Orion (US:ORN)2025-07-30 15:34Financial Performance - Contract revenues for Q2 2025 were $205.3 million, an increase of $13.1 million or 6.8% compared to $192.2 million in Q2 2024, driven by new awards and higher volume across marine and concrete segments [99]. - Gross profit for Q2 2025 was $25.8 million, up $7.5 million or 41.1% from $18.3 million in Q2 2024, primarily due to increased revenue and improved marine project performance [100]. - The net income for Q2 2025 was $841, compared to a net loss of $6.6 million in Q2 2024, indicating a significant improvement in financial performance [99]. - For the six months ended June 30, 2025, contract revenues were $393.9 million, an increase of $41.1 million or 11.6% compared to $352.8 million in the prior year period [106]. - Total contract revenues for the six months ended June 30, 2025 were $393.9 million, an increase of $41.1 million or 11.6% compared to $352.8 million for the same period in 2024 [117]. Segment Performance - The marine segment revenues for Q2 2025 were $135.3 million, an increase of $4.3 million or 3.3% from $131.0 million in Q2 2024, due to new awards and higher volume on marine construction contracts [113]. - Concrete segment revenues for Q2 2025 were $70.0 million, an increase of $8.8 million or 14.3% compared to $61.2 million in Q2 2024, driven by new awards and higher volume on concrete contracts [115]. - Operating income for the marine segment in Q2 2025 was $6.2 million, a turnaround from an operating loss of $5.5 million in Q2 2024, reflecting improved project execution [114]. - Operating income for the marine segment for the six months ended June 30, 2025 was $11.0 million, an increase of $21.3 million compared to an operating loss of $10.3 million for the same period in 2024 [119]. - Operating loss for the concrete segment for the six months ended June 30, 2025 was $6.7 million, a decrease of $11.1 million compared to operating income of $4.4 million for the same period in 2024 [122]. Backlog and Capacity - The consolidated backlog as of June 30, 2025, was $745.7 million, compared to $729.1 million as of December 31, 2024, with the marine segment backlog at $554.8 million and concrete segment backlog at $190.9 million [98]. - Revenues for the marine segment for the six months ended June 30, 2025 were $262.5 million, an increase of $25.2 million or 10.6% compared to $237.3 million for the same period in 2024 [118]. - The company had a bonding capacity of $1.1 billion as of June 30, 2025, with approximately $485 million of projects being bonded [131]. Expenses and Cash Flow - SG&A expenses for Q2 2025 were $22.8 million, an increase of $1.7 million or 7.8% from $21.1 million in Q2 2024, attributed to increased spending to support business growth [101]. - Cash flows used in operating activities for the six months ended June 30, 2025 were $(9.0) million, compared to $(38.2) million for the same period in 2024 [126]. - As of June 30, 2025, the company had unrestricted cash on hand of $1.7 million and working capital of $76.9 million [123]. - The company had $33.0 million in outstanding borrowings under its Credit Agreement as of June 30, 2025, with a weighted average interest rate of 10.25% [136]. - The company believes it will have adequate liquidity for its operations for at least the next 12 months as of June 30, 2025 [124]. Capital Expenditures - Capital asset additions for the six months ended June 30, 2025 were $16.2 million, compared to $6.5 million for the same period in 2024 [128].