Significant Contract Modifications ($10M+) — October 07, 2026

V2X Systems LLC won a non-competed, time-and-materials contract from DOJ for international asset recovery legal support, but no funds have been outlaid yet, creating uncertainty around revenue recognition and contract ramp.

MVM, Inc.'s one-year, time-and-materials delivery order for transporting unaccompanied minors is politically sensitive and carries cost variability risk, with no set-aside advantage despite minority-owned status.

Tutor Perini's firm-fixed-price delivery order for a CBP facility in Jacksonville, FL, shifts cost overrun risk to the contractor, with margins dependent on construction cost stability through 2029.

Southwest Valley Constructors' firm-fixed-price contract for a CBP facility in Sierra Vista, AZ, exposes the company to cost overruns, with performance through September 2029.

HII Mission Technologies Corp's 2016 award for intelligence support to JIDA ended in March 2022 and is fully obligated with zero outlays remaining, providing no ongoing investment catalyst for Huntington Ingalls Industries.

V2X Systems LLC's $166.3M DOJ contract has zero outlays to date, indicating potential delays in contract ramp or funding release that could impact revenue recognition for V2X, Inc.

MVM, Inc.'s $182.1M ICE contract for transporting unaccompanied minors is politically sensitive; policy changes or litigation could disrupt execution or lead to early termination.

Tutor Perini's $144M and Southwest Valley Constructors' $129M fixed-price CBP construction contracts expose both companies to cost overruns from materials or labor inflation through 2029.

DHS accounts for $455.1 million (50.2%) of total obligation across three contracts, creating sector concentration risk for investors exposed to DHS-dependent contractors.

V2X Systems LLC's $166.3M non-competed DOJ award signals a strong incumbent relationship; if options are exercised, total value could reach $1.7 billion, representing a multi-year revenue stream for V2X, Inc.

DHS/CBP awarded $273 million in combined construction contracts to Tutor Perini and Southwest Valley Constructors, indicating sustained investment in border infrastructure that could lead to follow-on awards.

DHS and DOJ awarded $621.4 million (68.5% of total) across four contracts for immigration services, border infrastructure, and legal support, highlighting stable demand for civilian-facing government services and construction.

Two DHS/CBP construction contracts totaling $273 million are firm-fixed-price, shifting cost overrun risk to contractors. Tutor Perini and Southwest Valley Constructors face margin pressure from potential inflation in materials and labor through 2029.

{"entity" => "V2X, Inc.", "reason" => "V2X Systems LLC's $166.3M sole-source DOJ contract has zero outlays; first outlay will confirm revenue recognition and contract ramp.", "trigger" => "First outlay reported in government payment data or V2X quarterly earnings"}

{"entity" => "MVM, Inc.", "reason" => "MVM's $182.1M ICE contract is politically sensitive; policy changes or litigation could disrupt execution.", "trigger" => "Congressional hearings on immigration enforcement or DHS policy changes affecting ICE operations"}

{"entity" => "Tutor Perini Corporation", "reason" => "Tutor Perini's $144M fixed-price CBP facility contract exposes margin risk; cost overruns could impact earnings.", "trigger" => "Quarterly earnings reports disclosing contract profitability or cost overrun provisions"}

{"entity" => "Southwest Valley Constructors Co", "reason" => "Southwest Valley Constructors' $129M fixed-price CBP facility award carries similar margin risk; monitor for cost overruns.", "trigger" => "Construction progress reports or cost index changes affecting fixed-price margins"}

{"entity" => "Department of Homeland Security", "reason" => "DHS accounts for 50.2% of total obligation; budget uncertainty from continuing resolutions or policy shifts could impact contractor revenue.", "trigger" => "DHS appropriations bills, continuing resolution timelines, or NDAA provisions affecting DHS funding"}