AMTM - Positive Bookings Performance With In-Line Results

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AMTM - Positive Bookings Performance With In-Line Results

NASA workforce directive, with from

<1% impact to EBITDA given the potential impact to below average margin work. We note $42.00

the current NASA administrator wants to in-house certain work from current contractors.

KBR (Buy) noted on the company's 1Q26 earnings call a potential $50M-$60M impact to

2026 [link]. AMTM expects an immaterial FY26 impact from the directive. We estimate NASA

TR to Target 46.2% represents ~10% of the company's annual revenue.

Price (May 11, 2026) $23.94 The company was awarded $600M in Critical Digital Infrastructure (CDI) work in

52-Wk Range $37.53-$19.32 F2Q. The company provided three key project lines within the growth area: (1) commercial

Market Cap ($M) $5,817 infrastructure/data centers; (2) digital connectivity/telecom; and (3) cybersecurity. We note

ADTV 1,319,263 AMTM forecasts 10%+ growth for the CDI segment over the next several years. Mgmt.

Shares Out (M) 243 described telecom customers as the foundation of CDI, with incremental outsized growth

Short Interest Ratio/% Of Float 7.0% currently driven by data center/AI demand.

Enterprise Value ($M) $9,316 Global Engineering Solutions (GES) margins saw ~100 bps of margin expansion in

Cash & Equivalents ($M) $428 F2Q, driven by more fixed price work and strong contract execution. Digital Solutions (DS)

Total Debt ($M) $3,927 margins were hurt by divestitures, write-up comps, and new program timing, down 80 bps

y/y to 7.2%. Mgmt. expects a similar 2H margin performance in DS vs. 1H, before growth

5 Page Document in FY27+. Revenues fell 0.4% y/y to $3,478M (Street: $3,468M). Contract transitions from

consolidated to unconsolidated JVs were a 3% revenue headwind. DSs revenues increased

10% y/y, helped by new CDI and space work.