DLH Holdings Corp.

Listed Company

DLHCCIK 0000785557NasdaqNon-AcceleratedSmaller ReportingServices-Help Supply ServicesNew JerseyFY ends Sep 30

Period

FY 2025

Revenue

—

Net Income

$1.36M

Total Assets

$290.66M

Equity

$112.96M

Shares Out

14.49M

Op. Cash Flow

$23.22M

Business

DLH Holdings Corp. delivers health and readiness solutions to federal government customers through technology-enabled services and systems integration. It offers digital transformation and cybersecurity, science research and development, and systems engineering and integration services, including AI, cloud-based applications, telehealth, large-scale data analytics, clinical research, and C5ISR capabilities. Its operations are organized around three primary service areas: Digital Transformation and Cyber Security, Science Research and Development, and Systems Engineering and Integration. DLH serves U.S. federal civilian and military agencies primarily through prime contracts and government contract vehicles.

Summary from filing dated 2025-12-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Revenue	344	396	376	395	246
Contract costs	279	318	296	323	195
General and administrative costs	31	36	38	31	25
Depreciation and amortization	17	17	16	8	8
Total operating costs	328	371	359	362	229
Income from operations	17	25	17	33	17
Interest expense	−15	−17	−16	−2	4
Income before provision for income taxes	2	8	820,000	31	13
Provision for income taxes	393,000	350,000	−641,000	8	3
Net income	1	7	1	23	10
Basic (in dollars per share)	0.09	0.52	0.11	1.82	0.81
Diluted (in dollars per share)	0.09	0.51	0.1	1.64	0.75
Basic (in shares)	14	14	14	13	13
Diluted (in shares)	14	14	14	14	14

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash	125,000	342,000	215,000	228,000	24
Accounts receivable	38	50	59	40	33
Other current assets	4	3	3	3	4
Total current assets	43	53	62	44	62
Goodwill	138	138	138	66	66
Intangible assets, net	92	108	125	41	47
Operating lease right-of-use assets	9	7	10	17	—
Deferred income taxes, net	8	6	3	0	0
Equipment and improvements, net	1	2	2	2	2
Other long-term assets	115,000	186,000	186,000	328,000	—
Total assets	291	314	340	169	197
Accounts payable and accrued liabilities	19	25	30	27	33
Accrued payroll	12	13	14	9	9
Debt obligations - current, net of deferred financing costs	8	12	17	0	0
Operating lease liabilities - current	3	3	3	2	2
Other current liabilities	287,000	394,000	638,000	0	—
Total current liabilities	43	53	65	39	66
Debt obligations - long-term, net of deferred financing costs	120	137	155	20	45
Operating lease liabilities - long-term	14	13	16	16	19
Other long-term liabilities	1	902,000	2	0	—
Total long-term liabilities	135	151	173	38	65
Total liabilities	178	204	237	77	132
Common stock, $0.001 par value; authorized 40,000 shares; issued and outstanding 14,498 and 14,391 at September 30, 2025 and 2024, respectively	14,000	14,000	14,000	13,000	13,000
Additional paid-in capital	102	100	100	91	88
Retained earnings	11	10	2	990,000	−22
Total shareholders equity	113	110	102	92	66
Total liabilities and shareholders' equity	291	314	340	169	197

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Amortization of deferred financing costs charged to interest expense	2	2	2	664,000	792,000
Stock-based compensation expense	1	2	2	3	—
Deferred taxes, net	−2	−3	−5	358,000	1
Accounts receivable	11	9	7	−7	−906,000
Other assets	−3	3	2	1	−766,000
Accounts payable and accrued liabilities	−6	−4	−75,000	−6	4
Accrued payroll	−697,000	−946,000	−3	319,000	−1
Other liabilities	2	−5	2	131,000	486,000
Net cash provided by operating activities	23	27	31	1	46
Purchase of equipment and improvements	−241,000	−836,000	−625,000	−872,000	−103,000
Net cash used in investing activities	−241,000	−836,000	−181	−872,000	−44,000
Proceeds from revolving line of credit	253	362	205	0	—
Repayment of revolving line of credit	−257	−359	−196	0	—
Repayments of debt obligations	−19	−27	−20	−42	−54
Payments of deferred financing costs	−202,000	0	−8	0	−43,000
Proceeds from issuance of common stock upon exercise of options and warrants	0	261,000	1	837,000	—
Payment of tax obligations resulting from net exercise of stock options	0	−2	−650,000	−281,000	—
Net cash used in financing activities	−23	−26	150	−24	−23
Net change in cash	−217,000	127,000	−13,000	−24	23
Cash paid during the year for interest	14	16	14	2	3
Cash paid during the year for income taxes	2	3	6	9	936,000
Common stock surrendered for the exercise of stock options	0	3	238,000	256,000	0
Lease liability recognized to acquire a right-of-use asset	4	839,000	—	—	—

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