Contract Option Exercises — October 17, 2026

The $100,467,801 firm fixed-price award from DHS/ICE covers 24/7 armed ground transport under the 287(g) program in Texas, with a potential end of 2030-08-31. Only about 26% of the ceiling is obligated and outlays are $0, so option exercise is the key catalyst.

GardaWorld's firm fixed-price structure and ARBOR E&T's $17,612,804 firm fixed-price Job Corps delivery order place cost-overrun risk on the contractors, with ARBOR's obligation only about 41% of its $42.4M ceiling.

Triple Canopy's $47,581,167 firm fixed-price delivery order for protective security in Silver Spring, MD has $39.8M outlayed to date, with a $96.4M ceiling through 2028-02-29 providing option runway.

Coulson Aviation's $27,996,631 obligation (82% outlayed, $20.0M unobligated option value) and AERO AIR's $24,457,497 obligation under the same USDA Forest Service airtanker program indicate sustained wildfire aviation demand through 2028-12-31.

Management & Training Corp's $79,063,394 DOL Job Corps award ended 2022-07-31 and University of Dayton's $18,424,820 GSA award ended 2024-10-14 with only $16,925 outlaid, so current revenue impact is unverified without extension or modification records.

King Street Technology's $18,663,485 VA delivery order is listed as both a service-disabled veteran-owned small business set-aside and full and open competition, an inconsistency that should be verified before drawing conclusions about competitive position.

Of the 16 recipients, the data identifies no publicly traded parent except GD IT as a General Dynamics subsidiary and Akima's parent NANA Regional Corp, which is not stated to be public, leaving direct equity implications largely unestablished.

GardaWorld's $100.5M DHS/ICE contract has $0 outlaid and only 26% of the $382.3M ceiling obligated, creating execution and option-dependence risk on a firm fixed-price labor-intensive contract.

Multiple awards are dependent on option exercise, including Coulson Aviation's ~$20.0M and AERO AIR's ~$17.4M unobligated option value, subject to annual appropriations and fire-season demand.

Several awards show low or zero outlay relative to obligation, including GardaWorld ($0), BLUEWAY ONE ($0 of $48.9M), Murnane ($0 of $32.9M), GD IT ($0 of $14.1M), and University of Dayton ($16,925 of $18.4M).

Foreign-ownership exposure exists for Coulson Aviation (USA), which is foreign-owned and U.S.-incorporated, and GardaWorld, whose parent is Guernsey-based, both of which could face eligibility or policy scrutiny.

Triple Canopy's $47.6M and GardaWorld's $100.5M awards were won under full and open competition, indicating contested markets for protective security with pricing pressure on fixed-price terms.

GardaWorld could add up to $282M in incremental DHS/ICE value if remaining base-plus-option periods are exercised through 2030-08-31.

Triple Canopy has roughly $48.8M of unobligated base-plus-options value on its DHS FPS delivery order, which could be drawn through 2028-02-29.

Caltech's $17.1M NASA delivery order is sole-source (NOT COMPETED) for space science applied research through JPL, with $4.6M of option value remaining through 2028-09-30.

Set-aside awards to SDVOSB and small businesses (BLUEWAY ONE $48.9M VA boiler replacement, King Street $18.7M VA mobility, Red River $25.1M CBP) show continued federal demand routed to protected pools.

DHS awards include GardaWorld's $100.5M ICE transport and Triple Canopy's $47.6M FPS guard services, plus Red River's $25.1M CBP web maintenance, totaling about $173M in civilian security spending.

Two of the batch's largest recipients, Management & Training Corp ($79.1M, Reno) and ARBOR E&T ($17.6M, San Francisco), operate Job Corps centers under DOL JCAS West Procurement.

Coulson Aviation ($28.0M) and AERO AIR ($24.5M) hold parallel USDA Forest Service airtanker delivery orders totaling $52.5M with potential ends in 2028.

GSA and VA facilities work totals about $130M across Murnane ($32.9M), Burchick ($29.0M), and BLUEWAY ONE ($48.9M), with fixed-price structures and variable outlay progress.

{"entity" => "GardaWorld Federal Services LLC", "reason" => "$100.5M DHS/ICE award with $0 outlaid and 26% of the $382.3M ceiling obligated; highest-materiality record in batch.", "trigger" => "First outlay reporting after 2026-09-01 and option exercise before 2027-08-31"}

{"entity" => "Triple Canopy Inc", "reason" => "$47.6M DHS FPS award at 50% of ceiling with $39.8M outlaid; near-term option runway to 2028-02-29.", "trigger" => "Option exercise toward $96.4M and quarterly outlay progression"}

{"entity" => "Coulson Aviation (USA), Inc. and AERO AIR, LLC", "reason" => "Parallel USDA Forest Service airtanker orders totaling $52.5M with ~$37M unobligated option value through 2028.", "trigger" => "Option exercise decisions near 2026-12-31 and fiscal-year appropriations for fire suppression"}

{"entity" => "Management & Training Corporation", "reason" => "$79.1M DOL Job Corps award with an end date of 2022-07-31 that has passed; current status unknown.", "trigger" => "Evidence of extension, modification, or recompete of Sierra Nevada Job Corps Center"}

{"entity" => "University of Dayton", "reason" => "$18.4M GSA automation award with only $16,925 outlaid and an end date of 2024-10-14 already passed.", "trigger" => "Closeout or extension record from GSA FAS Region 5"}