Southland (US:SLND)2026-03-26 21:28Financial Performance - Revenue for Q4 2025 was $104.0 million, a decrease of $163.3 million, or 61.1%, compared to Q4 2024 revenue of $267.3 million[6] - Gross loss for Q4 2025 was $193.4 million, compared to a gross profit of $7.7 million in Q4 2024, resulting in a gross margin decrease from 2.9% to (186.0)%[13] - Net loss attributable to stockholders for Q4 2025 was $216.4 million, or $(4.00) per share, compared to a net loss of $4.2 million, or $(0.09) per share in Q4 2024[6] - Full year 2025 revenue was $772.2 million, a decrease of $208.0 million, or 21.2%, compared to $980.2 million in 2024[17] - Full year 2025 gross loss was $155.3 million, compared to a gross loss of $63.0 million in 2024, with a gross margin decrease from (6.4)% to (20.1)%[18] - The company reported an EBITDA of $(202.2) million for Q4 2025, compared to $(2.7) million for Q4 2024[6] - The net loss attributable to Southland Stockholders for the year ended December 31, 2025, was $(306,540), compared to a net loss of $(105,365) for 2024[23] Backlog and Funding - The company reported an EBITDA of $(202.2) million for Q4 2025, compared to $(2.7) million for Q4 2024[6] - The company has a backlog of $2.03 billion, indicating ongoing project commitments[6] - The company secured approximately $116 million in funding from sureties to support ongoing bonded construction projects[9] - Recent project awards totaled $118 million, including a $48 million contract for critical utility infrastructure at a Southwest data center[9] - The backlog as of December 31, 2025, was $2,031,080, down from $2,572,912 at the end of 2024, after accounting for new contracts and revenue recognized[24] Assets and Liabilities - Total assets decreased to $989,280 as of December 31, 2025, from $1,203,649 as of December 31, 2024[27] - Current liabilities increased to $654,985 as of December 31, 2025, compared to $621,142 as of December 31, 2024[27] - Cash and cash equivalents decreased to $52,713 as of December 31, 2025, from $72,185 as of December 31, 2024[27] - The total stockholders' equity (deficit) as of December 31, 2025, was $(140,934), a decline from $163,658 as of December 31, 2024[27] Cash Flow and Expenses - The company reported net cash provided by operating activities of $16,581 for the year ended December 31, 2025, compared to $1,927 for the previous year[30] - Southland reported cash paid for income taxes of $1.163 billion, an increase from $1.561 million in the previous period[31] - Cash paid for interest was $35.281 million, compared to $28.047 million previously, indicating a rise in interest expenses[31] - Assets obtained in exchange for new leases amounted to $12.088 million, down from $18.718 million[31] - The company reported assets obtained in exchange for notes payable of $6.723 million, a decrease from $27.365 million[31] Strategic Plans and Future Outlook - The strategic plan includes a comprehensive restructuring of the senior credit facility, reducing debt service requirements by approximately $27 million over the next twelve months[9] - Southland's non-GAAP financial measures, including EBITDA, provide insights into financial trends and are not directly comparable to GAAP measures[35] - The company emphasizes that forward-looking statements are subject to uncertainties and risks that could materially affect actual results[37] - The company has no obligation to update forward-looking statements unless new information or developments arise[38] Company Background - The company has a long history dating back to 1900 and is a leading provider of specialized infrastructure construction services in North America[33] - Southland's financial results and trends are influenced by various economic conditions and future plans[37] Conference Call - Southland's conference call is scheduled for March 27, 2026, at 10:00 a.m. Eastern Time, with a replay available on its website[32]