Significant Contract Modifications ($10M+) — August 24, 2026

The Amentum Technology cost-plus-fixed-fee contract for NASA Ames operations ended in August 2022, with $120M already outlayed. This suggests the contract is fully or nearly complete, eliminating a $36.6M annual revenue stream from Amentum's future projections.

Lockheed Martin received a non-competitive, cost-plus-fixed-fee contract for basic space R&D (PISCES III). While the sole-source nature signals a competitive moat in NASA's R&D ecosystem, the $424,164 value is immaterial to a company with over $60B in annual revenue.

Amentum Technology faces a revenue gap risk as its $239M NASA Ames contract has ended (Aug 2022) with no identified recompete or follow-on award. This creates a potential hole in the company's facilities support backlog.

Both contracts analyzed are from a single civilian agency (NASA), with zero defense exposure. This creates a concentration risk for investors seeking diversified government services exposure, as NASA's budget is subject to different political and programmatic pressures than DOD.

If NASA issues a recompete for the ATOM-4 facilities support contract at Ames Research Center, Amentum Technology could defend its incumbent position, potentially securing a follow-on contract worth $200M+ over 5-8 years.

Lockheed Martin's sole-source award for PISCES III R&D suggests the company is well-positioned for follow-on basic space research contracts from NASA, though the small dollar value limits materiality.

The Amentum contract demonstrates that NASA's facilities operations at Ames Research Center generate stable, cost-plus revenue for contractors. However, the contract's completion highlights the lifecycle risk investors face when large awards roll off without visible recompetes.

Lockheed Martin's non-competitive $424K award for PISCES III R&D confirms that NASA continues to rely on established prime contractors for foundational space research, reducing competitive pressure for Lockheed in this niche.

{"entity" => "Amentum Technology, Inc.", "reason" => "The $239M NASA Ames contract has ended, creating a potential revenue gap. A recompete or follow-on award is critical for maintaining facilities support revenue.", "trigger" => "NASA Ames ATOM-4 recompete solicitation or award announcement"}

{"entity" => "NASA", "reason" => "As the sole agency in this digest, NASA's FY2027 budget and CR status will directly impact the likelihood of follow-on contracts for both Amentum and Lockheed.", "trigger" => "NASA budget request release, CR enactment or resolution"}