EXHIBIT 99.1 ORION GROUP HOLDINGS REPORTS FIRST QUARTER 2024 RESULTS HOUSTON – April 24, 2024 – Orion Group Holdings, Inc. (NYSE: ORN) (the "Company"), a leading specialty construction company, today reported its financial results for the first quarter ended March 31, 2024. Highlights for the quarter ended March 31, 2024: See definitions and reconciliation of non-GAAP measures elsewhere in this release. Management Commentary "We generated first quarter revenue of $161 million and Adjusted EBITDA of $4.1 mil ...

Financial Performance - In 2023, Orion Group Holdings, Inc. recorded revenues of $711.8 million, a decrease of 4.9% compared to $748.3 million in 2022[186]. - The net loss for 2023 was $17.9 million, compared to a net loss of $12.6 million in the prior year[186]. - Contract revenues for the year ended December 31, 2023 were $711.8 million, a decrease of $36.5 million or 4.9% compared to $748.3 million in 2022[215]. - Gross profit for 2023 was $61.7 million, an increase of 21.5% from $50.7 million in 2022, with a gross margin of 8.7%[201]. - Interest expense for the year ended December 31, 2023 was $11.7 million, an increase of $7.2 million compared to $4.5 million in the prior year, due to an increase in the weighted average interest rate from 6.23% to 12.00%[206]. - Cash flows provided by operating activities for 2023 were $17.2 million, an increase from $9.6 million in 2022[227]. - Working capital increased to $55.9 million as of December 31, 2023, compared to $31.1 million at December 31, 2022[225]. Segment Performance - The marine segment generated $395.9 million in revenue, while the concrete segment contributed $315.9 million[186]. - Marine segment revenues increased by $56.7 million or 16.7% to $395.9 million in 2023, primarily driven by the Pearl Harbor Project[216]. - Concrete segment revenues decreased by $93.2 million or 22.8% to $315.9 million in 2023, mainly due to winding down operations in Central Texas[218]. - The concrete segment began generating profit in Q3 2023, following strategic investments in business development and staff training[188]. Backlog and Bids - The consolidated backlog at the end of 2023 was $762.2 million, down from $877.5 million at the end of Q3 2023[196]. - The company has $3.0 billion of quoted bids outstanding, with over $121 million resulting in contract awards after the fiscal year ended December 31, 2023[196]. Expenses and Costs - Selling, General and Administrative (SG&A) expenses increased to $69.4 million, up 11.1% from $62.5 million in the prior year[202]. - SG&A expenses for the year ended December 31, 2022 were $62.5 million, an increase of $2.3 million or 3.9%, but as a percentage of total contract revenues, it decreased from 10.0% to 8.4%[210]. - The company incurred loan costs of $6.5 million and payments on finance lease liabilities of $4.8 million during the year ended December 31, 2023[233]. Financing and Credit Facilities - The company closed a $103 million asset-based lending credit facility, including a term loan of $38 million and a revolving credit facility of up to $65 million[190]. - The company entered into a new three-year $103.0 million Credit Agreement on May 15, 2023, which includes a $65.0 million asset-based revolving credit line and a $38.0 million fixed asset term loan[237]. - At December 31, 2023, the company had $38.0 million in outstanding borrowings under its Credit Agreement, with a weighted average ending interest rate of 13.46%[260]. - A 100 basis-point increase in SOFR would increase the company's annual interest expense by approximately $0.4 million[260]. - The company had borrowings of $5.0 million from a prior credit agreement, $38.0 million from a new term loan, and $64.0 million from a revolving credit line under the new Credit Agreement during the year ended December 31, 2023[231]. Risk Factors - The company is subject to fluctuations in commodity prices for concrete, steel products, and fuel, which may impact results due to the fixed-price nature of many contracts[259]. - The company believes its balance sheet and working capital position will allow access to additional bonding capacity as needed in the future[238]. - The company is generally able to include anticipated cost increases in the pricing of bids due to the short-term duration of its projects[239]. Insurance Coverage - The company maintains insurance coverage totaling $300 million in excess of primary coverage for its marine and concrete segments[256].

