VVX · V2X, Inc.

V2X delivered a strong first quarter 2026, with revenue growing 23% year-over-year to $1.25 billion, supported by approximately 50 new awards totaling $4.1 billion and a record $13.8 billion total backlog—driven by a 3.2x book-to-bill ratio. The top-line growth translated into significant bottom-line expansion: GAAP net income more than doubled to $18.9 million, while Non-GAAP adjusted net income rose 53% to $48.1 million and adjusted diluted EPS increased 55% to $1.53. Adjusted EBITDA grew 28% to $85.6 million, yielding a 6.8% margin—indicating improved operational efficiency and favorable contract mix. Management attributed the performance to disciplined execution aligned with national security priorities and highlighted continued investment in AI and global operations. Critically, the company raised its full-year 2026 guidance across all key metrics: revenue midpoint increased by $150 million (+9%), adjusted EBITDA midpoint by $10 million (+9%), and adjusted diluted EPS midpoint by $0.25 (+9%). The updated outlook reflects confidence in sustained award momentum and balance sheet strength, with net debt reduced $77 million year-over-year to $895.4 million and a net leverage ratio of 2.5x—on track to fall below 2.0x by year-end. While operating cash flow was negative ($129.9 million), management characterized this as seasonally typical, noting adjusted operating cash flow was negative only $22.1 million and reaffirming full-year adjusted operating cash flow guidance of $160–$180 million. The press release underscores strategic positioning in high-priority mission domains and reinforces visibility through a $2.3 billion funded backlog and multi-year book-to-bill trend (1.5x trailing twelve months).