Financial Data and Key Metrics Changes - Revenue increased by 7% year-over-year to $205 million and adjusted EBITDA doubled to $11 million from the second quarter last year [6][15] - On a sequential basis, revenue grew by 9% and adjusted EBITDA increased by 34% [6] - GAAP net income for the second quarter was $800,000, or $0.02 per share, while adjusted net income was $2.7 million, or $0.07 per share [16] - Adjusted EBITDA margins improved by 240 basis points to 5.3% [17] - The company ended the quarter with approximately $31 million of net debt [18] Business Line Data and Key Metrics Changes - Marine segment revenues increased by 3% year-over-year and 6% sequentially to $135 million, with adjusted EBITDA growing to $12.7 million, reflecting a 9.4% margin [18] - Concrete segment revenues increased by 14% year-over-year and sequentially to $70 million, but adjusted EBITDA showed a loss of $1.7 million compared to a profit of $4 million in 2024 [19] Market Data and Key Metrics Changes - The opportunity pipeline grew from $16 billion to $18 billion, driven by diverse growth factors and multiple sources of public and private funding [6][11] - The backlog reported was almost $750 million, up modestly for 2025, with approximately $111 million in new awards and change orders added in the quarter [18] Company Strategy and Development Direction - The company remains focused on business development strategies prioritizing mission-critical projects with good margins for high-quality clients [7] - Recent political developments, including the One Big Beautiful Bill Act, are expected to positively impact marine and concrete businesses, with significant appropriations for shore-side infrastructure [13] - The company has opened a new office in Phoenix to capitalize on data center investments and commercial growth in Arizona [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth opportunities driven by infrastructure modernization, AI investment, defense, and energy security [15] - There is optimism regarding the recovery of lost revenue in the concrete business due to improved weather conditions in the second half of the year [54] - Management noted that private sector clients are currently hesitant due to economic uncertainties, which may affect project awards [24][25] Other Important Information - The company has undergone a transformation phase, with a new CFO bringing financial discipline and strategic insight [5] - The consolidation of offices into a new headquarters is expected to foster stronger collaboration and a unified culture [20] Q&A Session Summary Question: Key drivers of the pipeline growth to $18 billion - Management noted that the growth was partly due to a lighter quarter for bookings and some private sector clients delaying project awards due to economic uncertainties [24][25] Question: Insights on the Concrete segment and data center opportunities - Management indicated that while competition has increased, they remain confident in their partnerships and ability to secure data center projects [28] Question: Free cash flow expectations for the second half - Management expects improvements in cash flow and working capital, with positive indications from collections in July [30][31] Question: Visibility on large project pursuits - Management confirmed that some decisions on large projects have been delayed but expect updates in the coming months [35][36] Question: Impact of new tax reform on customer decision-making - Management believes that increased certainty from the tax reform will encourage customers to make capital investments [39] Question: Competitive positioning in the Concrete segment - Management emphasized strong relationships with general contractors and a proven track record in data center projects as key competitive advantages [40][41]

Executive Summary [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Orion Group Holdings reported a strong second quarter of 2025, demonstrating significant year-over-year improvements in key financial metrics Q2 2025 Financial Highlights | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :---------------- | :------ | :------ | :----------- | | Revenue | $205.3M | $192.2M | +7% | | GAAP Net Income | $0.8M | ($6.6M) | +$7.4M | | GAAP EPS | $0.02 | ($0.20) | +$0.22 | | Adjusted EBITDA | $11.0M | $5.5M | +100% | | Adjusted EPS | $0.07 | ($0.12) | +$0.19 | - Adjusted EBITDA margins increased **240 basis points** to **5.3%**[6](index=6&type=chunk) - Contracted backlog at the end of Q2 2025 was **$750 million**, with over **$450 million** in new contract wins during the first half