Financial Performance - Third quarter 2025 revenue was $473.9 million, a 56% increase compared to 2024 combined revenue of $303.0 million[6] - Reported net loss for Q3 2025 was $13.9 million, an 86% improvement from the 2024 combined net loss of $98.8 million[6] - Adjusted EBITDA for Q3 2025 was $77.3 million, reflecting a 51% increase from the 2024 combined Adjusted EBITDA of $51.3 million[6] - Revenue for the three months ended September 30, 2025, was $473,888 thousand, a significant increase from $201,485 thousand in the same period last year, representing a growth of 135%[35] - Gross profit for the nine months ended September 30, 2025, was $270,497 thousand, compared to $161,985 thousand for the same period last year, indicating a year-over-year increase of 67%[38] - The net loss for the three months ended September 30, 2025, was $13,890 thousand, a reduction from a net loss of $89,824 thousand in the same period last year[35] - Net loss for the three months ended September 30, 2025, was $13.89 million, and for the nine months, it was $39.92 million[48] - Adjusted EBITDA for the three months ended September 30, 2025, was $77.31 million, with an adjusted EBITDA margin of 16.3%[48] - Revenue growth for the three months ended September 30, 2025, was reported at 56.4%, with an organic change in revenue of 0.2%[53] - For the nine months ended September 30, 2025, revenue growth was 22.3%, with an organic change in revenue of 3.3%[53] Liquidity and Capital Structure - Total liquidity as of September 30, 2025, was $282.9 million, including cash and cash equivalents of $164.4 million[9] - The company completed a $250 million private placement of approximately 20.8 million shares at $12.00 per share in October 2025[10] - Long-term debt, net of current portion, increased to $1,590,943 thousand as of September 30, 2025, from $747,048 thousand at the end of 2024, representing a rise of 113%[33] - Cash and cash equivalents rose to $164,432 thousand at the end of September 2025, compared to $139,134 thousand at the end of 2024, marking an increase of 18%[33] Guidance and Projections - Full-year 2025 revenue guidance is projected between $1.53 billion and $1.565 billion[15] - Full-year 2025 Adjusted EBITDA guidance is expected to be between $240 million and $250 million[15] Cost Management and Synergies - The company has increased its identified cost synergy target from $20 million to $25 million following the NV5 merger[5] - The company is focused on executing its integration plan while balancing synergy capture with continued investment in growth[9] Expenses and Costs - Selling, general and administrative expenses for the three months ended September 30, 2025, totaled $140.49 million, with adjusted SG&A expenses at $93.35 million[58] - Adjusted SG&A expenses as a percentage of revenue for the three months ended September 30, 2025, was 19.7%[58] - Interest expense for the three months ended September 30, 2025, was $26.52 million, and for the nine months, it was $57.98 million[48] - Depreciation and amortization expense for the three months ended September 30, 2025, was $51.13 million[48] - Acquisition-related transaction and integration expenses for the three months ended September 30, 2025, were $23.93 million[48] - The company incurred business transformation costs of $1.46 million for the three months ended September 30, 2025[48] Merger and Integration - The merger with NV5 is expected to provide significant diversification and enhance client relationships across various end markets[4]
Acuren Corp(TIC) - 2025 Q3 - Quarterly Results