Gulf Island Reports Second Quarter 2025 Results
Gulf Island Fabrication (NASDAQ: GIFI) reported its Q2 2025 results with consolidated revenue of $37.5 million, down from $41.3 million in Q2 2024. The company posted a net loss of $0.6 million and adjusted EBITDA of $1.9 million.
Key highlights include the acquisition of ENGlobal Corporation's automation, engineering, and government services businesses, expected to contribute to profitability in 2026. The Services division generated operating income of $1.6 million, while the Fabrication division reported operating income of $0.4 million.
The company maintained a strong financial position with $62.2 million in cash and investments, while repurchasing approximately 437,000 shares for $2.8 million. Gulf Island also received a limited notice to proceed contract for approximately $20.0 million for a structural steel project.
Gulf Island Fabrication (NASDAQ: GIFI) ha comunicato i risultati del secondo trimestre 2025 con un fatturato consolidato di 37,5 milioni di dollari, in calo rispetto ai 41,3 milioni di dollari del secondo trimestre 2024. La società ha registrato una perdita netta di 0,6 milioni di dollari e un EBITDA rettificato di 1,9 milioni di dollari.
I punti salienti includono l'acquisizione delle attività di automazione, ingegneria e servizi governativi di ENGlobal Corporation, che si prevede contribuiranno alla redditività nel 2026. La divisione Servizi ha generato un reddito operativo di 1,6 milioni di dollari, mentre la divisione Fabbricazione ha riportato un reddito operativo di 0,4 milioni di dollari.
L'azienda ha mantenuto una solida posizione finanziaria con 62,2 milioni di dollari in liquidità e investimenti, acquistando circa 437.000 azioni per 2,8 milioni di dollari. Gulf Island ha inoltre ricevuto un contratto con un avviso limitato di procedere per circa 20,0 milioni di dollari relativo a un progetto di acciaio strutturale.
Gulf Island Fabrication (NASDAQ: GIFI) informó sus resultados del segundo trimestre de 2025 con ingresos consolidados de 37,5 millones de dólares, frente a los 41,3 millones de dólares del segundo trimestre de 2024. La compañía registró una pérdida neta de 0,6 millones de dólares y un EBITDA ajustado de 1,9 millones de dólares.
Los aspectos destacados incluyen la adquisición de los negocios de automatización, ingeniería y servicios gubernamentales de ENGlobal Corporation, que se espera contribuyan a la rentabilidad en 2026. La división de Servicios generó un ingreso operativo de 1,6 millones de dólares, mientras que la división de Fabricación reportó un ingreso operativo de 0,4 millones de dólares.
La compañía mantuvo una sólida posición financiera con 62,2 millones de dólares en efectivo e inversiones, y recompró aproximadamente 437,000 acciones por 2,8 millones de dólares. Gulf Island también recibió un contrato con un aviso limitado para proceder por aproximadamente 20,0 millones de dólares para un proyecto de acero estructural.
걸프 아일랜드 패브리케이션 (NASDAQ: GIFI)는 2025년 2분기 실적을 발표했으며, 통합 매출은 3,750만 달러로 2024년 2분기의 4,130만 달러에서 감소했습니다. 회사는 60만 달러의 순손실과 190만 달러의 조정 EBITDA를 기록했습니다.
주요 내용으로는 ENGlobal Corporation의 자동화, 엔지니어링 및 정부 서비스 사업부 인수가 포함되며, 이는 2026년 수익성에 기여할 것으로 예상됩니다. 서비스 부문은 160만 달러의 영업이익을 기록했으며, 제작 부문은 40만 달러의 영업이익을 보고했습니다.
회사는 6,220만 달러의 현금 및 투자 자산을 보유하며 견고한 재무 상태를 유지했으며, 약 437,000주를 280만 달러에 자사주 매입했습니다. 걸프 아일랜드는 또한 구조용 강철 프로젝트를 위한 약 2,000만 달러 규모의 제한적 진행 통지 계약을 체결했습니다.
