Orion Group Holdings Reports Third Quarter 2026 Results
| Quarter Ended | |||||
| Amounts in millions, except per share information | September 30, | September 30, | |||
| 2026 | 2025 | ||||
| Revenue | $ | 256.2 | $ | 225.1 | |
| GAAP Net Income | $ | 5.5 | $ | 3.3 | |
| GAAP Earnings Per Share (“EPS”) | $ | 0.14 | $ | 0.08 | |
| Adjusted EBITDA | $ | 17.9 | $ | 13.1 | |
| Adjusted EPS | $ | 0.12 | $ | 0.09 |
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
Contract revenues of $256.2 million in the third quarter of 2026 increased $31.1 million, or 14%, from $225.1 million in the third quarter of last year. The increase was driven by double-digit growth in both operating segments reflecting highly active projects, disciplined execution, favorable operating conditions, and the acquisition of J.E. McAmis.
Gross profit was $33.1 million in the third quarter of 2026, an increase of $3.3 million, or 11%, from $29.8 million in the third quarter of 2025. The increase was primarily driven by higher revenue volume and increased profitability in our Concrete segment attributable to strong execution, partially offset by Marine close-out benefits in 2025 that did not recur in 2026.
Selling, general and administrative expenses were $24.7 million for the third quarter of 2026, down from $25.1 million in the third quarter of last year.
GAAP net income for the quarter ended September 30, 2026, was $5.5 million, or $0.14 per diluted share, compared to $3.3 million, or $0.08 per diluted share, in the third quarter of last year.
Adjusted EBITDA for the third quarter of 2026 increased 37% to $17.9 million, compared to $13.1 million in the third quarter of 2025.
Backlog
| Amounts in millions | September 30, | December 31, | |||
| 2026 | 2025 | ||||
| Marine | $ | 506 | $ | 480 | |
| Concrete | 139 | 160 | |||
| Total | $ | 645 | $ | 640 |
Third quarter 2026 backlog included approximately $179 million in new awards. Third quarter Marine awards included a significant wharf repair for the U.S. Navy, the next phase of construction on the North Jetty project, and two projects in Hawaii. Recent Concrete awards included a large concrete paving package, new phases of data center campuses, a college research building, and a water treatment plant.
The Company won positions on two new MACC contract vehicles. The first is on the $9 billion U.S. Navy VENTI MACC, the largest procurement action in Naval Facilities Engineering Systems Command (“NAVFAC”) Northwest's history that encompasses a broad range of major construction projects across the region. The second is on the $700 million NAVFAC Northwest Waterfront MACC that is focused on the construction, repair and modernization of piers, wharves and other critical waterfront infrastructure. These programs are strategically important because they limit the pool of qualified contractors competing for future potential task orders under large federal programs.
Balance Sheet Update
As of September 30, 2026, working capital was $81 million, including unrestricted cash and cash equivalents of $5.7 million. Total debt outstanding was $109 million, with $83 million of outstanding borrowings under the UMB Credit Facility.
FY 2026 Guidance
The following forward-looking guidance reflects the Company's current expectations and beliefs as of October 27, 2026, and is subject to change. The following statements apply only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included elsewhere in this press release.
| Estimated Range for Full-Year Ended | ||||||||
| December 31, 2026 | ||||||||
| Amounts in millions, except per share information and percentages | Low | High | Annual Growth | |||||
| Estimate | Estimate | at Midpoint | ||||||
| Revenue | $ | 900 | $ | 950 | 9 | % | ||
| Adjusted EBITDA | $ | 50 | $ | 54 | 15 | % | ||
| Adjusted EPS | $ | 0.23 | $ | 0.30 | 6 | % | ||
| Capital Expenditures | $ | 25 | $ | 35 | - |
Conference Call Details
Orion Group Holdings will host a conference call to discuss the third quarter 2026 financial results at 9:00 a.m. Eastern Time/8:00 a.m. Central Time on Wednesday, October 28, 2026. To participate, please call (844) 481-2994 and ask for the Orion Group Holdings conference call. A live audio webcast of the call will also be available on the Investor Relations section of Orion's website at and will be archived for replay.
