Southland (US:SLND)2025-11-12 21:36Financial Performance - Revenue for Q3 2025 was $213.3 million, an increase of $40.0 million, or 23.1%, compared to $173.3 million in Q3 2024[5] - Gross profit for Q3 2025 was $3.3 million, compared to a gross loss of $51.1 million in Q3 2024, resulting in a gross profit margin of 1.5%[5] - Net loss attributable to stockholders for Q3 2025 was $75.3 million, or $(1.39) per share, compared to a net loss of $54.7 million, or $(1.14) per share in Q3 2024[5] - EBITDA for Q3 2025 was $(3.5) million, an improvement from $(58.7) million in Q3 2024[5] - For the nine months ended September 30, 2025, revenue was $668.2 million, a decrease of $44.7 million, or 6.3%, compared to $712.9 million in the same period of 2024[13] - Gross profit for the nine months ended September 30, 2025, was $38.1 million, compared to a gross loss of $70.7 million for the same period in 2024, resulting in a gross margin of 5.7%[14] - Net loss for the nine months ended September 30, 2025, was $89,659 thousand, an improvement from a net loss of $102,959 thousand for the same period in 2024, reflecting a reduction of about 12.3%[24] Backlog and Revenue Segmentation - Backlog as of September 30, 2025, was $2.26 billion, down from $2.57 billion at the end of 2024[5][19] - The Civil segment generated $99.5 million in revenue for Q3 2025, representing 46.6% of total revenue, while the Transportation segment contributed $113.9 million, or 53.4%[16] - The company has a significant backlog, which is a key indicator of future revenue, although specific figures were not disclosed in the provided content[29] Expenses and Liabilities - Selling, general, and administrative expenses for Q3 2025 were $14.6 million, a decrease of $2.9 million, or 16.6%, compared to Q3 2024[10] - Total current liabilities increased to $671,958 thousand as of September 30, 2025, compared to $621,142 thousand as of December 31, 2024, marking an increase of about 8.2%[21] - Cash paid for interest increased to $26,781 thousand for the nine months ended September 30, 2025, compared to $18,886 thousand for the same period in 2024, reflecting an increase of about 41.7%[24] Cash Flow and Assets - Cash and cash equivalents decreased to $40,482 thousand as of September 30, 2025, down from $72,185 thousand as of December 31, 2024, indicating a decline of approximately 43.9%[21] - Total assets decreased to $1,136,068 thousand as of September 30, 2025, from $1,203,649 thousand as of December 31, 2024, representing a decline of approximately 5.6%[21] - Accounts receivable, net increased to $195,072 thousand as of September 30, 2025, from $179,320 thousand as of December 31, 2024, indicating an increase of approximately 8.8%[21] - Long-term debt decreased to $216,443 thousand as of September 30, 2025, from $255,625 thousand as of December 31, 2024, representing a decline of about 15.3%[21] Company Overview and Future Outlook - Southland reported a net income of $5.585 billion for the latest fiscal year, compared to a loss of $3.797 billion in the previous year[25] - Southland is a leading provider of specialized infrastructure construction services, with operations across various sectors including bridges, tunneling, and water treatment[27] - The company will host a conference call on November 13, 2025, to discuss its financial results and future outlook[26] - Southland emphasizes the importance of non-GAAP financial measures, such as EBITDA, to provide insights into its financial performance[29] - Forward-looking statements indicate that Southland's future performance may be subject to uncertainties and risks that could impact actual results[31] - The company has no obligation to update forward-looking statements unless new information or developments arise[32] - Southland's financial measures may not be directly comparable to those of other companies due to different calculation methods[29] - The company is headquartered in Grapevine, Texas, and has a long history dating back to 1900[27] Investor Relations - Southland's investor relations contacts include Keith Bassano, CFO, and Alex Murray, Corporate Development & Investor Relations[33]