operation; our mix of cost-plus, cost-reimbursable, firm-fixed-price and time-and-materials contracts; maintaining our reputation and relationship with the U.S. government; protests of new awards; economic, political and social conditions in the countries in which we conduct our businesses; changes in U.S. or international government defense budgets, including potential changes or uncertainty arising from the U.S. president and administration; government regulations and compliance therewith, including changes to the DoW procurement process; changes in technology; our ability to protect our intellectual property rights; governmental investigations, reviews, audits and cost adjustments; contingencies related to actual or alleged environmental contamination, claims and concerns; delays in completion of the U.S. government budget; our success in extending, deepening, and enhancing our technical capabilities; our success in expanding our geographic footprint or broadening our customer base; our ability to realize the full amounts reflected in our backlog; impairment of goodwill; misconduct of our employees, subcontractors, agents, prime contractors and business partners; our ability to control costs; our level of indebtedness; terms of our credit agreements; inflation and interest rate risk; geopolitical risk, including as a result of recent global hostilities and tariffs; our suppliers' performance; economic and capital markets conditions; our ability to maintain safe work sites and equipment; our ability to retain and recruit qualified personnel; our ability to maintain good relationships with our workforce and unions; our teaming relationships with other contractors; changes in our accounting estimates; the adequacy of our insurance coverage; volatility in our stock price; changes in our tax provisions; our expectation with respect to the resolution of certain tax claims or exposure to additional income tax liabilities; risks and uncertainties relating to integrating and refining internal control systems, including enterprise resource planning and business systems; changes in GAAP; and other factors described in Part I, "Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025 and described from time to time in our future reports filed with the SEC.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Earnings, cash flows and financial position are exposed to market risks relating to fluctuations in interest rates and foreign currency exchange rates. All potential changes noted below are based on information available at July 3, 2026.

Interest Rate Risk

Each one percentage point change associated with the variable rate First Lien Credit Agreement would result in a $7.8 million change in the related annual cash interest expenses.

Assuming the 2025 Revolver was fully drawn to a principal amount equal to $500.0 million, each one percentage point change in interest rates would result in a $5.1 million change in annual cash interest expense.

As of July 3, 2026, the notional value of the Company's interest rate swap agreements totaled $321.9 million. The difference to be paid or received under the terms of the interest rate swap agreements is accrued as interest rates change and recognized as an adjustment to interest expense for the related debt in the period incurred. Changes in the variable interest rates to be paid pursuant to the terms of the interest rate swap agreements will have a corresponding effect on future cash flows. Refer to Note 6, Derivative Instruments in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional information regarding the Company's interest rate swaps.

Foreign Currency Exchange Risk

The majority of our business is conducted in U.S. dollars. However, we are required to transact in foreign currencies for some of our contracts, resulting in some assets and liabilities denominated in foreign currencies. As a result, earnings may experience volatility related to movements in foreign currency exchange rates.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of July 3, 2026. Based on such evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of July 3, 2026, the Company’s disclosure controls and procedures were effective.

Limitations on Effectiveness of Controls and Procedures

In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there may be resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

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Changes in Internal Control over Financial Reporting

There were no changes in the Company's Internal Control over Financial Reporting (ICFR) during the period ended July 3, 2026 that have materially affected, or are reasonably likely to materially affect, the Company's ICFR.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we are party to various investigations, lawsuits, arbitration, claims, enforcement actions and other legal proceedings including government investigations and claims, which are incidental to the operation of our business. Some of these proceedings seek remedies relating to employment matters, matters relating to injuries to people or property damage, matters in connection with our contracts and matters arising under laws relating to the protection of the environment.

As a government contractor, we are also subject to U.S. government audits and investigations relating to our operations, including claims for fines, penalties, and repayments, compensatory or treble damages. We believe the outcome of such ongoing government audits and investigations will not have a material impact on our results of operations, financial condition or cash flows. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including our assessment of the merits of the particular claim, we do not expect that any asserted or unasserted legal claims or proceedings, individually or in the aggregate, will have a material adverse effect on our results of operations, financial condition or cash flows.

Refer to Note 7, Commitments and Contingencies, in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for further information.

