Contract Deobligations Alert — October 16, 2026

HALVIK LLC reports a negative total outlay of $-1,352 against a $31,964,411 obligation, and Deloitte Consulting LLP shows $0 outlayed on a $30,525,469 firm-fixed-price GSA delivery order awarded 2022-09-28. Both require payment-record verification before any performance conclusion can be drawn.

Whitestone Group, Inc. has $46,771,260 outlayed (about 90%) on a $51,818,963 HHS Program Support Center security guard order running to 2026-12-12, with roughly $6M of option value remaining. Public status is not disclosed, so investability is unresolved.

Sigma Defense Systems LLC received a $23,872,699 GSA-routed order for Joint AISR integration and sustainment at Langley AFB, running to 2027-06-01, with $0 outlayed, making it the only defense-related award in the set. The recipient is a private Subchapter S corporation, so no equity signal is identified.

StoneX Financial Ltd received a $32,735,314 firm-fixed-price U.S. Mint order for silver bullion awarded 2026-10-13 with a current end of 2026-10-21 and $0 outlayed. The short window makes this a near-term event whose delivery and payment confirmation should be checked against fixed-price silver exposure.

Booz Allen Hamilton Inc. holds a $14,182,428 CDC SEDAV BPA call with the current end date of 2023-09-26 already lapsed and a potential extension to 2024-04-26; whether the extension was exercised is not established in the data. Booz Allen's consolidated civilian health revenue would be needed to size this award.

FEDTEC LLC received an $18,158,937 SSA BPA call (SITS BPA 28321320A00040031) within a $103,192,848 base-plus-options ceiling, with only $6,052,979 outlayed and potential end of 2031-09-24. Large unexercised ceiling is the principal source of future value and principal uncertainty.

Several awards show stalled or anomalous outlay data: HALVIK LLC negative outlay of $-1,352 on $31.96M; Deloitte $0 on $30.5M; Steampunk outlay near full ($12.78M of $13.02M) with about $1.3M headroom and an end date of 2026-07-31; Leidos closeout with only $57 outlayed on $13.2M.

Continuing resolution exposure: contracts awarded in Oct-Dec under FY uncertainty carry funding risk. Several awards in this stream were dated within the current October 2026 window (StoneX 2026-10-13, LMD Agency 2026-09-20 near end of FY), where CR timing could delay outlays.

Most awards were full-and-open with no set-aside, meaning recipients face unrestricted competition on recompete; several with lapsed or near-term end dates (ECS Federal 2020, Data Computer Corp 2026-06-16, Booz Allen 2023-09-26) may face follow-on competition with uncertain incumbency.

Heavy subcontracting concentrates economic value in pass-through structures: ECS Federal passes 98.5% of its $14.57M to 20 subawards; COLSA passes about 53% of $23.78M to 13 subawards; Leidos passes about 51% of $13.23M to 39 subawards. Prime-level margin and revenue quality are therefore less transparent.

Set-aside and small-business designations (SDVOSB, 8(a), HUBZone) are common in this stream, and several recipients are small or self-certified; affected awards are not investable through listed equities and carry eligibility/size-status risk on recertification.

Caltech/JPL holds three NASA JPL delivery orders (ROSES research $15.4M, Dragonfly flight hardware $13.9M, ExoMars TGO $12.9M) on cost-plus-fixed-fee, non-competed terms, providing a stable research revenue base for a nonprofit recipient but no direct equity.

FEDTEC LLC's SSA SITS BPA ceiling of $103.2M, with $18.2M currently obligated, is the largest unexercised civilian IT ceiling in the set and represents significant follow-on potential for a private recipient.

Sigma Defense Systems' $23.9M Joint AISR sustainment order at Langley AFB is the only defense-related award here and positions the firm for follow-on ISR sustainment work as the 2027-06-01 end approaches.

The majority of obligations are civilian IT and analytics work at SSA, USPTO, CDC, USDA FSA, and GSA, including FEDTEC ($18.2M SSA), HALVIK ($32.0M USPTO), Steampunk ($13.0M USDA), Booz Allen ($14.2M CDC), and DATA COMPUTER ($16.2M CMS).

Multiple VA and DHS awards are construction or guard services, including Caribe Tecno ($35.9M VA parking), Troop Contracting ($17.4M VA sterile processing), and Senate Builders ($15.1M VA admin building), indicating continued federal facility investment.

Caltech holds three JPL-managed NASA delivery orders totaling roughly $42M obligated, indicating sustained planetary and space science funding.

{"entity" => "HALVIK LLC / USPTO Patent Center", "reason" => "$31.96M obligation with a negative $-1,352 total outlay that is unexplained in the data.", "trigger" => "Payment-record verification and option exercise toward $34.47M base-plus-options by 2028-10-15"}

{"entity" => "Deloitte Consulting LLP (GSA)", "reason" => "$30.5M firm-fixed-price order with $0 outlayed since 2022-09-28 and $4.49M in subawards.", "trigger" => "Quarterly billing data and any task order modifications before 2027-09-27"}

{"entity" => "StoneX Financial Ltd (U.S. Mint)", "reason" => "$32.7M silver bullion order with $0 outlayed and an 8-day performance window.", "trigger" => "Delivery and payment confirmation by 2026-10-21"}

{"entity" => "Steampunk, Inc. (USDA FSA)", "reason" => "Outlay near full ($12.78M of $13.02M) with a 2026-07-31 end date and POPLAR follow-on uncertainty.", "trigger" => "Follow-on award or extension before 2026-07-31"}

{"entity" => "Sigma Defense Systems LLC (Air Combat Command / GSA)", "reason" => "Only defense-related award in the set; $0 outlayed on $23.9M.", "trigger" => "Outlay reporting and successor ISR sustainment award before 2027-06-01"}

{"entity" => "Booz Allen Hamilton Inc (CDC SEDAV)", "reason" => "BPA current end date of 2023-09-26 has passed; extension status unknown.", "trigger" => "Confirmation of extension to 2024-04-26 and any SEDAV follow-on announcement"}

{"entity" => "Data Computer Corporation of America (CMS APPS)", "reason" => "Fully obligated and outlayed $16.2M order ending 2026-06-16 with no follow-on identified.", "trigger" => "CMS APPS recompete or follow-on solicitation"}