Orion (US:ORN)2025-04-29 21:17Financial Performance - First quarter 2025 revenue increased 17% year-over-year to $189 million, with Adjusted EBITDA doubling to $8.2 million[4][6] - Contract revenues rose 17.4% to $188.7 million compared to $160.7 million in the same quarter last year[6][7] - GAAP net loss narrowed to $1.4 million ($0.04 per diluted share) from a loss of $6.1 million ($0.19 per diluted share) year-over-year[6][10] - Adjusted net income was $0.3 million ($0.01 per diluted share), compared to an adjusted net loss of $3.6 million ($0.11 per diluted share) in Q1 2024[6][10] - Adjusted net income for Q1 2025 was $260,000, compared to a loss of $3,592,000 in Q1 2024, reflecting a significant improvement[28] - Adjusted EBITDA for the three months ended March 31, 2025, was $8,166,000, a 100.5% increase from $4,074,000 in the same period of 2024[29] - The adjusted EBITDA margin improved to 4.3% in Q1 2025, compared to 2.5% in Q1 2024[29] Revenue and Backlog - New contract awards year-to-date totaled $349 million, with $161 million in Marine and $188 million in Concrete[5][6] - Total backlog increased to $839.7 million as of March 31, 2025, up from $729.1 million at the end of 2024[12] - Total contract revenues for the three months ended March 31, 2025, were $188,653,000, an increase of 17.4% from $160,672,000 in the same period of 2024[26] - The Marine segment generated total revenues of $127,163,000, up 19.6% from $106,325,000 in 2024, with public sector revenues increasing to $100,222,000, representing 78.8% of the segment[26] Guidance and Projections - The company reiterated full year 2025 revenue guidance of $800 million to $850 million and Adjusted EBITDA guidance of $42 million to $46 million[5] - Adjusted EBITDA guidance for the year ending December 31, 2025, is projected between $42,000,000 and $46,000,000[39] - Adjusted net income guidance for the year ending December 31, 2025, is estimated to be between $4,302,000 and $6,900,000[42] - Adjusted EPS is expected to range from $0.11 to $0.17 for the year ending December 31, 2025[42] Expenses and Profitability - Gross profit margin improved to 12.2% of revenue, up from 9.7% in Q1 2024, driven by better performance in the marine segment[8] - SG&A expenses increased to $22.5 million, representing 12.0% of total contract revenues, up from 11.8% in the prior year[9] - The Marine segment's adjusted EBITDA was $10,896,000, while the Concrete segment reported an adjusted EBITDA loss of $2,730,000 for the same period[32] Cash Flow and Liquidity - Cash flows used in operating activities for Q1 2025 were $(3,443,000), a significant improvement from $(22,825,000) in Q1 2024[34] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 were $12,956,000, compared to $4,638,000 at the end of Q1 2024, showing improved liquidity[36] - Cash and cash equivalents decreased to $12,956,000 from $28,316,000, a significant decline of about 54.1%[37] Assets and Liabilities - Total current assets decreased slightly to $267,022,000 as of March 31, 2025, from $269,328,000 at December 31, 2024, representing a decline of approximately 0.9%[37] - Accounts receivable increased to $142,201,000, up from $106,304,000, indicating a growth of about 33.8%[37] - Total liabilities decreased to $265,477,000 from $266,638,000, a reduction of approximately 0.4%[37] - Current liabilities increased to $193,669,000 from $191,173,000, reflecting a rise of approximately 1.3%[37] - Long-term debt decreased slightly to $22,042,000 from $22,751,000, a reduction of approximately 3.1%[37] - Total stockholders' equity remained relatively stable at $150,833,000 compared to $150,679,000, showing a slight increase of about 0.1%[37] Subsequent Events - Subsequent to the quarter end, the company secured an additional $51.2 million in new contract wins[13]