Gulf Island Fabrication(GIFI) - 2025 Q3 - Quarterly Results

Financial Performance - Consolidated revenue for Q3 2025 was $51.5 million, a 37.5% increase from $37.6 million in Q3 2024[7] - Adjusted EBITDA for Q3 2025 was $2.5 million, down from $2.9 million in the prior year period[7] - Revenue for Q3 2025 was $51,540,000, compared to $37,538,000 in Q2 2025 and $37,640,000 in Q3 2024, marking a 37% increase from the previous quarter[28] - Gross profit for Q3 2025 was $4,880,000, up from $3,561,000 in Q2 2025 and $4,656,000 in Q3 2024, indicating a 37% increase quarter-over-quarter[28] - Net income for Q3 2025 was $1,559,000, a recovery from a net loss of $574,000 in Q2 2025 and a decrease from $2,317,000 in Q3 2024[28] - Basic income per share for Q3 2025 was $0.10, compared to a loss of $0.04 in Q2 2025 and a profit of $0.14 in Q3 2024[28] - The company reported an operating income of $1,146,000 in Q3 2025, recovering from an operating loss of $1,079,000 in Q2 2025[28] - For the three months ended September 30, 2025, the operating loss was $1,828 million, an improvement from a loss of $3,055 million in the previous quarter[33] - Adjusted EBITDA for the nine months ended September 30, 2025, was a loss of $4,728 million, compared to a loss of $5,808 million for the same period in 2024[33] Revenue Breakdown - Services division revenue increased by $1.2 million, or 6.2%, to $21.5 million, primarily due to the Englobal government services business[8] - Fabrication division revenue rose by $13.4 million, or 78.6%, to $30.6 million, driven by large structural steel components projects[11] - Operating income for the services division was $0.8 million, down from $1.4 million in Q3 2024[10] - Fabrication division's EBITDA increased to $2.9 million, up from $2.7 million in the prior year period[12] - The Services Division reported revenue of $21,494,000 in Q3 2025, slightly down from $21,978,000 in Q2 2025 but up from $20,245,000 in Q3 2024[32] - The Fabrication Division achieved revenue of $30,551,000 in Q3 2025, a substantial increase from $15,845,000 in Q2 2025 and $17,110,000 in Q3 2024, representing a 93% increase quarter-over-quarter[32] Cash and Debt Position - The company had a cash and short-term investments balance of $64.6 million as of September 30, 2025[14] - Total debt stood at $19.0 million, with an estimated fair value of $13.3 million[14] - Total current assets increased to $118,242 thousand as of September 30, 2025, up from $105,409 thousand at December 31, 2024[38] - Cash and cash equivalents decreased to $23,206 thousand as of September 30, 2025, down from $27,284 thousand at December 31, 2024[38] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $7,614 thousand, compared to $15,943 thousand for the same period in 2024[40] - Total liabilities increased to $52,422 thousand as of September 30, 2025, from $40,114 thousand at December 31, 2024[38] Acquisition and Integration - The company entered into a definitive agreement to be acquired by IES Holdings, Inc., with shareholders set to receive $12.00 per share in cash[17] - The company incurred transaction and integration costs of $0.1 million for the three months ended September 30, 2025, related to the Englobal Acquisition[34] Project Awards and Inventory - New project awards for Q3 2025 reached $81,474,000, a significant increase from $32,131,000 in Q2 2025 and $36,902,000 in Q3 2024, representing a year-over-year growth of 120%[28] - Inventory increased to $2,716 thousand as of September 30, 2025, compared to $1,907 thousand at December 31, 2024[38] - The company reported a significant gain of $2.9 million from the sale of excess property in the Fabrication division for the nine months ended September 30, 2024[34]