Financial Data and Key Metrics Changes - Fourth quarter revenue increased by 2.8% to $201.6 million, primarily due to marine revenue growth from the Pearl Harbor project, partially offset by lower concrete revenue after exiting the unprofitable Central Texas Concrete Business [24][32] - Adjusted net income for the quarter was $2.6 million or $0.08 per diluted share, compared to an adjusted net loss of $3.7 million or $0.12 per diluted share in the prior year [25] - Gross profit margin increased by 620 basis points to 11.4% from 5.2% in the fourth quarter of the previous year [35][72] - Adjusted EBITDA for the quarter was $14.8 million, representing a 7.3% adjusted EBITDA margin, a significant improvement from $3.2 million or 1.6% in Q4 2022 [35][73] Business Line Data and Key Metrics Changes - The concrete segment achieved an adjusted EBITDA margin of 5.3%, up from a negative 1.8% year-over-year [51] - The marine segment's adjusted EBITDA margin increased to 8.4%, up from 5.1% last year [51] - The company reported a backlog of $762.2 million as of December 31, with $602.5 million in the Marine segment and $159.7 million in the concrete segment [26] Market Data and Key Metrics Changes - The company anticipates increased RFP activity from marine clients in both public and private sectors, reflecting a positive market outlook [42] - There is a projected $10 billion earmarked for coastal restoration in Louisiana, along with port expansion projects to accommodate larger ships [43] Company Strategy and Development Direction - The company has focused on transforming its business to prioritize profitability over revenue growth, with a strategic plan aimed at sustainable growth [7][9] - Investments in technology and infrastructure are being made to improve operational efficiency and project execution [46][70] - The company aims to unify its operations under the Orion brand to enhance market presence and collaboration [41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about performance improvement in 2024, with expectations for gradual revenue growth throughout the year [17][20] - The company is preparing to bid on several capital construction projects, including maintenance dredging, which is expected to benefit Orion [18] - Management highlighted the importance of winning high-value, long-term projects to drive profitability [36] Other Important Information - The company successfully strengthened its balance sheet and liquidity, closing over $25 million in equipment and real estate sale leaseback transactions [23] - SG&A expenses for the fourth quarter were $17.2 million, up from $13.7 million in the same quarter last year, attributed to increased IT and business development spending [49] Q&A Session Summary Question: Can you provide more details on the Hawaii and Grand Bahama projects? - Both projects are progressing well, although there have been some delays due to external factors like shipping issues related to the Panama Canal [54][55] Question: Regarding the concrete segment, why was the operating loss higher in Q4 2023? - The increase in loss was due to a $7 million intangible loss from rebranding the concrete business, which impacted performance [56][57] Question: What is the expected cadence for sales and profits across both segments in 2024? - A typical seasonal drop is expected at the beginning of the year, but revenue is anticipated to improve as projects in Hawaii and the Bahamas contribute more throughout the year [58][59] Question: What does the margin profile look like on your backlog? - The company is mostly through legacy contracts, with only a few remaining to be completed this year [62] Question: How is the liquidity situation, and are there plans for further improvements? - The company is in a good position with liquidity and is looking to reduce debt with proceeds from asset sales and cash flow initiatives [66][102] Question: Can you elaborate on the ongoing legal claims and their potential recoveries? - There are a couple of legal matters going to trial this year, and management is optimistic about potential recoveries [110][111] Question: What is the timeline for completing IT projects? - Major IT projects are expected to be operational by mid-year, with some components completing in the second half of the year [112]

EXHIBIT 99.1 ORION GROUP HOLDINGS REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS HOUSTON – February 28, 2024 – Orion Group Holdings, Inc. (NYSE: ORN) (the "Company"), a leading specialty construction company, today reported its financial results for the fourth quarter and full year ended December 31, 2023. Highlights for the quarter ended December 31, 2023: Highlights for the year ended December 31, 2023: See definitions and reconciliation of non-GAAP measures elsewhere in this release. Management Commen ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 1-33891 ORION GROUP HOLDINGS, INC. (Exact name of registrant as specified in its charter) Del ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 1-33891 ORION GROUP HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part provides the unaudited condensed consolidated financial statements and related notes for Orion Group Holdings, Inc. for Q1 2023 and 2022 [ITEM 1. FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section details the unaudited condensed consolidated financial statements, including balance sheets, income statements, equity, cash flows, and comprehensive notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and equity at specific quarter-end dates | Metric | March 31, 2023 (Thousands) | December 31, 2022 (Thousands) | Change (Thousands) | | :----------------------------- | :-------------------------- | :-------------------------- | :----------------- | | Total Assets | $344,187 | $367,155 | $(22,968) | | Total Liabilities | $218,630 | $229,355 | $(10,725) | | Total Stockholders' Equity | $125,557 | $137,800 | $(12,243) | | Cash and Cash Equivalents | $2,845 | $3,784 | $(939) | | Total