ITEM 1A. RISK FACTORS

There have been no material changes from the risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2025, except for the following change related to our large contracts from our prior disclosure included in our Quarterly Report on Form 10-Q for the quarter ended April 3, 2026:

We derive a significant portion of our revenue from a concentrated number of large contracts, and the loss or material reduction of any of these contracts could have a material adverse effect on our results of operations and cash flows.

We have several large contracts under which we provide global training, mission readiness, and aerospace services that individually generate annual revenue of more than $150 million. The loss or material reduction of any of these contracts could have a material adverse effect on our revenue, results of operations and cash flows.

Revenue from our largest contract, the Kuwait Task Order under the LOGCAP V contract vehicle amounted to approximately $441.6 million, or 9.9% of our revenue for the year ended December 31, 2025. On May 12, 2026, the U.S. Department of the Army notified the Company of its decision to reduce the scope of work being performed under this task order and to extend the contract with respect to the revised scope for an additional six months. As a result of this modification, the Company reduced its backlog by $414.6 million. For further discussion, see Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - Significant Contracts in this Quarterly Report on Form 10-Q.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

Cybersecurity Incident

As previously disclosed, during 2025 we discovered a cybersecurity incident in which an unauthorized third party accessed our internal IT systems. We have determined that the unauthorized third party removed certain data from the Company's IT systems. Upon detecting the incident, the Company promptly took steps to respond to the incident with the assistance of leading external cybersecurity experts and in cooperation with federal law enforcement authorities. Although the Company's investigation is ongoing, as of the date of this filing, the Company believes that the incident has not had a material adverse effect on the Company's financial condition or results of operations. The Company maintains a comprehensive cybersecurity insurance policy, which we expect will cover most costs associated with incident response and forensic investigations, as well as business disruptions, legal actions and regulatory fines, if any, subject to policy limits and deductibles. For additional information, see Item 1A. Risk Factors - We rely on our information and communications systems in our operations. Security breaches, cybersecurity attacks, and other disruptions could adversely affect our business and results of operations in our Annual Report on Form 10-K for the year ended December 31, 2025.

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ITEM 6. EXHIBITS

10.1			Amendment No. 6 to First Lien Credit Agreement, dated as of May 29, 2026, by and among V2X LLC, a Delaware limited liability company, V2X Intermediate LLC, a Delaware limited liability company, the other Loan Parties thereto, the Additional Lender and Royal Bank of Canada as Administrative Agent. (incorporated by reference to Exhibit 10.1 to V2X Inc.’s Current Report on Form 8-K filed on June 1, 2026).
31.1			Chief Executive Officer Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.+
31.2			Chief Financial Officer Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.+
32.1			Chief Executive Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This Exhibit is intended to be furnished in accordance with Regulation S-K Item 601(b)(32)(ii) and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference.+
32.2			Chief Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This Exhibit is intended to be furnished in accordance with Regulation S-K Item 601(b)(32)(ii) and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference.+
101			The following materials from V2X, Inc.’s Quarterly Report on Form 10-Q for the quarter ended July 3, 2026, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Unaudited Condensed Consolidated Statements of Income, (ii) Unaudited Condensed Consolidated Statements of Comprehensive Income, (iii) Unaudited Condensed Consolidated Balance Sheets, (iv) Unaudited Condensed Consolidated Statements of Cash Flows, (v) Unaudited Condensed Consolidated Statements of Changes to Shareholders' Equity and (vi) Notes to Condensed Consolidated Financial Statements. #
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). #

+ Indicates this document is filed or furnished (as applicable) as an exhibit herewith.

# Submitted electronically with this report.

The Company’s Commission File Number for Reports on Form 10-K, Form 10-Q and Form 8-K is 001-36341.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

V2X, INC.

/s/ Daniel G. Demases

By: Daniel G. Demases

Corporate Vice President and Chief Accounting Officer

(Principal Accounting Officer)

Date: August 3, 2026

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Filing Exhibits & Attachments

9 documents

Financial & Certifications

• EX-31.1 EX-31.1 9.9 KB
• EX-31.2 EX-31.2 10.2 KB
• EX-32.1 EX-32.1 4.8 KB
• EX-32.2 EX-32.2 4.9 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 44.4 KB
• EX-101 XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT 55.9 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 163.3 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 548.7 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 361.4 KB