MCLEAN, Va. - V2X announced second quarter 2023 financials "reported strong results" with revenue increasing 10.2% year-over-year, said Chuck Prow, President/CEO.
Adjusted EBITDA for the quarter was $76.4M and 7.8% margin resulting from solid revenue volume and benefits from program performance. Bookings activity in the quarter was at $2.1B in awards to V2X, yielding a total backlog of $13B, representing 10% growth sequentially.
New business and recompete wins, in addition to scope expansion on existing programs, bolster its backlog position and sets up the likelihood for "positive momentum leading into 2024."
With $5B+ in bids under evaluation and a 12-month pipeline of ~$19B, the "outlook for V2X remains robust,” he said. (V2X 08/08/23) V2X Announces Strong Second Quarter 2023 Results - V2X (gov2x.com)
V2X has operations in Madison, Miss.
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