About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through its Marine segment and its Concrete segment. The Company's Marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design and specialty services. Its Concrete segment provides turnkey concrete construction services including place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas. The Company's website is located at: .
Backlog Definition
Backlog consists of projects under contract that have either (a) not been started, or (b) are in progress but are not yet complete. The Company cannot guarantee that the revenue implied by its backlog will be realized, or, if realized, will result in earnings or profitability. Backlog can fluctuate from period to period due to the timing and execution of contracts. The typical duration of the Company's Concrete projects ranges from six to twelve months and Marine projects range from 18 to 24 months. The Company's backlog at any point in time includes both revenue it expects to realize during the next twelve-month period as well as revenue it expects to realize in future years.
Non-GAAP Financial Measures
This press release includes the financial measures“adjusted net income/loss,”“adjusted earnings/loss per share,”“EBITDA,”“Adjusted EBITDA,” and“Adjusted EBITDA margin.” These measurements are determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”) and are“non-GAAP financial measures” under rules of the U.S. Securities and Exchange Commission, including Regulation G. The non-GAAP financial information may be determined or calculated differently by other companies that use similarly titled measures. By reporting such non-GAAP financial information, the Company does not intend to give such information greater prominence than comparable GAAP financial information. Investors are urged to consider these non-GAAP measures in addition to and not in substitute for measures prepared in accordance with GAAP.
Adjusted net income/loss and adjusted earnings/loss per share should not be viewed as an equivalent financial measure to net income/loss or earnings/loss per share. Adjusted net income/loss and adjusted earnings/loss per share exclude certain items that management believes are one-time items whose timing or amount cannot be reasonably estimated, or items not indicative of core operating performance The Company believes these adjusted financial measures are a useful supplement to earnings/loss calculated in accordance with GAAP.
Orion defines EBITDA as net income/loss before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by adjusting EBITDA for certain items that management believes are one-time items or items whose timing or amount cannot be reasonably estimated, such as non-cash share-based compensation, enterprise resource planning implementation, severance, process improvement initiatives and acquisition and integration costs. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA for the period by contract revenues for the period. The GAAP financial measure that is most directly comparable to EBITDA and Adjusted EBITDA is net income, while the GAAP financial measure that is most directly comparable to Adjusted EBITDA margin is operating margin, which represents operating income divided by contract revenues. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are used internally to evaluate current operating expense, operating efficiency, and operating profitability on a variable cost basis, by excluding the depreciation and amortization expenses, primarily related to capital expenditures and acquisitions, and net interest and tax expenses. Additionally, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin provide useful information regarding the Company's ability to meet future debt service and working capital requirements while providing an overall evaluation of the Company's financial condition. In addition, EBITDA is used internally for incentive compensation purposes. The Company includes EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to provide transparency to investors as they are commonly used by investors and others in assessing performance. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin have certain limitations as analytical tools and should not be used as a substitute for operating margin, net income, cash flows, or other data prepared in accordance with GAAP, or as a measure of the Company's profitability or liquidity.
Forward-Looking Statements
The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the“safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, of which provisions the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as“believes,”“expects,”“may,”“will,”“could,”“should,”“seeks,”“approximately,”“intends,”“plans,”“estimates,” or“anticipates,” or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, guidance, outlook, assumptions, or goals. In particular, statements regarding our pipeline of opportunities, achievement of strategic priorities, position for growth, financial guidance and future operations or results, including those set forth in this press release, and any other statement, express or implied, concerning financial guidance or future operating results or the future generation of or ability to generate revenues, income, net income, gross profit, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, or cash flow, including to service debt or maintain compliance with debt covenants, and including any estimates, guidance, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward-looking statements also include project award announcements, estimated project start dates, ramp-up of contract activity and exercise of contract options, which may or may not be awarded in the future. Forward-looking statements involve risks, including those associated with the Company's fixed price contracts that impact profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints, and any potential contract options that may or may not be awarded in the future, and are at the sole discretion of award by the customer, integration risk, availability of liquidity, labor availability, labor-cost inflation, subcontractor performance, equipment availability, and supply-chain disruptions. The selection of the Company as one of multiple qualified contractors on MACC contracts may not result in the Company being awarded work or generating revenues or profit from any awarded work. Past performance is not necessarily an indicator of future results. Considering these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company's plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise, except as required by law.
