RESTON, Va. - Leidos (NYSE:LDOS), a Fortune 500 innovation company, has achieved a significant milestone with the Defense Innovation Unit (DIU), receiving a success memorandum for its Electric Vehicle Charging as a Service (EV CaaS) prototype for the Department of the Air Force (DAF). The memorandum recognizes Leidos as the exclusive vendor authorized to provide a FedRAMP-accredited EV CaaS solution to the Department of Defense (DOD) and other U.S. government entities.
The company, which specializes in addressing challenges in national security and health, completed the initial prototype milestones in less than a year. They have made substantial progress in planning, designing, and deploying third-party financed EV charging facilities and power infrastructure to support non-tactical fleet operations at various Air Force bases, including Air Force Plant 42, Dover (NYSE:DOV) Air Force Base, and Fairchild Air Force Base.
Leidos' solution offers a budget-neutral approach to assure mission continuity in line with the arrival of non-tactical EVs. The success memo allows Leidos to provide make-ready infrastructure, fully furnished and cybersecure EV charging facilities, and a first-in-government budget-neutral EV CaaS business model on a broad scale.
Recently, Leidos was awarded its first production other transaction agreement by the DAF to design and build scaled EV charging infrastructure at Edwards Air Force Base, one of the Air Force's largest domestic installations. This agreement highlights a templated model for rapid and secure deployment across military services and the DOD.
Leidos' president of the Commercial & International Sector, Vicki Schmanske, stated, "This achievement underscores our dedication to pioneering sustainable and efficient energy solutions that support the U.S. government's commitment to a resilient future."
Headquartered in Reston, Virginia, Leidos reported annual revenues of approximately $15.4 billion for the fiscal year ended December 29, 2023. The company employs a global workforce of 48,000 and is known for creating smarter technology solutions for heavily regulated industries.
This news article is based on a press release statement. The information provided does not constitute an endorsement of Leidos or its services and is presented solely for informational purposes.
In other recent news, Leidos Holdings (NYSE:LDOS), Inc. has been making significant strides in its operations and financial performance. The company reported a 7.7% increase in year-over-year revenue, reaching $4.13 billion, and a 33% rise in adjusted EBITDA to $559 million. Leidos has secured several major contracts including a $331 million deal to modernize the U.S. Army's network infrastructure, a $249 million contract to enhance security at Army installation access points, and a $303 million contract from the Department of the Air Force for the management of the Advanced Battle Management System. Truist Securities upgraded its price target for Leidos, citing potential value from its existing portfolio and opportunities for profit margin expansion. In terms of leadership changes, Leidos appointed Leslie Fautsch as its new chief human resources officer and Thomas J. Downey as the new Executive Vice President and Chief Communications and Marketing Officer. These are recent developments in the company's performance and strategic focus.
InvestingPro Insights
Leidos' recent success with the Defense Innovation Unit aligns well with its strong market position and financial performance. According to InvestingPro data, Leidos boasts a market capitalization of $22.77 billion, reflecting its significant presence in the Professional Services industry. The company's revenue for the last twelve months as of Q2 2024 stood at $16.01 billion, with a healthy revenue growth of 7.86% over the same period.
InvestingPro Tips highlight Leidos' financial strength and market performance. The company has raised its dividend for 5 consecutive years, demonstrating a commitment to shareholder returns. This is particularly noteworthy given the company's involvement in long-term government contracts, as mentioned in the article. Additionally, Leidos is trading near its 52-week high, which may reflect investor confidence in its recent achievements and future prospects, including the Electric Vehicle Charging as a Service (EV CaaS) prototype success.
The company's profitability is also worth noting. With an operating income margin of 9.97% for the last twelve months as of Q2 2024, Leidos shows efficient management of its operations. This efficiency is crucial for executing complex projects like the EV charging infrastructure for the Department of the Air Force.
InvestingPro offers 14 additional tips for Leidos, providing investors with a comprehensive view of the company's financial health and market position. These insights can be valuable for those looking to understand the full impact of Leidos' recent successes on its investment potential.
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