Current Assets | $202,156 | $220,337 | $(18,181) | | Total Current Liabilities | $180,387 | $189,236 | $(8,849) | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section outlines the company's financial performance, including revenues, costs, and net loss for the reported periods | Metric | Three months ended March 31, 2023 (Thousands) | Three months ended March 31, 2022 (Thousands) | Change (Thousands) | Change (%) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | :----------------- | :--------- | | Contract Revenues | $159,174 | $174,931 | $(15,757) | -9.0% | | Costs of Contract Revenues | $153,334 | $162,115 | $(8,781) | -5.4% | | Gross Profit | $5,840 | $12,816 | $(6,976) | -54.4% | | Selling, General and Administrative Expenses | $17,017 | $16,170 | $847 | 5.2% | | Operating Loss | $(10,643) | $(2,855) | $(7,788) | 272.8% | | Net Loss | $(12,595) | $(4,856) | $(7,739) | 159.4% | | Basic Loss Per Share | $(0.39) | $(0.16) | $(0.23) | 143.8% | | Diluted Loss Per Share | $(0.39) | $(0.16) | $(0.23) | 143.8% | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) This section details changes in stockholders' equity, including retained earnings and additional paid-in capital, over the reporting period | Metric | December 31, 2022 (Thousands) | March 31, 2023 (Thousands) | Change (Thousands) | | :-------------------------- | :-------------------------- | :------------------------- | :----------------- | | Total Stockholders' Equity | $137,800 | $125,557 | $(12,243) | | Retained Loss | $(44,172) | $(56,767) | $(12,595) | | Additional Paid-In Capital | $188,184 | $188,535 | $351 | - Stock-based compensation for the three months ended March 31, 2023, was **$524 thousand**[12](index=12&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section reports cash inflows and outflows from operating, investing, and financing activities for the specified periods | Metric | Three months ended March 31, 2023 (Thousands) | Three months ended March 31, 2022 (Thousands) | Change (Thousands) | | :------------------------------------ | :------------------------------------ | :------------------------------------ | :----------------- | | Net Cash (Used in) Provided by Operating Activities | $(3,033) | $10,060 | $(13,093) | | Net Cash Used in Investing Activities | $(1,300) | $(2,810) | $1,510 | | Net Cash Provided by (Used in) Financing Activities | $3,394 | $(12,817) | $16,211 | | Net Change in Cash, Cash Equivalents and Restricted Cash | $(939) | $(5,567) | $4,628 | | Cash, Cash Equivalents and Restricted Cash at End of Period | $2,845 | $6,726 | $(3,881) | - Cash paid for interest increased significantly from **$154 thousand in Q1 2022 to $1,576 thousand in Q1 2023**[13](index=13&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. Description of Business and Basis of Presentation](index=8&type=section&id=1.%20Description%20of%20Business%20and%20Basis%20of%20Presentation) This note describes the company's business operations and the accounting principles used in preparing the financial statements - Orion Group Holdings, Inc. provides specialty construction services in infrastructure, industrial, and building sectors across the continental U.S., Alaska, Canada, and the Caribbean Basin[14](index=14&type=chunk) - The Company operates through two reportable segments: Marine (under the Orion brand) and Concrete (under the TAS Commercial Concrete brand)[15](index=15&type=chunk) - Management concluded that conditions previously raising substantial doubt about the Company's ability to continue as a going concern have been resolved due to a new **$103.0 million senior secured credit facility** entered into on May 15, 2023[25](index=25&type=chunk)[26](index=26&type=chunk) [2. Summary of Significant Accounting Policies](index=12&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the key accounting policies and methods applied in the preparation of the condensed consolidated financial statements - Revenue is primarily derived from construction contracts, recognized over time based on the percentage of actual contract costs incurred to total estimated costs[28](index=28&type=chunk)[30](index=30&type=chunk) - The Company records an allowance for credit losses against accounts receivable, which was **$0.5 million at March 31, 2023**, and **$0.6 million at December 31, 2022**[39](index=39&type=chunk) - Property and equipment are depreciated using the straight-line method over estimated useful lives ranging from 3 to 40 years, with dry-docking costs capitalized and amortized over three to seven years[52](index=52&type=chunk)[53](index=53&type=chunk) - The Company maintains various insurance coverages, including excess loss insurance for both marine and concrete segments, totaling **$200 million** in excess of primary coverage[70](index=70&type=chunk)[71](index=71&type=chunk) [3. Revenue](index=26&type=section&id=3.%20Revenue) This note provides a detailed breakdown of contract revenues by segment and service line for the reporting periods | Segment/Service Line | Three months ended March 31, 2023 (Thousands) | Three months ended March 31, 2022 (Thousands) | Change (Thousands) | Change (%) | | :------------------- | :------------------------------------ | :------------------------------------ | :----------------- | :--------- | | **Marine Segment** | | | | | | Construction | $54,012 | $59,152 | $(5,140) | -8.7% | | Dredging | $20,730 | $22,166 | $(1,436) | -6.5% | | Specialty Services | $4,556 | $3,162 | $1,394 | 44.1% | | **Marine segment total** | **$79,298** | **$84,480** | **$(5,182)** | **-6.1%** | | **Concrete Segment** | | | | | | Structural | $15,744 | $13,676 | $2,068 | 15.1% | | Light Commercial | $64,132 | $76,775 | $(12,643) | -16.5% | | Other | $0 | $0 | $0 | 0.0% | | **Concrete segment total** | **$79,876** | **$90,451** | **$(10,575)** | **-11.7%** | | **Total contract revenues** | **$159,174** | **$174,931** | **$(15,757)** | **-9.0%** | - Total contract revenues decreased by **9.0% year-over-year**, primarily driven by a decline in the Concrete segment's Light Commercial services and the Marine segment's Construction and Dredging services[77](index=77&type=chunk) [4. Concentration of Risk and Enterprise-Wide Disclosures](index=28&type=section&id=4.