Gulf Island Fabrication (NASDAQ : GIFI) a publié ses résultats du deuxième trimestre 2025 avec un chiffre d'affaires consolidé de 37,5 millions de dollars, en baisse par rapport à 41,3 millions de dollars au deuxième trimestre 2024. La société a enregistré une perte nette de 0,6 million de dollars et un EBITDA ajusté de 1,9 million de dollars.
Les points clés incluent l'acquisition des activités d'automatisation, d'ingénierie et de services gouvernementaux d'ENGlobal Corporation, qui devraient contribuer à la rentabilité en 2026. La division Services a généré un résultat opérationnel de 1,6 million de dollars, tandis que la division Fabrication a rapporté un résultat opérationnel de 0,4 million de dollars.
L'entreprise a maintenu une solide position financière avec 62,2 millions de dollars en liquidités et investissements, tout en rachetant environ 437 000 actions pour 2,8 millions de dollars. Gulf Island a également reçu un contrat avec un avis limité pour un projet d'acier structurel d'environ 20,0 millions de dollars.
Gulf Island Fabrication (NASDAQ: GIFI) meldete seine Ergebnisse für das zweite Quartal 2025 mit einem konsolidierten Umsatz von 37,5 Millionen US-Dollar, gegenüber 41,3 Millionen US-Dollar im zweiten Quartal 2024. Das Unternehmen verzeichnete einen Nettoverlust von 0,6 Millionen US-Dollar und ein bereinigtes EBITDA von 1,9 Millionen US-Dollar.
Zu den wichtigsten Highlights gehört der Erwerb der Automatisierungs-, Ingenieur- und Regierungsdienstleistungsgeschäfte von ENGlobal Corporation, die voraussichtlich ab 2026 zur Profitabilität beitragen werden. Die Services-Sparte erzielte einen operativen Gewinn von 1,6 Millionen US-Dollar, während die Fertigungssparte einen operativen Gewinn von 0,4 Millionen US-Dollar meldete.
Das Unternehmen behielt eine starke Finanzlage mit 62,2 Millionen US-Dollar in Barreserven und Investitionen bei und kaufte etwa 437.000 Aktien für 2,8 Millionen US-Dollar zurück. Gulf Island erhielt zudem einen begrenzten Auftrag zur Fortsetzung eines Projekts im Bereich Stahlbau im Wert von etwa 20,0 Millionen US-Dollar.
- None.
- Net loss of $0.6 million compared to $1.9 million profit in Q2 2024
- Revenue declined 9.2% year-over-year to $37.5 million
- ENGlobal acquisition expected to generate losses through 2025
- Depressed activity in Gulf of America affecting near-term results
- Services revenue decreased 3.5% year-over-year
- Fabrication revenue declined 15.4% compared to prior year
Insights
Gulf Island posts $1.9M adjusted EBITDA despite industry headwinds; strategic ENGlobal acquisition will impact short-term profitability but diversifies offerings.
Gulf Island Fabrication's Q2 2025 results paint a picture of a company navigating challenging market conditions while executing on strategic initiatives. The company reported
The Services division, contributing
The company's financial position remains solid with
The ENGlobal acquisition represents a strategic move to diversify offerings and expand capabilities, though it's creating short-term pressure with
Despite current headwinds from depressed activity in the Gulf and uncertain macroeconomic conditions, the company secured a limited notice to proceed contract worth approximately
THE WOODLANDS, Texas, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (NASDAQ: GIFI) (“Gulf Island” or the “Company”), a leading steel fabricator and service provider to the industrial, energy and government sectors, today announced its results for the second quarter 2025.
SECOND QUARTER 2025 SUMMARY
- Consolidated revenue of
$37.5 million - Consolidated net loss of
$0.6 million ; Consolidated adjusted EBITDA of$1.9 million - Services division operating income of
$1.6 million ; EBITDA of$2.0 million - Fabrication division operating income of
$0.4 million ; EBITDA of$1.1 million - Acquired certain assets of ENGlobal Corporation relating to its automation, engineering and government services businesses
Adjusted EBITDA excludes transaction and related costs associated with the Englobal Acquisition. See “Englobal Acquisition” below for further discussion of the Englobal Acquisition and associated defined terms, and “Non-GAAP Measures” below for the Company’s definition of EBITDA and adjusted EBITDA and reconciliations of the relevant amounts to the most directly comparable GAAP measure.
