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

Financial Data and Key Metrics Changes - The second quarter recorded a 17% increase in gross contact revenue, a 15% increase in net service billing, over 8% organic net service billing growth, and almost 51% growth in adjusted EBITDA [5][6] - Gross revenue and net revenue reached $122 million and $108 million respectively, with adjusted EBITDA of $20.2 million and a margin of $18.7 million, marking record-setting figures [6][7] - Adjusted EBITDA margin increased by 250 basis points year-over-year and is projected to be around 17% for the year [10][11] Business Line Data and Key Metrics Changes - Organic growth in net revenue was positive across all verticals, strongest in transportation at 21%, followed by natural resources and imaging at 19%, power utilities and energy at 5%, and building infrastructure at 4% [14][15] - The backlog at the end of Q2 was nearly $87 million, a 25% increase compared to last year and a 5% increase from Q1 [15] Market Data and Key Metrics Changes - The company is experiencing strong demand in transportation, renewables, and energy transmission, with record bookings well balanced across markets [5][6] - The influence of the data center market is growing, leading to increased demand for power generation, transmission, and consumption [22][23] Company Strategy and Development Direction - The company is focusing on capturing a larger share of the data center market by moving data centers into the power market sector and expanding service offerings through acquisitions [23][26] - A commitment of $25 million for innovation investment through the Bowman Innovation Growth Fund aims to enhance digital and data service offerings and create efficiencies [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the remainder of 2025 and early 2026, expecting a similar growth pattern to the previous year with momentum building through the second and third quarters [28] - The recent "One Big Beautiful" bill is expected to accelerate investment decisions and project pipelines, particularly in renewable energy [84][85] Other Important Information - The company maintains a healthy balance sheet with low leverage of 1.6 times trailing four quarters adjusted EBITDA and $108 million in net debt [15][16] - Cash flow from operations year-to-date is $16.3 million, reflecting a nearly 50% adjusted EBITDA conversion rate [16] Q&A Session All Questions and Answers Question: Can you talk about the Transportation segment and growth areas? - The company is seeing strong synergies from recent acquisitions and increased public spending, leading to wins in construction management and engineering services [30][31] Question: Can you provide more color on the Power and Utilities segment? - Energy transmission is significant for the company, with recent wins in power transmission and applications from the acquisition of Surdex [32] Question: Can you discuss operational capacity and areas of investment? - The company is focused on managing labor increases and investing in innovation to leverage workforce efficiency [34] Question: Can you elaborate on the updated outlook for the year? - The updated view implies improving margins in the second half, despite some inflationary pressure on labor [38][40] Question: How has the acquisition pace affected the organic business? - The slower acquisition pace has allowed the company to focus on organic growth and efficiencies, with plans to continue pursuing larger deals [57][58] Question: What is the impact of the One Big Beautiful bill on project pipelines? - The bill is expected to accelerate investment decisions and project activity, particularly in renewable energy [84][85] Question: What is driving growth in natural resources? - Growth is driven by the acquisition of Certex and increased work in high altitude orthoimetry and geospatial services [87]

