Executive Summary
Three NASA contracts totaling $99,268,494 in obligations were awarded or active in the period, with zero defense-related awards, making this a purely civilian space and facilities-energy snapshot.
The largest is AMERESCO SELECT, INC.'s $48,129,004 firm-fixed-price energy-conservation delivery order at NASA Goddard (Wallops Island, VA), followed by SOUTHWEST RESEARCH INSTITUTE's $38,725,490 cost-plus-fixed-fee JUICE ultraviolet spectrograph work at NASA Marshall and California Institute of Technology's $12,413,999 cost-plus-fixed-fee delivery order from NASA JPL. The dominant theme is sustained NASA science and facilities spending, but the data does not establish agency budget trends. The highest-conviction read is the AMERESCO award's long-dated firm-fixed-price structure, though its parent's public-equity status is unverified. The key watch item is outlay progression: only about 42%, 16% and 17% of the respective obligations have been disbursed, so most value remains contingent on future funding and option actions.
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Tracking the trend? Catch up on the prior All NASA Contracts digest from September 26, 2026.
Investment Signals (3)
- AMERESCO SELECT, INC. Wallops Island energy retrofit carries $48,129,004 obligation toward $57,354,812 ceiling (MEDIUM)▲
The firm-fixed-price NASA Goddard delivery order runs through 2029-11-01, with $20,370,949 (about 42%) outlayed so far. Option exercise toward the $57,354,812 base-plus-options value would be the primary incremental catalyst.
- SOUTHWEST RESEARCH INSTITUTE JUICE contract shows only $9,516,806 outlayed against $38,725,490 obligation (MEDIUM)▲
Outlays are roughly 16% of current obligation under the cost-plus-fixed-fee NASA Marshall contract, leaving substantial value unspent and dependent on option exercise and schedule progress. The recipient is a nonprofit, so there is no direct public-equity read-through.
- California Institute of Technology JPL delivery order: $12,413,999 obligation, $2,114,426 outlayed (LOW)▲
The NASA JPL cost-plus-fixed-fee order was not competed and runs to 2028-09-30, implying roughly $10.2 million of unobligated option value. The nonprofit recipient limits direct investment relevance.
Risk Flags (3)
- Budget [MEDIUM RISK]▼
Across all three NASA awards, obligated-to-outlayed ratios are low (roughly 16% to 42%), so realized revenue depends heavily on future appropriations and option exercises. The data does not show NASA's budget trend.
- Execution [LOW RISK]▼
The JUICE mission schedule referenced against a 2022 target in the SwRI description is a potential execution risk for the cost-plus SwRI contract, though the data does not confirm current status.
- Competition [LOW RISK]▼
The CalTech JPL order was not competed, which limits market-read-through and leaves the award's continuation to sole-source relationship dynamics.
Opportunities (2)
- ◆
Continued energy-retrofit delivery orders at NASA facilities could extend AMERESCO's federal facilities-energy footprint beyond the Wallops Island scope.
- ◆
The CalTech JPL award's non-competed status suggests a continuing research relationship that may yield follow-on delivery orders through the NASA JPL management office.
Sector Themes (1)
- ◆
All three awards are long-duration NASA contracts spanning science R&D and facilities energy, with combined obligations of $99,268,494 and zero defense exposure. Low outlay ratios mean the bulk of value is still ahead.
Watch List (3)
- 👁
{"entity" => "AMERESCO INC", "reason" => "Holds the largest award in the set at $48,129,004, with $20,370,949 outlayed under a firm-fixed-price structure; public-equity status is not established in the data.", "trigger" => "Option exercise toward $57,354,812 and confirmation of parent's listing status"}
- 👁
{"entity" => "SOUTHWEST RESEARCH INSTITUTE", "reason" => "$38,725,490 obligation with only $9,516,806 outlayed, leaving most value dependent on future option and funding actions; nonprofit recipient.", "trigger" => "Incremental funding or option exercise toward $60,389,347 and JUICE mission schedule updates"}
- 👁
{"entity" => "California Institute of Technology", "reason" => "$12,413,999 non-competed JPL order with roughly $10.2 million of unobligated option value.", "trigger" => "Option exercise or follow-on delivery order before 2028-09-30"}
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