vec-20250627

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-36341

V2X, Inc.

(Exact name of registrant as specified in its charter)


Indiana									38-3924636
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)

1875 Campus Commons Drive, Suite 305, Reston, Virginia 20191
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code:
(571) 481-2000

Securities Registered Under Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $0.01 Per Share	VVX	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☑

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

Table of Contents

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐

No ☑

As of July 29, 2025, there were 31,709,821 shares of common stock ($0.01 par value per share) outstanding.

Table of Contents

V2X, INC.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS


		Page No.
	PART I. FINANCIAL INFORMATION	4
Item 1.	Financial Statements (Unaudited)	4
	Condensed Consolidated Statements of Income (Loss)	4
	Condensed Consolidated Statements of Comprehensive Income (Loss)	5
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Cash Flows	7
	Condensed Consolidated Statements of Changes to Shareholders' Equity	8
	Note 1. Description of Business and Summary of Significant Accounting Policies	10
	Note 2. Recent Accounting Standards Update	11
	Note 3. Revenue	11
	Note 4. Receivables	14
	Note 5. Debt	14
	Note 6. Derivative Instruments	16
	Note 7. Commitments and Contingencies	17
	Note 8. Stock-Based Compensation	18
	Note 9. Income Taxes	19
	Note 10. Earnings Per Share	20
	Note 11. Post-Employment Benefit Plans	20
	Note 12. Sale of Receivables	20
	Note 13. Segment Information	21
	Note 14. Subsequent Events	22
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	31
Item 4.	Controls and Procedures	32
	PART II. OTHER INFORMATION	33
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	33
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	34
	Signatures	35

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

V2X, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)


	Three Months Ended			Six Months Ended
		June 27,		June 28,		June 27,		June 28,
(In thousands, except per share data)		2025		2024		2025		2024
Revenue		$	1,078,330	$	1,072,183	$	2,094,253	$	2,082,747
Cost of revenue		982,597		998,348		1,920,417		1,938,638
Selling, general, and administrative expenses		42,793		46,409		86,598		86,352

Operating income		52,940		27,426		87,238		57,757
Loss on extinguishment of debt		(313)		(1,998)		(2,527)		(1,998)
Interest expense, net		(20,598)		(28,807)		(40,317)		(56,381)
Other expense, net		(2,579)		(4,735)		(4,874)		(6,368)
Income (loss) from operations before income taxes		29,450		(8,114)		39,520		(6,990)
Income tax expense (benefit)		7,059		(1,570)		9,022		(1,590)
Net income (loss)		$	22,391	$	(6,544)	$	30,498	$	(5,400)

Earnings (loss) per share
Basic		$	0.71	$	(0.21)	$	0.96	$	(0.17)
Diluted		$	0.70	$	(0.21)	$	0.96	$	(0.17)
Weighted average common shares outstanding - basic		31,693

SEC Form 10-Q filed by V2X Inc.