Bowman Reports Record Second Quarter 2025 Results

Core Insights - Bowman Consulting Group Ltd. reported strong financial results for the second quarter of 2025, highlighting significant growth and strategic progress driven by high demand in core verticals such as transportation, renewables, and energy transmission [2][3][11]. Financial Performance - Gross contract revenue for Q2 2025 was $122.1 million, a 17% increase from $104.5 million in Q2 2024 [7]. - Net service billing reached $108.0 million, up 15% from $94.0 million year-over-year [7]. - Adjusted EBITDA for Q2 2025 was $20.2 million, reflecting a 50.7% increase from $13.4 million in Q2 2024 [7]. - The adjusted EBITDA margin improved to 18.7%, a 440-basis point increase from 14.3% in the previous year [7]. - Net income for Q2 2025 was $6.0 million, compared to a net loss of $2.1 million in Q2 2024 [7]. Year-to-Date Performance - For the first six months of 2025, gross contract revenue was $235.0 million, an 18% increase from $199.4 million in the same period of 2024 [7]. - Net service billing for the first half of 2025 was $208.1 million, a 16% increase from $179.7 million [7]. - Adjusted EBITDA for the first six months was $34.7 million, a 36.1% increase from $25.5 million [7]. - The adjusted EBITDA margin for the first half improved to 16.7%, up 250 basis points from 14.2% [7]. Backlog and Future Outlook - The gross backlog increased to $438.2 million, a 24.7% rise from $351.4 million year-over-year [7]. - The company anticipates net revenue for fiscal year 2025 to be between $430 million and $442 million, with adjusted EBITDA expected to be between $71 million and $77 million [11]. Stock Repurchase and Capital Management - During Q2 2025, Bowman repurchased $6.7 million of common stock, with an average price of approximately $22.19 per share [8]. - A new share repurchase program was authorized, allowing for the repurchase of up to $25 million of common stock over a 12-month period starting June 9, 2025 [9]. Adjusted Earnings Per Share - For Q2 2025, the basic adjusted earnings per share (non-GAAP) was $0.56, compared to a loss of $0.03 in Q2 2024 [10]. - For the first half of 2025, the diluted adjusted earnings per share was $0.62, up from $0.16 in the same period of 2024 [10].