Financial Performance - Gross Contract Revenue increased by 17% year-over-year, reaching $122.1 million in Q2 2025 compared to $104.5 million in Q2 2024 [11, 12] - Net Service Billing grew by 15% year-over-year, amounting to $108.0 million in Q2 2025 versus $94.0 million in Q2 2024 [11, 12] - Adjusted EBITDA saw a significant increase of 51% year-over-year, reaching $20.2 million in Q2 2025 compared to $13.4 million in Q2 2024 [11, 12] - Adjusted EBITDA Margin improved to 18.7% in Q2 2025, a 440 basis point increase from 14.3% in Q2 2024 [11, 12] - Net Income increased by 386%, reaching $6.0 million in Q2 2025 compared to a loss of $2.1 million in Q2 2024 [12] - Organic Net Service Billing grew by 8.4% year-over-year [11] Backlog and Capital Allocation - Gross Backlog increased by 25% year-over-year, reaching $438 million in Q2 2025 compared to $351 million in Q2 2024 [11, 19] - The company repurchased $6.7 million of common stock in Q2 and has a remaining $25 million repurchase plan approved [22] - The company established a $25 million Bowman Innovative Growth Fund (BIG Fund) [22] Guidance - The company raised its FY 2025 Net Revenue guidance to $430 - $442 million and Adjusted EBITDA guidance to $71 - $77 million [31]

Core Viewpoint - Bowman Consulting (BWMN) reported quarterly earnings of $0.55 per share, significantly exceeding the Zacks Consensus Estimate of $0.15 per share, and showing a turnaround from a loss of $0.03 per share a year ago, indicating strong performance and growth potential [1][2]. Financial Performance - The company achieved revenues of $122.09 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.42% and reflecting a year-over-year increase from $104.5 million [2]. - Over the last four quarters, Bowman Consulting has exceeded consensus EPS estimates three times, demonstrating consistent financial strength [2]. Stock Performance - Since the beginning of the year, Bowman Consulting shares have increased by approximately 37.9%, outperforming the S&P 500's gain of 7.1%, indicating strong market performance [3]. - The current consensus EPS estimate for the upcoming quarter is $0.46, with projected revenues of $127.31 million, and for the current fiscal year, the EPS estimate is $0.92 on revenues of $487.17 million [7]. Industry Outlook - The Business - Services industry, to which Bowman Consulting belongs, is currently ranked in the top 39% of over 250 Zacks industries, suggesting a favorable environment for growth [8]. - The performance of Bowman Consulting's stock may be influenced by the overall outlook of the industry, as empirical research indicates a strong correlation between near-term stock movements and earnings estimate revisions [5][8].

Executive Summary Bowman reported record Q2 and H1 2025 results, with strong revenue, net service billing, and Adjusted EBITDA growth, reversing net losses [Q2 and H1 2025 Performance Highlights](index=1&type=section&id=Q2%20and%20H1%202025%20Performance%20Highlights) Bowman reported record Q2 and H1 2025 results, with strong revenue, net service billing, and Adjusted EBITDA growth, reversing net losses Second Quarter 2025 vs. Second Quarter 2024 Financial Highlights (in millions) | Metric | Q2 2025 | Q2 2024 | Change | % Change | | :-------------------------- | :------ | :------ | :----- | :------- | | Gross contract revenue | $122.1M | $104.5M | $17.6M | 17% | | Net service billing | $108.0M | $94.0M | $14.0M | 15% | | Organic net service billing growth | 8.4% | 5.8% | 2.6% | - | | Net income (loss) | $6.0M | $(2.1)M | $8.1M | N/A | | Adjusted EBITDA | $20.2M | $13.4M | $6.8M | 50.7% | | Adjusted EBITDA margin, net | 18.7% | 14.3% | 4.4% | 440-bps | | Cash flows from operations | $4.3M | $3.1M | $1.2M | 38.7% | First Six Months 2025 vs. First Six Months 2024 Financial Highlights (in millions) | Metric | H1 2025 | H1 2024 | Change | % Change | | :-------------------------- | :------ | :------ | :----- | :------- | | Gross contract revenue | $235.0M | $199.4M | $35.6M | 18% | | Net service billing | $208.1M | $179.7M | $28.4M | 16% | | Organic net service billing growth | 9.8% | 9.6% | 0.2% | - | | Net income (loss) | $4.3M | $(3.6)M | $7.9M | N/A | | Adjusted EBITDA | $34.7M | $25.5M | $9.2M | 36.1% | | Adjusted EBITDA margin, net | 16.7% | 14.2% | 2.5% | 250-bps | | Cash flows from operations | $16.3M | $5.6M | $10.7M | 191.1% | | Gross backlog | $438.2M | $351.4M | $86.8M | 24.7% | [Strategic Commentary and Business Outlook](index=1&type=section&id=Strategic%20Commentary%20and%20Business%20Outlook) Strong demand in core verticals drives momentum, with focus on efficient scaling, talent investment, and a new 'BIG Fund' for innovation - Strong demand observed