Limbach(US:LMB)2025-11-04 22:22Financial Performance - Q3 2025 net income was $8.8 million, or $0.73 per diluted share, compared to $7.5 million, or $0.62 per diluted share in Q3 2024, representing a 17.4% increase[6]. - Total revenue increased 37.8% to $184.6 million from $133.9 million, driven by acquisitions and organic growth[6]. - Adjusted EBITDA for Q3 2025 was $21.8 million, up 25.6% from $17.3 million in Q3 2024[6]. - Operating income for the three months ended September 30, 2025, increased to $13,345,000, a 22.6% rise compared to $10,888,000 in 2024[17]. - Net income for the nine months ended September 30, 2025, was $26,764,000, compared to $21,033,000 for the same period in 2024, reflecting a 27.3% increase[21]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $54,585,000, up from $42,898,000 in 2024, reflecting a significant growth in operational performance[35]. - Operating income for the nine months ended September 30, 2025, was $31,898,000, representing a 24.6% increase from $25,610,000 in 2024[29]. - Adjusted diluted earnings per share for the nine months ended September 30, 2025, was $3.10, up from $2.46 in 2024[36]. Revenue Breakdown - Owner Direct Relationships (ODR) revenue rose 52.0% to $141.4 million, accounting for 76.6% of total revenue, with organic ODR revenue growth of 12.2%[6][7]. - The acquisition of Pioneer Power contributed $37.1 million to ODR revenue, with acquisition-related revenue accounting for 39.8% of the ODR segment's growth[7]. - Total revenue for the nine months ended September 30, 2025, was $459,932,000, representing a 22.6% increase from $375,131,000 in 2024[29]. - ODR revenue increased by 36.3% to $340,723,000, while GCR revenue decreased by 4.7% to $119,209,000[29]. - Acquisition-related revenue contributed $76,128,000 for the nine months ended September 30, 2025, accounting for 20.3% of total revenue growth[38]. Profitability Metrics - Total gross profit increased 23.7% to $44.7 million, with ODR gross profit rising 20.3% to $35.7 million[9]. - Total gross profit for the nine months ended September 30, 2025, was $121,230,000, a 20.4% increase from $100,710,000 in 2024[29]. - Adjusted EBITDA margin for the nine months ended September 30, 2025, was 11.9%, compared to 11.4% in 2024[35]. Expenses and Cash Flow - Selling, general and administrative (SG&A) expenses increased by approximately $4.6 million to $28.3 million, but SG&A as a percentage of revenue decreased to 15.3%[9]. - The company reported net cash from operating activities of $13.3 million, significantly up from $4.9 million in the prior year[6]. - The company reported a net cash provided by operating activities of $17,571,000 for the nine months ended September 30, 2025, compared to $17,494,000 for the same period in 2024[21]. Balance Sheet Highlights - The current ratio as of September 30, 2025, was 1.43x, slightly down from 1.46x at the end of 2024[8]. - Total current assets as of September 30, 2025, were $216,819,000, slightly down from $220,334,000 as of December 31, 2024[19]. - Total assets increased to $409,117,000 as of September 30, 2025, compared to $352,129,000 as of December 31, 2024[19]. - Total liabilities rose to $227,555,000 as of September 30, 2025, from $198,638,000 as of December 31, 2024[19]. - Cash and cash equivalents decreased to $9,818,000 as of September 30, 2025, down from $44,930,000 as of December 31, 2024[19].