Bowman(US:BWMN)2025-11-05 21:46Financial Performance - Gross contract revenue for Q3 2025 was $126.0 million, an 11% increase from $113.9 million in Q3 2024[6] - Net income for the first nine months of 2025 was $10.9 million, compared to a net loss of $2.9 million in the same period of 2024[6] - Adjusted EBITDA for Q3 2025 was $18.3 million, a 7.6% increase from $17.0 million in Q3 2024[6] - Gross Contract Revenue for the three months ended September 30, 2025, was $126,033 thousand, an increase of 10.5% compared to $113,932 thousand for the same period in 2024[21] - Net income for the nine months ended September 30, 2025, was $10,883 thousand, a significant recovery from a net loss of $2,869 thousand in the same period of 2024[23] - Adjusted net income attributable to common shareholders for the nine months ended September 30, 2025, was $20,602 thousand, compared to $7,586 thousand for the same period in 2024, reflecting a growth of 171.5%[26] - Basic earnings per share (EPS) for the three months ended September 30, 2025, was $0.38, compared to $0.04 for the same period in 2024, marking a substantial increase[26] - Adjusted earnings per share (EPS) for the nine months ended September 30, 2025, was $1.26, compared to $0.49 for the same period in 2024, indicating a strong performance[26] - Net income for Q3 2025 was $6.618 million, compared to $771,000 in Q3 2024, resulting in a net margin of 5.3%[29] Revenue Growth - The gross backlog increased to $447.7 million, representing a 17.9% increase from $379.8 million year-over-year[6] - Organic net service billing growth for the first nine months of 2025 was 10.6%, compared to 5.6% in the same period of 2024[6] - For the nine months ended September 30, 2025, gross contract revenue was $361.054 million, up 15.2% from $313.341 million in the same period of 2024[32] - Net service billing for Q3 2025 was $112.087 million, an increase of 10.6% from $101.363 million in Q3 2024[29] - The Transportation segment saw a significant increase, with gross revenue of $26.262 million in Q3 2025, a 20.2% increase from $21.851 million in Q3 2024[32] - The Power and Utilities segment also grew, reporting $27.583 million in Q3 2025, a 16.6% increase from $23.660 million in Q3 2024[32] Cash Flow and Expenses - Cash flows from operations for the first nine months of 2025 were $26.5 million, up from $12.4 million in the same period of 2024[6] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $26,471 thousand, up from $12,382 thousand in the same period of 2024[23] - Total operating expenses for the three months ended September 30, 2025, were $61,632 thousand, an increase from $59,217 thousand in the same period of 2024[21] - The company reported a total of $5,764 thousand in other expenses for the nine months ended September 30, 2025, compared to $6,000 thousand in the same period of 2024[21] - The company incurred $1,961 thousand in acquisitions of businesses, net of cash acquired, for the nine months ended September 30, 2025, compared to $23,327 thousand in the same period of 2024[23] Future Projections - The company reaffirmed its fiscal year 2025 guidance with net revenue expected between $430 million and $442 million[10] - For fiscal year 2026, the company projects net revenue of $465 million to $480 million with an adjusted EBITDA margin of 17.0% to 17.5%[10] Acquisitions and Strategic Moves - Bowman acquired Sierra Overhead Analytics and Lazen Power Engineering, enhancing its energy practice and power utility capabilities[12] - The company executed a second amendment to its revolving credit facility, increasing the maximum amount available to $210.0 million[12] Backlog and Revenue Segmentation - The company reported a total gross backlog of $361.054 million as of September 30, 2025, with Building Infrastructure representing 38% of the backlog[41] - The company experienced a decrease in acquired revenue, which fell to $4.403 million in Q3 2025, down 81.1% from $23.332 million in Q3 2024[32]