PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements present the company's financial position, results of operations, and cash flows, highlighting significant revenue growth and a shift from net loss to net income [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $538.2 million from $505.9 million, and total liabilities rose to $288.6 million from $259.8 million, with shareholders' equity also slightly increasing Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $196,725 | $176,621 | | Goodwill | $135,929 | $134,653 | | **Total Assets** | **$538,245** | **$505,881** | | Revolving credit facility | $59,516 | $37,000 | | **Total Liabilities** | **$288,602** | **$259,766** | | **Total Shareholders' Equity** | **$249,643** | **$246,115** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company achieved significant year-over-year improvement, shifting from a net loss to a net income for both the three and six-month periods ended June 30, 2025, with strong revenue growth Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Gross Contract Revenue | $122,090 | $104,501 | $235,021 | $199,409 | | Income (loss) from operations | $9,044 | $(1,235) | $10,180 | $(3,845) | | Net income (loss) | $6,009 | $(2,082) | $4,265 | $(3,640) | | Diluted EPS | $0.34 | $(0.13) | $0.24 | $(0.24) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to $16.3 million for the six months ended June 30, 2025, while cash used in investing activities decreased, and financing activities shifted to a net use of cash Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Activity | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $16,293 | $5,588 | | Net cash used in investing activities | $(1,837) | $(20,582) | | Net cash (used in) provided by financing activities | $(5,614) | $17,450 | | **Net increase in cash** | **$8,842** | **$2,456** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, recent acquisitions, revenue recognition, debt facilities, share repurchase programs, and a significant uncertain tax position related to R&D costs - The company has established a **$60.4 million** uncertain tax position related to the capitalization and amortization of research and development (R&D) costs as of June 30, 2025, following the TCJA Section 174 requirement[62](index=62&type=chunk) - During H1 2025, the company completed two acquisitions for **$3.6 million**. In 2024, it completed the significant acquisition of Surdex Corporation for **$43.3 million** and seven other acquisitions for **$36.2 million**[79](index=79&type=chunk)[81](index=81&type=chunk)[87](index=87&type=chunk) - As of June 30, 2025, the company had **$317.7 million** in remaining performance obligations, with **88.2%** expected to be recognized as revenue within the next twelve months[93](index=93&type=chunk) - In March 2025, the company increased its Revolving Credit Facility from **$100.0 million** to **$140.0 million**. The outstanding balance was **$59.5 million** as of June 30, 2025[105](index=105&type=chunk)[107](index=107&type=chunk) - On June 6, 2025, the board authorized a new **$25 million** share repurchase program, replacing the previous one. No repurchases were made under the new program as of June 30, 2025[76](index=76&type=chunk)[78](index=78&type=chunk) - Subsequent to the quarter end, the company completed another acquisition for a total consideration of **$2.7 million**, plus potential contingent consideration of up to **$2.8 million**[150](index=150&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant revenue and profitability growth for Q2 and H1 2025, driven by organic expansion and acquisitions across all core markets, alongside strong non-GAAP metrics, increased backlog, and robust liquidity [Results of Operations - Three Months Ended June 30, 2025 vs. 2024](index=39&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20June%2030,%202025%20vs.%202024) Gross contract revenue for Q2 2025 increased **16.8%** to **$122.1 million**, driven by growth across all markets, resulting in a shift from net loss to **$6.0 million** net income and a **50.6%** increase in Adjusted EBITDA Q2 2025 vs Q2 2024 Key Metrics (in thousands) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Gross Contract Revenue | $122,090 | $104,501 | 16.8% | | Net Income (Loss) | $6,009 | $(2,082) | N/A | | Adjusted EBITDA (Non-GAAP) | $20,203 | $13,412 | 50.6% | | Net Service Billing (Non-GAAP) | $107,997 | $93,981 | 14.9% | Q2 2025 Gross Contract Revenue by Market (in thousands) | Market | Q2 2025 (in thousands) | Q2 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Building Infrastructure | $56,561 | $52,442 | 7.9% | | Transportation | $24,611 | $19,233 | 28.0% | | Power & Utilities | $26,843 | $22,917 | 17.1% | | Natural Resources & Imaging | $14,075 | $9,909 | 42.0% | [Results of Operations - Six Months Ended June 30, 2025 vs. 2024](index=43&type=section&id=Results%20of%20Operations%20-%20Six%20Months%20Ended%20June%2030,%202025%20vs.