%20Concentration%20of%20Risk%20and%20Enterprise-Wide%20Disclosures) This note discloses significant concentrations of risk, including customer and geographic revenue concentrations | Customer Type | March 31, 2023 (Gross Receivables) | % of Total | December 31, 2022 (Gross Receivables) | % of Total | | :---------------- | :--------------------------------- | :--------- | :--------------------------------- | :--------- | | Federal Government | $11,006 | 7% | $4,612 | 3% | | State Governments | $3,862 | 2% | $3,111 | 2% | | Local Governments | $11,721 | 8% | $16,197 | 10% | | Private Companies | $126,408 | 83% | $134,317 | 85% | | **Total Gross Receivables** | **$152,997** | **100%** | **$158,237** | **100%** | | Customer Type | Three months ended March 31, 2023 (Contract Revenues) | % of Total | Three months ended March 31, 2022 (Contract Revenues) | % of Total | | :---------------- | :------------------------------------------ | :--------- | :------------------------------------------ | :--------- | | Federal Government | $23,056 | 14% | $22,695 | 13% | | State Governments | $18,328 | 12% | $7,704 | 4% | | Local Governments | $20,688 | 13% | $32,402 | 19% | | Private Companies | $97,102 | 61% | $112,130 | 64% | | **Total Contract Revenues** | **$159,174** | **100%** | **$174,931** | **100%** | - One private customer accounted for **10.9% of total current receivables** and **10.9% of total contract revenues** for the three months ended March 31, 2023[81](index=81&type=chunk)[82](index=82&type=chunk) - Foreign revenues, primarily from the Caribbean Basin, increased from **0.4% of total revenues in Q1 2022 to 1.7% in Q1 2023**[84](index=84&type=chunk) [5. Contracts in Progress](index=30&type=section&id=5.%20Contracts%20in%20Progress) This note details the status of uncompleted contracts, including costs incurred, estimated earnings, and billings to date | Metric | March 31, 2023 (Thousands) | December 31, 2022 (Thousands) | | :------------------------------------ | :-------------------------- | :-------------------------- | | Costs incurred on uncompleted contracts | $1,317,066 | $1,251,853 | | Estimated earnings | $187,445 | $180,705 | | Billings to date | $(1,511,064) | $(1,426,375) | | **Net Contracts in Progress** | **$(6,553)** | **$6,183** | - Remaining performance obligations totaled approximately **$467.4 million** as of March 31, 2023, with **94% expected to be recognized in the next 12 months**[86](index=86&type=chunk) - Contract assets include **$12.6 million** related to claims and unapproved change orders at March 31, 2023[85](index=85&type=chunk) [6. Property and Equipment](index=31&type=section&id=6.%20Property%20and%20Equipment) This note provides a breakdown of property and equipment, net of accumulated depreciation, by asset category | Asset Category | March 31, 2023 (Thousands) | December 31, 2022 (Thousands) | Change (Thousands) | | :----------------------- | :-------------------------- | :-------------------------- | :----------------- | | Automobiles and trucks | $2,243 | $2,232 | $11 | | Building and improvements | $36,953 | $36,952 | $1 | | Construction equipment | $129,883 | $130,660 | $(777) | | Vessels and other equipment | $89,946 | $91,495 | $(1,549) | | Office equipment | $6,885 | $6,885 | $0 | | **Total Gross Property and Equipment** | **$265,910** | **$268,224** | **$(2,314)** | | Less: Accumulated depreciation | $(198,058) | $(195,948) | $(2,110) | | **Net Book Value of Depreciable Assets** | **$67,852** | **$72,276** | **$(4,424)** | | Construction in progress | $1,570 | $816 | $754 | | Land | $27,885 | $27,885 | $0 | | **Total Property and Equipment, Net** | **$97,307** | **$100,977** | **$(3,670)** | - Depreciation expense for the three months ended March 31, 2023, was **$4.6 million**, down from **$5.2 million** in the prior year[87](index=87&type=chunk) [7. Other Current Accounts Receivable](index=31&type=section&id=7.%20Other%20Current%20Accounts%20Receivable) This note details various other current accounts receivable, including accident loss, vendor, and purchase incentive receivables | Category | March 31, 2023 (Thousands) | December 31, 2022 (Thousands) | Change (Thousands) | | :-------------------------- | :-------------------------- | :-------------------------- | :----------------- | | Accident loss receivables | $1,296 | $1,328 | $(32) | | Vendor receivables | $729 | $807 | $(78) | | Purchase incentive receivable | $965 | $695 | $270 | | Bond premium dividend receivable | $431 | $391 | $40 | | Other current accounts receivable | $409 | $305 | $104 | | **Total other current accounts receivable** | **$3,830** | **$3,526** | **$304** | [8. Fair Value](index=31&type=section&id=8.%20Fair%20Value) This note discusses the fair value measurements of the company's financial instruments and assets - The Company's financial instruments like accounts receivable, other current assets, accounts payable, and other current liabilities approximate their fair values due to their short-term nature[90](index=90&type=chunk) | Asset | March 31, 2023 (Thousands) | December 31, 2022 (Thousands) | | :------------------------------------ | :-------------------------- | :-------------------------- | | Cash surrender value of life insurance policy | $1,895 | $1,811 | - The fair value of the Company's debt approximated its carrying value of **$40.0 million at March 31, 2023**, and **$35.7 million at December 31, 2022**, classified as Level 2 in the fair value hierarchy[95](index=95&type=chunk) [9. Intangible Assets](index=35&type=section&id=9.