Bowman Consulting Group Ltd. - BWMN STOCK NEWS

Bowman Consulting Group (NASDAQ: BWMN) has announced a definitive purchase agreement to acquire UP Engineering, a San Antonio-based firm specializing in civil engineering and surveying services. UP Engineering focuses on oil and gas, industrial, commercial, and residential projects throughout Texas.

The acquisition will strengthen Bowman's position in the oil and gas industry and is expected to operate at an annualized net service billing run rate of approximately $3.0 million, being immediately accretive. The deal will be financed through a combination of cash, seller notes, and a convertible note, conforming with previously discussed target multiples and operating metrics.

Bowman Consulting Group (NASDAQ: BWMN) has secured a four-year contract with the University of New Mexico (UNM) to provide on-call engineering design services, with a total aggregate cap of $7.5 million. The contract encompasses surveying, civil engineering, and subsurface utility engineering services across UNM's network, including Central and Branch campuses, UNM Hospital, Science & Technology Park, and Health Sciences Center.

The company will focus on the UNM Hospital, providing subsurface utility mapping and surveying for construction and expansion projects. Bowman will implement advanced drone imaging and GIS modeling technology to create and maintain digital records of UNM's utility conditions. This contract builds upon the relationship established through Bowman's acquisition of High Mesa, which has contributed to hundreds of projects across the university.

Bowman Consulting Group (NASDAQ: BWMN) has scheduled its fourth quarter and full year 2024 financial results announcement for Tuesday, March 11, 2025, after U.S. market close. The company will host a webcast to discuss the results on Wednesday, March 12, 2025, at 9:00 a.m. ET. Chairman and CEO Gary Bowman and CFO Bruce Labovitz will lead the presentation. The webcast will be accessible through Bowman's Investor Relations website, with a replay available after the event.

Bowman Consulting Group (NASDAQ: BWMN) has secured a significant two-year contract to provide high-resolution aerial orthoimagery services for the State of Oklahoma. This landmark project, the first statewide leaf-off aerial mapping initiative in nearly 30 years, will cover approximately 70,000 square miles of Oklahoma, including a one-mile buffer beyond state borders.

The company will utilize advanced high-altitude imaging capabilities, acquired through its Surdex purchase, to capture four-band, 6-inch resolution digital orthoimagery. The imaging will be conducted during leaf-off seasons to ensure clear visibility of critical features like creek beds, infrastructure, and housing. The collected data will support various applications, including infrastructure planning, environmental conservation, and emergency response, benefiting multiple state agencies such as the Department of Transportation, Emergency 911 services, and the Conservation Commission.

Bowman Consulting Group (NASDAQ: BWMN) has appointed Andy Dearing as executive vice president to lead its national aerial imaging operations. Dearing will oversee high-altitude aerial orthoimagery, digital mapping, and lidar operations following Bowman's April 2024 acquisition of Surdex. His responsibilities include managing the integration of drone-based imaging and scanning services with Surdex's capabilities, and expanding Bowman's aerial geospatial service offerings nationwide.

Dearing brings over 20 years of geospatial industry experience, having previously led GeoFutures, served as CEO of Boundless Spatial, and managed ESRI's Midwest professional services team. As part of the organizational changes, Ron Hoffmann, former Surdex president, will transition to vice president of aviation at Bowman, focusing on flight operations.

Bowman Consulting Group (NASDAQ: BWMN) has secured a significant multi-state geodetic survey and monitoring contract with one of North America's leading energy infrastructure companies. The project involves quarterly surveys to assess infrastructure stability, evaluate geohazard risks, and ensure regulatory compliance.

The scope includes monitoring over 2,000 existing geodetic survey points and installing approximately 34 new points along pipeline rights-of-way. Bowman will employ advanced measurement techniques to detect subtle ground movements and identify potential risks to pipeline infrastructure. The collected data will be integrated into the client's geodatabase to enhance decision-making and support proactive maintenance.

The company will manage project coordination, including safety compliance, permit acquisition, and pre-installation checks such as utility locate requests and electronic sweeps for underground infrastructure identification.

Bowman Consulting Group (NASDAQ: BWMN) has secured a contract with the Nebraska Department of Transportation (NDOT) for on-call preliminary engineering services. The two-year contract, valued at up to $1.5 million, covers State Recreation Roads and Local Public Agencies federal-aid projects.

The scope encompasses roadway and bridge design, land surveys, stormwater management, right-of-way planning, environmental compliance, and public involvement initiatives. This marks Bowman's eighth PE award from NDOT. The contract may include additional tasks such as erosion control, ADA design and compliance, utility coordination, and traffic control design.

The partnership stems from Bowman's recent Speece Lewis acquisition in early 2024, demonstrating the company's M&A program effectiveness and organic revenue growth potential.

Bowman Consulting Group (NASDAQ: BWMN) has secured two contracts from Moseley Architects for MEP engineering services at the Avery Point continuing care retirement community. The contracts cover the final phase of residential development, involving two independent living buildings totaling 394,500 square feet with 254 additional units. The scope includes HVAC, fire protection, electrical services, and telecommunications systems.

From 2019 to 2023, Bowman provided MEP services for 10 buildings with 1,000 independent living units across the 2-million-square-foot campus. The 94-acre master-planned community project represents a significant milestone in Bowman's portfolio of senior living projects.

Bowman Consulting Group (NASDAQ: BWMN) has secured two contracts worth nearly $900,000 for asset management and data collection services in Texas's Permian Basin. The projects cover 973 locations, including facilities and well sites in the Midland Basin's North and South regions.

The company will establish coordinate values for critical emission physical assets, including gas-driven devices and pneumatically actuated valves. Using advanced geospatial technologies, Bowman will conduct field surveys and implement quality control protocols for real-time data validation. The project, which aims to enhance asset visibility and support emissions management initiatives, is expected to complete by July 2025.