Significant Contract Modifications ($10M+) — October 04, 2026

Leidos' $694M cost-plus-fixed-fee geospatial contract ended in November 2021 and has a negative outlay of -$163K, indicating possible termination or underfunding, with no current revenue contribution.

PAE Aviation's $571M cost-plus incentive fee contract with DHS/CBP runs through March 2020, but only $2.1M has been outlayed, suggesting limited revenue recognition and potential execution or funding issues.

TOTE Services' $15M firm-fixed-price delivery order for a MRIV build slot reservation is a one-time, 6-month contract with full upfront obligation, offering moderate near-term revenue visibility for this private company.

Leidos' $694M GSA contract has a negative outlay (-$163K) and expired performance period (ended Nov 2021), indicating possible contract termination or severe underperformance, which could signal broader issues in Leidos' geospatial services pipeline.

PAE/Amentum's $571M DHS aircraft maintenance contract shows only $2.1M outlayed against $572M obligated, suggesting slow execution or funding constraints, which may impact Amentum's revenue recognition and margin performance.

All three contracts are civilian agency awards (GSA, DHS, DOT) with zero defense exposure, concentrating risk in non-defense budget priorities that may face different funding pressures than DOD programs.

Leidos' $694M GSA award for high-resolution 3D geospatial engineering services, despite current negative outlay, indicates strong government demand for geospatial analytics, which could lead to future contract wins if pipeline issues are resolved.

PAE/Amentum's $571M DHS aircraft maintenance contract, though under-outlayed, demonstrates competitive positioning in border security-related aviation support, which could expand into DOD aviation maintenance contracts given Amentum's broader defense services portfolio.

TOTE Services' $15M DOT shipbuilding contract, though small, aligns with federal maritime infrastructure investment trends, potentially leading to larger awards if execution is successful.

Two of three contracts (Leidos $694M, PAE/Amentum $571M) show significant gaps between obligated amounts and actual outlays, suggesting systemic execution or funding issues in civilian agency procurement that may limit near-term revenue for contractors.

TOTE Services' $15M DOT shipbuilding contract, while small, reflects ongoing federal investment in maritime infrastructure under the Maritime Administration, a niche but potentially growing civilian sector.

{"entity" => "Leidos, Inc.", "reason" => "Negative outlay on $694M GSA contract raises concerns about geospatial services pipeline health and revenue conversion.", "trigger" => "New GSA geospatial contract awards or modifications to existing IDIQ vehicles"}

{"entity" => "Amentum Services Inc.", "reason" => "Only $2.1M outlayed on $571M DHS aircraft maintenance contract suggests execution or funding delays.", "trigger" => "DHS/CBP contract extensions or new task orders for aircraft maintenance"}

{"entity" => "TOTE SERVICES, LLC", "reason" => "One-time $15M DOT contract provides limited visibility; future awards needed to confirm government business growth.", "trigger" => "Additional Maritime Administration or DOT contract awards in 2026-2027"}