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Significant Contract Modifications ($10M+) — September 26, 2026

Significant Contract Modifications ($10M+)

By Gunpowder Editorial ·

1 total filings analysed

Executive Summary

This digest covers a single, large civilian contract modification from NASA to Universities Space Research Association (USRA) valued at $248.4 million, representing the entire aggregate obligation for the period. The contract is a cost-plus-fixed-fee award for academic mission services at NASA Ames Research Center, with a neutral signal strength of 6/10 and low pricing risk.

Key investment implications include stable but capped profit margins for USRA, a looming expiration date in November 2024 that creates renewal uncertainty, and partial performance with $143.6 million already outlayed. The absence of defense-related contracts and the sole civilian focus highlight NASA's sustained investment in R&D services, but the lack of follow-on awards or options beyond 2024 is a critical watch item.

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Tracking the trend? Catch up on the prior Significant Contract Modifications ($10M+) digest from September 25, 2026.

Investment Signals (1)

  • USRA faces near-term contract expiration risk on $248.4M NASA award (HIGH)
    ▲

    The contract ends November 30, 2024, with no options beyond that date, creating a material revenue cliff for USRA if not renewed or followed on.

Risk Flags (2)

  • Concentration [HIGH RISK]
    ▼

    USRA's revenue is heavily concentrated in this single $248.4M NASA contract, which accounts for an estimated $29.1M in annual revenue. Non-renewal would significantly impact USRA's financial stability.

  • Budget [MEDIUM RISK]
    ▼

    The contract relies on continued NASA funding for academic mission R&D services, which could be subject to federal budget fluctuations or continuing resolutions.

Opportunities (1)

  • ◆

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

Sector Themes (1)

  • ◆

    The $248.4M cost-plus-fixed-fee contract to USRA underscores NASA's sustained commitment to academic mission research and development services, with low pricing risk and predictable margins.

Watch List (2)

  • 👁

    {"entity" => "Universities Space Research Association", "reason" => "Contract expiration in November 2024 creates a material revenue cliff; renewal or follow-on award is critical for revenue continuity.", "trigger" => "Contract renewal or follow-on award announcement before November 2024"}

  • 👁

    {"entity" => "NASA Ames Research Center", "reason" => "As the contracting agency, its budget and procurement priorities directly impact USRA's contract future.", "trigger" => "NASA budget appropriations for Science Mission Directorate; CR resolution"}

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