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General Federal Contracts — September 26, 2026

General Federal Contracts

By Gunpowder Editorial ·

1 total filings analysed

Executive Summary

This digest covers a single $248.4M civilian contract awarded to Universities Space Research Association (USRA) by NASA Ames Research Center, with no defense-related exposure. The cost-plus-fixed-fee pricing structure provides stable but capped margins (6-10%), and the contract's impending expiration on November 30, 2024 introduces material renewal risk.

The dominant theme is NASA's continued investment in academic R&D services, but the lack of follow-on awards or options creates a near-term revenue cliff for USRA. Key watch items include NASA's budget trajectory for academic mission support and any re-compete announcements before the contract end date.

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Tracking the trend? Catch up on the prior General Federal Contracts digest from September 25, 2026.

Investment Signals (1)

  • USRA faces $248.4M NASA contract expiration risk by November 2024 (HIGH)
    ▲

    The contract ends November 30, 2024, with no options beyond that date, and only $143.6M of the total obligation has been outlayed, indicating partial performance and potential revenue discontinuity.

Risk Flags (2)

  • Concentration [HIGH RISK]
    ▼

    USRA's revenue is heavily dependent on this single $248.4M NASA contract, which represents an estimated $29.1M in annual revenue. Non-renewal would create a significant revenue gap.

  • Budget [MEDIUM RISK]
    ▼

    The contract's cost-plus-fixed-fee structure ties profitability to government funding availability, and any NASA budget cuts or continuing resolutions could delay or reduce outlays.

Opportunities (1)

  • ◆

    NASA's sustained investment in R&D services (NAICS 541712) suggests stable or growing demand for academic mission support, potentially benefiting USRA if the contract is renewed or expanded.

Sector Themes (1)

  • ◆

    NASA continues to allocate significant funding to academic mission support via cost-plus contracts, but the impending expiration of this $248.4M award highlights the lumpy revenue profile for non-profit research organizations.

Watch List (2)

  • 👁

    {"entity" => "Universities Space Research Association", "reason" => "Sole contract in this digest with $248.4M value and imminent November 2024 expiration", "trigger" => "Contract renewal or re-compete announcement before November 30, 2024"}

  • 👁

    {"entity" => "NASA Ames Research Center", "reason" => "Agency's budget and procurement plans directly impact USRA's revenue continuity", "trigger" => "NASA FY2025 budget request and any CR-related delays"}

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