Please refer to the Company's 2025 Annual Report on Form 10-K, filed on March 4, 2026 which is available on its website at or at the SEC's website at , and filings and press releases subsequent to such Annual Report on Form 10-K for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.
Contact:
Margaret Boyce
346-278-3762
...
Source: Orion Group Holdings, Inc .
| Orion Group Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In Thousands, Except Share and Per Share Information) (Unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Contract revenues | $ | 256,152 | $ | 225,097 | $ | 694,331 | $ | 619,037 | ||||||||
| Costs of contract revenues | 223,012 | 195,345 | 612,385 | 540,473 | ||||||||||||
| Gross profit | 33,140 | 29,752 | 81,946 | 78,564 | ||||||||||||
| Selling, general and administrative expenses | 24,727 | 25,059 | 75,831 | 70,378 | ||||||||||||
| Gain on disposal of assets, net | (108 | ) | (628 | ) | (296 | ) | (1,400 | ) | ||||||||
| Operating income | 8,521 | 5,321 | 6,411 | 9,586 | ||||||||||||
| Other (expense) income: | ||||||||||||||||
| Interest expense | (2,950 | ) | (2,120 | ) | (6,986 | ) | (7,373 | ) | ||||||||
| Other income | 290 | 417 | 600 | 761 | ||||||||||||
| Other expense, net | (2,660 | ) | (1,703 | ) | (6,386 | ) | (6,612 | ) | ||||||||
| Income before income taxes | 5,861 | 3,618 | 25 | 2,974 | ||||||||||||
| Income tax expense (benefit) | 388 | 317 | (5,990 | ) | 246 | |||||||||||
| Net income | $ | 5,473 | $ | 3,301 | $ | 6,015 | $ | 2,728 | ||||||||
| Basic income per share | $ | 0.14 | $ | 0.08 | $ | 0.15 | $ | 0.07 | ||||||||
| Diluted income per share | $ | 0.14 | $ | 0.08 | $ | 0.15 | $ | 0.07 | ||||||||
| Shares used to compute income per share | ||||||||||||||||
| Basic | 40,512,146 | 39,776,096 | 40,368,555 | 39,535,151 | ||||||||||||
| Diluted | 40,518,633 | 39,787,227 | 40,385,830 | 39,544,405 |
| Orion Group Holdings, Inc. and Subsidiaries Reconciliation of Adjusted Net Income (In Thousands, Except Per Share Information) (Unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net income | $ | 5,473 | $ | 3,301 | $ | 6,015 | $ | 2,728 | ||||||||
| Adjusting items and the tax effects: | ||||||||||||||||
| Non-cash share-based compensation | 2,094 | 1,376 | 5,487 | 4,018 | ||||||||||||
| Enterprise resource planning (“ERP”) implementation | - | 301 | 135 | 1,131 | ||||||||||||
| Severance | 21 | 31 | 21 | 608 | ||||||||||||
| Process improvement initiatives | - | - | - | 138 | ||||||||||||
| Acquisition and integration costs | 187 | - | 1,821 | - | ||||||||||||
| Amortization of purchased intangibles | 471 | - | 1,256 | - | ||||||||||||
| Tax rate of 23% applied to adjusting items(1) | (638 | ) | (393 | ) | (2,006 | ) | (1,356 | ) | ||||||||
| Reversal of the impact of valuation allowances | (2,625 | ) | (1,157 | ) | (4,812 | ) | (867 | ) | ||||||||
| Adjusted net income | $ | 4,983 | $ | 3,459 | $ | 7,917 | $ | 6,400 | ||||||||
| Adjusted EPS | $ | 0.12 | $ | 0.09 | $ | 0.20 | $ | 0.16 |
(1) Items are taxed discretely using the Company's blended tax rate.
| Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations (In Thousands, Except Margin Data) (Unaudited) | ||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net income | $ | 5,473 | $ | 3,301 | $ | 6,015 | $ | 2,728 | ||||||
| Income tax expense (benefit) | 388 | 317 | (5,990 | ) | 246 | |||||||||
| Interest expense, net | 2,881 | 1,914 | 6,774 | 6,881 | ||||||||||
| Depreciation and amortization | 6,873 | 5,892 | 20,264 | 16,526 | ||||||||||
| EBITDA(1) | 15,615 | 11,424 | 27,063 | 26,381 | ||||||||||
| Non-cash share-based compensation | 2,094 | 1,376 | 5,487 | 4,018 | ||||||||||
| ERP implementation | - | 301 | 135 | 1,131 | ||||||||||
| Severance | 21 | 31 | 21 | 608 | ||||||||||
| Process improvement initiatives | - | - | - | 138 | ||||||||||
| Acquisition and integration costs | 187 | - | 1,821 | - | ||||||||||
| Adjusted EBITDA(2) | $ | 17,917 | $ | 13,132 | $ | 34,527 | $ | 32,276 | ||||||
| Adjusted EBITDA margin(2) | 7.0 | % | 5.8 | % | 5.0 | % | 5.2 | % |
(1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.
(2) Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for non-cash share-based compensation, ERP implementation, severance, process improvement initiatives and acquisition and integration costs. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.
| Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations by Segment (In Thousands, Except Margin Data) (Unaudited) | ||||||||||||||
| For the Three Months Ended September 30, 2026 | ||||||||||||||
| Marine | Concrete | General Corporate | Consolidated | |||||||||||
| Contract revenues | $ | 161,193 | $ | 94,959 | $ | - | $ | 256,152 | ||||||
| Operating income (loss) | 12,626 | 9,387 | (13,492 | ) | 8,521 | |||||||||
| Other income | 94 | - | 127 | 221 | ||||||||||
| Depreciation and amortization | 5,509 | 623 | 741 | 6,873 | ||||||||||
| EBITDA(1) | 18,229 | 10,010 | (12,624 | ) | 15,615 | |||||||||
| Non-cash share-based compensation | 516 | 260 | 1,318 | 2,094 | ||||||||||
| Severance | 10 | - | 11 | 21 | ||||||||||
| Acquisition and integration costs | - | - | 187 | 187 | ||||||||||
| Adjusted EBITDA(2) | $ | 18,755 | $ | 10,270 | $ | (11,108 | ) | $ | 17,917 | |||||
| Adjusted EBITDA margin(2) | 11.6 | % | 10.8 | % | 7.0 | % | ||||||||
| For the Three Months Ended September 30, 2025 | ||||||||||||||
| Marine | Concrete | General Corporate | Consolidated | |||||||||||
| Contract revenues | $ | 142,943 | $ | 82,154 | $ | - | $ | 225,097 | ||||||
| Operating income (loss) | 19,444 | 481 | (14,604 | ) | 5,321 | |||||||||
| Other income | 100 | 2 | 109 | 211 | ||||||||||
| Depreciation and amortization | 4,404 | 811 | 677 | 5,892 | ||||||||||
| EBITDA(1) | 23,948 | 1,294 | (13,818 | ) | 11,424 | |||||||||
| Non-cash share-based compensation | 303 | 179 | 894 | 1,376 | ||||||||||
| ERP implementation | - | - | 301 | 301 | ||||||||||
| Severance | - | - | 31 | 31 | ||||||||||
| Adjusted EBITDA(2) | $ | 24,251 | $ | 1,473 | $ | (12,592 | ) | $ | 13,132 | |||||
| Adjusted EBITDA margin(2) | 17.0 | % | 1.8 | % | 5.8 | % |
(1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.