MANAGEMENT COMMENTARY
“We believe our focus on the more stable services and small-scale fabrication businesses has produced a more durable business model, as evidenced by our second quarter adjusted EBITDA of
“We are excited to have closed the Englobal Acquisition during the second quarter and remain encouraged by the strategic potential presented by the transaction,” continued Heo. “While we continue to anticipate post-acquisition losses for the Englobal Business for 2025, we expect the business to contribute to our profitability in 2026 and beyond. The early reception from our customers and potential strategic partners has been positive, and we see meaningful opportunities to broaden our service offerings, strengthen our fabrication offerings with supplemental engineering capabilities and further diversify our end markets.”
“We ended the quarter in a strong financial position with a period-end cash and investments balance of
“We remain encouraged by the outlook for our business, with early integration efforts of the Englobal Acquisition further adding to our confidence. We believe our strong financial position will enable us to continue executing on our disciplined capital allocation strategy—aligned with our commitment to maximize return on invested capital and create long-term shareholder value,” concluded Heo.
RESULTS FOR SECOND QUARTER 2025
Consolidated – Revenue for the second quarter 2025 was
Services Division – Revenue for the second quarter 2025 was
Operating income was
Fabrication Division – Revenue for the second quarter 2025 was
Operating income was
Corporate Division – Operating loss was
BALANCE SHEET AND LIQUIDITY
The Company’s cash and short-term investments balance at June 30, 2025 was
During the second quarter 2025, the Company repurchased 437,229 shares of its common stock for
ENGLOBAL ACQUISITION
During the second quarter 2025, the Company acquired certain assets (the “Englobal Acquisition”) of ENGlobal Corporation’s (“Englobal”) automation, engineering and government services businesses (“Englobal Business”). The automation business provides engineering, design, fabrication and integration of industrial automation systems to the oil and gas, renewable energy and traditional power industries. The engineering business provides various engineering solutions to the oil and gas and renewable energy industries, while the government services business provides Englobal’s engineering and automation solutions to federal, state and local governments and educational institutions, generally in the form of technical field services. The Englobal Acquisition is expected to broaden the Company’s product and services offerings with the addition of automation and engineering solutions, further strengthen the Company’s fabrication offerings with supplemental engineering capabilities, expand the Company’s customer base and diversify its end markets. Post-acquisition operating results of the automation business are reflected within the Fabrication division and post-acquisition operating results of the engineering and government businesses are reflected within the Services division.
As of June 30, 2025, the total capital commitment related to the Englobal Acquisition was
SECOND QUARTER 2025 CONFERENCE CALL
Gulf Island will hold a conference call on Wednesday, August 6, 2025 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss the Company’s financial results for the second quarter 2025. The call will be available by webcast and can be accessed on Gulf Island’s website at www.gulfisland.com. Participants may also join the call by dialing 1.877.704.4453 and requesting the “Gulf Island” conference call. A replay of the webcast will be available on the Company’s website for seven days after the call.
ABOUT GULF ISLAND
Gulf Island is a leading fabricator of complex steel structures, modules and automation systems, and a provider of specialty services, including engineering, project management, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, cleaning and environmental, and technical field services to the industrial, energy and government sectors. The Company’s customers include U.S. and, to a lesser extent, international energy producers; refining, petrochemical, LNG, industrial and power operators; EPC companies; and federal, state and local governments. The Company is headquartered in The Woodlands, Texas and its primary operating facilities are located in Houma, Louisiana and Houston, Texas.
