V2X Delivers Solid Second Quarter Results and Increases Full-Year Adjusted EPS Guidance

Second Quarter and Recent Highlights

— Revenue of $1.08 billion and net income of $22.4 million

— Adjusted net income1of $42.3 million, up 61% y/y

— Adjusted EBITDA1 of $82.4 million, with a margin of 7.6%

— Diluted EPS of $0.70; Adjusted diluted EPS1 of $1.33, up 59% y/y

— Improved net debt by $200 million y/y

— Established $100 million share repurchase authorization

— Awarded $4.3 billion T-6 aircraft program

V2X, Inc. (NYSE: VVX) announced second quarter 2025 financial results.”Our second quarter results reflect V2X's ability to execute in all market environments and further demonstrate the resiliency of our business,” said Jeremy C. Wensinger, President and Chief Executive Officer. “We believe the overall trends in our market remain positive and that V2X is well positioned to leverage our mission expertise and full lifecycle capabilities to deliver next generation data-enabled solutions that enhance readiness and customer outcomes.”

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Mr. Wensinger continued, “We are bringing innovation and new approaches to rapidly deploy solutions for improved readiness, which was exemplified by the recent $4.3 billion T-6 program award. The T-6 aircraft is widely used in a multi-service aviation training program that is critical to ensure new pilot readiness. This award is an example of the strategy we are executing and it's an honor to have been selected to help ensure that pilots in the U.S. Air Force, Navy, and Army will be trained and ready for their next mission. V2X will use commercial-based approaches to provide full spectrum supply chain management solutions to enable this essential training-mission for over 700 aircraft.”

“I'd like to thank all our employees for their contributions during the quarter and specifically recognize the recent success achieving full operational capability on the Army's largest training program. This is a remarkable accomplishment, which will ensure the delivery of critical training related services to Army warfighters worldwide by infusing cutting-edge innovations to meet ever-evolving needs.”

Mr. Wensinger concluded, “We are transforming V2X to be a leader in data-enabled mission solutions across all domains. The growth initiatives fueling this advancement include optimizing our core for on contract growth, leveraging capabilities into adjacent markets, extending new offerings, and strategically investing both internally and externally. We are executing on these initiatives today and believe they will accelerate growth, create differentiation, and yield value in the years to come.”

Second Quarter 2025 Results

“V2X reported revenue of $1.08 billion in the quarter,” said Shawn Mural, Senior Vice President and Chief Financial Officer. “The performance in the second quarter was strong and provides additional confidence to deliver on our full year commitments. The second quarter results reflect the great job our team has done in optimizing and refining our processes and procedures. I'm very proud of what we have been able to achieve over the past year.”

“For the quarter, the Company reported operating income of $52.9 million and adjusted operating income1of $77.3 million, increasing $11.5 million dollars or 18% from the prior year. V2X delivered adjusted EBITDA1 of $82.4 million, with a margin of 7.6%. Net income for the quarter was $22.4 million dollars. Adjusted net income1 was $42.3 million dollars, increasing $16.1 million dollars or 61% year-over-year. Second quarter GAAP diluted EPS was $0.70. Adjusted diluted EPS1 for the quarter was $1.33, increasing 59% year-over-year.”

“Second quarter net cash provided by operating activities was $28.5 million. Adjusted net cash provided byoperating activities1 increased $112.1 million year-over-year to $58.3 million.”

Mr. Mural continued, “During the quarter we further progressed our capital allocation strategy by establishing a $100 million share repurchase authorization. We believe the strong cash flow characteristics of our business support V2X's ability to create additional long-term value through the efficient deployment of capital. The core tenets of our deployment strategy include opportunistically repurchasing shares, strategic acquisitions, internal investments for growth, and reducing leverage via debt reduction.”

Increasing 2025 Adjusted EPS1 Guidance

Mr. Mural concluded, “Given the year-to-date performance and trends in our business, the Company is increasing its adjusted EPS guidance for 2025 and reaffirming its revenue, adjusted EBITDA, and adjusted net cash1 ranges.”