%20Intangible%20Assets) This note provides information on the company's finite-lived and indefinite-lived intangible assets and their amortization | Metric | March 31, 2023 (Thousands) | December 31, 2022 (Thousands) | Change (Thousands) | | :------------------------------ | :-------------------------- | :-------------------------- | :----------------- | | Finite-lived intangible assets, end of period | $35,240 | $35,240 | $0 | | Total accumulated amortization | $(34,977) | $(34,815) | $(162) | | Net finite-lived intangible assets, end of period | $263 | $425 | $(162) | | Infinite-lived intangible assets | $6,892 | $6,892 | $0 | | **Total net intangible assets** | **$7,155** | **$7,317** | **$(162)** | - Amortization expense for finite-lived intangible assets was **$0.2 million** for the three months ended March 31, 2023, down from **$0.3 million** in the prior year[96](index=96&type=chunk) - The most recent annual impairment test of the indefinite-lived intangible asset (trade name) concluded no impairment was recorded[97](index=97&type=chunk) [10. Accrued Liabilities](index=36&type=section&id=10.%20Accrued%20Liabilities) This note details the various accrued liabilities, including salaries, insurance-covered liabilities, and taxes | Category | March 31, 2023 (Thousands) | December 31, 2022 (Thousands) | Change (Thousands) | | :------------------------------------ | :-------------------------- | :-------------------------- | :----------------- | | Accrued salaries, wages and benefits | $9,718 | $7,605 | $2,113 | | Accrued liabilities expected to be covered by insurance | $4,968 | $5,757 | $(789) | | Sales taxes | $2,155 | $1,737 | $418 | | Property taxes | $561 | $522 | $39 | | Sale-leaseback arrangement | $830 | $813 | $17 | | Accounting and audit fees | $547 | $222 | $325 | | Interest | $93 | $60 | $33 | | Other accrued expenses | $1,967 | $1,750 | $217 | | **Total accrued liabilities** | **$20,839** | **$18,466** | **$2,373** | [11. Debt](index=36&type=section&id=11.%20Debt) This note provides a breakdown of the company's debt, including revolving credit facilities and other current and long-term obligations | Debt Type | March 31, 2023 (Thousands) | December 31, 2022 (Thousands) | Change (Thousands) | | :---------------------- | :-------------------------- | :-------------------------- | :----------------- | | Revolving line of credit | $39,836 | $34,673 | $5,163 | | Other current debt | $286 | $283 | $3 | | **Total Current Debt** | **$40,122** | **$34,956** | **$5,166** | | Long-term debt | $(93) | $716 | $(809) | | **Total Debt** | **$40,029** | **$35,672** | **$4,357** | - The Credit Facility had a maturity date of July 31, 2023, and the Company had **$40.0 million outstanding** under the revolving line of credit as of March 31, 2023[100](index=100&type=chunk)[110](index=110&type=chunk) - The quarterly weighted average interest rate for the Credit Facility was **10.22%** as of March 31, 2023[104](index=104&type=chunk) - Post-quarter end, on May 15, 2023, the Company entered into a new three-year **$103.0 million senior secured credit facility** with White Oak, replacing the previous facility[115](index=115&type=chunk)[141](index=141&type=chunk) [12. Other Long-Term Liabilities](index=40&type=section&id=12.%20Other%20Long-Term%20Liabilities) This note details other long-term liabilities, such as sale-leaseback arrangements and deferred compensation | Category | March 31, 2023 (Thousands) | December 31, 2022 (Thousands) | Change (Thousands) | | :------------------------------------ | :-------------------------- | :-------------------------- | :----------------- | | Sale-leaseback arrangement | $14,941 | $15,156 | $(215) | | Deferred compensation | $1,325 | $1,639 | $(314) | | Accrued liabilities expected to be covered by insurance | $311 | $277 | $34 | | **Total other long-term liabilities** | **$16,577** | **$17,072** | **$(495)** | - The sale-leaseback arrangement for the Channelview, Texas property, recorded as a failed sale-leaseback, had a liability of **$14.9 million** at March 31, 2023[117](index=117&type=chunk) [13. Income Taxes](index=40&type=section&id=13.%20Income%20Taxes) This note explains the company's income tax expense, effective tax rate, and valuation allowance on deferred tax assets | Metric | Three months ended March 31, 2023 (Thousands) | Three months ended March 31, 2022 (Thousands) | | :----------------- | :------------------------------------ | :------------------------------------ | | Income tax expense | $640 | $1,324 | | Effective tax rate | (5.4)% | (37.5)% | - The effective tax rate for Q1 2023 was **(5.4)%**, differing from the statutory federal rate of **21%** primarily due to the tax impact from the valuation allowance for current year activity, state income taxes, and non-deductibility of permanent items[119](index=119&type=chunk) - The Company maintains a valuation allowance on net deferred tax assets, believing it is more likely than not that some portion or all deferred tax assets will not be realized[120](index=120&type=chunk) [14. Earnings Per Share](index=42&type=section&id=14.%20Earnings%20Per%20Share) This note presents the basic and diluted loss per share calculations and the weighted average shares outstanding | Metric | Three months ended March 31, 2023 | Three months ended March 31, 2022 | | :------------------------------------ | :-------------------------------- | :-------------------------------- | | Basic Loss Per Share | $(0.39) | $(0.16) | | Diluted Loss Per Share | $(0.39) | $(0.16) | | Weighted average shares outstanding (Basic) | 32,180,274 | 30,971,379 | | Weighted average shares outstanding (Diluted) | 32,180,274 | 30,971,379 | - The Company had **280,644 potentially dilutive securities** in Q1 2023, but these were anti-dilutive and not included in EPS computation due to the net loss[122](index=122&type=chunk)[123](index=123&type=chunk) [15. Stock-Based Compensation](index=43&type=section&id=15.