V2X is like Leidos or Booz Allen Hamilton, but for the full operational spectrum of government and military bases, encompassing everything from physical infrastructure and logistics to advanced IT and cybersecurity.

V2X is like Fluor Corporation, but with a much deeper specialization in IT, cybersecurity, and advanced digital integration for government and military clients.

• Facility and Base Operations: Provides management and maintenance services for government facilities and military bases, ensuring operational readiness and support.
• Supply Chain and Logistics: Offers comprehensive services for managing supply chains, logistics, asset movement, and equipment maintenance, repair, and overhaul.
• Information Technology Mission Support: Delivers essential IT services, including communications, network and cybersecurity, IT service management, and systems installation and activation.
• Engineering and Digital Integration: Provides advanced engineering, security system integration, software development, sensor technologies, and energy solutions.

V2X (symbol: VVX) primarily serves government entities, not individuals or other public companies in the traditional sense.

Its major customer is the **U.S. Government**, specifically the **Department of Defense (DoD)**, which accounts for the vast majority of its revenue.

Other significant customers include other **U.S. Federal Agencies** and various **International Governments**.

As these are government entities, they are not publicly traded companies and therefore do not have stock symbols.

Jeremy Wensinger, President and Chief Executive Officer

Jeremy Wensinger was appointed President and Chief Executive Officer and a member of V2X's Board of Directors, effective June 17, 2024. He has a distinguished 35-year career as an executive in the defense and government services industry. Prior to joining V2X, Mr. Wensinger served as Chief Operating Officer of Peraton Inc. Peraton was established and grew through acquisitions made by the private equity firm Veritas Capital. During his tenure at Peraton, Mr. Wensinger was instrumental in successfully integrating acquisitions from major firms such as L3Harris, Northrop Grumman, and Perspecta. His previous experience also includes various leadership roles at Harris Corporation, Cobham PLC, and PAE Government Services, Inc. He also served as a principal at Augusta Management Strategies, where he provided consulting services for mergers and acquisitions and strategic planning. His career began at Harris Corporation, where he spent nearly 20 years, holding key positions and expanding the IT service division through acquisitions.

Shawn Mural, Senior Vice President, Chief Financial Officer

Shawn Mural was appointed Senior Vice President and Chief Financial Officer of V2X, effective October 2, 2023. In this role, he oversees all finance and accounting functions, including controllership, finance operations, planning, tax, treasury, investor relations, and corporate development. Mr. Mural joined V2X from RTX Corporation and its subsidiaries ("RTX"), where he spent over 24 years in various capacities of increasing responsibility. Most recently, he served as Vice President of Finance and CFO of Raytheon, a subsidiary of RTX. His roles at RTX also included CFO of RTX (then Raytheon) from April to September (implied 2023), VP and CFO of Raytheon's Space and Airborne Systems from 2016 to 2020, and CFO of Thales Raytheon Systems from 2013 to 2016.

L. Roger Mason, Jr., Chief Growth Officer

L. Roger Mason, Jr. was named Chief Growth Officer of V2X, effective January 13, 2025. He is responsible for driving the company's growth strategy, identifying new market opportunities, and enhancing business development efforts. Before joining V2X, he was a senior vice president for Parsons Corporation, where he advised the executive leadership team on market strategy, growth priorities, M&A integration efficiencies, and margin expansion. Previously, he served as the President of Peraton's Space & Intelligence Sector, a $2 billion business. Dr. Mason's career also includes serving as the first Assistant Director of National Intelligence for Systems and Resource Analyses, and senior executive leadership positions at Noblis, General Dynamics, and the Institute for Defense Analyses. He was awarded the National Intelligence Distinguished Service Medal.

Melon Yeshoalul, Senior Vice President, Chief Human Resources Officer

Melon Yeshoalul was named Senior Vice President, Chief Human Resources Officer, effective April 21, 2025. In this role, she is responsible for the company's global human resources strategy and operations, including talent management, recruitment, leadership development, and compensation and benefits. Prior to V2X, she held a senior leadership role at Amazon Web Services (AWS). Her extensive experience, spanning more than two decades, includes top HR leadership positions at DXC Technology, PwC, and The Boeing Company.

