Financial Performance - Revenue for Q2 2025 was $215.4 million, a decrease of $36.1 million, or 14.4%, compared to $251.5 million in Q2 2024[5] - Gross profit for Q2 2025 was $13.4 million, compared to a gross loss of $40.0 million in Q2 2024, resulting in a gross profit margin of 6.2%[5] - Net loss attributable to stockholders for Q2 2025 was $10.3 million, or $(0.19) per share, compared to a net loss of $46.1 million, or $(0.96) per share in Q2 2024[5] - EBITDA for Q2 2025 was $4.2 million, a significant improvement from $(49.9) million in Q2 2024[5] - Revenue for the first half of 2025 was $454.9 million, down $84.7 million, or 15.7%, from $539.6 million in the first half of 2024[12] - Gross profit for the first half of 2025 was $34.8 million, compared to a gross loss of $19.6 million in the first half of 2024, with a gross margin increase from (3.6)% to 7.7%[13] - Net loss for the six months ended June 30, 2025, was $12,676,000, an improvement compared to a net loss of $44,830,000 for the same period in 2024[22] Backlog and Segments - The backlog as of June 30, 2025, was $2.32 billion, reflecting ongoing project opportunities[5] - Civil segment revenue for Q2 2025 was $81.5 million, representing 37.9% of total revenue, while Transportation segment revenue was $133.9 million, or 62.1%[15] Expenses and Liabilities - Selling, general, and administrative expenses for Q2 2025 were $13.6 million, a decrease of $2.1 million, or 13.4%, compared to Q2 2024[9] - Interest expense for Q2 2025 was $9.98 million, compared to $6.72 million in Q2 2024, indicating increased financing costs[5] - Total current liabilities increased from $621,142,000 as of December 31, 2024, to $636,662,000 as of June 30, 2025, an increase of approximately 2.7%[20] Assets and Equity - Total assets decreased from $1,203,649,000 as of December 31, 2024, to $1,185,268,000 as of June 30, 2025, a decline of approximately 1.5%[20] - Cash and cash equivalents decreased from $72,185,000 as of December 31, 2024, to $46,517,000 as of June 30, 2025, a decline of approximately 35.5%[20] - Total stockholders' equity decreased from $163,658,000 as of December 31, 2024, to $151,117,000 as of June 30, 2025, a decline of approximately 7.7%[20] Cash Flow - Net cash provided by operating activities for the six months ended June 30, 2025, was $996,000, a significant decrease from $17,534,000 in the same period of 2024[22] - Cash flows from investing activities provided $758,000 for the six months ended June 30, 2025, compared to $2,982,000 for the same period in 2024[22] - Net cash used in financing activities was $26,101,000 for the six months ended June 30, 2025, compared to $15,098,000 for the same period in 2024, indicating increased financing outflows[22] Future Plans - The company plans to host a conference call on August 13, 2025, to discuss financial results and future strategies[24] - Southland continues to focus on specialized infrastructure construction services, serving various end markets including transportation and water treatment[25]
LEGATO(LGTO) - 2025 Q2 - Quarterly Results