%20Stock-Based%20Compensation) This note details the compensation expense related to stock-based awards and the terms of recent grants - Compensation expense related to stock-based awards was **$0.5 million** for the three months ended March 31, 2023, up from **$0.4 million** in the prior year[126](index=126&type=chunk) - In January 2023, **180,333 shares of restricted common stock** were awarded to officers and executives, vesting over three years with a fair value of **$3.00 per share**[127](index=127&type=chunk) - In March 2023, **335,851 performance-based units** were granted to executives, vesting based on a three-year return on invested capital target, with a fair value of **$2.65 per unit**[128](index=128&type=chunk) - Total unrecognized compensation expense related to unvested stock was approximately **$3.1 million** at March 31, 2023, expected to be recognized over approximately **2.4 years**[129](index=129&type=chunk)[130](index=130&type=chunk) [16. Commitments and Contingencies](index=45&type=section&id=16.%20Commitments%20and%20Contingencies) This note discusses the company's involvement in legal proceedings and other commitments and contingencies - The Company is involved in various legal and other proceedings, but management believes none will have a material effect on financial condition, results of operations, or cash flows, having recorded adequate accrued liabilities and insurance coverage[132](index=132&type=chunk) [17. Segment Information](index=45&type=section&id=17.%20Segment%20Information) This note provides financial data broken down by the company's Marine and Concrete operating segments | Segment | Metric | Three months ended March 31, 2023 (Thousands) | Three months ended March 31, 2022 (Thousands) | Change (Thousands) | Change (%) | | :-------- | :-------------------------- | :------------------------------------ | :------------------------------------ | :----------------- | :--------- | | **Marine** | Contract revenues | $79,298 | $84,480 | $(5,182) | -6.1% | | | Operating (loss) income | $(6,080) | $1,840 | $(7,920) | -430.4% | | | Depreciation and amortization expense | $(3,835) | $(4,323) | $488 | -11.3% | | | Total assets | $231,851 | $173,577 | $58,274 | 33.6% | | | Property and equipment, net | $88,957 | $92,725 | $(3,768) | -4.1% | | **Concrete** | Contract revenues | $79,876 | $90,451 | $(10,575) | -11.7% | | | Operating loss | $(4,563) | $(4,695) | $132 | -2.8% | | | Depreciation and amortization expense | $(1,611) | $(1,940) | $329 | -17.0% | | | Total assets | $112,336 | $167,299 | $(54,963) | -32.8% | | | Property and equipment, net | $8,350 | $12,249 | $(3,899) | -31.8% | - The Marine segment's operating income decreased significantly by **$7.9 million**, moving from a profit to a loss, primarily due to decreased revenue, write-downs on low-margin projects, and lower utilization[133](index=133&type=chunk)[167](index=167&type=chunk) - The Concrete segment's operating loss slightly decreased by **$0.1 million**, attributed to lower indirect costs from winding down the central Texas region, partially offset by project write-downs[133](index=133&type=chunk)[169](index=169&type=chunk) [18. Leases](index=46&type=section&id=18.%20Leases) This note details the company's operating and financing lease assets and liabilities, along with lease costs and cash flows | Lease Type | March 31, 2023 (Thousands) | December 31, 2022 (Thousands) | Change (Thousands) | | :-------------------------------- | :-------------------------- | :-------------------------- | :----------------- | | Operating lease right-of-use assets, net | $14,765 | $14,978 | $(213) | | Financing lease right-of-use assets, net | $15,202 | $15,839 | $(637) | | **Total Lease Assets** | **$29,967** | **$30,817** | **$(850)** | | Current Operating Lease Liabilities | $4,936 | $4,738 | $198 | | Current Financing Lease Liabilities | $3,486 | $4,031 | $(545) | | Noncurrent Operating Lease Liabilities | $10,609 | $11,018 | $(409) | | Noncurrent Financing Lease Liabilities | $10,882 | $11,102 | $(220) | | **Total Lease Liabilities** | **$29,913** | **$30,889** | **$(976)** | | Metric | Three Months Ended March 31, 2023 (Thousands) | Three Months Ended March 31, 2022 (Thousands) | Change (Thousands) | | :------------------------------------ | :------------------------------------ | :------------------------------------ | :----------------- | | Total lease cost | $2,951 | $2,560 | $391 | | Operating cash flows for operating leases | $1,391 | $1,325 | $66 | | Financing cash flows for finance leases | $779 | $637 | $142 | - The weighted average remaining lease term for operating leases was **3.70 years** (down from 3.90 years) and for financing leases was **4.02 years** (down from 4.36 years) as of March 31, 2023[136](index=136&type=chunk) [19. Subsequent Events](index=48&type=section&id=19.%20Subsequent%20Events) This note discloses significant events that occurred after the balance sheet date, including land sales and new credit facilities - On April 26, 2023, the Company entered into a Land Sale Contract to sell two parcels of land in Harris County, Texas, for approximately **$36.0 million**, with closing anticipated by September 29, 2023[139](index=139&type=chunk) - On May 15, 2023, the Company secured a new three-year **$103.0 million senior secured credit facility** with White Oak, comprising a **$65.0 million asset-based revolving credit facility** and a **$38.0 million fixed asset term loan**, replacing the previous facility[141](index=141&type=chunk)[142](index=142&type=chunk) - Concurrently with the new credit facility, the Company entered into a **$13.0 million sale-leaseback** of certain concrete segment equipment with Gordon Brothers[141](index=141&type=chunk)[142](index=142&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=49&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section analyzes the company's financial condition and operational results for Q1 2023, highlighting revenue declines, increased losses, and liquidity management [Overview](index=49&type=section&id=Overview) This section provides a general description of the company's business, contract types, and factors influencing performance - Orion Group Holdings, Inc. provides specialty construction services in