DLH Holdings (DLHC) – A More Flexible Credit Facility


Thursday, November 14, 2024

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Credit Facility and CMOP Update. Yesterday, DLH announced the Company has amended its credit facility with lenders to modify the borrowing capacity of the facility itself and the financial covenants of the agreement. The credit facility’s maximum capacity is reduced from $70 million to $50 million with the amendment, although no changes were made to the maturity or pricing terms. We would point out that DLH also is expected to transition a portion of its CMOP locations to set-aside, small business contractors, although no further details were given.

Financial Covenants. As for the financial covenants of the agreement, the two that are specifically being changed are the Total Leverage ratio and Fixed Charge Coverage ratio. Importantly, the amendment increases the maximum threshold of the Total Leverage Ratio, with the most recent being to 4.5 to 1.0 in the first quarter next year from a prior 4.25 to 1.00. As for the Fixed Charge Coverage ratio, the minimum threshold is being lowered with the most recent staying the same at less than to 1.25 to 1.00 in the first quarter next year but lowering in subsequent quarters. While the reduction of the capacity of the facility is not ideal, we believe the changes to the covenants provides DLH flexibility in anticipation of the Company’s CMOP locations being moved to small businesses, impacting performance.


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DLH Holdings (DLHC) – New Contract Award


Wednesday, November 06, 2024

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New Award. DLH has been awarded a contract to support the Naval Information Warfare Center Atlantic’s (“NIWC Atlantic”) Tactical Networks. NIWC Atlantic conducts research, development, and engineering to bolster integrated information warfare capabilities, with an emphasis on Enterprise IT systems.

Details. The award has a total value of approximately $76 million, comprised of $61 million in initial firm value and $15 million in optional services. The contract term includes up to a five-year period of performance. As the prime contractor, DLH will perform In-Service Engineering Agent and Integrated Logistics Support services. DLH’s work will support the missions of several C5ISR program offices and systems including PEO-C4I, PMW-160, NAVWAR, NAVSEA, and others.


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DLH Holdings (DLHC) – A Transitionary Quarter


Friday, August 02, 2024

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Environment. The government continues to delay its decision making process on various contract awards, as management notes that although decisions do take time, they have been abnormally long in 2024. Coinciding with this is the VA’s decision on its CMOP locations, which provides a good and bad aspect for DLH. The good is a likely extension of DLH’s ID/IQ contract with the VA, but the bad is that the VA is reducing responsibilities within the awards, not allowing the Company to differentiate from its competitors.

Expanding Markets. As the government delays its decisions, management is focused on its three markets in digital transformation & cyber security, science research & development, and systems & engineering & integration. These markets have had growth to their budget in recent years and we believe they provide DLH with future opportunities to expand its pipeline and add to its total proposals outstanding, a focus of management.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

DLH Holdings (DLHC) – A Look into the Third Quarter


Thursday, August 01, 2024

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

3Q Results. Revenue was reported at $100.7 million, below our estimate of $103 million and down from the prior year of $102.2 million. Net income was $1.1 million, or $0.08 per diluted share, compared to $1.7 million, or $0.12 last year. EBITDA was roughly $10.0 million versus $11.4 million in the prior year, or a margin of 10.0% and 11.1%, respectfully, in range of management’s expectations.

Delays. The GRSi acquisition continues to experience anticipated runoff of DLH’s small business set-aside awards, as these contracts transitioned towards small businesses impacting overall revenue. The government evaluation process also has resulted in delays for new business revenue for the Company in fiscal 2024. However, with the budgets passed earlier in the year for various government departments, including the VA and HHS, we expect DLH to be awarded new contracts sooner rather than later.


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DLH Holdings (DLHC) – In a Better Environment


Friday, May 03, 2024

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Government Budgets. With the budgets for the 2024 fiscal year passed, DLH is prepared to capitalize on the expected increased bidding environment, in our view. The Company has roughly $500 million in outstanding bids, and we expect to see awards to be announced throughout the fiscal year.

Increasing Cash Flow. The Company generated $10.3 million in cash from operations year-to-date, above 2023’s cash generation of $6.9 million. The result is from an improvement in the Company’s Day Sales Outstanding, which improved to 50 days from 61 days last year. Improved cash collections corresponds to quicker debt reduction, in our view.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

DLH Holdings (DLHC) – A Look into the Second Quarter


Thursday, May 02, 2024

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Past the Continuing Resolution. With the Continuing Resolution in the rear view mirror and building momentum in government decision making, DLH is positioned to realize any opportunities for awards throughout 2024, in our view. With the more positive environment, DLH already experienced an increase in its backlog, up $80 million sequentially, and we believe there is still more to come.

2Q Results. Revenue for the second quarter was $101.0 million, an increase from $99.4 million last year and above our estimate of $99 million. Net income totaled $1.8 million, or $0.12 per diluted share, versus $0.8 million, or $0.06 per diluted share, for 2Q23 and in-line with our estimate. EBITDA for 2Q24 was approximately $10.2 million versus $10.5 million in the prior year, or a margin of 10.1% and 10.5%, respectively, slightly below our $11.3 million projection.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

DLH Holdings (DLHC) – Another CMOP Update


Tuesday, March 26, 2024

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

More Changes? The Veterans Administration appears to be making more changes to the Consolidated Mail Outpatient Pharmacy contract process. The procurements were set-aside for a service-disabled veteran owned small business as the prime contractor with each of the eight procurements being evaluated separately for 5-year contracts. On March 14th, the VA issued a notice for services for durations of up to three months.