Guidance is as follows:

$ millions, except for per share amounts Prior 2025 Guidance Updated 2025 GuidanceRevenue $4,375 $4,500 $4,375 $4,500Adjusted EBITDA1 $305 $320 $305 $320Adjusted Diluted Earnings Per Share1 $4.45 $4.85 $4.65 $4.95Adjusted Net Cash Provided by $150 $170 $150 $170Operating Activities1

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.

Second Quarter Conference Call

Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, August 4, 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/MPvl2xBdpg3

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 August 18, 2025, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10200918.

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”) RegulationFD.

1 See “Key Performance Indicators and Non-GAAP Financial Measures” for descriptions and reconciliations.

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.

Investor Contact Media ContactMike Smith, CFA Angelica Spanos DeoudesIR@goV2X.com Communications@goV2X.com719-637-5773 571-338-5195

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the “Act”): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act.

Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements in this press release, include, but are not limited to our future performance and capabilities; all of the statements and items listed under “Increasing 2025 Adjusted EPS Guidance” above and other assumptions contained therein for purposes of such guidance; our belief that prior performance provides substantial visibility for future performance; market trends; our expectations that the foreign military sales and international markets represent a large and growing addressable opportunity; and our belief that our strategy, visibility, and targeted growth opportunities provide substantial opportunities for value creation.

These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.

We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

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 2024Revenue $ 1,078,330 $ 1,072,183 $ 2,094,253 $ 2,082,747Cost of revenue 982,597 998,348 1,920,417 1,938,638Selling, general, and administrative expenses 42,793 46,409 86,598 86,352Operating income 52,940 27,426 87,238 57,757Loss 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 shareBasic $ 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 31,470 31,643 31,411Weighted average common shares outstanding – diluted 31,883 31,470 31,886 31,411V2X, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 27, December 31,(In thousands, except per share data) 2025 2024AssetsCurrent assetsCash, cash equivalents and restricted cash $ 190,457 $ 268,321Receivables 738,899 710,068Prepaid expenses and other current assets 137,748 121,831Total current assets 1,067,104 1,100,220Property, plant, and equipment, net 61,455 62,001Goodwill 1,656,926 1,656,926Intangible assets, net 277,945 323,068Right-of-use assets 33,791 37,774Other non-current assets 48,351 48,854Total non-current assets 2,078,468 2,128,623Total Assets $ 3,145,572 $ 3,228,843Liabilities and Shareholders' EquityCurrent liabilitiesAccounts payable $ 434,716 $ 547,568Compensation and other employee benefits 150,072 166,918Short-term debt 14,935 20,003Other accrued liabilities 286,820 261,735Total current liabilities 886,543 996,224Long-term debt, net 1,091,721 1,087,484Deferred tax liabilities 17,999 20,983Operating lease liabilities 29,951 33,811Other non-current liabilities 53,615 64,189Total non-current liabilities 1,193,286 1,206,467Total liabilities 2,079,829 2,202,691Commitments and contingencies (Note 7)Shareholders' EquityPreferred stock; $0.01 par value; 10,000,000 shares authorized; No shares issued and – -outstandingCommon stock; $0.01 par value; 100,000,000 shares authorized; 31,709,357 and 317 31631,560,490 shares issued and outstanding as of June 27, 2025 and December 31, 2024,respectivelyAdditional paid in capital 773,002 769,719Retained earnings 296,033 265,535Accumulated other comprehensive loss (3,609) (9,418)Total shareholders' equity 1,065,743 1,026,152Total Liabilities and Shareholders' Equity $ 3,145,572 $ 3,228,843V2X, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended June 27, June 28,(In thousands) 2025 2024Operating activitiesNet income (loss) $ 30,498 $ (5,400)Adjustments to reconcile net income (loss) to net cash used in operating activities:Depreciation expense 8,175 11,870Amortization of intangible assets 45,125 45,525Amortization of cloud computing arrangements 2,453 886Impairment of non-operating long-lived asset – 2,192Loss on disposal of property, plant, and equipment 325 269Stock-based compensation 6,181 11,794Deferred taxes (4,807) (1,207)Amortization of debt issuance costs 3,032 4,163Loss on extinguishment of debt 2,527 1,998Changes in assets and liabilities:Receivables (24,216) (51,693)Other assets (13,894) (56,734)Accounts payable (116,931) (9,505)Compensation and other employee benefits (17,322) 8,480Other liabilities 11,923 5,811Net cash used in operating activities (66,931) (31,551)Investing activitiesPurchases of capital assets (5,180) (8,511)Proceeds from the disposition of assets 90 11Acquisitions of businesses – (16,939)Net cash used in investing activities (5,090) (25,439)Financing activitiesRepayments of long-term debt (3,812) (7,669)Proceeds from revolver 319,000 648,750Repayments of revolver (319,000) (602,750)Proceeds from stock awards and stock options 77 149Payment of debt issuance costs (3,909) (1,188)Payments of employee withholding taxes on stock-based compensation (2,974) (5,767)Net cash (used in) provided by financing activities (10,618) 31,525Exchange rate effect on cash 4,775 (2,416)Net change in cash, cash equivalents and restricted cash (77,864) (27,881)Cash, cash equivalents and restricted cash – beginning of period 268,321 72,651Cash, cash equivalents and restricted cash – end of period $ 190,457 $ 44,770Supplemental disclosure of cash flow information:Interest paid $ 32,956 $ 55,374Income taxes paid $ 5,164 $ 7,946Purchase of capital assets on account $ 2,125 $ 520

