V2X (VVX) investor relations material

Executive summary

• Achieved record Q3 2025 revenue of $1.17 billion, up 8% year-over-year, driven by strong execution, program ramp-ups, and demand for mission readiness solutions.

• Net income for Q3 2025 was $24.6 million, up 63% year-over-year; adjusted net income was $43.7 million, up 6%.

• Completed a strategic acquisition expanding access to intelligence community customers and repurchased $10 million in shares.

• Secured major contract wins, including T6 and F16 Iraq programs, each valued over $1 billion, and delivered a 1.2x book-to-bill ratio.

• No material impact from the government shutdown to date, but proactive adjustments made for potential timing delays in collections.

Financial highlights

• Q3 2025 revenue: $1.17 billion (up 8% year-over-year); adjusted EBITDA: $85.2 million (7.3% margin); adjusted EPS: $1.37, up 6%.

• Q3 2025 net income: $24.6 million; year-to-date net income: $55.1 million, up 471% year-over-year.

• Year-to-date revenue: $3.261 billion, up 3%; adjusted EBITDA: $234.6 million (7.2% margin); adjusted EPS: $3.68, up 22%.

• Operating income for Q3 2025: $55.7 million (4.8% margin), up 11.6% year-over-year.

• Adjusted operating cash flow for Q3: $35.8 million; year-to-date net cash used by operating activities: $24.1 million.

Outlook and guidance

• Raised 2025 guidance midpoints: revenue to $4.5 billion, adjusted EBITDA to $316 million, and adjusted EPS to $4.95.

• Lowered midpoint of adjusted operating cash flow guidance due to potential timing delays from the government shutdown.

• Expect year-over-year revenue growth in 2026, with continued ramp of WTRS and F16 Iraq programs; T6 protest outcome could provide incremental upside.

• Book-to-bill expected below 1 for full year due to award slippage, but anticipated to accelerate above 1 in fiscal 2026.

• Management believes cash, cash equivalents, and available credit are sufficient to fund operations and debt obligations for at least the next 12 months.