(2) Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for non-cash share-based compensation, ERP implementation, severance, process improvement initiatives and acquisition and integration costs. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.
| Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations by Segment (In Thousands, Except Margin Data) (Unaudited) | ||||||||||||||
| For the Nine Months Ended September 30, 2026 | ||||||||||||||
| Marine | Concrete | General Corporate | Consolidated | |||||||||||
| Contract revenues | $ | 402,165 | $ | 292,166 | $ | - | $ | 694,331 | ||||||
| Operating income (loss) | 26,908 | 21,321 | (41,818 | ) | 6,411 | |||||||||
| Other income | 190 | - | 198 | 388 | ||||||||||
| Depreciation and amortization | 16,015 | 2,090 | 2,159 | 20,264 | ||||||||||
| EBITDA(1) | 43,113 | 23,411 | (39,461 | ) | 27,063 | |||||||||
| Non-cash share-based compensation | 1,360 | 694 | 3,433 | 5,487 | ||||||||||
| ERP implementation | - | - | 135 | 135 | ||||||||||
| Severance | 10 | - | 11 | 21 | ||||||||||
| Acquisition and integration costs | - | - | 1,821 | 1,821 | ||||||||||
| Adjusted EBITDA(2) | $ | 44,483 | $ | 24,105 | $ | (34,061 | ) | $ | 34,527 | |||||
| Adjusted EBITDA margin(2) | 11.1 | % | 8.3 | % | 5.0 | % | ||||||||
| For the Nine Months Ended September 30, 2025 | ||||||||||||||
| Marine | Concrete | General Corporate | Consolidated | |||||||||||
| Contract revenues | $ | 405,409 | $ | 213,628 | $ | - | $ | 619,037 | ||||||
| Operating income (loss) | 45,427 | 4,883 | (40,724 | ) | 9,586 | |||||||||
| Other income | 100 | 13 | 156 | 269 | ||||||||||
| Depreciation and amortization | 13,008 | 2,541 | 977 | 16,526 | ||||||||||
| EBITDA(1) | 58,535 | 7,437 | (39,591 | ) | 26,381 | |||||||||
| Non-cash share-based compensation | 825 | 403 | 2,790 | 4,018 | ||||||||||
| ERP implementation | - | - | 1,131 | 1,131 | ||||||||||
| Severance | - | 16 | 592 | 608 | ||||||||||
| Process improvement initiatives | - | - | 138 | 138 | ||||||||||
| Adjusted EBITDA(2) | $ | 59,360 | $ | 7,856 | $ | (34,940 | ) | $ | 32,276 | |||||
| Adjusted EBITDA margin(2) | 14.6 | % | 3.7 | % | 5.2 | % |
(1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.
(2) Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for non-cash share-based compensation, ERP implementation, severance, process improvement initiatives and acquisition and integration costs. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.
