V2X, Inc. (VVX) SEC Filings & Earnings Calls

Loss of Chief Growth Officer may impact growth strategy execution

“CEO will assume role until successor appointed”

Foreign subsidiary cash not available for U.S. operations

“Approximately $57.1 million of our $214.3 million in cash, cash equivalents and restricted cash as of July 3, 2026 is held by foreign subsidiaries and is not available to fund U.S. operations unless repatriated.” · word for word

U.S. government budget uncertainty

“uncertainties in the U.S. government defense budget and their ability to fund contracts, including those uncertainties arising from a potential U.S. government shutdown.” · word for word

Net leverage ratio still elevated at 2.4x, though expected to decline to ~2.0x by year-end.

“net debt for V2X was $876.1 million, representing an improvement of $71.4 million year-over-year and a 2.4x net leverage ratio1. The Company expects to achieve a net leverage ratio1 of approximately 2.0x by the end of 2026.” · word for word

Quarterly book-to-bill of 0.5x indicates uneven order flow, though TTM remains strong at 1.4x.

“Book-to-bill1 in the second quarter was approximately 0.5x. Trailing twelve-month book-to-bill1 was approximately 1.4x.” · word for word

Increased leverage from new term loan, but refinancing extends maturity and may reduce near-term refinancing risk.

“New Term Loans of $868.5M replace existing term loans; no indication of additional debt beyond refinancing.”

Major insider/activist exit

“On May 11, 2026 the Reporting Persons ceased to be the beneficial owner of more than five percent of the Issuer's Common Stock.” · word for word

Selling shareholder exit may signal reduced confidence, but no direct financial impact on company.

“Following the Offering, the Selling Shareholder will no longer own any shares of common stock.”

Net cash used by operating activities of $129.9M in Q1; adjusted net cash used $22.1M.

“First quarter net cash used by operating activities was $129.9 million. Adjusted net cash used by operating activities1 was $22.1 million.” · word for word

Net leverage ratio of 2.5x, though expected to improve to <2.0x by end of 2026.

“net debt for V2X was $895.4 million... 2.5x net leverage ratio1. The Company expects to achieve a net leverage ratio1 less than 2.0x by the end of 2026.” · word for word

Cash flow pressure from working capital

“Net cash used in operating activities for the three months ended April 3, 2026 consisted of net cash outflows from the sale of receivables through the MARPA Facility of $102.0 million, net cash outflows in working capital accounts of $74.5 million...” · word for word

Customer concentration in defense

“V2X, Inc. (V2X or the Company), an Indiana Corporation, is a leading provider of critical mission solutions primarily to defense customers” · word for word

Shareholder overhang from Vertex Holdco

“Vertex Aerospace Holdco LLC 5,017,286 16.08%”

Insider selling pressure

“On March 12, 2026, Vertex Holdco sold, pursuant to Rule 144 promulgated under the Securities Act of 1933, as amended (the "Securities Act"), 2,545,432 shares of Common Stock at a price of $68.21 per share.” · word for word

Contract Concentration Risk

“Revenue from our largest contract, the Kuwait Task Order under the LOGCAP V contract vehicle... amounted to approximately $441.6 million, or 9.9% of our revenue for the year ended December 31, 2025.” · word for word

Recompete Risk

“Some of our existing contracts must be recompeted (Recompetes) when the original period of performance ends.” · word for word

U.S. Government Budget Uncertainty

“Uncertainties in the U.S. government defense budget, changes in spending or budgetary priorities or delays in contract awards or collection of our receivables may significantly and adversely affect our financial performance and limit our growth prospects.” · word for word

Governance risk from board reduction and loss of shareholder oversight

“Board reduced from 9 to 7 directors; Shareholders Agreement terminated; selling shareholder retains 18.7% stake”

No material risk; routine executive change

“No adverse impact disclosed”

Potential government shutdown causing temporary collection delays, lowering operating cash flow guidance.

“Lowering midpoint of adjusted net cash provided by operating activities to account for potential temporary delays in collections due to government shutdown.”

U.S. Government Shutdown

“The FY 2026 appropriations for the U.S. government were not enacted by September 30, 2025, resulting in a U.S. federal government shutdown that began on October 1, 2025, and continues through the date of this filing.” · word for word

Selling Shareholder Overhang

“As a result of the reduced percentage ownership of 25.7% resulting from the September 2025 Rule 144 Sale ... one director designated by the Selling Shareholder ... is obligated to resign from the Board of Directors” · word for word