V2X reports 23% revenue growth in Q1 FY2026, but Army signals scope cut to largest contract

Filed May 4, 2026 · Period ending April 3, 2026 · ~2 min read

Key Changes

• high

  Army notified V2X on April 14, 2026 of intent to reduce scope on Kuwait LOGCAP V task order (9.9% of revenue, $441.6M annually) after June 30, 2026. Company cannot yet quantify financial impact and is in discussions with the Army.

  Risk Factors / MD&A: LOGCAP Kuwait verify on EDGAR →
• high

  Revenue rose 23% to $1.3B in Q1 FY2026 on program ramp-ups in global training and mission readiness. Operating income grew 29% to $44.1M, expanding margin to 3.5% from 3.4% despite 41% increase in SG&A expenses.

  MD&A: Q1 FY2026 Results verify on EDGAR →
• high

  Total backlog increased to $13.8B from $11.1B at year-end, driven by $2.7B growth in unfunded backlog to $11.5B. Funded backlog declined slightly to $2.3B. Funded orders in Q1 were $1.2B, up $257M year-over-year.

  MD&A: Backlog verify on EDGAR →