| Orion Group Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In Thousands) (Unaudited) | ||||||||
| Nine Months Ended September 30, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities | ||||||||
| Net income | $ | 6,015 | $ | 2,728 | ||||
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||||
| Depreciation and amortization | 15,137 | 10,036 | ||||||
| Amortization of right-of-use (“ROU”) operating leases | 3,798 | 6,727 | ||||||
| Amortization of ROU finance leases | 5,127 | 6,490 | ||||||
| Amortization of deferred debt issuance costs | 250 | 900 | ||||||
| Non-cash interest expense on seller note | 1,025 | - | ||||||
| Deferred income taxes | (6,007 | ) | 29 | |||||
| Share-based compensation | 5,487 | 4,018 | ||||||
| Gain on disposal of assets, net | (296 | ) | (1,400 | ) | ||||
| Allowance for credit losses | 60 | 2,449 | ||||||
| Change in operating assets and liabilities: | ||||||||
| Accounts receivable | 32,638 | (73,808 | ) | |||||
| Income tax receivable | (86 | ) | (255 | ) | ||||
| Inventory | (316 | ) | 637 | |||||
| Prepaid expenses and other | 2,234 | 3,958 | ||||||
| Contract assets | (52,029 | ) | 43,889 | |||||
| Accounts payable | (2,645 | ) | 11,550 | |||||
| Accrued liabilities | (5,679 | ) | 4,765 | |||||
| Operating lease liabilities | (4,169 | ) | (4,591 | ) | ||||
| Income tax payable | (43 | ) | (353 | ) | ||||
| Contract liabilities | (11,223 | ) | (3,509 | ) | ||||
| Net cash (used in) provided by operating activities | (10,722 | ) | 14,260 | |||||
| Cash flows from investing activities: | ||||||||
| Proceeds from sale of property and equipment | 767 | 1,732 | ||||||
| Purchase of property and equipment | (28,109 | ) | (25,510 | ) | ||||
| Business acquisition, net cash acquired | (42,871 | ) | - | |||||
| Net cash used in investing activities | (70,213 | ) | (23,778 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Borrowings on credit facilities | 140,000 | 138,138 | ||||||
| Payments on credit facilities | (111,000 | ) | (138,451 | ) | ||||
| Proceeds from term loan | 55,011 | - | ||||||
| Payments on term loan | (84 | ) | - | |||||
| Proceeds from deemed financing obligation | 9,723 | 1,600 | ||||||
| Principal payments on deemed financing obligation | (2,556 | ) | (7,463 | ) | ||||
| Loan costs related to credit facilities | (419 | ) | (323 | ) | ||||
| Payments of finance lease liabilities | (7,074 | ) | (7,847 | ) | ||||
| Employee stock plans, net activity | (280 | ) | 465 | |||||
| Net cash provided by (used in) financing activities | 83,321 | (13,881 | ) | |||||
| Net change in cash, cash equivalents and restricted cash | 2,386 | (23,399 | ) | |||||
| Cash, cash equivalents and restricted cash at beginning of period | 3,285 | 28,316 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 5,671 | $ | 4,917 |
| Orion Group Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In Thousands, Except Share and Per Share Information) | ||||||||
| September 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 5,671 | $ | 1,588 | ||||
| Restricted cash | - | 1,697 | ||||||
| Accounts receivable: | ||||||||
| Trade, net of allowance for credit losses of $3,283 and $3,461, respectively | 128,792 | 175,695 | ||||||
| Retainage | 65,859 | 49,194 | ||||||
| Income taxes receivable | 342 | 256 | ||||||
| Other current | 4,611 | 3,531 | ||||||
| Inventory | 2,239 | 2,432 | ||||||
| Contract assets | 84,205 | 31,083 | ||||||
| Prepaid expenses and other | 8,067 | 12,686 | ||||||
| Total current assets | 299,786 | 278,162 | ||||||
| Property and equipment, net of accumulated depreciation | 137,558 | 88,210 | ||||||
| Operating lease ROU assets, net of accumulated amortization | 22,396 | 20,397 | ||||||
| Finance lease ROU assets, net of accumulated amortization | 21,709 | 18,360 | ||||||
| Inventory, non-current | 6,905 | 6,395 | ||||||
| Other non-current | 4,711 | 3,128 | ||||||
| Goodwill | 45,076 | - | ||||||