across core verticals, with new orders particularly robust in transportation, renewables, and energy transmission[2](index=2&type=chunk) - Focus remains on scaling efficiently, investing in talent, and reinforcing leadership as a lifecycle infrastructure solutions provider[2](index=2&type=chunk) - Introduced the 'BIG Fund' to aggressively invest free cash flow into innovation, aiming to expand revenue sources, accelerate processes, and improve margins[6](index=6&type=chunk) - Reclassified data center revenue into the Power and Utilities category, including prior periods, to better reflect the current profile of work with data center customers[6](index=6&type=chunk) Financial Results This section details Bowman's Q2 and H1 2025 financial performance, covering income, balance sheet, cash flow, and non-GAAP metrics [Second Quarter 2025 Financial Results](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results) Bowman reported a 17% increase in gross contract revenue and 15% in net service billing for Q2 2025, achieving **$6.0 million** net income and **50.7%** Adjusted EBITDA growth Second Quarter 2025 vs. Second Quarter 2024 Financial Results | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | % Increase | | :-------------------------- | :--------------------- | :--------------------- | :--------- | | Gross contract revenue | $122,090 | $104,501 | 17% | | Net service billing | $107,997 | $93,981 | 15% | | Net income (loss) | $6,009 | $(2,082) | N/A | | Adjusted EBITDA | $20,203 | $13,412 | 50.7% | | Adjusted EBITDA margin, net | 18.7% | 14.3% | 440-bps | | Cash flows from operations | $4,300 | $3,100 | 38.7% | [First Six Months 2025 Financial Results](index=1&type=section&id=First%20Six%20Months%202025%20Financial%20Results) For H1 2025, Bowman's gross contract revenue grew by 18% and net service billing by 16%, achieving **$4.3 million** net income and **36.1%** Adjusted EBITDA growth First Six Months 2025 vs. First Six Months 2024 Financial Results | Metric | H1 2025 (in thousands) | H1 2024 (in thousands) | % Increase | | :-------------------------- | :--------------------- | :--------------------- | :--------- | | Gross contract revenue | $235,021 | $199,409 | 18% | | Net service billing | $208,050 | $179,671 | 16% | | Net income (loss) | $4,265 | $(3,640) | N/A | | Adjusted EBITDA | $34,708 | $25,541 | 36.1% | | Adjusted EBITDA margin, net | 16.7% | 14.2% | 250-bps | | Cash flows from operations | $16,293 | $5,588 | 191.1% | | Gross backlog | $438,200 | $351,400 | 24.7% | [Non-GAAP Financial Metrics](index=3&type=section&id=Non-GAAP%20Financial%20Metrics) Bowman provides non-GAAP metrics, including Adjusted EBITDA and Adjusted EPS, showing significant year-over-year improvements for Q2 and H1 2025 [Adjusted EBITDA and Margin](index=14&type=section&id=Adjusted%20EBITDA%20and%20Margin) Adjusted EBITDA and its margin demonstrated strong growth for both Q2 and H1 2025, reflecting improved operational efficiency Adjusted EBITDA and Margin | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | H1 2025 (in thousands) | H1 2024 (in thousands) | | :---------------------- | :------ | :------ | :------ | :------ | | Adjusted EBITDA | $20,203 | $13,412 | $34,708 | $25,541 | | Adjusted EBITDA margin, net | 18.7% | 14.3% | 16.7% | 14.2% | [Adjusted Earnings per Share](index=3&type=section&id=Adjusted%20Earnings%20per%20Share) Adjusted Earnings per Share, both basic and diluted, showed significant improvement, moving from negative to positive for Q2 and H1 2025 Adjusted Earnings Per Share (Non-GAAP) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------ | :------ | :------ | :------ | :------ | | Basic | $0.56 | $(0.03) | $0.63 | $0.17 | | Diluted | $0.55 | $(0.03) | $0.62 | $0.16 | Consolidated Financial Statements This section presents Bowman's condensed consolidated balance sheets, income statements, and cash flow statements for the reported periods [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$538.2 million**, with a rise in liabilities and a modest increase in total shareholders' equity Condensed Consolidated Balance Sheet Highlights | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :---------------------- | :------------ | :---------------- | | Total Assets | $538,245 | $505,881 | | Total Liabilities | $288,602 | $259,766 | | Total Shareholders' Equity | $249,643 | $246,115 | [Condensed Consolidated Income Statements](index=8&type=section&id=Condensed%20Consolidated%20Income%20Statements) Income statements show a strong turnaround, with net income of **$6.0 million** for Q2 and **$4.3 million** for H1 2025, reversing prior-year losses and significant revenue growth Condensed Consolidated Income Statement Highlights | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | H1 2025 (in thousands) | H1 2024 (in thousands) | | :-------------------------- | :------ | :------ | :------ | :------ | | Gross Contract Revenue | $122,090 | $104,501 | $235,021 | $199,409 | | Total Contract Costs | $56,518 | $49,616 | $111,361 | $96,514 | | Total Operating Expenses | $56,528 | $56,120 | $113,480 | $106,740 | | Income (loss) from operations | $9,044 | $(1,235) | $10,180 | $(3,845) | | Net income (loss) | $6,009 | $(2,082) | $4,265 | $(3,640) | [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 H1 2025, with decreased cash used in investing and a net cash outflow from financing Condensed Consolidated Statements of Cash Flows Highlights | Metric | H1 2025 (in thousands) | H1 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 and cash equivalents | $8,842 | $2,456 | | Cash and cash equivalents, end of period | $15,540 | $23,143 | Revenue Composition and Growth This section analyzes Bowman's gross contract revenue composition by category, organic growth trends, and the gross backlog breakdown [Gross Contract Revenue Composition by Category](index=16&type=section&id=Gross%20Contract%20Revenue%20Composition%20by%20Category) Gross contract revenue is diversified, with Building Infrastructure as the largest segment, and Transportation and Natural Resources & Imaging showing strong growth in Q2 and H1 2025 Gross Contract Revenue Composition | Category | Q2 2025 (in thousands) | % | Q2 2024 (in thousands) | % | Change (in thousands) | % Change | | :-------------------------- | :------ | :---- | :------ | :---- | :----- | :------- | | Building Infrastructure | $56,561 | 46.3% | $52,442 | 50.2% | $4,119 | 7.9% | | Transportation | $24,611 | 20.2% | $19,233 | 18.4% | $5,378 | 28.0% | | Power and Utilities | $26,843 | 22.0% | $22,917 | 21.9% | $3,926 | 17.1% | | Natural Resources & Imaging | $14,075 | 11.5% | $9,909 | 9.5% | $4,166 | 42.0% | | Total | $122,090 | 100.0% | $104,501 | 100.0% | $17,589 | 16.8% | | Category | H1 2025 (in thousands) | % | H1 2024 (in thousands) | % | Change (in thousands) | % Change | | :-------------------------- | :------ | :---- | :------ | :---- | :----- | :------- | | Building Infrastructure | $108,593 | 46.2% | $101,844 | 51.1% | $6,749 | 6.6% | | Transportation | $48,340 | 20.6% | $37,361 | 18.7% | $10,979 | 29.4% | | Power and Utilities | $52,153 | 22.2% | $44,768 | 22.5% | $7,385 | 16.5% | | Natural Resources & Imaging | $25,935 | 11.0% | $15,436 | 7.7% | $10,499 | 68.0% | | Total | $235,021 | 100.0% | $199,409 | 100.0% | $35,612 | 17.9% | [Organic Growth Analysis](index=18&type=section&id=Organic%20Growth%20Analysis) Organic gross revenue increased by **10.7%** in Q2 and **12.1%** in H1, with organic net revenue growing **8.4%** and **9.8%** respectively, driven by Transportation and Natural Resources & Imaging Organic Gross Revenue | Category | Q2 2025 (in thousands) | % | Q2 2024 (in thousands) | % | Change (in thousands) | Organic +/- | | :-------------------------- | :------ | :---- | :------ | :---- | :----- | :---------- | | Gross Revenue, Organic | $115,631 | 100.0% | $104,501 | 100.0% | $11,130 | 10.7% | | Building Infrastructure | $55,525 | 48.0% | $52,442 | 50.2% | $3,083 | 5.9% | | Transportation | $22,876 | 19.8% | $19,233 | 18.4% | $3,643 | 18.9% | | Power and Utilities | $24,495 | 21.2% | $22,917 | 21.9% | $1,578 | 6.9% | | Natural Resources & Imaging | $12,735 | 11.0% | $9,909 | 9.5% | $2,826 | 28.5% | | Category | H1 2025 (in thousands) | % | H1 2024 (in thousands) | % | Change (in thousands) | Organic +/- | | :-------------------------- | :------ | :---- | :------ | :---- | :----- | :---------- | | Gross Revenue, Organic | $223,545 | 100.0% | $199,409 | 100.0% | $24,136 | 12.1% | | Building Infrastructure | $107,155 | 48.0% | $101,844 | 51.1% | $5,311 | 5.2% | | Transportation | $44,123 | 19.7% | $37,361 | 