Sterling Infrastructure(US:STRL)2026-02-26 14:11Revenue Concentration - E-Infrastructure Solutions segment revenue concentration: top four customers accounted for 27% in 2025, 31% in 2024, and 40% in 2023[30] - Transportation Solutions segment revenue concentration: top four state DOTs accounted for 58% in 2025, 47% in 2024, and 50% in 2023[31] - Building Solutions segment revenue concentration: top four customers accounted for 45% in 2025, 36% in 2024, and 42% in 2023[32] Financial Performance - Backlog value increased to $3.01 billion in 2025 from $1.69 billion in 2024, with approximately $300.7 million in unsigned awards[36] - Company had $292.5 million in variable rate debt; a 100-basis point change in interest rates would affect interest expense by approximately $2.9 million annually[213] - Cash and cash equivalents stood at $390.7 million; a 100-basis point change in interest rates would impact interest income by approximately $3.9 million annually[213] - Inflation has led to increased costs in oil, fuel, lumber, concrete, steel, and labor, negatively impacting financial results since 2021[215] Workforce and Operations - Approximately 4,400 employees as of December 31, 2025, with a turnover rate typical in the construction industry[47][48] - Company’s contracts are primarily fixed-unit price or lump sum, with substantial backlog contracted under these terms[37] - Company maintains adequate insurance coverage and bonding requirements for its operations, which are essential for contract performance[40][41]