infrastructure, industrial, and building sectors across the continental U.S., Alaska, and the Caribbean Basin, operating through marine and concrete segments[148](index=148&type=chunk)[150](index=150&type=chunk) - The Company's contracts are primarily obtained through competitive bidding and negotiation, with most revenue derived from fixed-price contracts recognized over time based on the percentage of costs incurred[151](index=151&type=chunk)[152](index=152&type=chunk) - Factors like bid accuracy, commodity price increases, customer delays, weather, labor availability, and equipment/material proximity can impact contract performance and profitability[152](index=152&type=chunk) [Consolidated Results of Operations](index=51&type=section&id=Consolidated%20Results%20of%20Operations) This section analyzes the company's overall financial performance, including revenue, gross profit, operating loss, and SG&A expenses | Metric | March 31, 2023 (Millions) | December 31, 2022 (Millions) | September 30, 2022 (Millions) | June 30, 2022 (Millions) | March 31, 2022 (Millions) | | :-------------- | :------------------------ | :--------------------------- | :---------------------------- | :----------------------- | :------------------------ | | Marine segment | $187.0 | $216.7 | $280.2 | $281.0 | $317.4 | | Concrete segment | $280.4 | $232.1 | $268.4 | $322.2 | $286.7 | | **Consolidated** | **$467.4** | **$448.8** | **$548.6** | **$603.2** | **$604.1** | - Consolidated backlog increased to **$467.4 million** at March 31, 2023, from **$448.8 million** at December 31, 2022, but was lower than previous quarters in 2022[154](index=154&type=chunk) - Contract revenues decreased by **9.0% to $159.2 million**, and gross profit decreased by **54.4% to $5.8 million**, with gross profit margin falling from **7.3% to 3.7%** year-over-year[156](index=156&type=chunk)[157](index=157&type=chunk) - Operating loss significantly widened to **$(10.6) million** from **$(2.9) million** in the prior year, primarily due to lower revenues, weather impacts in Texas, and write-downs on low-margin projects[156](index=156&type=chunk)[158](index=158&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **5.2% to $17.0 million**, and as a percentage of revenues, rose from **9.1% to 10.8%** due to lower revenues[159](index=159&type=chunk) [Segment Results](index=54&type=section&id=Segment%20Results) This section provides a detailed analysis of the financial performance for the Marine and Concrete operating segments | Segment | Metric | Three months ended March 31, 2023 (Thousands) | Three months ended March 31, 2022 (Thousands) | Change (Thousands) | Change (%) | | :-------- | :-------------------------- | :------------------------------------ | :------------------------------------ | :----------------- | :--------- | | **Marine** | Contract revenues | $79,298 | $84,480 | $(5,182) | -6.1% | | | Operating (loss) income | $(6,080) | $1,840 | $(7,920) | -430.4% | | **Concrete** | Contract revenues | $79,876 | $90,451 | $(10,575) | -11.7% | | | Operating loss | $(4,563) | $(4,695) | $132 | -2.8% | - Marine segment revenues decreased by **6.1%** due to weather and customer delays, leading to an operating loss of **$6.1 million** compared to an operating income of **$1.8 million** in the prior year[166](index=166&type=chunk)[167](index=167&type=chunk) - Concrete segment revenues decreased by **11.7%** due to weather, customer delays, and a reduction in central Texas revenue, resulting in a slight decrease in operating loss from **$4.7 million to $4.6 million**[168](index=168&type=chunk)[169](index=169&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's working capital, cash flows, and capital expenditures, and their impact on liquidity | Metric | Three months ended March 31, 2023 (Thousands) | Three months ended March 31, 2022 (Thousands) | Change (Thousands) | | :------------------------------------ | :------------------------------------ | :------------------------------------ | :----------------- | | Working Capital | $21,800 | N/A | N/A | | Unrestricted Cash on Hand | $2,800 | N/A | N/A | | Borrowing Capacity (Revolving Credit Facility) | $1,000 | N/A | N/A | | Net Cash (Used in) Provided by Operating Activities | $(3,033) | $10,060 | $(13,093) | | Net Cash Used in Investing Activities | $(1,300) | $(2,810) | $1,510 | | Net Cash Provided by (Used in) Financing Activities | $3,394 | $(12,817) | $16,211 | | Capital Expenditures | $(1,876) | $(3,523) | $1,647 | - Working capital decreased from **$31.1 million** at December 31, 2022, to **$21.8 million** at March 31, 2023[171](index=171&type=chunk) - The Company used **$3.0 million in cash from operating activities** in Q1 2023, a significant shift from **$10.1 million provided in Q1 2022**, primarily due to cash outflows from net income and changes in working capital[173](index=173&type=chunk) - Capital expenditures decreased to **$1.9 million** in Q1 2023 from **$3.5 million** in Q1 2022[174](index=174&type=chunk) [Sources of Capital](index=59&type=section&id=Sources%20of%20Capital) This section outlines the company's capital sources, including credit facilities and recent financing activities - The Company obtained an extension of consent from Credit Facility lenders regarding its annual financial statements and certain leverage and fixed charge coverage ratios for Q1 2023[176](index=176&type=chunk) - On May 15, 2023, the Company secured a new three-year **$103.0 million senior secured credit facility** with White Oak, including a **$65.0 million asset-based revolving credit facility** and a **$38.0 million fixed asset term loan**[176](index=176&type=chunk) [Bonding Capacity](index=59&type=section&id=Bonding%20Capacity) This section details the company's available bonding capacity and its current utilization for projects - As of March 31, 2023, the Company had a bonding capacity of at least **$750 million**, with approximately **$210 million of projects currently bonded**[178](index=178&type=chunk) - Management