of 2025[6](index=6&type=chunk) [Management Commentary and Outlook](index=1&type=section&id=Management%20Commentary%20and%20Outlook) Management highlighted strong Q2 performance driven by new contract awards and disciplined growth, with robust demand across both segments - Revenue increased **7% year-over-year** and **9% sequentially** over Q1, while Adjusted EBITDA **doubled year-over-year** and grew **34% sequentially**[4](index=4&type=chunk) - The opportunity pipeline grew from **$16 billion** last quarter to **$18 billion**, fueled by diverse growth drivers and multiple funding sources[5](index=5&type=chunk) - Strong demand observed in the Marine segment from U.S. Navy deterrence strategy, port expansions, coastal rehabilitation, and energy infrastructure, and in the Concrete segment from the data center sector[5](index=5&type=chunk) - Management reaffirmed full year 2025 financial guidance, with the majority of 2025 work already under contract[6](index=6&type=chunk)[8](index=8&type=chunk) - Alison Vasquez was added as CFO to strengthen the management team and execute the next phase of the Company's growth strategy[6](index=6&type=chunk) Second Quarter 2025 Financial Performance [Consolidated Results](index=3&type=section&id=Consolidated%20Results) Orion's Q2 2025 consolidated results showed significant improvements, with contract revenues increasing due to new awards and higher volume - Contract revenues were **$205.3 million**, up **7% year-over-year** from $192.2 million and up **9% sequentially** from $188.7 million in Q1 2025, driven by new awards and higher volume in Marine and Concrete segments[9](index=9&type=chunk) - Gross profit increased **41% year-over-year** to **$25.8 million** from $18.3 million, and **12% sequentially** from $23.0 million, primarily due to increased revenue and improved operational performance[10](index=10&type=chunk) - Selling, general and administrative (SG&A) expenses rose to **$22.8 million** from $21.1 million in Q2 2024, mainly due to increased spending supporting business growth[11](index=11&type=chunk) - GAAP net income for Q2 was **$0.8 million** ($0.02 per diluted share), a significant improvement from a net loss of **$6.6 million** ($0.20 per diluted share) in Q2 2024[11](index=11&type=chunk) - Adjusted EBITDA **doubled to $11.0 million** from $5.5 million in Q2 2024 and increased **34%** from $8.2 million in Q1 2025, driven by revenue growth and gross profit expansion[12](index=12&type=chunk) [Backlog](index=3&type=section&id=Backlog) Orion's total backlog increased to $745.7 million by the end of Q2 2025, reflecting strong new contract awards across both its segments Contracted Backlog | Segment | June 30, 2025 ($M) | December 31, 2024 ($M) | | :-------- | :----------------- | :--------------------- | | Marine | 554.8 | 582.8 | | Concrete | 190.9 | 146.3 | | **Total** | **745.7** | **729.1** | - Second quarter 2025 backlog included over **$100 million** in new awards[13](index=13&type=chunk) - Marine segment secured an export dock replacement project and two projects with the Port of Tampa Bay[13](index=13&type=chunk) - Concrete segment was awarded multiple new projects spanning data centers, energy, consumer goods, and transportation[13](index=13&type=chunk) [Balance Sheet](index=3&type=section&id=Balance%20Sheet) As of June 30, 2025, Orion maintained a solid financial position with $280.0 million in current assets and manageable total debt - Current assets totaled **$280.0 million** as of June 30, 2025[14](index=14&type=chunk) - Unrestricted cash and cash equivalents were **$1.7 million**[14](index=14&type=chunk) - Total debt outstanding was **$33.4 million**, with **$10.0 million** borrowed under its revolving credit facility[14](index=14&type=chunk) Fiscal Year 2025 Guidance [Reaffirmed Full Year 2025 Guidance](index=3&type=section&id=Reaffirmed%20Full%20Year%202025%20Guidance) Orion Group Holdings reaffirmed its financial guidance for the full fiscal year 2025, projecting continued growth in revenue and Adjusted EBITDA Fiscal Year 2025 Guidance | Metric | Range | | :---------------- | :-------------------- | | Revenue | $800 million to $850 million | | Adjusted EBITDA | $42 million to $46 million | | Adjusted EPS | $0.11 to $0.17 | | Capital expenditures | $25 million to $35 million | Company Information [About Orion Group Holdings](index=4&type=section&id=About%20Orion%20Group%20Holdings) Orion Group Holdings, Inc. is a leading specialty construction company providing diverse services through its Marine and Concrete segments - Orion Group Holdings is a specialty construction