Jeremy Nance, General Counsel

Jeremy Nance was appointed General Counsel of V2X, effective August 27, 2024. He oversees all legal matters, contracts, ethics, corporate compliance, security, and government relations for the company. Mr. Nance has been a part of V2X's legal team since July 2018, and most recently served as Vice President, Deputy General Counsel, and Chief Compliance Officer. Before the V2X merger, he was the Executive Vice President and General Counsel of Vertex, where he also served as Corporate Secretary and Chief Compliance Officer, managing mergers and acquisitions and corporate governance. He also served as Senior Director of Legal and Contracts for L-3 Vertex Aerospace prior to Vertex's divestiture from L3Harris.

The key risks to V2X's business include its significant dependence on U.S. government contracts and associated budget uncertainties, financial challenges stemming from a high debt load and margin pressures, and the ever-present threat of cybersecurity breaches.

The most significant risk for V2X is its substantial reliance on U.S. government contracts, which generate a large portion of its revenue. This dependence exposes the company to uncertainties related to government defense budgets, changes in policy, competitive bidding processes, and regulatory shifts. Any fluctuations in defense spending, delays in contract awards, reductions in contract scope, or cancellations could directly and negatively impact V2X's revenue and profitability.

Secondly, V2X faces considerable financial risks, primarily due to the significant indebtedness assumed following its merger. The company's high debt load and prevailing low margins could hinder its financial condition, ability to service debt, and capacity to invest in critical areas like research and development. Furthermore, variable rate indebtedness makes V2X susceptible to interest rate risks.

Finally, cybersecurity threats represent a critical risk to V2X. The company relies heavily on its information technology systems to conduct operations and manage sensitive information. Potential breaches or disruptions to these systems could compromise proprietary and classified data, severely impact operations, and lead to significant reputational damage and financial repercussions.

The emergence of highly automated, AI-driven platforms and robotics solutions specifically designed for integrated facility and base operations, supply chain management, and security. These advanced systems, developed by specialized technology companies, could significantly reduce the need for human personnel and traditional service contracts, offering clients greater efficiency and lower costs by leveraging autonomous operations, predictive analytics, and end-to-end digital integration. This shift could disrupt V2X's current service model, which relies significantly on human resources for operational support, maintenance, and logistics.

V2X (VVX) operates in several significant addressable markets related to government and defense contracting.

Facility and Base Operations

• The global facility management services market was valued at USD 1.75 trillion in 2024 and is projected to reach USD 2.33 trillion by 2033, growing at a compound annual growth rate (CAGR) of 3.3% from 2025 to 2033. North America accounted for the largest revenue share of 34.6% in this market in 2024.
• The U.S. facility management market was valued at approximately USD 315.78 billion in 2024 and is expected to grow to USD 442.89 billion by 2030, with a CAGR of around 5.80% from 2025-2030. Another estimate places the U.S. facility management market at USD 365.93 billion in 2025, growing to USD 434.16 billion by 2031 at a CAGR of 2.89%. The government and public sector segment within the U.S. facility management market is projected to grow the fastest from 2025 to 2030.

Supply Chain and Logistics Services

• The global defense logistics market was valued at USD 198.39 billion in 2025 and is expected to reach USD 360.35 billion by 2035, growing at a CAGR of 6.15%. Another source indicates the global defense logistics market size was valued at USD 203.8 billion in 2022 and is projected to reach USD 329.9 billion by 2032, with a CAGR of 5.0%.
• North America dominated the global defense logistics market with a 35.0% revenue share in 2023. The U.S. defense logistics market was valued at USD 68.31 billion in 2025 and is projected to reach USD 120.61 billion by 2035, growing at a CAGR of 5.85%. It generated a revenue of USD 45.87 billion in 2024 and is expected to reach USD 65.37 billion by 2030.

Information Technology Mission Support

• Worldwide government IT spending is projected to increase to $590 billion in 2023. The global ICT investment in government market was valued at USD 560.95 billion in 2024 and is expected to grow to USD 752.57 billion by 2033, with a CAGR of 3.32%.
• The U.S. government sector's technology spending, including staff costs, is projected to reach $357 billion in 2026, up from $343 billion in 2025. The U.S. IT Services market was valued at USD 490.86 billion in 2025 and is estimated to grow to USD 737.42 billion by 2031, at a CAGR of 7.02%. North America is expected to dominate the IT services market, holding a 38.8% share by 2035, driven by advanced technologies and substantial federal spending.

