V2X

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Feb 2026, plus the 10-Q filed 3 Aug 2026 and 6 later 8-Ks.

• One big customer

  Worth knowing

  One customer brings in a big share of sales: 41% last year. Losing that customer would hurt.

  “For the years ended December 31, 2025, 2024 and 2023, we generated approximately 41%, 43% and 41%, respectively, of our total revenue from the U.S. Army.”

  From the 10-K filed 23 February 2026, Item 7. Management's Discussion and Analysis. Read it in the filing

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

• We rely on our information and communications systems in our operations. Security breaches, cybersecurity attacks, and other disruptions could adversely affect our business and results of operations.

  As we previously disclosed, we discovered a cybersecurity incident in which an unauthorized third party accessed our internal IT systems. We have determined that the unauthorized third party removed certain data from the Company’s IT systems. Although the Company's investigation is ongoing, as of the date of this filing, the Company believes that the incident has not had a material adverse effect on the Company's financial condition or results of operations.

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• Our success depends, in part, on our ability to work with and manage complex and rapidly changing technologies to meet the needs of our customers.

  Could happen

  While these applications are designed to enhance efficiency and optimize decision-making, the implementation and use of AI are not without risk. AI algorithms may be flawed and datasets used to train AI systems may be insufficient, of inferior quality, or contain biased information. If we deploy AI solutions that are deficient, inaccurate, biased or solutions that are more controversial than we anticipate, our customers may seek redress, and we may experience operational inefficiencies. This could lead to competitive harm, which may adversely affect our customer relationships, reputation, business or financial results. Our use of AI solutions could be subject to regulatory action or legal liability, especially as global AI regulatory frameworks emerge, including the European Union (EU) AI Act and applicable U.S. federal regulations. Our success will depend on our ability to comply proactively with laws and contractual obligations governing the use of AI, ensure cybersecurity protections, preserve data privacy, and safeguard classified and export-controlled information.

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• We may not be successful in winning new contracts or recompeting our existing contracts, which could have an adverse impact on our business and prospects.

  Could happen

  Reductions in the number and amounts of new awards, delays in the timing of anticipated awards or potential cancellations of such awards as a result of government appropriations or funding priorities, economic conditions, geopolitical pressures, material and equipment pricing and availability, or other factors could adversely impact our long-term projected financial results. If we are unable to win a particular new contract, we may be prevented from providing the customer the services that are purchased under that contract for a number of years.

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