believes its balance sheet and working capital position will allow continued access to its bonding capacity[178](index=178&type=chunk) [Effect of Inflation](index=59&type=section&id=Effect%20of%20Inflation) This section addresses the impact of inflation on the company's costs and its strategies for mitigation - The Company is subject to inflation risks from increases in raw material costs (e.g., fuel, concrete, steel) but generally mitigates this by including anticipated price increases in bids due to the short-term duration of projects[179](index=179&type=chunk)[181](index=181&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=59&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section details the company's exposure to market risks, including commodity price fluctuations and interest rate changes on variable-rate debt - The Company is exposed to commodity price risk for concrete, steel products, and fuel, but generally includes anticipated price increases in bids due to the short-term nature of its fixed-price contracts[181](index=181&type=chunk) - As of March 31, 2023, with **$40.0 million** in outstanding borrowings under its credit facility at a **10.20% weighted average interest rate**, a **100 basis-point increase in LIBOR** (or successor rate) would increase annual interest expense by approximately **$0.4 million**[182](index=182&type=chunk) - Foreign currency fluctuation exposure has been immaterial and limited to temporary field accounts[180](index=180&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=61&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management assessed the effectiveness of disclosure controls and procedures as of March 31, 2023, finding them effective with no material changes - The Company's disclosure controls and procedures were evaluated and deemed effective as of March 31, 2023[183](index=183&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended March 31, 2023[184](index=184&type=chunk) [PART II. OTHER INFORMATION](index=61&type=section&id=PART%20II.%20OTHER%20INFORMATION) This part includes disclosures on legal proceedings, risk factors, equity sales, defaults, and other required information [ITEM 1. LEGAL PROCEEDINGS](index=61&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) Legal proceedings information is incorporated by reference from Note 16, indicating no material adverse effect on the company is expected - Information on legal proceedings is incorporated by reference from Note 16, which indicates no material effect on the Company's financial condition, results of operations, or cash flows is expected[185](index=185&type=chunk)[132](index=132&type=chunk) [ITEM 1A. RISK FACTORS](index=61&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to the risk factors previously disclosed in the Company's 2022 Form 10-K were reported - No material changes to the risk factors previously disclosed in the 2022 Form 10-K were reported[186](index=186&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=61&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No sales of equity securities occurred in the period ended March 31, 2023 - No sales of equity securities occurred in the period ended March 31, 2023[187](index=187&type=chunk) [ITEM 3. DEFAULTS UPON SENIOR SECURITIES](index=61&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) No defaults upon senior securities were reported - No defaults upon senior securities were reported[188](index=188&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=61&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) Mine Safety Disclosures are not applicable to the Company - Mine Safety Disclosures are not applicable to the Company[189](index=189&type=chunk) [ITEM 5. OTHER INFORMATION](index=61&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No other information was reported - No other information was reported[190](index=190&type=chunk) [ITEM 6. EXHIBITS](index=63&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, recent contracts, and required certifications - Exhibits include the Amended and Restated Certificate of Incorporation and Bylaws[192](index=192&type=chunk) - Recent contracts filed as exhibits include a Land Sale Contract (April 26, 2023), a Consent Letter (May 5, 2023), and a Loan Agreement (May 15, 2023) for the new credit facility[192](index=192&type=chunk) - Certifications from the Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002 are included[192](index=192&type=chunk) [SIGNATURES](index=65&type=section&id=SIGNATURES) This section contains the official signatures of the company's principal executive and financial officers, certifying the report - The report was signed by Travis J. Boone, President and Chief Executive Officer, and Scott Thanisch, Executive Vice President and Chief Financial Officer, on May 15, 2023[198](index=198&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 1-33891 ORION GROUP HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware S ...

Orion Group Holdings, Inc. (NYSE:ORN) Q4 2022 Earnings Conference Call March 15, 2023 10:00 AM ET Company Participants Margaret Boyce - IR Travis Boone - CEO Scott Thanisch - CFO Conference Call Participants Julio Romero - Sidoti & Company Joe Gomes - Noble Capital Alex Rygiel - B. Riley Securities Dave Storms - Stonegate Capital Markets Operator Good day, and welcome to Orion Group Holdings Fourth Quarter and Full Year 2022 Earnings Conference Call and Webcast. [Operator Instructions] On today's call, mana ...

Start Time: 10:00 January 1, 0000 11:01 AM ET Orion Group Holdings, Inc. (NYSE:ORN) Q3 2022 Earnings Conference Call October 27, 2022, 10:00 AM ET Company Participants Travis Boone - President and CEO Scott Thanisch - EVP and CFO Francis Okoniewski - Vice President, Investor Relations Conference Call Participants Joe Gomes - Noble Capital Min Cho - B. Riley Julio Romero - Sidoti & Company Dave Storms - Stonegate Poe Fratt - Alliance Global Partners David Wright - Henry Investment Trust Operator Thank you fo ...