18.7% | $6,762 | 18.1% | | Power and Utilities | $48,041 | 21.5% | $44,768 | 22.5% | $3,273 | 7.3% | | Natural Resources & Imaging | $24,226 | 10.8% | $15,436 | 7.7% | $8,790 | 56.9% | Organic Net Revenue | Category | Q2 2025 (in thousands) | % | Q2 2024 (in thousands) | % | Change (in thousands) | Organic +/- | | :-------------------------- | :------ | :---- | :------ | :---- | :----- | :---------- | | Net Revenue, Organic | $101,890 | 100.0% | $93,981 | 100.0% | $7,909 | 8.4% | | Building Infrastructure | $50,398 | 49.4% | $48,533 | 51.6% | $1,865 | 3.8% | | Transportation | $18,724 | 18.4% | $15,507 | 16.5% | $3,217 | 20.7% | | Power and Utilities | $22,184 | 21.8% | $21,050 | 22.4% | $1,134 | 5.4% | | Natural Resources & Imaging | $10,584 | 10.4% | $8,891 | 9.5% | $1,693 | 19.0% | | Category | H1 2025 (in thousands) | % | H1 2024 (in thousands) | % | Change (in thousands) | Organic +/- | | :-------------------------- | :------ | :---- | :------ | :---- | :----- | :---------- | | Net Revenue, Organic | $197,252 | 100.0% | $179,671 | 100.0% | $17,581 | 9.8% | | Building Infrastructure | $98,104 | 49.8% | $94,620 | 52.6% | $3,484 | 3.7% | | Transportation | $35,994 | 18.2% | $30,341 | 16.9% | $5,653 | 18.6% | | Power and Utilities | $43,540 | 22.1% | $40,704 | 22.7% | $2,836 | 7.0% | | Natural Resources & Imaging | $19,614 | 9.9% | $14,006 | 7.8% | $5,608 | 40.0% | [Gross Backlog by Category](index=20&type=section&id=Gross%20Backlog%20by%20Category) Gross backlog increased by **24.7%** to **$438.2 million** as of June 30, 2025, with Building Infrastructure and Transportation forming the largest segments - Gross backlog increased by **24.7%** to **$438.2 million** compared to **$351.4 million** year-over-year[5](index=5&type=chunk) Gross Backlog by Category at June 30, 2025 | Category | Percentage | | :-------------------------- | :--------- | | Building Infrastructure | 40% | | Transportation | 31% | | Power and Utilities | 21% | | Natural Resources & Imaging | 8% | | TOTAL | 100% | Corporate Actions and Outlook This section covers Bowman's stock repurchase activities and updated fiscal year 2025 guidance for net revenue and Adjusted EBITDA [Stock Repurchase Activities](index=3&type=section&id=Stock%20Repurchase%20Activities) Bowman repurchased **$6.7 million** of common stock in Q2 2025 and authorized a new **$25 million** share repurchase program - Repurchased **$6.7 million** of common stock during the three months ended June 30, 2025, at an average price of approximately **$22.19** per share[7](index=7&type=chunk) - The board of directors authorized a new share program on June 6, 2025, to repurchase up to **$25 million** of common stock over a 12-month period, replacing the prior authorization[8](index=8&type=chunk) [Fiscal Year 2025 Guidance](index=3&type=section&id=Fiscal%20Year%202025%20Guidance) Bowman raised its fiscal year 2025 guidance for net revenue and Adjusted EBITDA, reflecting increased confidence in performance Fiscal Year 2025 Guidance (August 2025, in millions) | Metric | Range | | :-------------- | :------------ | | Net Revenue | $430 - $442 MM | | Adjusted EBITDA | $71 - $77 MM | Additional Information This section provides an overview of Bowman Consulting Group, details on forward-looking statements, and investor relations contact information [About Bowman Consulting Group Ltd.](index=5&type=section&id=About%20Bowman%20Consulting%20Group%20Ltd.) Bowman Consulting Group Ltd. is a national engineering services firm providing infrastructure engineering, technical services, and project management solutions - Bowman is a national engineering services firm offering infrastructure engineering, technical services, and project management solutions[12](index=12&type=chunk) - Operates with over **2,300** employees in more than **100** locations throughout the United States[12](index=12&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements subject to various risks and uncertainties that could cause actual results to differ materially from projections - The press release contains forward-looking statements subject to risks and uncertainties, including changes in demand, general economic conditions, competitive pressures, and changes in laws or regulations[14](index=14&type=chunk) [Investor Relations](index=5&type=section&id=Investor%20Relations) This section provides details on the upcoming conference call to discuss financial results and investor relations contact information - A conference call to discuss financial results is scheduled for August 7, 2025, at 9:00 a.m. ET[11](index=11&type=chunk) - Investor Relations contact: Betsy Patterson at ir@bowman.com[15](index=15&type=chunk)