NON-GAAP MEASURES
This release includes certain measures, which are not recognized under U.S. generally accepted accounting principles (“GAAP”), including earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted revenue, adjusted gross profit and new project awards. The Company believes EBITDA is a useful supplemental measure as it reflects the Company’s operating results and expectations of future performance excluding the non-cash impacts of depreciation and amortization. The Company believes adjusted EBITDA is a useful supplemental measure as it reflects the Company’s EBITDA adjusted to remove certain nonrecurring items (including transaction and related costs associated with the Englobal Acquisition and a gain from the sale of excess property) and the operating results for the Company’s former Shipyard division (the wind down of which was completed in the first quarter 2025). The Company believes adjusted revenue and adjusted gross profit are useful supplemental measures as they reflect the Company’s revenue and gross profit adjusted to remove revenue and gross profit for the Company’s former Shipyard division (the wind down of which was completed in the first quarter 2025). Reconciliations of these non-GAAP measures, including EBITDA, adjusted EBITDA, adjusted revenue and adjusted gross profit to the most directly comparable GAAP measures are presented under “Consolidated Results of Operations” and “Results of Operations by Division” below.
The Company believes new project awards is a useful supplemental measure as it represents work that the Company is obligated to perform under its current contracts. New project awards represents the expected revenue value of new contract commitments received during a given period, including scope growth on existing contract commitments.
Non-GAAP measures are not intended to be replacements or alternatives to GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. The Company may present or calculate non-GAAP measures differently from other companies.
CAUTIONARY STATEMENT
This release contains forward-looking statements in which the Company discusses its potential future performance, operations and projects. Forward-looking statements, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, are all statements other than statements of historical facts, such as projections or expectations relating to operating results; diversification and entry into new end markets; the Company’s integration of the Englobal Business into its existing operations and realization of the anticipated benefits of the Englobal Acquisition; industry outlook; oil and gas prices; timing of investment decisions and new project awards; cash flows and cash balance; capital expenditures; tax rates; implementation of the Company’s share repurchase program and any other return of capital to shareholders; liquidity; and execution of strategic initiatives. The words “anticipates,” “appear,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be,” “potential” and any similar expressions are intended to identify those assertions as forward-looking statements. The timing and amount of any share repurchases under the Company’s share repurchase program will be at the discretion of management and will depend on a variety of factors including, but not limited to, the Company’s operating performance, cash flow and financial position, the market price of its common stock and general economic and market conditions. The Company’s share repurchase program may be modified, increased, suspended or terminated at any time at the discretion of the Company’s board of directors. Any other return of capital to shareholders will be at the discretion of the Company’s board of directors.
The Company cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause its actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, the Company’s ability to successfully integrate the Englobal Business into its existing operations and realize the anticipated benefits of the Englobal Acquisition; changes in trade policies of the U.S. and other countries, including tariffs and related market uncertainties; and other factors described under “Risk Factors” in Part I, Item 1A of the Company’s annual report on Form 10-K for the year ended December 31, 2024, as updated by subsequent filings with the SEC.
Additional factors or risks that the Company currently deems immaterial, that are not presently known to the Company or that arise in the future could also cause the Company’s actual results to differ materially from its expected results. Given these uncertainties, investors are cautioned that many of the assumptions upon which the Company’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, which it cannot control. Further, the Company may make changes to its business plans that could affect its results. The Company cautions investors that it undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as of the date made, for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, and notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes.
