Tag: DLH Holdings

DLH Holdings (DLHC) – Momentum Continues

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Tuesday, September 29, 2026

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

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

A New Task Order. DLH has been awarded a task order to provide risk management framework and cybersecurity operations support services to the National Institutes of Health (“NIH”) Center for Information Technology (“CIT”). CIT provides the NIH community with a secure and reliable IT infrastructure in support of its mission-critical research activities. In our view, not only does the award expand DLH’s support for NIH, but the award aligns with management’s strategy to grow technology-powered solutions in core markets.

Details. Notably, the task order is new work for DLH. The award has a potential value of $19.1 million inclusive of all option periods. The base period and multiple options aggregate to a three-year period of performance. This new business comes hot on the heels of recent awards for DLH, supporting our thesis that the multi-year lull in awards has broken. We anticipate DLH to continue to win its fair share of business going forward.


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DLH Holdings (DLHC) – $43.7 Million Follow-On Award

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Thursday, September 17, 2026

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

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

Follow-on Order. DLH has been awarded a task order to continue providing high-quality information technology services for the National Heart, Lung, and Blood Institute. DLH has performed on this mission since 2018. The task order, valued at up to $43.7 million, includes a base period and multiple options aggregating to a two-and-a-half-year period of performance. We view this most recent award as further confirmation that the backlog of contracts and task orders is being freed up which will benefit DLH going forward.

Details. Under this task order, DLH will build on its existing implementation of artificial intelligence for IT operations and automation to improve service efficiency, system reliability, data integrity, cybersecurity, and compliance- all strengths of DLH. The Company will provide services in support of approximately 2,000 NHLBI scientific and administrative employees and contractors.


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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. 

Release – DLH to Provide Mission-Critical Cyber Support for U.S. Navy

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Research News and Market Data on DLHC

August 18, 2026

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ATLANTA, Aug. 18, 2026 (GLOBE NEWSWIRE) — DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the “Company”), a leading provider of digital transformation and cybersecurity, systems engineering and integration, and science research and development, today announced it has been awarded a multiple-award indefinite delivery/indefinite quantity (“MAC ID/IQ”) contract to provide technical services in support of cyberspace activities for the U.S. Navy. The Cyberspace Science, Research, Engineering and Technology Integration Unrestricted Multiple Award Contract is administered by Naval Information Warfare Center (“NIWC”) Pacific.

Through task orders to be competed under this contract, DLH will have the opportunity to support the architecture, engineering, functionality, interface, and interoperability of cyberspace systems, services, and capabilities at the tactical, operational, and strategic levels, including all enabling technologies. Services may include technology assessment, systems engineering, software and hardware development and prototyping, modeling and simulation, training support, and cybersecurity.

DLH is one of 29 prime awardees of the contract, which includes a base period of five years and one option period of two additional years. The contract has a total ceiling for all awardees of $400 million. Task orders are expected to be released under the contract, for which DLH expects to compete.

“DLH leverages speed, agility, world-class engineering services, and leading-edge technology, including artificial intelligence and machine learning, to deliver mission-critical cyber support,” said Billy Burnett, President of DLH’s Defense & Security business group. “This award expands the avenues available to our company to support Navy customers.”

About DLH

DLH (NASDAQ: DLHC) enhances technology, public health, and cyber security readiness missions through science, technology, cyber, and engineering solutions and services. Our experts solve some of the most complex and critical missions faced by federal customers, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With a world-class workforce 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 innovative solutions to improve the lives of millions. For more information, visit www.DLHcorp.com.

Contact Information:

Investor Relations
[email protected]

Media
[email protected]

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or DLH`s future financial performance. Any statements that refer to expectations, projections or other characterizations of future events or circumstances or that are not statements of historical fact (including without limitation statements to the effect that the Company or its management “believes”, “expects”, “anticipates”, “plans”, “intends” and similar expressions) should be considered forward-looking statements that involve risks and uncertainties which could cause actual events or DLH’s actual results to differ materially from those indicated by the forward-looking statements. Forward-looking statements in this release include, among others, statements regarding the anticipated use of proceeds. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Our actual results may differ materially from such forward-looking statements due to a variety of factors, including: the failure to achieve the anticipated benefits of any future acquisition (including anticipated future financial operating performance and results); the inability to retain employees and customers; contract awards in connection with re-competes for present business and/or competition for new business; our ability to manage our debt obligations; compliance with bank financial and other covenants; changes in client budgetary priorities; government contract procurement (such as bid and award protests, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; significant delays or reductions in appropriations for our programs and broader changes in U.S. government funding and spending patterns; legislation that amends or changes discretionary spending levels or budget priorities; legal, regulatory, and political changes from the federal government that could result in economic uncertainty; the impact of inflation and higher interest rates; and other risks described in our SEC filings. For a discussion of such risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s periodic reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as well as interim quarterly filings thereafter. The forward-looking statements contained herein are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry and business.

