V2X Delivers Solid Third Quarter Results with Record Revenue

Third Quarter and Recent Highlights

• Record revenue of $1.17 billion, up 8% y/y
• Net income of $24.6 million; Adjusted net income¹ of $43.7 million, up 6% y/y
• Adjusted EBITDA¹ of $85.2 million, with a margin of 7.3%
• Diluted EPS of $0.77; Adjusted diluted EPS¹ of $1.37, up 6% y/y
• Repurchased $10 million of shares in the quarter
• Closed acquisition of specialized intelligence business, increasing addressable market

Guidance

• Raising mid-point for revenue, adjusted EBITDA¹, and adjusted diluted EPS¹; lowering adjusted operating cash flow¹

RESTON, Va., Nov. 3, 2025 -- V2X, Inc. (NYSE:VVX) announced third quarter 2025 financial results. "Our third quarter results demonstrate our continued focus on operational and strategic execution," said Jeremy C. Wensinger, President and Chief Executive Officer. "The trends in our business remain positive and are being driven by continued demand for mission readiness solutions."

Mr. Wensinger continued, "Our differentiated capabilities and alignment to customer priorities were proven firsthand through several new awards during the quarter. This includes an award to deliver counter-UAS capabilities via our Tempest platform. Tempest is a rugged, commercially based combat vehicle engineered to detect, engage, and defeat various UAS. The platform, which went from idea to fielding in a matter of months, illustrates our unique ability to deliver rapid prototyping solutions that improve mission success on the modern battlefield. We were also awarded a $425 million indefinite-delivery, indefinite-quantity contract to modernize and upgrade F-16 cockpit displays for the U.S. Air Force. This is a great example of how smart modernization can deliver immediate mission enhancement at significantly lower cost than full replacement." 

Mr. Wensinger concluded, "Our results and awards demonstrate the value that V2X brings to our customers. We are further building on that value and during the quarter completed a strategic acquisition that brings new capabilities and access to new opportunities in the intelligence community.  We are also accelerating our innovation strategy through new partnerships with top tier technology providers in the areas of AI and smart readiness. This is representative of how we are executing our strategy and advancing V2X to be a leader in data-enabled mission solutions across all domains." 

Third Quarter 2025 Results

"Revenue grew 8% year-over-year in the third quarter to $1.17 billion," said Shawn Mural, Senior Vice President and Chief Financial Officer. "The performance in the third quarter reflects both continued demand for our solutions and our focus on execution. I'm proud of what our team has achieved thus far in 2025 and believe it positions us well as we look ahead."

"For the quarter, the Company reported operating income of $55.7 million, an increase of $5.8 million or 12% from the prior year. Adjusted operating income¹ was $79.6 million, an increase of $2.7 million dollars or 4% from the prior year. V2X delivered adjusted EBITDA¹ of $85.2 million, with a margin of 7.3%. Net income for the quarter was $24.6 million, an increase of $9.6 million or 63% from the prior year. Adjusted net income¹ was $43.7 million, an increase of $2.4 million dollars or 6% year-over-year. Third quarter GAAP diluted EPS was $0.77. Adjusted diluted EPS¹ for the quarter was $1.37, an increase of 6% year-over-year."

"Third quarter net cash provided by operating activities was $39.4 million. Adjusted net cash provided by operating activities¹ was $35.8 million."

Mr. Mural continued, "Last quarter we outlined the key components of our capital allocation strategy, which focused on accelerating value creation. I'm pleased to report that during the third quarter we put that strategy into action by repurchasing $10 million of shares and completing a strategic acquisition. These were great first steps in our capital deployment journey, which we believe will yield strong returns for shareholders."

2025 Guidance

Mr. Mural concluded, "Given our performance to date and the trends in our business we're increasing the midpoint of our revenue, adjusted EBITDA¹, and adjusted diluted EPS¹ guidance. Although we have not seen a material impact from the government shutdown to date, we are proactively lowering the midpoint of adjusted net cash provided by operating activites¹ to account for potential temporary delays in collections. I want to emphasize this is merely timing related and not indicative of a change in our underlying business."

Guidance is as follows:

The Company is not providing a quantitative reconciliation with respect to the foregoing forward-looking non-GAAP measures in reliance on the "unreasonable efforts" exception set forth in the SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to mergers and acquisitions ("M&A"), integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below. 

Third Quarter Conference Call

Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, November 3, 2025. U.S.-based participants may dial in to the conference call at 877-300-8521, while international participants may dial 412-317-6026. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/80dR21K5Yr9.

A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through November 17, 2025, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10202916.   

Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the "investors" section of the Company's website at https://gov2x.com. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission ("SEC") Regulation FD.

About V2X

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission's lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today's toughest challenges across all operational domains.