COMPANY INFORMATION
| Richard W. Heo | Westley S. Stockton |
| Chief Executive Officer | Chief Financial Officer |
| 713.714.6100 | 713.714.6100 |
Consolidated Results of Operations (in thousands, except per share data)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| New project awards(1) | $ | 32,131 | $ | 33,980 | $ | 39,810 | $ | 66,111 | $ | 83,628 | ||||||||||
| Revenue | $ | 37,538 | $ | 40,273 | $ | 41,262 | $ | 77,811 | $ | 84,143 | ||||||||||
| Cost of revenue | 33,977 | 33,658 | 37,104 | 67,635 | 73,861 | |||||||||||||||
| Gross profit | 3,561 | 6,615 | 4,158 | 10,176 | 10,282 | |||||||||||||||
| General and administrative expense | 3,286 | 3,235 | 3,354 | 6,521 | 6,838 | |||||||||||||||
| Other (income) expense, net(2) | 1,354 | 100 | (479 | ) | 1,454 | (3,547 | ) | |||||||||||||
| Operating income (loss)(3) | (1,079 | ) | 3,280 | 1,283 | 2,201 | 6,991 | ||||||||||||||
| Interest (expense) income, net | 510 | 549 | 603 | 1,059 | 1,145 | |||||||||||||||
| Income (loss) before income taxes | (569 | ) | 3,829 | 1,886 | 3,260 | 8,136 | ||||||||||||||
| Income tax (expense) benefit | (5 | ) | (2 | ) | 3 | (7 | ) | (7 | ) | |||||||||||
| Net income (loss) | $ | (574 | ) | $ | 3,827 | $ | 1,889 | $ | 3,253 | $ | 8,129 | |||||||||
| Per share data: | ||||||||||||||||||||
| Basic income (loss) per share | $ | (0.04 | ) | $ | 0.23 | $ | 0.12 | $ | 0.20 | $ | 0.50 | |||||||||
| Diluted income (loss) per share | $ | (0.04 | ) | $ | 0.23 | $ | 0.11 | $ | 0.20 | $ | 0.48 | |||||||||
| Weighted average shares: | ||||||||||||||||||||
| Basic | 16,187 | 16,339 | 16,415 | 16,263 | 16,315 | |||||||||||||||
| Diluted | 16,187 | 16,722 | 16,864 | 16,542 | 16,810 | |||||||||||||||
Consolidated Adjusted Revenue(1) Reconciliation (in thousands)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Revenue | $ | 37,538 | $ | 40,273 | $ | 41,262 | $ | 77,811 | $ | 84,143 | ||||||||||
| Shipyard revenue | - | - | (36 | ) | - | (445 | ) | |||||||||||||
| Adjusted revenue | $ | 37,538 | $ | 40,273 | $ | 41,226 | $ | 77,811 | $ | 83,698 | ||||||||||
Consolidated Adjusted Gross Profit(1) Reconciliation (in thousands)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Gross profit | $ | 3,561 | $ | 6,615 | $ | 4,158 | $ | 10,176 | $ | 10,282 | ||||||||||
| Shipyard gross profit | - | - | (31 | ) | - | (350 | ) | |||||||||||||
| Adjusted gross profit | $ | 3,561 | $ | 6,615 | $ | 4,127 | $ | 10,176 | $ | 9,932 | ||||||||||
Consolidated EBITDA and Adjusted EBITDA(1) Reconciliations (in thousands)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Net income (loss) | $ | (574 | ) | $ | 3,827 | $ | 1,889 | $ | 3,253 | $ | 8,129 | |||||||||
| Income tax expense (benefit) | 5 | 2 | (3 | ) | 7 | 7 | ||||||||||||||
| Interest expense (income), net | (510 | ) | (549 | ) | (603 | ) | (1,059 | ) | (1,145 | ) | ||||||||||
| Operating income (loss)(3) | (1,079 | ) | 3,280 | 1,283 | 2,201 | 6,991 | ||||||||||||||
| Depreciation and amortization | 1,194 | 1,256 | 1,240 | 2,450 | 2,433 | |||||||||||||||
| EBITDA | 115 | 4,536 | 2,523 | 4,651 | 9,424 | |||||||||||||||
| Gain on property sale(2) | - | - | - | - | (2,880 | ) | ||||||||||||||
| Shipyard operating income | - | - | (9 | ) | - | (351 | ) | |||||||||||||
| Acquisition costs(2) | 1,825 | 213 | - | 2,038 | - | |||||||||||||||
| Adjusted EBITDA | $ | 1,940 | $ | 4,749 | $ | 2,514 | $ | 6,689 | $ | 6,193 | ||||||||||
