V2X Reports $1B in Third Quarter Revenue

V2X’s revenue for the third quarter of 2023 reached $1 billion, up 5 percent compared to the same period in the prior year. 

According to V2X President and CEO Chuck Prow, a 4×24 member, the company secured significant contracts during the quarter, including a five-year, $190 million U.S. Army training and range operations services contract supporting warfighters deployed to the Middle East and a five-year, $458 million contract to establish a depot site and provide maintenance and logistics support for the U.S. Navy and Marine Corps’ F-5 Adversary aircraft.

Contract bookings during the quarter reached $1.3 billion, increasing the backlog to $13.3 billion, V2X said.

Year-to-date cash flow from operations, meanwhile, reached $135.2 million and the net debt went down by $88.9 million. Operating income of $21 million included merger and integration costs of $15.8 million and amortization of acquired intangible assets worth $22.6 million, leading to an adjusted earnings before interest, taxes, depreciation and amortization of $64.7 million, with a margin of 6.5 percent.

Despite the positive financial result, a net loss of $6.4 million was reported for the quarter. The company’s total assets were valued at $3.1 billion as of Sept. 29, with total liabilities of $2.1 billion.