%202024) Gross contract revenue for H1 2025 grew **17.9%** to **$235.0 million**, with significant market-specific growth, leading to a net income of **$4.3 million** and a **35.9%** increase in Adjusted EBITDA H1 2025 vs H1 2024 Key Metrics (in thousands) | Metric | H1 2025 (in thousands) | H1 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Gross Contract Revenue | $235,021 | $199,409 | 17.9% | | Net Income (Loss) | $4,265 | $(3,640) | N/A | | Adjusted EBITDA (Non-GAAP) | $34,708 | $25,541 | 35.9% | | Net Service Billing (Non-GAAP) | $208,050 | $179,671 | 15.8% | H1 2025 Gross Contract Revenue by Market (in thousands) | Market | H1 2025 (in thousands) | H1 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Building Infrastructure | $108,593 | $101,844 | 6.6% | | Transportation | $48,340 | $37,361 | 29.4% | | Power & Utilities | $52,153 | $44,768 | 16.5% | | Natural Resources & Imaging | $25,935 | $15,436 | 68.0% | [Backlog](index=46&type=section&id=Backlog) The company's backlog increased **9.8%** to **$438.2 million** by June 30, 2025, demonstrating diversification across key markets, primarily Building Infrastructure and Transportation Backlog Composition | Market | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Building Infrastructure | 40% | 41% | | Transportation | 31% | 35% | | Power & Utilities | 21% | 15% | | Natural Resources & Imaging | 8% | 9% | [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity, primarily from cash operations and a **$140.0 million** revolving credit facility, supporting ongoing operations and strategic acquisitions - Principal sources of liquidity are cash from operations and a **$140.0 million** Revolving Credit Facility[227](index=227&type=chunk) - Cash and cash equivalents increased by **$8.8 million** during the first six months of 2025[227](index=227&type=chunk) - The company is actively pursuing acquisitions and expects to use a meaningful portion of its liquidity and capital resources for this purpose[229](index=229&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate changes on its **$59.5 million** revolving credit facility, with a **1%** rate change impacting annual interest expense by approximately **$0.3 million** - The company's main market risk is interest rate changes on its revolving credit facility, with **$59.5 million** outstanding as of June 30, 2025[246](index=246&type=chunk) - A **1%** change in the interest rate on the credit facility would change annual interest expense by approximately **$0.3 million**[246](index=246&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of the end of the period, the company's disclosure controls and procedures were effective at the reasonable assurance level[250](index=250&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended June 30, 2025[251](index=251&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material adverse effect on its financial results or position - As of the report date, the company is not involved in any legal proceedings that would have a material adverse effect on its operations or financial condition[254](index=254&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's previously disclosed risk factors were reported compared to the latest Annual Report on Form 10-K - No material changes to risk factors were reported compared to the latest Annual Report on Form 10-K[255](index=255&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company terminated its 2024 share repurchase program and authorized a new **$25 million** program on June 6, 2025, with no repurchases made under the new program as of June 30, 2025 - On June 6, 2025, the board authorized a new **$25 million** share repurchase program, which will run for 12 months[259](index=259&type=chunk) - The previous 2024 Repurchase Authorization was terminated. As of June 30, 2025, no repurchases have been made under the new 2025 program[258](index=258&type=chunk)[259](index=259&type=chunk) [Other Information](index=53&type=section&id=Item%205.%20Other%20Information) Several key executives and a director adopted Rule 10b5-1 trading plans during Q2 2025 for the potential sale of company common stock - In June 2025, CEO Gary Bowman, CFO Bruce Labovitz, COO Daniel Swayze, and Director Stephen Riddick each adopted a Rule 10b5-1 trading plan for the potential sale of company stock[261](index=261&type=chunk) [Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including officer certifications and XBRL data files