Such forward-looking statements are made as of the date hereof and may become outdated over time. The Company does not assume any responsibility for updating forward-looking statements.

DLH Holdings (DLHC) – More Contract Movement

Posted on by [email protected]


Monday, August 17, 2026

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

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

New ID/IQ. According to the Department of War’s daily contract award notifications, DLH has been named to the Naval Information Warfare Center Pacific’s recent ID/IQ to provide operational exercise design and construction, operations and requirements analysis, concept formulation and development, feasibility demonstrations, and operational and technical support. This includes efforts to analyze and engineer operational, functional, and system requirements to establish national, theater, and force-level architecture. Additional efforts will include requirements verification and validation, engineering analysis, technical documentation, software and hardware design and implementation, as well as systems integration, test and evaluation, and demonstration. This is the second major ID/IQ to which DLH has been named recently.

Details. The contracting vehicle is a $278 million indefinite-delivery/indefinite-quantity, multiple-award contract with cost-plus-fixed-fee and cost-no-fee pricing. This seven-year contract includes one two-year option which, if exercised, would bring the potential value of this contract to $400 million. The period of performance is Aug. 12, 2026, through Aug. 12, 2031. DLH will have the opportunity to compete for task orders during the ordering period.


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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 New DLH Emerging

Posted on by [email protected]


Friday, July 31, 2026

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

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

3QFY26 Results. Revenue for the fiscal third quarter of 2026 totaled $44.2 million, down from $83.3 million in 3Q25 and below our $50 million estimate. Gross margin of 16.7% fell from 19.1% last year and was below our 20% projection. Partly reflecting one-time charges, DLH reported a net loss of $16.8 million, or $1.16/sh, versus net income of $289,000, or $0.02/sh last year. Third quarter adjusted EBITDA came in at $3.4 million, or 7.6% of revenue, down from $8.1 million and 9.7% last year. Notably, the final CMOP contracts transitioned during the quarter.

Operating Environment. Organic growth continues to be the number one corporate priority. Organic growth will come from two sources: on-contract growth and new awards. We believe on-contract growth will drive near-term growth. Management has a number of contracts with clients that can be expanded. In terms of new business, the government procurement markets have demonstrated improved clarity and stability in recent months, marking a significant improvement in the contracting environment when compared to fiscal 2025 and earlier in 2026.


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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 Leadership Transition

Posted on by [email protected]


Thursday, July 02, 2026

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

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

Leadership Transition. After a 16-year run as CEO, Zach Parker has retired as DLH’s President and CEO. The Board appointed CFO Kathryn JohnBull as the new President and CEO. Steve Oroho, Senior Vice President, Finance & Accounting, has been named as the new CFO. Mr. Parker will remain with the Company as an advisor to the Board and to Ms. JohnBull through the end of the current fiscal year. He will continue to serve as a member of the Board and, beginning in fiscal 2027, will serve as a consultant to the Company in support of certain strategic growth pursuits.

Kathryn JohnBull. Ms. JohnBull brings deep public-company leadership experience, financial discipline, and a thorough understanding of the government services market to her new role. She joined DLH as Chief Financial Officer in 2012, and has been central to the Company’s growth, acquisition strategy, capital markets activities, financial operations, and investor engagement. We view Ms. JohnBull’s appointment positively, as not only does it provide continuity, but her in-depth knowledge of the Company and its industry is a strong positive.


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DLH Holdings (DLHC) – Navy Contract

Posted on by [email protected]


Monday, June 29, 2026

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

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

New Award. DLH has been awarded a multiple-award indefinite delivery/indefinite quantity (MAC ID/IQ) contract to provide a full range of logistics information technology services for U.S. Navy integrated platforms and DevSecOps pipelines. Under the contract, DLH will implement mission-driven, interoperable, and cost-effective solutions for customers as they confront critical system integration challenges. This new award should enable DLH to expand its offerings to the Navy, opening a new growth channel for the Company.

Details. DLH is one of multiple prime awardees on the contract, which includes a 5-year base period. The contract has a $250 million ceiling for all awardees. Task orders are expected to be released under the contract, for which DLH expects to compete.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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) – Post Call Commentary

Posted on by [email protected]


Friday, May 08, 2026

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

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

Alignment. We believe DLH’s differentiated suite of data science and AI/ML technology applications, outstanding capabilities, and workforce alignment aligns exceptionally well to position the Company for work within its three strategic pillars: science, research and development, digital transformation and cybersecurity, and systems engineering and integration.

