0001193125-26-212358
SEC filingRevenue declined 10.3% due to U.S. federal contract terminations, but operating cash flow improved significantly and the company maintains a strong liquidity position.
Operating cash flow improved significantly to -$3.1 million from -$33.0 million in the prior year quarter, driven by better collections and vendor payment timing. The company maintains a strong liquidity position, with access to its Credit Facility as a primary source of liquidity. Management continuously monitors financial markets to assess borrowing capacity and cost of capital.
Management sees growth opportunities in fit-for-purpose technology solutions as the federal government focuses on efficiency, transparency, consolidation, and accountability. The company believes it is well-positioned for disaster recovery and infrastructure work given its experience with recent hurricanes and wildfires. However, the near-term outlook remains cautious given ongoing federal budget uncertainty and the impact of tariffs and global volatility. The company completed a refinancing of its credit facility on April 10, 2026, and believes it has sufficient liquidity to fund operations, acquisitions, dividends, and share repurchases.