company serving infrastructure, industrial, and building sectors across the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin[17](index=17&type=chunk) - The Marine segment offers construction and dredging services for marine transportation, pipelines, environmental structures, and waterways[17](index=17&type=chunk) - The Concrete segment provides turnkey concrete construction services for large commercial and structural projects[17](index=17&type=chunk) [Conference Call Details](index=4&type=section&id=Conference%20Call%20Details) Orion Group Holdings hosted a conference call to discuss its second quarter 2025 financial results, with details provided for participation - A conference call was held on Wednesday, July 30, 2025, at 9:00 a.m. Eastern Time/8:00 a.m. Central Time[16](index=16&type=chunk) - Participants could join by calling (844) 481-2994 and asking for the Orion Group Holdings Conference Call[16](index=16&type=chunk) - A live audio webcast and archived replay were available on the Investor Relations section of Orion's website[16](index=16&type=chunk) Supplemental Information [Backlog Definition](index=4&type=section&id=Backlog%20Definition) Backlog represents projects under contract that are either unstarted or in progress, with typical project durations ranging from three months to multiple years - Backlog consists of projects under contract that are either not yet started or are in progress but incomplete[18](index=18&type=chunk) - The Company cannot guarantee the realization of implied revenue or resulting earnings from backlog, which can fluctuate due to contract timing and execution[18](index=18&type=chunk) - Typical project durations range from three to nine months for shorter projects to multiple years for larger ones[18](index=18&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) This section defines Orion's use of non-GAAP financial measures, including Adjusted Net Income, Adjusted EPS, EBITDA, and Adjusted EBITDA - Non-GAAP measures used include 'adjusted net income/loss,' 'adjusted earnings/loss per share,' 'EBITDA,' 'Adjusted EBITDA,' and 'Adjusted EBITDA margin'[19](index=19&type=chunk) - Adjusted net income/loss and adjusted EPS exclude certain one-time items or items whose timing/amount cannot be reasonably estimated[20](index=20&type=chunk) - EBITDA is defined as net income/loss before net interest expense, income taxes, depreciation, and amortization[21](index=21&type=chunk) - Adjusted EBITDA further adjusts EBITDA for items like share-based compensation and is used internally to evaluate operating performance[21](index=21&type=chunk)[30](index=30&type=chunk) - These non-GAAP measures have limitations and should not be used as substitutes for GAAP measures like net income or cash flows[22](index=22&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section provides a cautionary statement regarding forward-looking statements, highlighting the inherent risks and uncertainties - Forward-looking statements include projections regarding the pipeline of opportunities, financial guidance, future operations, and project awards[23](index=23&type=chunk) - These statements involve risks such as impacts from fixed-price contracts, unforeseen productivity delays, contract cancellations, and funding delays[23](index=23&type=chunk) - Readers are cautioned not to place undue reliance on these statements, and the Company assumes no obligation to update them[23](index=23&type=chunk) - Additional risk factors are discussed in the Company's 2024 Annual Report on Form 10-K[24](index=24&type=chunk) Condensed Consolidated Financial Statements [Statements of Operations](index=7&type=section&id=Statements%20of%20Operations) The statements of operations detail financial performance for the three and six months ended June 30, 2025 and 2024 Condensed Consolidated Statements of Operations (Selected Data) | Metric | Three months ended June 30, 2025 ($K) | Three months ended June 30, 2024 ($K) | Six months ended June 30, 2025 ($K) | Six months ended June 30, 2024 ($K) | | :-------------------------- | :------------------------------------ | :------------------------------------ | :---------------------------------- | :---------------------------------- | | Contract revenues | 205,286 | 192,167 | 393,939 | 352,839 | | Gross profit | 25,797 | 18,281 | 48,812 | 33,819 | | Operating income (loss) | 3,432 | (2,768) | 4,265 | (5,892) | | Net income (loss) | 841 | (6,603) | (573) | (12,660) | | Diluted income (loss) per share | 0.02 | (0.20) | (0.01) | (0.39) | [Reconciliation of Adjusted Net Income (Loss)](index=8&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Income%20(Loss)) This reconciliation details adjustments from GAAP net income (loss) to Adjusted Net Income (loss) for the three and six months ended June 30, 2025 and 2024 Reconciliation of Adjusted Net Income (Loss) | Metric | Three months ended June 30, 2025 ($K) | Three months ended June 30, 2024 ($K) | Six months ended June 30, 2025 ($K) | Six months ended June 30, 2024 ($K) | | :---------------------------------- | :------------------------------------ | :------------------------------------ | :---------------------------------- | :---------------------------------- | | Net income (loss) | 841 | (6,603) | (573) | (12,660) | | Share-based compensation | 1,519 | 1,556 | 2,642 | 1,914 | | ERP implementation | 225 | 613 | 830 | 1,299 | | Severance | 547 | 19 | 577 | 81 | | **Adjusted net income (loss)** | **2,681** | **(4,093)** | **2,941** | **(7,714)** | | **Adjusted EPS** | **0.07** | **(0.12)** | **0.07** | **(0.23)** | [Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations (Consolidated)](index=9&type=section&id=Adjusted%20EBITDA%20and%20Adjusted%20EBITDA%20Margin%20Reconciliations%20(Consolidated)) This reconciliation provides a consolidated view of adjustments from net income (loss) to EBITDA and Adjusted EBITDA for relevant periods Consolidated Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations | Metric | Three months ended June 30, 2025 ($K) | Three months ended June 30, 2024 ($K) | Six months ended June 30, 2025 ($K) | Six months ended June 30, 2024 ($K) | | :-------------------------- | :------------------------------------ | :------------------------------------ | :---------------------------------- | :---------------------------------- | | Net income (loss) | 841 | (6,603) | (573) | (12,660) | | **EBITDA** | **8,687** | **3,322** | **14,957** | **6,290** | | **Adjusted EBITDA** | **10,978** | **5,510** | **19,144** | **9,584** | | **Adjusted EBITDA margin** | **5.3%** | **2.9%** | **4.9%** | **2.7%** | [Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations by Segment](index=10&type=section&id=Adjusted%20EBITDA%20and%20Adjusted%20EBITDA%20Margin%20Reconciliations%20by%20Segment) This section provides a detailed breakdown of Adjusted EBITDA and margin for both the Marine and Concrete segments Marine Segment Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations | Metric | Three months ended June 30, 2025 ($K) | Three months ended June 30, 2024 ($K) | Six months ended June 30, 2025 ($K) | Six months ended June 30, 2024 ($K) | | :-------------------------- | :------------------------------------ | :------------------------------------ | :---------------------------------- | :---------------------------------- | | Contract revenues | 135,302 | 130,953 | 262,465 | 237,278 | | **EBITDA** | **10,626** | **(461)** | **19,959** | **(348)** | | **Adjusted EBITDA** | **12,656** | **1,472** | **23,535** | **2,427** | | **Adjusted EBITDA margin** | **9.4%** | **1.1%** | **9.0%** | **1.8%** | Concrete Segment Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations | Metric | Three months ended June 30, 2025 ($K) | Three months ended June 30, 2024 ($K) | Six months ended June 30, 2025 ($K) | Six months ended June 30, 2024 ($K) | | :-------------------------- | :------------------------------------ | :------------------------------------ | :---------------------------------- | :---------------------------------- | | Contract revenues | 69,984 | 61,214 | 131,474 | 115,561 | | **EBITDA** | **(1,939)** | **3,783** | **(5,002)** | **6,638** | | **Adjusted EBITDA** | **(1,678)** | **4,038** | **(4,391)** | **7,157** | | **Adjusted EBITDA margin** | **(2.4)%** | **6.6%** | **(3.3)%** | **6.2%** | [Statements of Cash Flows](index=11&type=section&id=Statements%20of%20Cash%20Flows) The statements of cash flows present cash generated from or used in operating, investing, and financing activities for the six months ended June 30 Condensed Consolidated Statements of Cash Flows (Six Months Ended June 30) | Activity | 2025 ($K) | 2024 ($K) | | :---------------------------------- | :---------- | :---------- | | Net cash used in operating activities | (9,005) | (38,157) | | Net cash used in investing activities | (14,976) | (6,133) | | Net cash (used in) provided by financing activities | (2,603) | 18,189 | | Net change in cash, cash equivalents and restricted cash | (26,584) | (26,101) | | Cash, cash equivalents and restricted cash at end of period | 1,732 | 4,837 | [Balance Sheets](index=12&type=section&id=Balance%20Sheets) The balance sheets provide a snapshot of Orion's financial position