DLHC
DLH Holdings Corp.5.65
+0.08+1.44%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q1 '26
CMOP exits Q3; pipeline delays clarified
Q&A pinned the revenue drop's remainder beyond $18M CMOP/Head Start losses on minor government efficiency nicks and a small USAID wrap-up. Management pegged full CMOP exit to Q3 FY2026, with cost cuts already baked into Q1 adjusted EBITDA. Pipeline bids trickled—one in January—hit by budget fog and CIOSP4's cancellation, rerouting work to non-prime spots, but clarity aids pivots to OTAs and GSA vehicles. Commercial stays opportunistic, eyeing biotech via new FDA hire. Pipeline starved. Investors eye Q3 transitions and award rhythm amid budget stability.
Key Stats
Market Cap
81.89MP/E (TTM)
62.78Basic EPS (TTM)
0.09Dividend Yield
0%Recent Filings
10-Q
Q1 FY2026 results
DLH Holdings posted Q1 FY2026 revenue of $68.9M, down 24.1% y/y from $90.8M, as VA and HHS contracts shifted to small business primes—yet operating income held at $1.4M (2.1% margin) while interest ate into results for a $1.3M net loss and $(0.09) diluted EPS, verified against 14,563 diluted shares. Cash climbed to $257K q/q amid $4.8M operating outflow partly offset by revolver draws, leaving $10.7M availability on $133.5M total debt (SOFR+4.1%, due 2027) with covenants met. Revenue split 50% HHS, 39% VA, 11% DoD. Losses stemmed from contract conversions. Backlog ticked to $517M. Small business set-asides crimp primes.
8-K
Q1 revenue drops 24%
8-K
Q4 revenue falls, cash shines
10-K
FY2025 results
DLH Holdings posted FY2025 revenue of $344.5M, down 13% y/y from $395.9M, as contracts shifted to small business set-asides at VA's CMOP ($116.4M, -17%) and HHS's Head Start ($37.6M ended Oct 2025), offset by new awards; Q4 revenue decelerated to $81.2M from Q1's $90.8M amid volume drop. Operating income fell to $16.8M (4.9% margin) from $24.9M (6.3%), with Q4 at $2.3M versus Q1's $5.6M, while interest eased to $15.0M on debt prepays, yielding net income $1.4M or $0.09/share (14.5M diluted shares). Cash from ops held at $23.2M; revolver availability $23.6M with $131.6M debt due 2027. Backlog shrank to $514M (funded $114M). Q4 margins compressed amid transitions. Government shutdowns threaten funding.
8-K
Debt down, contracts shift
DLH Holdings slashed total debt to $131.6 million by fiscal year-end September 30, 2025, down $23.0 million from $154.6 million a year earlier, fully satisfying fiscal 2026 amortization payments through working capital discipline. While the Head Start contract wraps up October 31, 2025, after generating $28.4 million in revenue (10.7% of year-to-date total), the VA awarded DLH a $90 million sole-source IDIQ contract effective October 28, 2025, through April 2027, sustaining ~$28 million quarterly revenue from four CMOP locations. Debt reduction bolsters balance sheet flexibility amid contract transitions.
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