Here are 1-3 brief analogies to describe V2X (VVX):

• Think of it as Leidos or CACI International for government logistics, base operations, and mission support.
• It's like a general contractor for global government and military operations.
• Imagine the 'Amazon' of government operational services, handling everything from IT and engineering to logistics and base management for military and civilian agencies.

• Logistics & Supply Chain Management: Provides integrated solutions for managing equipment, parts, and supplies, ensuring operational readiness for government clients.
• Facilities Management & Base Operations Support: Offers comprehensive services for the operation and maintenance of military bases and government facilities worldwide.
• Engineering & Technical Services: Delivers specialized engineering, technical, and professional services to support complex government programs and systems.
• Training & Simulation: Develops and implements advanced training programs and simulation solutions for military and government personnel.
• IT & Communications Services: Provides robust information technology infrastructure, network operations, and secure communication solutions.
• Maintenance, Repair, & Overhaul (MRO): Performs maintenance, repair, and overhaul services for various government assets, including vehicles, aircraft, and equipment.

V2X (symbol: VVX) primarily sells its engineering, mission support, and IT services to other entities, specifically government agencies.

Its major customer is:

• The U.S. Government

According to V2X's financial filings, the U.S. government, both directly and through its prime contractors, accounted for substantially all of V2X's revenue in recent fiscal years (2023, 2022, and 2021). V2X primarily serves various branches of the U.S. military, other U.S. Department of Defense agencies, and the U.S. Department of Homeland Security.

As the U.S. Government is not a public company, it does not have a stock symbol.

Jeremy C. Wensinger, President, Chief Executive Officer and Director

Mr. Wensinger was appointed President, Chief Executive Officer, and a Director of V2X in June 2024. He has a distinguished 35-year career as an executive in the defense and government services industry. Before joining V2X, he served as the Chief Operating Officer of Peraton, Inc. His previous leadership roles include positions at Harris Corporation, Cobham PLC, and PAE Government Services, Inc.

Shawn Mural, Senior Vice President and Chief Financial Officer

Mr. Mural was appointed Senior Vice President and Chief Financial Officer of V2X in October 2023. He oversees all finance and accounting functions for the company. Prior to V2X, Mr. Mural spent 24 years at RTX Corporation and its subsidiaries, where he held various roles of increasing responsibility, most recently serving as Vice President of Finance and CFO of Raytheon, a business segment of RTX.

William B. Noon, Chief Accounting Officer

Mr. Noon serves as the Chief Accounting Officer for V2X. He was appointed to this role in 2019.

Dr. L. Roger Mason, Jr., Senior Vice President and Chief Growth Officer

Dr. Mason is the Senior Vice President and Chief Growth Officer at V2X.

Jeremy Nance, Senior Vice President and General Counsel

Mr. Nance holds the position of Senior Vice President and General Counsel at V2X.

1. High Financial Leverage/Debt Load: V2X carries a significant amount of debt, with net debt around $1.12 billion as of June 2024 and approximately $842.3 million in net debt as of December 2024. The company assumed $1.15 billion of net debt from the Vertex merger and has been in the process of deleveraging. This heavy debt load is highlighted as a significant risk, and a high leverage risk. Such leverage could lead to shareholder dilution if the company needs to raise equity at a distressed price or face challenges in meeting its obligations.
2. Uncertain Government Funding Environment and Contract Risk: A substantial portion of V2X's business relies on defense contracts. The uncertain funding environment in the defense sector presents risks to the company's growth prospects, as shifts in government priorities and budget allocations can lead to delays, reduced scopes, or even cancellations of contracts, negatively impacting revenue and profitability. Furthermore, the U.S. government retains the right to terminate almost any contract at its discretion. The company also faces litigation uncertainty on key contracts, including protests from competitors regarding contract awards.
3. Thin Profit Margins: V2X has experienced pressure on its gross profit margins. The company's gross profit margin was 8.6% as of August 2025. This is considered a "razor-thin margin" and the adjusted EBITDA margin target of 8% has not been fully achieved, with guidance for 2024 assuming a 7.2% adjusted EBITDA margin. These thin margins make the company more susceptible to cost increases or revenue fluctuations impacting profitability.

Here are 3-5 expected drivers of future revenue growth for V2X (VVX) over the next 2-3 years:

1. Securing and Ramping Up Large Government Contracts: V2X has demonstrated a strong ability to win and execute significant government contracts. The company reported a total backlog of $12.5 billion at the end of 2024 and approximately $11.6 billion in Q3 2025, with a solid book-to-bill ratio. Key contract wins, such as the approximately $4 billion T-6 award (currently under protest) and the over $1 billion Iraq F-16 program, are expected to provide substantial future revenue. Additionally, ongoing programs like the WTRS and F-5 are cited as drivers of growth.
2. Geographic Expansion and Increased Demand in Key Regions: V2X is experiencing considerable growth in strategic geographic areas, particularly the Indo-Pacific region, where revenue grew by 31% year-over-year in Q3 2024. This growth is driven by increased demand to support the Department of Defense's (DoD) priorities to enhance U.S. readiness, as well as opportunities arising from foreign military sales. V2X is actively investing to capture this regional expansion.
3. Expansion of Technology-Driven Offerings and Strategic Acquisitions: V2X is focused on expanding its portfolio of advanced technology solutions. This includes investments in areas such as counter-Unmanned Aircraft Systems (UAS), data and artificial intelligence (AI) capabilities, and the broadening of its training programs. Furthermore, a strategic acquisition was completed to expand access to intelligence community customers, which is anticipated to contribute to the company's robust pipeline.
4. Sustained Demand for Mission Readiness and National Security Solutions: The underlying market trend of strong and continued demand for comprehensive mission readiness and national security solutions is a fundamental driver for V2X. The company provides full life cycle solutions designed to increase efficiency, reduce costs, modernize capabilities, improve readiness, and strengthen national security, which positions it well to capitalize on evolving customer requirements in the defense and government sectors.

Share Repurchases

• V2X's Board of Directors authorized a share repurchase program of up to $100 million for a three-year term, ending on May 12, 2028.
• The company repurchased $10 million worth of shares in the third quarter of 2025.
• V2X agreed to repurchase 200,000 shares of its common stock from the underwriter in connection with a secondary offering by Vertex Aerospace Holdco LLC in August 2025, using cash on hand.

Share Issuance

• On July 5, 2022, V2X was formed through the merger of Vectrus and Vertex Aerospace Services Holding Corp., with Vectrus becoming V2X.
• As part of the merger consideration, American Industrial Partners-affiliated entities acquired 18,500,001 shares on July 5, 2022.

Outbound Investments

• In August 2025, V2X entered into an agreement to acquire a specialized data engineering, intel mission support, and cyber solutions business for approximately $24 million, net of estimated tax benefits.
• This acquisition aims to expand V2X's capabilities and enhance its access to customers within the intelligence community.

Capital Expenditures

• Capital expenditures for the last 12 months were approximately -$10.75 million.
• Expected capital expenditures for 2025 are approximately $30 million.
• V2X is characterized by its ability to generate strong cash flow with typically low capital expenditures.