Orion (US:ORN)2025-10-29 20:09Financial Performance - Revenue for Q3 2025 was $225.1 million, a decrease of 0.7% from $226.7 million in Q3 2024, but up 10% sequentially from $205.3 million in Q2 2025[6][7] - GAAP net income for Q3 2025 was $3.3 million, or $0.08 per diluted share, compared to $4.3 million, or $0.12 per diluted share, in Q3 2024[9] - Adjusted EBITDA for Q3 2025 was $13.1 million, down from $15.2 million in Q3 2024, but up 19% from $11.0 million in Q2 2025[10] - Contract revenues for Q3 2025 were $225,097,000, a slight decrease from $226,675,000 in Q3 2024, while year-to-date revenues increased to $619,037,000 from $579,514,000[25] - Gross profit for Q3 2025 was $29,752,000, up from $27,064,000 in Q3 2024, contributing to a year-to-date gross profit of $78,564,000 compared to $60,883,000 in the previous year[25] - Adjusted net income for Q3 2025 was $3,459,000, compared to $5,642,000 in Q3 2024, while year-to-date adjusted net income improved to $6,400,000 from a loss of $1,884,000[27] - Adjusted EBITDA for Q3 2025 was $13,132,000, down from $15,211,000 in Q3 2024, with an adjusted EBITDA margin of 5.8% compared to 6.7% in the prior year[31] - Basic income per share for Q3 2025 was $0.08, down from $0.12 in Q3 2024, while diluted income per share also remained at $0.08 compared to $0.12 in the prior year[25] Guidance and Projections - The company increased its full-year 2025 revenue guidance to a range of $825 million to $860 million, up from the previous range of $800 million to $850 million[5] - Adjusted EPS guidance for FY 2025 was raised to a range of $0.18 to $0.22, compared to the prior guidance of $0.11 to $0.17[5] - Adjusted EBITDA for the year ending December 31, 2025, is estimated to be between $44,000,000 and $46,000,000[38] - Adjusted net income for the year ending December 31, 2025, is projected to range from $7,226,000 to $8,904,000, with an adjusted EPS between $0.18 and $0.22[41] Debt and Cash Flow - As of September 30, 2025, total debt outstanding was $23.6 million, with no borrowings under the revolving credit facility[12] - The company closed the sale of its East and West Jones property for $23.5 million, with proceeds expected to reduce debt and support general corporate purposes[15] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $14,260,000, a significant improvement from a cash outflow of $687,000 in the same period of 2024[35] - The company reported a net loss of $8,398,000 for the nine months ended September 30, 2024, which improved to a net income of $2,728,000 in the same period of 2025[35] - The company experienced a net change in cash of $(23,399,000) for the nine months ended September 30, 2025, compared to $(19,890,000) for the same period in 2024[35] Assets and Liabilities - As of September 30, 2025, total assets increased to $422,375,000 from $417,317,000 as of December 31, 2024, reflecting a growth of approximately 1.4%[36] - Current assets remained stable at $269,740,000 compared to $269,328,000 in the previous period, indicating a slight increase of 0.2%[36] - Accounts receivable increased significantly to $164,911,000 from $106,304,000, representing a growth of approximately 55%[36] - Total liabilities decreased slightly to $264,485,000 from $266,638,000, a reduction of about 0.8%[36] - Current liabilities increased to $197,840,000 from $191,173,000, marking an increase of approximately 3.5%[36] - The company reported a retained loss of $60,963,000 as of September 30, 2025, an improvement from $63,691,000 at the end of 2024[36] - Long-term debt remained relatively stable at $22,564,000 compared to $22,751,000 in the previous period[36] - The company has a current debt of $1,044,000, which is an increase from $426,000 as of December 31, 2024[36] Segment Performance - The company booked awards and change orders totaling $160 million in Q3 2025, with a balanced distribution between Marine and Concrete segments[4][11] - Backlog as of September 30, 2025, was $679 million, down from $691 million in the same period last year, with significant new awards in both Marine and Concrete segments[11] - The Marine segment reported contract revenues of $142,942,000 in Q3 2025, an increase from $140,013,000 in Q3 2024, while the Concrete segment saw a decline to $82,155,000 from $86,662,000[32] - Operating income for the Marine segment improved to $10,985,000 in Q3 2025 from $5,485,000 in Q3 2024, while the Concrete segment reported an operating loss of $5,664,000 compared to a profit of $2,296,000 in the previous year[32]