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]

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].

Core Insights - Bowman Consulting Group Ltd. has been awarded a continuation contract for the National Resource Inventory (NRI) program, focusing on aerial acquisition and orthoimagery services covering approximately 11.2 million acres across the United States [1][2] - The NRI program will survey around 70,000 sites, averaging 160 acres each, to assess the status and trends of natural resources [2] - The company's strategy emphasizes building multi-year federal revenue streams, leveraging advanced geospatial technology, and maintaining long-term client relationships to enhance revenue and value delivery [3] Company Overview - Bowman Consulting Group Ltd. is headquartered in Reston, Virginia, and operates as a national engineering services firm with over 2,400 employees across more than 100 locations in the U.S. [4] - The firm provides a wide range of services including planning, engineering, geospatial, construction management, and environmental consulting to various regulated markets [4] - Bowman trades on the Nasdaq under the symbol BWMN, indicating its public company status [4]