Results of Operations by Division (including Reconciliations of EBITDA and Adjusted EBITDA) (in thousands)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| Services Division | June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| New project awards(1) | $ | 21,858 | $ | 19,871 | $ | 22,392 | $ | 41,729 | $ | 47,860 | ||||||||||
| Revenue | $ | 21,978 | $ | 19,855 | $ | 22,767 | $ | 41,833 | $ | 48,301 | ||||||||||
| Cost of revenue | 19,580 | 17,572 | 19,879 | 37,152 | 41,800 | |||||||||||||||
| Gross profit | 2,398 | 2,283 | 2,888 | 4,681 | 6,501 | |||||||||||||||
| General and administrative expense | 829 | 700 | 687 | 1,529 | 1,430 | |||||||||||||||
| Other (income) expense, net | - | - | 12 | - | 15 | |||||||||||||||
| Operating income(3) | $ | 1,569 | $ | 1,583 | $ | 2,189 | $ | 3,152 | $ | 5,056 | ||||||||||
| EBITDA(1) | ||||||||||||||||||||
| Operating income(3) | $ | 1,569 | $ | 1,583 | $ | 2,189 | $ | 3,152 | $ | 5,056 | ||||||||||
| Depreciation and amortization | 437 | 482 | 486 | 919 | 966 | |||||||||||||||
| EBITDA | $ | 2,006 | $ | 2,065 | $ | 2,675 | $ | 4,071 | $ | 6,022 | ||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| Fabrication Division | June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| New project awards(1) | $ | 10,558 | $ | 14,385 | $ | 17,610 | $ | 24,943 | $ | 35,882 | ||||||||||
| Revenue | $ | 15,845 | $ | 20,694 | $ | 18,727 | $ | 36,539 | $ | 35,865 | ||||||||||
| Cost of revenue | 14,682 | 16,362 | 17,488 | 31,044 | 32,434 | |||||||||||||||
| Gross profit | 1,163 | 4,332 | 1,239 | 5,495 | 3,431 | |||||||||||||||
| General and administrative expense | 828 | 567 | 545 | 1,395 | 986 | |||||||||||||||
| Other (income) expense, net(2) | (72 | ) | (30 | ) | (435 | ) | (102 | ) | (3,405 | ) | ||||||||||
| Operating income(3) | $ | 407 | $ | 3,795 | $ | 1,129 | $ | 4,202 | $ | 5,850 | ||||||||||
| EBITDA and Adjusted EBITDA(1) | ||||||||||||||||||||
| Operating income(3) | $ | 407 | $ | 3,795 | $ | 1,129 | $ | 4,202 | $ | 5,850 | ||||||||||
| Depreciation and amortization | 733 | 698 | 674 | 1,431 | 1,309 | |||||||||||||||
| EBITDA | 1,140 | 4,493 | 1,803 | 5,633 | 7,159 | |||||||||||||||
| Gain on property sale(2) | - | - | - | - | (2,880 | ) | ||||||||||||||
| Adjusted EBITDA | $ | 1,140 | $ | 4,493 | $ | 1,803 | $ | 5,633 | $ | 4,279 | ||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| Former Shipyard Division | June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
| 2025(4) | 2025(4) | 2024 | 2025(4) | 2024 | ||||||||||||||||
| New project awards(1) | $ | - | $ | - | $ | 76 | $ | - | $ | 354 | ||||||||||
| Revenue | $ | - | $ | - | $ | 36 | $ | - | $ | 445 | ||||||||||
| Cost of revenue | - | - | 5 | - | 95 | |||||||||||||||
| Gross profit | - | - | 31 | - | 350 | |||||||||||||||
| General and administrative expense | - | - | - | - | - | |||||||||||||||
| Other (income) expense, net | - | - | 22 | - | (1 | ) | ||||||||||||||
| Operating income | $ | - | $ | - | $ | 9 | $ | - | $ | 351 | ||||||||||
| EBITDA(1) | ||||||||||||||||||||
| Operating income | $ | - | $ | - | $ | 9 | $ | - | $ | 351 | ||||||||||
| Depreciation and amortization | - | - | - | - | - | |||||||||||||||
| EBITDA | $ | - | $ | - | $ | 9 | $ | - | $ | 351 | ||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| Corporate Division | June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| New project awards (eliminations)(1) | $ | (285 | ) | $ | (276 | ) | $ | (268 | ) | $ | (561 | ) | $ | (468 | ) | |||||