Key Performance Indicators and Non-GAAP Measures

The primary financial performance measures we use to manage our business and monitor results of operations are revenue trends and operating income trends. Management believes that these financial performance measures are the primary drivers for our earnings and net cash from operating activities. Management evaluates its contracts and business performance by focusing on revenue, and operating income. Operating income represents revenue less both cost of revenue and selling, general and administrative (SG&A) expenses. Cost of revenue consists of labor, subcontracting costs, materials, and an allocation of indirect costs. SG&A expenses consist of indirect labor costs (including wages and salaries for executives and administrative personnel), bid and proposal expenses and other general and administrative expenses not allocated to cost of revenue. Backlog is the estimated amount of future revenues to be recognized under negotiated contracts.

We manage the nature and amount of costs at the program level, which forms the basis for estimating our total costs and profitability. This is consistent with our approach for managing our business, which begins with management's assessing the bidding opportunity for each contract and then managing contract profitability throughout the performance period.

In addition to the key performance measures discussed above, we consider adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, net leverage ratio and adjusted operating cash flow to be useful to management and investors in evaluating our operating performance, and to provide a tool for evaluating our ongoing operations. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives. We provide this information to our investors in our earnings releases, presentations, and other disclosures.

Adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, net leverage ratio, and adjusted net cash provided by (used in) operating activities, however, are not measures of financial performance under GAAP and should not be considered a substitute for financial measures determined in accordance with GAAP. Definitions and reconciliations of these items are provided below.

— Adjusted operating income is defined as operating income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.

— Adjusted EBITDA is defined as operating income, adjusted to exclude depreciation and amortization of intangible assets, and items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.

— Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.

— Adjusted net income is defined as net income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs, amortization of acquired intangible assets, amortization of debt issuance costs, and loss on extinguishment of debt.

— Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted average diluted common shares outstanding.

— Cash interest expense, net is defined as interest expense, net adjusted to exclude amortization of debt issuance costs.

— Adjusted net cash provided by (used in) operating activities or adjusted operating cash flow is defined as net cash provided by (or used in) operating activities adjusted to exclude infrequent non-operating items, such as M&A payments and related costs.

