DLH Holdings provides technology-driven services to U.S. federal government agencies, primarily in the health and defense sectors. DLH's work spans three service lines: digital transformation and cybersecurity (IT modernization, cloud migration, AI/ML, and data analytics); science research and development (clinical trials, epidemiology, and health informatics); and systems engineering and integration (C5ISR, modeling and simulation, and software engineering). DLH's three largest customers — HHS, the VA, and DoD — account for nearly all revenue. DLH operates almost exclusively as a prime contractor, winning work through competitive federal procurement. Revenue is generated by deploying credentialed professionals — data scientists, engineers, cybersecurity specialists, and clinical researchers — under time-and-materials (~51% of revenue), firm fixed price (~27%), and cost reimbursable (~21%) contracts. A meaningful portion of revenue (~35% in FY24) came from the VA's Consolidated Mail Outpatient Pharmacy program, which DLH managed pharmacy dispensing and logistics for — but this program is winding down as it transitions to small-business contractors, creating a near-term revenue headwind. DLH built its current capabilities through acquisitions and is now focused on organic growth, paying down its ~$142M debt load, and replacing CMOP revenue with higher-margin technology services contracts. DLH's pipeline stands at approximately $3.5B, roughly half weighted toward defense and defense health.