as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets (Selected Data) | Metric | June 30, 2025 ($K) | December 31, 2024 ($K) | | :-------------------------- | :----------------- | :--------------------- | | Total current assets | 279,972 | 269,328 | | Total assets | 432,723 | 417,317 | | Total current liabilities | 203,052 | 191,173 | | Total liabilities | 279,530 | 266,638 | | Total stockholders' equity | 153,193 | 150,679 | [Guidance Reconciliations](index=14&type=section&id=Guidance%20Reconciliations) This section provides reconciliations for the full-year 2025 guidance for Adjusted EBITDA and Adjusted EPS from their nearest GAAP measures FY 2025 Guidance – Adjusted EBITDA Reconciliation | Metric | Low Estimate ($K) | High Estimate ($K) | | :-------------------------- | :---------------- | :---------------- | | Net (loss) income | (2,226) | 1,533 | | **EBITDA** | **32,911** | **36,911** | | **Adjusted EBITDA** | **42,000** | **46,000** | FY 2025 Guidance – Adjusted EPS Reconciliation | Metric | Low Estimate ($K) | High Estimate ($K) | | :---------------------------------- | :---------------- | :---------------- | | Net (loss) income | (2,226) | 1,533 | | **Adjusted net income** | **4,302** | **6,900** | | **Adjusted EPS** | **0.11** | **0.17** |

Orion Marine Group (ORN) came out with quarterly earnings of $0.07 per share, beating the Zacks Consensus Estimate of a loss of $0.01 per share. This compares to a loss of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +800.00%. A quarter ago, it was expected that this heavy civil marine contractor would post a loss of $0.11 per share when it actually produced earnings of $0.01, delivering a surprise of +109.09%.Over th ...

Core Insights - Orion Group Holdings, Inc. reported strong financial results for Q2 2025, with revenue increasing by 7% year-over-year to $205.3 million and a significant turnaround in net income from a loss of $6.6 million in Q2 2024 to a profit of $0.8 million in Q2 2025 [3][4][9] Financial Performance - Revenue for the second quarter of 2025 was $205.3 million, compared to $192.2 million in the same quarter of 2024, marking a 7% increase [3][6] - GAAP net income improved to $0.8 million, or $0.02 per diluted share, from a net loss of $6.6 million, or a loss of $0.20 per diluted share, in Q2 2024 [3][9] - Adjusted EBITDA doubled to $11 million from $5.5 million in Q2 2024, with margins increasing by 240 basis points to 5.3% [3][10] - Gross profit rose to $25.8 million, a 41% increase from $18.3 million in Q2 2024 [8] Backlog and Contract Awards - The contracted backlog at the end of Q2 2025 was $750 million, with new contract wins exceeding $450 million in the first half of 2025 [7][11] - The opportunity pipeline grew from $16 billion to $18 billion, driven by diverse growth factors and multiple funding sources [5] Segment Performance - The Marine segment generated $135.3 million in contract revenues, while the Concrete segment contributed $69.9 million [35] - The Marine segment's operating income improved significantly from a loss in the previous year to $6.2 million, while the Concrete segment reported a loss of $2.8 million [35] Management Commentary - The CEO expressed optimism about the company's growth prospects, citing strong demand across markets and a commitment to disciplined, profitable growth [4][5] - The management team was strengthened with the addition of a new CFO to support the next phase of growth strategy [7] Guidance - The company reaffirmed its full-year 2025 financial guidance, projecting revenue in the range of $800 million to $850 million and adjusted EBITDA between $42 million and $46 million [15][44]

Group 1 - The upcoming Q2 2025 report from Orion Properties (NYSE: ONL) is anticipated by investors, who may consider waiting for its release before making investment decisions [1] - The article hints at a potential catch regarding the stock, suggesting that there may be factors influencing the decision-making process for investors [1] Group 2 - The author, an economics teacher from the Netherlands, focuses on identifying Real Estate Investment Trusts (REITs) that are currently out of favor, indicating a contrarian investment strategy [2] - The investment approach is based on fundamental economic insights to assess the intrinsic value of stocks, with a long-term investment horizon [2]

Looking at the fundamentals, the stock currently carries a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises -- the key factors that impact a stock's near-term price movements. The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive ...