Engineering and Digital Integration Solutions

• The global aerospace and defense engineering service market is expected to reach approximately $100 billion by 2028, with a CAGR of 5-7% over the next five years. The global aerospace & defense product engineering services market was valued at US$168.1 million in 2024 and is estimated to grow at a CAGR of 5.9% from 2024 to 2030, with North America being the largest revenue-generating market.
• The global defense digital-engineering market was valued at $8.7 billion in 2024 and is projected to reach $23.4 billion by 2033, growing at a CAGR of 11.5%. North America holds the largest share, accounting for over 38% of global revenue in 2024.
• The global aerospace & defense consulting market was valued at USD 36.95 billion in 2025 and is projected to grow to USD 74.33 billion by 2034, exhibiting a CAGR of 8.08%. North America held the dominant share in 2024, valuing at USD 12.41 billion.
• The U.S. engineering services market is expected to grow from USD 1.2 trillion in 2025 to USD 1.9 trillion by 2034, at a 5.5% CAGR.

V2X (symbol: VVX) is expected to drive future revenue growth over the next 2-3 years through several key areas:

1. Significant Contract Wins and Record Backlog: A primary driver of revenue growth for V2X is its ability to secure major government contracts, which contribute to a substantial and growing backlog. Notably, the company was awarded the approximately $4.3 billion T-6 Aircraft program, expected to begin contributing revenue in 2026, with an anticipated $140 million to $160 million in that year alone. Additionally, V2X secured a position on the Advanced Technology Support Program 5 (ATSP5), a $25 billion multiple-award Indefinite Delivery/Indefinite Quantity (IDIQ) contract, enabling it to provide engineering and technology solutions for defense systems. The company reported an $11.1 billion total backlog at the end of 2025, which provides strong long-term revenue visibility, and anticipates a book-to-bill ratio above 1.0 in 2026.
2. Expanded Qualified Pipeline and Increased Bid Velocity: V2X has a robust qualified pipeline exceeding $60 billion, indicating a substantial pool of potential future business opportunities. The company increased its bid velocity by 50% in 2025 and aims for a further 30% increase in 2026, demonstrating an aggressive strategy to capture new programs and sustain revenue growth.
3. Strategic Focus on Technology Integration, AI, and Digital Solutions: V2X is increasingly leveraging strategic partnerships and internal investments to deliver advanced technological solutions. Collaborations with Amazon Web Services for logistics automation and Google Public Sector for AI solutions aim to provide data-driven supply chain and AI-based capabilities to its defense and commercial clientele. The scope of contracts like ATSP5 also emphasizes the development of emerging technologies, including AI-optimized systems, signaling a strong push into digital integration and machine learning.
4. Expansion in Key Markets and Alignment with National Security Priorities: The company's growth is further supported by favorable market dynamics, including increased defense spending and foreign military sales. V2X has been awarded significant national security contracts, totaling $100 million in Q4 2025, for services in cyber operations, special systems integration, and contested logistics. Management has consistently highlighted its alignment with U.S. national security priorities for readiness and modernization as a crucial tailwind for continued growth, particularly in areas like training and rapid prototyping programs. While the Indo-Pacific market was flat in Q4 2025, the company remains optimistic about future opportunities and is well-positioned for growth in this region.

Share Repurchases

• V2X authorized a $100 million share repurchase program over three years, effective May 12, 2025.
• The company repurchased $10 million of shares during the third quarter of 2025.
• V2X spent $20.0 million on share buybacks in the fourth quarter of 2025.

Share Issuance

• In July 2022, approximately 18.59 million shares of Vectrus common stock were issued to Vertex shareholders as part of the all-stock merger transaction that created V2X.
• At the 2025 Annual Meeting held on May 8, shareholders approved an amendment to increase the number of shares available for issuance by 900,000 under the 2014 Omnibus Incentive Plan.
• V2X reported stock-based compensation expenses of $11.92 million in fiscal year 2025, $15.97 million in fiscal year 2024, and $32.84 million in fiscal year 2023.

Outbound Investments

• In August 2025, V2X entered into an agreement to acquire a specialized data engineering, intel mission support, and cyber solutions business serving the Intelligence Community for approximately $24 million net of estimated tax benefits.

Capital Expenditures

• V2X's capital expenditures were approximately $9.78 million in 2021, $12.43 million in 2022, $25.02 million in 2023, and $11.79 million in 2024.
• For fiscal year 2025, capital expenditures were approximately $11.92 million, with $2.3 million invested in the fourth quarter, primarily for long-term assets and infrastructure.
• Capital expenditures are forecast at $25 million for 2026.