Bowman Consulting Group (BWMN) Q2 2025 Earnings Call August 07, 2025 09:00 AM ET Speaker0Good morning. My name is Victoria, and I will be the conference operator today. At this time, I would like to welcome everyone to the Bowman Consulting Group Second Quarter twenty twenty five Earnings Conference Call. All lines will be placed on mute for the presentation portion of the call with an opportunity for questions and answers at the end. Please note that many of the comments made today are considered forward l ...

Q2 2025 EARNINGS | AUGUST 7, 2025 | NASDAQ: BWMN TRANSPORTATION POWER, UTILITIES & ENERGY BUILDING INFRASTRUCTURE NATURAL RESOURCES Gary Bowman Chairman & CEO Bruce Labovitz Chief Financial Officer Safe Harbor Statement Please note that many of the comments made today are considered forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed, ...

Bowman Consulting (BWMN) came out with quarterly earnings of $0.55 per share, beating the Zacks Consensus Estimate of $0.15 per share. This compares to a loss of $0.03 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +266.67%. A quarter ago, it was expected that this professional services firm would post earnings of $0.03 per share when it actually produced earnings of $0.07, delivering a surprise of +133.33%.Over the last four ...

"We are experiencing strong momentum across the business as our teams continue to execute with discipline and deliver high-impact outcomes for our clients," said Gary Bowman, CEO of Bowman. "The second quarter marked another period of outpaced growth and strategic progress underpinned by strong demand across our core verticals. New orders were especially strong in transportation, renewables, and energy transmission – markets where our expertise and differentiated capabilities are driving increased client en ...

Bowman Consulting (BWMN) shares rallied 5.9% in the last trading session to close at $35.95. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 20% gain over the past four weeks.The stock is gaining momentum due to a mix of encouraging developments and growing investor confidence. Key drivers include the announcement of a $25 million innovation fund, the acquisition of e3i Engineers, and strategic contract wins ...

Core Viewpoint - Bowman Consulting Group Ltd. is set to release its financial results for the second quarter of 2025 on August 6, 2025, with a subsequent webcast scheduled for August 7, 2025, to discuss these results [1]. Company Overview - Bowman Consulting Group Ltd. is a national engineering services and project management firm headquartered in Reston, Virginia, providing infrastructure solutions across various regulated end markets [3]. - The company employs over 2,400 individuals and operates 100 offices throughout the United States, offering a range of services including planning, engineering, geospatial, construction management, commissioning, environmental consulting, and land procurement [3]. - Bowman trades on the Nasdaq under the ticker symbol BWMN [3].

Core Insights - Bowman Consulting Group Ltd. has been awarded a federal task order by the U.S. Geological Survey to lead aerial lidar data collection for the 3D Elevation Program, which aims to create a national baseline of high-resolution topographic data [1][2] - The task order covers over 8,800 square miles in regions affected by Hurricane Helene, with Bowman responsible for aerial acquisition and lidar processing, while Merrick & Company will manage the project and conduct ground surveys [2][3] - Bowman has successfully collected and processed over 150,000 square miles of lidar data under the Geospatial Products and Services Contract, reinforcing its position in high-barrier federal programs [3] Company Overview - Bowman Consulting Group is headquartered in Reston, Virginia, and employs over 2,400 staff across more than 100 locations in the U.S., providing a range of engineering and project management services [5] - The company specializes in infrastructure, technology, and project management solutions for clients in various regulated markets [5]

Core Viewpoint - Bowman Consulting Group Ltd. has entered into a definitive purchase agreement to acquire e3i Engineers, enhancing its capabilities in data center engineering and energy infrastructure [1][3]. Company Overview - Bowman Consulting Group Ltd. is a national engineering services firm headquartered in Reston, Virginia, with over 2,400 employees across 100 locations in the U.S. [5]. - e3i Engineers, based in Boston, Massachusetts, specializes in the design of data centers and energy infrastructure, with a portfolio exceeding 3.2 million square feet of designed data center space [2][4]. Strategic Importance of Acquisition - The acquisition of e3i is seen as a strategic move to expand Bowman's services beyond site and civil infrastructure into the core of data center engineering [3]. - e3i's expertise in AI-optimized data center design and innovative cooling technologies positions Bowman for long-term growth in data, digital, and distributed energy markets [2][3]. Financial Aspects - The acquisition will be financed through a combination of cash, seller notes, and a convertible note, aligning with previously discussed target multiples and operating metrics [3]. - Bowman anticipates that the acquisition will initially operate at an annualized net service billing run rate of approximately $2.0 million [3].

Contract extends company’s support of 11.2-million-acre nationwide aerial acquisition and orthoimagery project for National Resource Inventory (NRI) programRESTON, Va., June 25, 2025 (GLOBE NEWSWIRE) -- Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and program management firm, was awarded a continuation contract to provide aerial acquisition and orthoimagery services under a new Phase II contract for the National Resource Inventory (NRI) program. The work is to be performed un ...