New Federal Contractors — October 21, 2026

The award is 99% outlayed ($106,009,224 of $107,772,236), indicating active billing, with a potential end of 2028-03-28 against a $174,071,303 ceiling. Option exercise before the 2025-04-15 current end date is the key near-term catalyst.

The order covers Army Reserve/National Guard Bureau IT support under a SDVOSB set-aside, with obligation at about 20% of the $130,903,457 base-plus-options value. Realized value depends on option exercises through 2030-06-09.

Recipients including Innovation Associates ($47,350,938), CACI NSS ($46,375,615), Tecolote Research ($47,435,910), and Floyd Construction ($24,402,210) report no recorded outlays, so these obligations have not yet been validated as revenue.

The DoD Medical Examination Review Board services contract has $41,732,194 outlayed against a $50,445,455 obligation through 2027-03-31, showing consistent execution on a firm-fixed-price basis.

The $24.4M firm-fixed-price construction award places cost-overrun risk on the contractor with identical current and potential end dates (2027-04-23), leaving no extension mechanism disclosed.

CACI NSS's nine subawards ($54,028,703) exceed its $46,375,615 prime obligation, and Booz Allen's five subawards ($19,673,771) represent about 60% of its $32,800,060 USPTO order, limiting the prime's retained revenue.

The $32.8M labor-hours delivery order from USPTO has a current end of 2027-10-31 and potential end of 2028-10-31, with options adding about $400,000, and $0 outlayed reported so far.

Total outlays across the 21 awards are concentrated in a handful of older contracts, while at least eight awards from 2024-2026 show $0 outlayed, creating uncertainty about revenue timing for the newer obligations.

Several awards depend on option exercises for most of their potential value: Swish Data's $86.8M current obligation is against a $770.7M base-plus-options value, and Tecolote Research's $47.4M is against $166.4M.

Current end dates in 2025-2026 for several IT and labor-hours awards (IT Concepts at 2025-04-15, HUMAN LEARNING SYSTEMS at 2026-11-30) indicate imminent recompete activity that could shift these revenue streams.

Only one award is defense-related, so defense-budget developments (NDAA, continuing resolution timing for Oct-Dec awards) have limited direct read-through to this period's book; several awards were issued in late September, which is exposed to a continuing resolution if one is enacted.

VA continues to fund facility and IT modernization, including CACI NSS's IFAMS data work, Innovation Associates' CMOP automation, and Floyd Construction's Endoscopy Suite.

Service-disabled veteran-owned and small business set-asides capture multiple awards, including SWISH DATA ($86.8M), Strategic Operational Solutions ($25.6M), and Floyd Construction ($24.4M).

Non-competed cost-plus awards to JHU APL ($27.9M NASA) and Caltech/JPL ($46.3M NASA Voyager) provide low-volatility revenue for research institutions.

IT Concepts ($107.8M SSA, $39.1M SSA cybersecurity), GuideHouse ($24.2M FBI), and Booz Allen ($32.8M USPTO) show continued civilian-agency reliance on labor-based IT and professional services contracts.

VA awards include Innovation Associates' $47.4M pharmacy automation, Floyd Construction's $24.4M endoscopy construction, and CACI NSS's $46.4M IFAMS support, indicating sustained VA capital and systems spend.

Only Strategic Operational Solutions' Army Reserve/NGB IT order and VMD Systems' TSA screening relate to defense or security missions; the defense share of this book is minimal.

{"entity" => "IT Concepts, Inc.", "reason" => "$107.8M SSA BPA call order is 99% outlayed with a current end date of 2025-04-15 and a potential end of 2028-03-28, making option exercise and recompete timing the key driver.", "trigger" => "Option exercise or extension modification before 2025-04-15"}

{"entity" => "CACI NSS, LLC", "reason" => "$46.4M VA IFAMS order shows $0 outlayed and nine subawards ($54.0M) exceeding the prime obligation, so realized economics are uncertain.", "trigger" => "First outlay report and option exercise on the 2027-09-15 current end"}

{"entity" => "SWISH DATA CORPORATION", "reason" => "$86.8M current obligation sits against a $770.7M base-plus-options value, meaning most headline value depends on option exercises through 2030.", "trigger" => "Option period exercise dates and outlay pace against the 2027-09-28 end"}

{"entity" => "Booz Allen Hamilton Inc", "reason" => "$32.8M USPTO order is about 60% subcontracted with $0 outlayed reported, so retained revenue and execution are unconfirmed.", "trigger" => "First invoicing data and option exercise toward 2027-10-31"}

{"entity" => "Civilian IT and professional services sector", "reason" => "This period's awards are overwhelmingly civilian (20 of 21), so sector sentiment depends on civilian agency budgets rather than defense appropriations.", "trigger" => "FY2027 appropriations and any continuing resolution affecting late-September awards"}