Funding Cycle. The fiscal 2026 budget cycle is now complete, and the 2027 outlook is coming into focus. The 2027 cycle appears to be favorable to DLH. Clients across the Company’s markets have increased funding capacity and improved budget visibility, which should allow for a steadily improving procurement environment.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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) – First Look Fiscal 2Q26

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Thursday, May 07, 2026

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

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

Overview. Fiscal 2026 is a transition year for DLH. The previously disclosed conversion of legacy contracts to small businesses continues to impact y-o-y results, but the transition of these contracts is expected to be complete in the Company’s third quarter. In response, management proactively right-sized the cost structure to align with the current base business, protecting margins.  

2Q26 Results. Revenue of $59.3 million was slightly above our $58 million projection, but down 33.5% y-o-y. Adjusted EBITDA totaled $5.33 million, or a 9.0% margin, compared to $9.38 million, or a 10.5% margin in 2Q25. We were at $4.95 million. DLH reported a net loss of $2.5 million, or $0.17/sh, in the quarter, compared to EPS of $878,000, or $0.06/sh, last year. We had projected a net loss of $2.25 million, or $0.16/sh.


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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) – Looking Toward a Brighter Future

Posted on by [email protected]


Monday, December 15, 2025

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.

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

Overview. Fiscal 2025, and the start of fiscal 2026, continued the loss of contracts to small business set asides. While the loss of the Head Start contract and the expected eventual loss of all of the CMOP locations is impacting operating results today, we believe the resolution of these set aside contracts removes a big overhang from the business and enables the Company to grow from a solid base of higher value-added technology-powered applications business.

4Q25. Revenue fell 15.8% y-o-y to $81.2 million, driven by the loss of CMOP locations, as well as other set aside contracts. Gross margin fell to 17.1% from 19.9% a year ago. DLH reported a net loss of $920,000, or a loss of $0.06/sh., compared with net income of $2.3 million, or EPS of $0.16, in 4Q24. Adjusted EBITDA fell to $6.6 million from $10.7 million. We were at $83.5 million, $250,000, $0.02/sh., and $8.15 million, respectively.


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DLH Holdings (DLHC) – Some Good, Some Not So Good

Posted on by [email protected]


Monday, November 03, 2025

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.

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

New Data. DLH filed an 8-K disclosing some preliminary financial data for the fiscal year ended September 30, 2025, and updates on its CMOP (the good) and Head Start (not so good) contracts. Bad news first: DLH has lost the Head Start contract, which went to a small business. This contract generated $40 million of revenue in fiscal 2024 and $28.4 million in the first nine months of fiscal 2025. With the government shutdown ongoing, the status of protests from unsuccessful bidders is unclear.

CMOP. On the positive side, DLH has been awarded a sole-source ID/IQ to continue providing pharmacy and logistics services for 4 CMOP locations. The contract has a ceiling value of $90 million and has a maximum performance period through April 2027. The Company expects the quarterly revenue contribution from these contracts to be approximately $28 million, in-line with current revenue volume on this contract.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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) – Post Call Commentary

Posted on by [email protected]


Monday, August 11, 2025

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.

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

When, Not If. We continue to believe it is a matter of when, not if, DLH begins to capitalize on the large opportunity set for its mission critical skill set. Current disruptions in Federal government contracting will pass, and DLH’s capabilities, in areas such as digital transformation, cybersecurity, and addressing critical public health issues, align well with the government’s goals.

Still Accumulating. Mink Brook Asset Management continues to accumulate DLHC shares, including 5,900 shares at the end of last week. Mink Brook now owns 2,389,350 DLHC shares, representing 16.6% of the outstanding common, up from 2,164,058 shares at the end of May.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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) – First Look – 3Q25 Results

Posted on by [email protected]


Thursday, August 07, 2025

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.

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

Making Progress. In the third quarter, DLH effectively navigated changes in the competitive landscape and transition in the industry overall, preserving margin delivery and strong operating cash flow. Headwinds such as the transition of CMOP locations, unbundling of DOD contracts, and scope reductions as a result of government efficiency efforts all impacted the quarter.

3Q25 Results. Revenue was $83.3 million, compared to $100.7 million in the year ago quarter. We had forecasted $83 million. DLH reported adjusted EBITDA of $8.1 million, down from $10 million in 3Q24 and our $8.5 million estimate. Net income was $0.3 million, or $0.02/sh, versus $1.1 million, or $0.08/sh last year. We had projected $0.35 million, or $0.02/sh.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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.