Background. In an extended process, the VA is again seeking to complete a re-bid and award of the CMOP contracts. In January 2023 DLH and other parties submitted bids for the eight separately competed procurements pertaining to the program. Recall, DLH has operated under a series of “bridge” contracts since 2016. Most recently, the VA extended these contracts through April 30, 2024.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

DLH Holdings (DLHC) – NCI Award


Friday, March 08, 2024

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

NCI Award. DLH Holdings has been awarded a contract to continue and expand its user-experience, technology refresh, and IT services for the National Institutes of Health’s (“NIH”) National Cancer Institute (“NCI”), the largest institute under NIH. This new award extends DLH’s longstanding partnership with NCI’s Center for Biomedical Informatics and Information Technology (“CBIIT”) by providing scientific computing and informatics to support NCI’s research mission.

CBIIT Blanket. The contract was competitively awarded through the multiple-award blanket purchase agreement with CBIIT that the Company announced in February 2023. Including the base period and all option periods, the contract has a value of approximately $52 million over a performance period of five and a half years. Furthermore, the award includes provisions for an additional $86 million in optional IT services. If fully exercised, the potential maximum contract value would be $138 million.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

DLH Holdings (DLHC) – A CMOP Update


Thursday, February 29, 2024

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

8-K Filing. In an 8-K filing, DLH disclosed the potential loss of one of its VA Consolidated Mail Outpatient Pharmacy (“CMOP”) locations, which accounted for less than 3% of fiscal 2023 consolidated revenue, or about $11 million. According to the filing, on February 22, 2024, DLH was advised that the VA had made an award decision for the Chelmsford CMOP Staffing Services location to a service-disabled veteran owned small business (SDVOSB) unrelated to DLH. Should the VA complete its acquisition process with a final award to an unrelated entity, DLH would no longer perform services at this CMOP location.

Background. To refresh investor memories, DLH was first awarded the CMOP contracts for healthcare logistics and pharmacy services in 2011. At the time, there were nine pharmacy services contracts and seven logistics contracts for the seven geographic locations. The VA has since combined the logistics and pharmacy services in each area, resulting in eight current contracts on which to bid.


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DLH Holdings (DLHC) – Post Call Commentary


Friday, February 02, 2024

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Waiting on a Budget. The Continuing Resolution continues to hamper DLH’s growth efforts. The Company has plenty of opportunity and stands ready to capitalize on new RFPs. We believe once a budget is passed, there should be a strong flow of new business opportunity for DLH, which will drive organic growth.

1Q24 Bottom Line. The first quarter bottom line was positively impacted by two items. First, due to the CR and bidding opportunities, G&A costs fell to $7.7 million from $10.2 million in 4Q23. G&A costs are likely to remain somewhat muted until a more normal bidding environment emerges. The second was an abnormally low tax rate, 0.5% versus a more typical 25%, due to some discrete items.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

DLH Holdings (DLHC) – Fiscal 1Q24 First Look


Thursday, February 01, 2024

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Results. Revenue in the first quarter was $97.9 million versus $72.7 million last year, but lower than our estimate of $101 million. Net income was at $2.2 million, or $0.15 per diluted share, compared to $1.5 million, or $0.11, in the prior year. EBITDA for the quarter was $11.1 million compared to $6.3 million last year. We had estimated EBITDA of $11.3 million, adjusted EBITDA of $11.8 million, and EPS of $0.12.

Other Key Indicators. DLH generated $5.1 million in operating cash for the quarter, with cash being at $0.1 million as of December 31, 2023. The Company backlog for the quarter was $653.5 million, including funded backlog of approximately $132.3 million and unfunded backlog of $521.2 million, versus $704.8 million in the prior year. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

DLH Holdings (DLHC) – Fourth Quarter In-Line


Monday, December 11, 2023

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q Results. Revenue of $101.5 million was slightly above management’s revised guidance of $100 million, and up from $67.2 million in 4Q22. While the majority of the revenue increase was due to GRSi, which contributed $33.1 million, the Company did see organic growth. Due to the expected $7.7 million non-cash impairment charge, DLH reported a net loss of $2.6 million, or $0.18/sh compared to net income of $3.4 million, or EPS of $0.24/sh in 4Q22.

Non-GAAP. On a non-GAAP basis, DLH reported adjusted operating income of $7.8 million, adjusted EBITDA of $12.1 million, and adjusted net income of $2.3 million, or $0.16/sh in 4Q23, compared to $5.1 million, $7.0 million, and $3.7 million, or EPS of $0.26/sh, respectively, last year.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

DLH Holdings (DLHC) – Reports Key Metrics for Fiscal 2023 Year End


Wednesday, October 25, 2023

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Key Metrics. Yesterday, DLH Holdings released some key metrics for the fiscal year ended September 30, 2023. The Company expects to release full audited financial results on December 6th. We will update our models following the full release.

Revenue. The preliminary 4Q23 revenue estimate is $100 million, which would be below our $103 million estimate and the $104 million consensus estimate, up from $67.2 million in 4Q22. The increase was driven by the GRSi acquisition. The legacy contract portfolio grew modestly. We believe the slow roll out of work under recently won ID/IQs negatively impacted quarterly revenue growth. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.