V2X (NYSE: VVX) reported new records in the third quarter of 2023, including a new top-line record for the company. In the three months that ended Sept. 29, 2023, revenue increased five percent to $1 billion and because of the strong $1.3 billion contract awards, the total backlog reached an all-time high of $13.3 billion during the quarter.
Chuck Prow, president and CEO of V2X and nine-time Wash 100 awardee, said in a statement published Monday the record revenue reflects the company’s client and mission support commitment while the backlog provides solid revenue visibility moving into 2024. At the quarterâs end, V2X has a strong liquidity position, with more than $500 million in capacity.
According to Prow, V2X is executing the âExpand the Baseâ component of its strategic framework. The company achieved extended scope through client engagement initiatives on existing business. The results are $332 million and $1.2 billion worth of awards in the third quarter and year-to-date. V2X plans to leverage its converged capabilities and pursue new businesses.
The current pipeline of opportunities is robust. Notable contracts and awards include a $458 million five-year program with the Navy and Marine Corps and the $440 million Naval Test Wing Pacific award.
Prow firmly believes that V2X is well-positioned for future growth and value creation. Besides the significant contract backlog, other strengths are differentiated capabilities, a diversified portfolio and alignment with well-funded budgets.