| Revenue (eliminations) | $ | (285 | ) | $ | (276 | ) | $ | (268 | ) | $ | (561 | ) | $ | (468 | ) | |||||
| Cost of revenue (eliminations) | (285 | ) | (276 | ) | (268 | ) | (561 | ) | (468 | ) | ||||||||||
| Gross profit | - | - | - | - | - | |||||||||||||||
| General and administrative expense | 1,629 | 1,968 | 2,122 | 3,597 | 4,422 | |||||||||||||||
| Other (income) expense, net(2) | 1,426 | 130 | (78 | ) | 1,556 | (156 | ) | |||||||||||||
| Operating loss | $ | (3,055 | ) | $ | (2,098 | ) | $ | (2,044 | ) | $ | (5,153 | ) | $ | (4,266 | ) | |||||
| EBITDA and Adjusted EBITDA(1) | ||||||||||||||||||||
| Operating loss | $ | (3,055 | ) | $ | (2,098 | ) | $ | (2,044 | ) | $ | (5,153 | ) | $ | (4,266 | ) | |||||
| Depreciation and amortization | 24 | 76 | 80 | 100 | 158 | |||||||||||||||
| EBITDA | (3,031 | ) | (2,022 | ) | (1,964 | ) | (5,053 | ) | (4,108 | ) | ||||||||||
| Acquisition costs(2) | 1,825 | 213 | - | 2,038 | - | |||||||||||||||
| Adjusted EBITDA | $ | (1,206 | ) | $ | (1,809 | ) | $ | (1,964 | ) | $ | (3,015 | ) | $ | (4,108 | ) | |||||
| _________________ | ||
| (1) | New projects awards, adjusted revenue, adjusted gross profit, EBITDA and adjusted EBITDA are non-GAAP measures. See “Non-GAAP Measures” above for the Company’s definition of new project awards, adjusted revenue, adjusted gross profit, EBITDA and adjusted EBITDA. | |
| (2) | Other (income) expense for the Fabrication division for the six months ended June 30, 2024, includes a gain of | |
| (3) | Operating income for the Fabrication division for each of the three and six months ended June 30, 2025, includes operating losses of | |
| (4) | Effective January 1, 2025, the Shipyard division is no longer a reportable segment. | |
Consolidated Balance Sheets (in thousands)
| June 30, 2025 | December 31, 2024 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 46,825 | $ | 27,284 | ||||
| Restricted cash | 1,197 | 1,197 | ||||||
| Short-term investments | 14,167 | 38,784 | ||||||
| Contract receivables and retainage, net | 27,836 | 22,487 | ||||||
| Contract assets | 7,727 | 8,611 | ||||||
| Prepaid expenses and other assets | 4,911 | 5,139 | ||||||
| Inventory | 2,735 | 1,907 | ||||||
| Total current assets | 105,398 | 105,409 | ||||||
| Property, plant and equipment, net | 22,777 | 24,051 | ||||||
| Goodwill | 3,606 | 2,217 | ||||||
| Other intangibles, net | 876 | 557 | ||||||
| Other noncurrent assets | 1,691 | 982 | ||||||
| Total assets | $ | 134,348 | $ | 133,216 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 6,464 | $ | 5,801 | ||||
| Contract liabilities | 2,078 | 1,278 | ||||||
| Accrued expenses and other liabilities | 13,116 | 13,180 | ||||||
| Long-term debt, current | 1,117 | 1,117 | ||||||
| Total current liabilities | 22,775 | 21,376 | ||||||
| Long-term debt, noncurrent | 17,884 | 17,888 | ||||||
| Other noncurrent liabilities | 931 | 850 | ||||||
| Total liabilities | 41,590 | 40,114 | ||||||
| Shareholders’ equity: | ||||||||
Preferred stock, no par value, 5,000 shares authorized, no shares issued and outstanding | — | — | ||||||
Common stock, no par value, 30,000 shares authorized, 16,041 shares issued and outstanding at June 30, 2025 and 16,346 at December 31, 2024 | 11,309 | 11,669 | ||||||
| Additional paid-in capital | 104,828 | 108,065 | ||||||
| Accumulated deficit | (23,379 | ) | (26,632 | ) | ||||
| Total shareholders’ equity | 92,758 | 93,102 | ||||||
