Indo-Pacific, Middle East Contracts Drive V2X Q1 Revenue Growth

V2X President and CEO Chuck Prow credited growth in the Middle East and Indo-Pacific regions for the company’s strong financial results in the first quarter of fiscal year 2024.

V2X reported $1.01 billion in revenue, a 7 percent increase from the first quarter of fiscal 2023, as well as a backlog of $12.6 billion and a slew of new business opportunities worth $25 billion. 

Prow, a 4×24 member and Wash100 awardee, noted a 7 percent revenue growth in the Indo-Pacific region, where the company received a new contract for a protected private 5G communications solution and smart logistics in the Philippines. 

He also noted a 22 percent year-over-year revenue growth in the Middle East, where V2X is the largest service provider to the Department of Defense, V2X said.

With its strong Q1 performance, the company affirmed its full-year 2024 outlook, expecting revenue in the range of $4.1 billion and $4.2 billion, adjusted EBITDA of between $300 million and $315 million and adjusted net cash of between $145 million and $165 million.

The defense contractor has been providing a wide range of services to the government. In April, the U.S. Navy tapped V2X to provide a variety of support services during natural calamities and humanitarian crises in a deal worth up to $2 billion. It also partnered with the Naval Computer and Telecommunications Area Master Station Pacific in May to provide technical support services on its communication, electronic and computer networks.