DLH Q2 FY26 net loss USD 2.54 million; revenue drops 33.5% to USD 59.3 million

• DLH Holdings posted fiscal 2026 second-quarter net loss of $2.5 million, swinging from profit, as revenue fell 33.5% to $59.3 million.
• Adjusted EBITDA dropped 43.6% to $5.3 million, while adjusted EBITDA margin narrowed 1.5 percentage points to 9%.
• Free cash flow declined 73.8% to $3.8 million; debt fell to $132.7 million from $136.6 million at end of fiscal first quarter.
• Backlog slid 14% to $442.4 million; DLH also won a two-year sole-source extension to provide clinical research support services to NIH.
• CEO Zach Parker said fiscal 2026 is a transition year as legacy contracts convert to small-business set-asides, expected to be completed in third quarter.

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