| Total liabilities and shareholders’ equity | $ | 134,348 | $ | 133,216 | ||||
Consolidated Cash Flows (in thousands)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Net income (loss) | $ | (574 | ) | $ | 3,827 | $ | 1,889 | $ | 3,253 | $ | 8,129 | |||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 1,194 | 1,256 | 1,240 | 2,450 | 2,433 | |||||||||||||||
| Change in allowance for doubtful accounts and credit losses | 1,500 | — | — | 1,500 | (28 | ) | ||||||||||||||
| (Gain) loss on sale or disposal of property and equipment, net | — | 8 | (701 | ) | 8 | (3,942 | ) | |||||||||||||
| Stock-based compensation expense | 289 | 343 | 532 | 632 | 1,038 | |||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| Contract receivables and retainage, net | (267 | ) | (2,920 | ) | (6,541 | ) | (3,187 | ) | 2,893 | |||||||||||
| Contract assets | 3,069 | (1,462 | ) | 2,684 | 1,607 | 518 | ||||||||||||||
| Prepaid expenses, inventory and other current assets | (76 | ) | (432 | ) | 50 | (508 | ) | 2,152 | ||||||||||||
| Accounts payable | (3,491 | ) | 3,998 | 2,251 | 507 | 539 | ||||||||||||||
| Contract liabilities | (294 | ) | (344 | ) | 2,389 | (638 | ) | (1,341 | ) | |||||||||||
| Accrued expenses and other current liabilities | 1,366 | (1,879 | ) | (419 | ) | (513 | ) | (1,841 | ) | |||||||||||
| Noncurrent assets and liabilities, net and other | (177 | ) | (176 | ) | (96 | ) | (353 | ) | (253 | ) | ||||||||||
| Net cash provided by operating activities | 2,539 | 2,219 | 3,278 | 4,758 | 10,297 | |||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Capital expenditures | (309 | ) | (307 | ) | (1,013 | ) | (616 | ) | (3,566 | ) | ||||||||||
| Acquisition of business | (2,350 | ) | (1,150 | ) | — | (3,500 | ) | — | ||||||||||||
| Purchase of loan | (1,500 | ) | — | — | (1,500 | ) | — | |||||||||||||
| Proceeds from sale of property and equipment | — | 11 | 720 | 11 | 9,614 | |||||||||||||||
| Recoveries from insurance claims | — | — | — | — | 326 | |||||||||||||||
| Purchases of short-term investments | (9,429 | ) | (14,074 | ) | (35,167 | ) | (23,503 | ) | (57,337 | ) | ||||||||||
| Maturities of short-term investments | 32,900 | 15,220 | 10,405 | 48,120 | 13,455 | |||||||||||||||
| Net cash provided by (used in) investing activities | 19,312 | (300 | ) | (25,055 | ) | 19,012 | (37,508 | ) | ||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Tax payments for vested stock withholdings | (860 | ) | — | (1,183 | ) | (860 | ) | (1,183 | ) | |||||||||||
| Repurchases of common stock | (2,802 | ) | (567 | ) | — | (3,369 | ) | (273 | ) | |||||||||||
| Net cash used in financing activities | (3,662 | ) | (567 | ) | (1,183 | ) | (4,229 | ) | (1,456 | ) | ||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 18,189 | 1,352 | (22,960 | ) | 19,541 | (28,667 | ) | |||||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 29,833 | 28,481 | 33,944 | 28,481 | 39,651 | |||||||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 48,022 | $ | 29,833 | $ | 10,984 | $ | 48,022 | $ | 10,984 | ||||||||||
FAQ
What were Gulf Island Fabrication's (GIFI) Q2 2025 earnings results?
How much did Gulf Island (GIFI) pay for the ENGlobal acquisition?
What is Gulf Island's (GIFI) cash position in Q2 2025?
How many shares did Gulf Island (GIFI) repurchase in Q2 2025?
When will the ENGlobal acquisition become profitable for Gulf Island (GIFI)?
What new contracts did Gulf Island (GIFI) receive after Q2 2025?