Key Takeaways CPRX, STKL, GAMB and ORN show rising cash flow trends versus their 5-year per-share averages. Each stock meets criteria, including price above $5, top broker ratings and a VGM Score of B or better. EPS estimates for 2025 have been revised upward recently, reflecting positive sentiment and momentum.We are already into the second-quarter reporting cycle, and stocks with top-line growth and increasing profit numbers might be popular choices. Moreover, choosing stocks based on a company’s effici ...

Key Takeaways Net profit, also referred to as the bottom line, is one of the key tools to determine the financial health of an enterprise. The metric demonstrates a company's ability to convert per-dollar sales into profits. A low profit margin indicates higher risks, implying that a revenue drop might dampen profits, pushing a company into the red. However, Catalyst Pharmaceuticals, Inc. (CPRX) , Gambling.com Group Limited (GAMB) , Orion Group Holdings, Inc. (ORN) and BrainsWay Ltd. (BWAY) boast solid net ...

Core Insights - Orion S.A. (OEC) plans to rationalize its carbon black production lines at three to five facilities in the Americas and EMEA by the end of 2025 to focus on higher-performing production lines [1][7] - The company has entered a long-term supply agreement with Contec S.A. to utilize tire pyrolysis oil (TPO) for producing circular carbon black, establishing itself as the only company using 100% TPO as feedstock [2] - The closure of underperforming assets aims to enhance operational efficiency and regain market share amid U.S. tariffs, EU anti-dumping investigations, and increased tire sector investments [3][7] Financial Performance - For Q2, OEC expects adjusted EBITDA between $270 million and $310 million, with adjusted EPS projected to be in the range of $1.20 to $1.70 [3] - The Zacks Consensus Estimate for OEC's 2025 earnings is $1.33, indicating a year-over-year decline of 24% [4] - Free cash flow guidance for the year is set at $40 million to $70 million [4] Stock Performance - OEC's stock has decreased by 47.1% over the past year, contrasting with a 3.4% rise in the industry [4] - OEC currently holds a Zacks Rank of 5 (Strong Sell) [6]

Company Overview - Orion Group Holdings, Inc. is a leading specialty construction company serving the infrastructure, industrial, and building sectors [2] - The company operates in the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin through its marine and concrete segments [2] - The marine segment provides construction and dredging services related to marine transportation facility construction, marine pipeline construction, and environmental structures [2] - The concrete segment offers turnkey concrete construction services, including site preparation, layout, forming, and rebar placement for large commercial and structural projects [2] - The company is headquartered in Houston, Texas, with regional offices strategically located across its operating areas [2] Financial Results Announcement - Orion Group Holdings, Inc. will issue its second quarter 2025 financial results after the close of the stock market on July 29, 2025 [1] - A conference call and audio webcast with analysts and investors will take place on July 30, 2025, at 9:00 a.m. Eastern Time to discuss the results [1]