Core Insights - Bowman Consulting Group Ltd. reported strong financial results for the second quarter of 2025, highlighting significant growth and strategic progress driven by high demand in core verticals such as transportation, renewables, and energy transmission [2][3][11]. Financial Performance - Gross contract revenue for Q2 2025 was $122.1 million, a 17% increase from $104.5 million in Q2 2024 [7]. - Net service billing reached $108.0 million, up 15% from $94.0 million year-over-year [7]. - Adjusted EBITDA for Q2 2025 was $20.2 million, reflecting a 50.7% increase from $13.4 million in Q2 2024 [7]. - The adjusted EBITDA margin improved to 18.7%, a 440-basis point increase from 14.3% in the previous year [7]. - Net income for Q2 2025 was $6.0 million, compared to a net loss of $2.1 million in Q2 2024 [7]. Year-to-Date Performance - For the first six months of 2025, gross contract revenue was $235.0 million, an 18% increase from $199.4 million in the same period of 2024 [7]. - Net service billing for the first half of 2025 was $208.1 million, a 16% increase from $179.7 million [7]. - Adjusted EBITDA for the first six months was $34.7 million, a 36.1% increase from $25.5 million [7]. - The adjusted EBITDA margin for the first half improved to 16.7%, up 250 basis points from 14.2% [7]. Backlog and Future Outlook - The gross backlog increased to $438.2 million, a 24.7% rise from $351.4 million year-over-year [7]. - The company anticipates net revenue for fiscal year 2025 to be between $430 million and $442 million, with adjusted EBITDA expected to be between $71 million and $77 million [11]. Stock Repurchase and Capital Management - During Q2 2025, Bowman repurchased $6.7 million of common stock, with an average price of approximately $22.19 per share [8]. - A new share repurchase program was authorized, allowing for the repurchase of up to $25 million of common stock over a 12-month period starting June 9, 2025 [9]. Adjusted Earnings Per Share - For Q2 2025, the basic adjusted earnings per share (non-GAAP) was $0.56, compared to a loss of $0.03 in Q2 2024 [10]. - For the first half of 2025, the diluted adjusted earnings per share was $0.62, up from $0.16 in the same period of 2024 [10].

Company Overview - Bowman Consulting (BWMN) shares increased by 5.9% to close at $35.95, with a notable trading volume compared to typical sessions, and a total gain of 20% over the past four weeks [1][2] Key Developments - The stock's momentum is driven by several factors, including the announcement of a $25 million innovation fund, the acquisition of e3i Engineers, and strategic contract wins with the U.S. Geological Survey and the USDA [2] Financial Performance Expectations - Bowman Consulting is expected to report quarterly earnings of $0.15 per share, reflecting a year-over-year increase of 600%. Revenue is anticipated to be $119.2 million, which is a 14.1% increase from the same quarter last year [3] - The consensus EPS estimate for the upcoming quarter has remained unchanged over the last 30 days, indicating that stock price movements may not continue without trends in earnings estimate revisions [4] Industry Context - Bowman Consulting operates within the Zacks Business - Services industry, where another company, ZipRecruiter, Inc. (ZIP), experienced a decline of 1.7% to close at $4.59, with a return of -2.9% over the past month [5]

RESTON, Va., July 14, 2025 (GLOBE NEWSWIRE) -- Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and project management firm, today announced the launch of a $25 million innovation investment initiative designed to accelerate organic growth and expand margins by scaling technology-enabled services. The Bowman Innovative Growth Fund ("the BIG Fund" or the "Fund") will invest in technologies that expand Bowman's digital service offerings, strengthen core operations and enhance finan ...

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]