Non-GAAP Tables

($K, except per share data) Three Months Ended Six Months Ended June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024Revenue $ 1,078,330 $ 1,072,183 $ 2,094,253 $ 2,082,747Net income (loss) $ 22,391 $ (6,544) $ 30,498 $ (5,400)Plus:Income tax expense (benefit) 7,059 (1,570) 9,022 (1,590)Other expense, net 2,579 4,735 4,874 6,368Interest expense, net 20,598 28,807 40,317 56,381Loss on extinguishment of debt 313 1,998 2,527 1,998Operating income $ 52,940 $ 27,426 $ 87,238 $ 57,757Plus:Amortization of intangible assets 22,562 22,986 45,125 45,525M&A, integration and related costs 1,780 15,344 6,405 25,325Adjusted operating income $ 77,283 $ 65,756 $ 138,768 $ 128,607Plus:Depreciation and CCA amortization 5,152 6,513 10,628 12,756Adjusted EBITDA $ 82,435 $ 72,269 $ 149,396 $ 141,363Adjusted EBITDA margin 7.6% 6.7% 7.1% 6.8%Minus:Cash interest expense, net 19,055 26,804 37,285 52,218Income tax expense, as adjusted 13,315 10,145 22,549 17,300Depreciation and CCA amortization 5,152 6,513 10,628 12,756Other expense, net, as adjusted 2,579 2,543 5,124 4,176Adjusted net income $ 42,334 $ 26,264 $ 73,810 $ 54,913($K, except per share data) Three Months Ended Six Months Ended June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024Diluted earnings (loss) per share $ 0.70 $ (0.21) $ 0.96 $ (0.17)Plus:M&A, integration and related costs 0.04 0.36 0.15 0.60Amortization of intangible assets 0.54 0.53 1.08 1.09Amortization of debt issuance 0.04 0.10 0.13 0.15costs and Loss on extinguishment ofdebtFMV land impairment $ – 0.05 $ – 0.05Gain on acquisition, net 0.00 $ – $ (0.01) $ -Adjusted diluted earnings per share $ 1.33 $ 0.83 $ 2.31 $ 1.72Average shares outstanding:Basic, as reported 31,693 31,470 31,643 31,411Diluted, as reported 31,883 31,470 31,886 31,411Adjusted diluted 31,883 31,540 31,886 31,894

Non-GAAP Tables

($K) Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, 2025 2024 2025 2024Net cash provided (used) by operating 28,532 25,675 (66,931) (31,551)activitiesPlus:M&A, integration, and related payments 7,754 6,197 10,762 12,035MARPA facility activity 21,968 (85,711) (3,649) (117,819)Adjusted operating cash flow 58,254 (53,839) (59,819) (137,335)

SUPPLEMENTAL INFORMATION

Revenue by customer, contract type, contract relationship, and geographic region for the periods presented below was as follows:

Revenue by Customer

Three Months Ended Six Months Ended June 27, June 28, % June 27, June 28, %(In thousands) 2025 2024 Change 2025 2024 ChangeArmy $ 457,443 $ 456,690 0.2% $ 899,579 $ 890,120 1.1%Navy 354,282 349,824 1.3% 700,394 671,208 4.3%Air Force 107,822 127,467 (15.4)% 206,948 246,036 (15.9)%Other 158,783 138,202 14.9% 287,332 275,383 4.3%Total revenue $ 1,078,330 $ 1,072,183 $ 2,094,253 $ 2,082,747

Revenue by Contract Type

Three Months Ended Six Months Ended June 27, June 28, % June 27, June 28, %(In thousands) 2025 2024 Change 2025 2024 ChangeCost-plus and cost-reimbursable $ 647,582 $ 615,837 5.2% $ 1,270,653 $ 1,200,659 5.8%Firm-fixed-price 405,091 429,182 (5.6)% 769,177 826,433 (6.9)%Time-and-materials 25,657 27,164 (5.5)% 54,423 55,655 (2.2)%Total revenue $ 1,078,330 $ 1,072,183 $ 2,094,253 $ 2,082,747

Revenue by Contract Relationship

Three Months Ended Six Months Ended June 27, June 28, % June 27, June 28, %(In thousands) 2025 2024 Change 2025 2024 ChangePrime contractor $ 1,008,340 $ 1,006,121 0.2% $ 1,972,086 $ 1,951,276 1.1%Subcontractor 69,990 66,062 5.9% 122,167 131,471 (7.1)%Total revenue $ 1,078,330 $ 1,072,183 $ 2,094,253 $ 2,082,747

Revenue by Geographic Region

Three Months Ended Six Months Ended June 27, June 28, % June 27, June 28, %(In thousands) 2025 2024 Change 2025 2024 ChangeUnited States $ 632,357 $ 578,881 9.2% $ 1,209,815 $ 1,123,608 7.7%Middle East 320,317 361,064 (11.3)% 638,662 704,361 (9.3)%Asia 76,793 84,663 (9.3)% 152,771 153,464 (0.5)%Europe 48,863 47,575 2.7% 93,005 101,314 (8.2)%Total revenue $ 1,078,330 $ 1,072,183 $ 2,094,253 $ 2,082,747

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