| Intangible assets, net of accumulated amortization | 6,484 | - | ||||||
| Total assets | $ | 544,625 | $ | 414,652 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Current debt, net of debt issuance costs | $ | 9,408 | $ | 1,789 | ||||
| Accounts payable: | ||||||||
| Trade | 105,815 | 107,433 | ||||||
| Retainage | 2,760 | 1,699 | ||||||
| Accrued liabilities | 43,913 | 31,750 | ||||||
| Income taxes payable | 154 | 197 | ||||||
| Contract liabilities | 43,572 | 49,104 | ||||||
| Current portion of operating lease liabilities | 4,316 | 4,418 | ||||||
| Current portion of finance lease liabilities | 8,855 | 7,517 | ||||||
| Total current liabilities | 218,793 | 203,907 | ||||||
| Long-term debt, net of debt issuance costs | 99,360 | 6,085 | ||||||
| Operating lease liabilities | 26,565 | 24,695 | ||||||
| Finance lease liabilities | 7,899 | 5,878 | ||||||
| Other long-term liabilities | 18,847 | 15,055 | ||||||
| Total liabilities | 371,464 | 255,620 | ||||||
| Stockholders' equity: | ||||||||
| Accumulated other comprehensive income | 509 | - | ||||||
| Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued | - | - | ||||||
| Common stock -- $0.01 par value, 50,000,000 authorized, 41,307,485 and 40,612,139 issued; 40,596,254 and 39,900,908 outstanding at September 30, 2026 and December 31, 2025, respectively | 413 | 406 | ||||||
| Treasury stock, 711,231 shares, at cost, as of September 30, 2026 and December 31, 2025, respectively | (6,540 | ) | (6,540 | ) | ||||
| Additional paid-in capital | 233,967 | 226,369 | ||||||
| Retained loss | (55,188 | ) | (61,203 | ) | ||||
| Total stockholders' equity | 173,161 | 159,032 | ||||||
| Total liabilities and stockholders' equity | $ | 544,625 | $ | 414,652 |
| Orion Group Holdings, Inc. and Subsidiaries Guidance – Adjusted EBITDA Reconciliation (In Thousands) (Unaudited) | ||||||||
| Year Ending | ||||||||
| December 31, 2026 | ||||||||
| Low Estimate | High Estimate | |||||||
| Net income | $ | 8,079 | $ | 12,079 | ||||
| Income tax benefit | (5,400 | ) | (5,400 | ) | ||||
| Interest expense, net | 9,000 | 9,000 | ||||||
| Depreciation and amortization | 29,000 | 29,000 | ||||||
| EBITDA(1) | 40,679 | 44,679 | ||||||
| Non-cash share-based compensation | 7,300 | 7,300 | ||||||
| Acquisition and integration costs | 1,800 | 1,800 | ||||||
| ERP implementation | 200 | 200 | ||||||
| Severance | 21 | 21 | ||||||
| Adjusted EBITDA(2) | $ | 50,000 | $ | 54,000 |
(1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.
(2) Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for non-cash share-based compensation, acquisition and integration costs, ERP implementation and severance.
| Orion Group Holdings, Inc. and Subsidiaries Guidance – Adjusted EPS Reconciliation (In Thousands except per share information) (Unaudited) | ||||||||
| Year Ending | ||||||||
| December 31, 2026 | ||||||||
| Low Estimate | High Estimate | |||||||
| Net income | $ | 8,079 | $ | 12,079 | ||||
| Adjusting items and the tax effects: | ||||||||
| Non-cash share-based compensation | 7,300 | 7,300 | ||||||
| Amortization of purchased intangibles | 1,800 | 1,800 | ||||||
| Acquisition and integration costs | 1,800 | 1,800 | ||||||
| ERP implementation | 200 | 200 | ||||||
| Severance | 21 | 21 | ||||||
| Tax rate of 23% applied to adjusting items(1) | (2,600 | ) | (2,600 | ) | ||||
| Reversal of the impact of valuation allowances | (7,440 | ) | (8,340 | ) | ||||
| Adjusted net income(2) | $ | 9,160 | $ | 12,260 | ||||
| Adjusted EPS(2) | $ | 0.23 | $ | 0.30 |
(1) Items are taxed discretely using the Company's blended tax rate.
(2) Adjusted net income and Adjusted EPS are non-GAAP measures that represent net income adjusted for non-cash share-based compensation, amortization of purchased intangibles, acquisition and integration costs, ERP implementation and severance.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment