Gulf Island Reports Third Quarter 2025 Results
Gulf Island (NASDAQ: GIFI) reported third-quarter 2025 results: $51.5M consolidated revenue, $1.6M net income and $2.5M adjusted EBITDA. The company recorded stronger fabrication revenue and a large structural steel award for the Francis Scott Key Bridge, while the recently acquired Englobal business produced integration losses.
At Sept 30, 2025 Gulf Island held $64.6M cash and short-term investments and $19.0M total debt. On Nov 7, 2025 Gulf Island entered a definitive merger agreement with IES Holdings to be acquired for $12.00 per share, expected to close in Q1 2026, and suspended share repurchases and the earnings conference call.
Gulf Island (NASDAQ: GIFI) ha riportato i risultati del terzo trimestre 2025: $51.5M entrate consolidate, $1.6M utile netto e $2.5M EBITDA rettificato. L'azienda ha registrato una maggiore entrata da lavorazioni e un grande premio per acciaio strutturale per il Francis Scott Key Bridge, mentre l'attività Englobal recentemente acquisita ha registrato perdite di integrazione.
Al 30 settembre 2025 Gulf Island possedeva liquidità e investimenti a breve termine per $64.6M e $19.0M di debito totale. Il 7 novembre 2025 Gulf Island ha stipulato un accordo definitivo di fusione con IES Holdings per essere acquistata a $12.00 per azione, previsto per chiudere nel primo trimestre del 2026, e ha sospeso riacquisti di azioni e la conference call sui guadagni.
Gulf Island (NASDAQ: GIFI) informó los resultados del tercer trimestre de 2025: ingresos consolidados de $51.5M, utilidad neta de $1.6M y EBITDA ajustado de $2.5M. La empresa registró mayores ingresos por fabricación y una gran adjudicación de acero estructural para el Francis Scott Key Bridge, mientras que el negocio Englobal, adquirido recientemente, produjo pérdidas de integración.
Al 30 de septiembre de 2025 Gulf Island tenía en efectivo e inversiones a corto plazo $64.6M y $19.0M de deuda total. El 7 de noviembre de 2025 Gulf Island firmó un acuerdo definitivo de fusión con IES Holdings para ser adquirida por $12.00 por acción, se espera que cierre en el primer trimestre de 2026, y suspendió las recompras de acciones y la llamada de resultados.
Gulf Island (NASDAQ: GIFI)가 2025년 3분기 실적을 발표했습니다: $51.5M의 연결 매출, $1.6M의 순이익, $2.5M의 조정된 EBITDA. 회사는 더 강한 제조 매출과 Francis Scott Key Bridge에 대한 대규모 구조용 강재 수주를 기록했으며, 최근 인수한 Englobal 사업은 통합 손실을 낳았습니다.
2025년 9월 30일 기준 Gulf Island는 현금 및 단기 투자 $64.6M와 총부채 $19.0M를 보유하고 있습니다. 2025년 11월 7일 Gulf Island는 IES Holdings와의 확정 인수합병 계약을 체결하여 주당 $12.00에 인수되며, 2026년 1분기에 완료될 예정이고 주식 매입 및 실적 컨퍼런스콜은 중단되었습니다.
Gulf Island (NASDAQ: GIFI) a publié les résultats du troisième trimestre 2025 : un chiffre d'affaires consolidé de $51.5M, un résultat net de $1.6M et un EBITDA ajusté de $2.5M. L'entreprise a enregistré des revenus de fabrication plus forts et une grande attribution en acier structurel pour le pont Francis Scott Key, tandis que l'activité Englobal récemment acquise a généré des pertes d'intégration.
Au 30 septembre 2025, Gulf Island détenait en liquidités et investissements à court terme $64.6M et $19.0M de dette totale. Le 7 novembre 2025, Gulf Island a conclu un accord de fusion définitif avec IES Holdings pour être acquise à $12.00 par action, prévu pour être finalisé au premier trimestre 2026, et a suspendu les rachats d'actions et l'appel sur les résultats.
Gulf Island (NASDAQ: GIFI) meldete die Ergebnisse des dritten Quartals 2025: konsolidierter Umsatz von $51.5M, Nettoergebnis von $1.6M und bereinigtes EBITDA von $2.5M. Das Unternehmen verzeichnete stärkere Fertigungsumsätze und eine große Strukturstahl-Auszeichnung für die Francis Scott Key Bridge, während das kürzlich erworbene Englobal-Geschäft Integrationsverluste verzeichnete.
Zum 30. September 2025 hielt Gulf Island Bargeld und kurzfriste Investitionen von $64.6M und Gesamtverschuldung von $19.0M. Am 7. November 2025 unterzeichnete Gulf Island eine endgültige Fusionsvereinbarung mit IES Holdings, um für $12.00 pro Aktie übernommen zu werden, voraussichtlicher Abschluss im ersten Quartal 2026, und hat den Aktienrückkauf sowie die Gewinnkonferenz ausgesetzt.
Gulf Island (NASDAQ: GIFI) أعلنت عن نتائج الربع الثالث 2025: دخل موحد قدره $51.5M، صافي دخل قدره $1.6M و EBITDA معدل قدره $2.5M. سجلت الشركة زيادة في إيرادات التصنيع وجائزة كبيرة من الفولاذ الإنشائي لجسر Francis Scott Key، بينما حقق نشاط Englobal الذي تم الاستحواذ عليه مؤخرًا خسائر في الدمج.
في 30 سبتمبر 2025، كانت Gulf Island تمتلك نقدًا واستثمارات قصيرة الأجل قدرها $64.6M وديون إجمالية قدرها $19.0M. في 7 نوفمبر 2025 دخلت Gulf Island في اتفاق اندماج نهائي مع IES Holdings لتُشترى مقابل $12.00 للسهم، ومن المتوقع أن يُغلق في الربع الأول من 2026، وأُعلِنت عن تعليق إعادة شراء الأسهم ومكالمة الأرباح.
- Consolidated revenue increased to $51.5M (vs $37.6M prior year)
- Fabrication revenue +78.6% YoY to $30.6M
- Awarded large structural steel contract for the Francis Scott Key Bridge
- Cash and short-term investments of $64.6M at Sept 30, 2025
- Definitive $12.00 per share acquisition agreement with IES, expected Q1 2026 close
- Englobal business losses of $0.5M (Q2), $1.0M (Q3) and ~ $1.0M expected in Q4 2025
- Consolidated adjusted EBITDA declined to $2.5M from $2.9M year-ago
- Services division EBITDA margin fell from 9.3% to 6.0%
- Share repurchases suspended under Merger Agreement, halting ongoing buyback activity
Insights
Gulf Island showed higher revenue, modest adjusted EBITDA, and agreed to be acquired at
Gulf Island reported consolidated revenue of
The company disclosed an agreement for IES to acquire the company for
Key dependencies and near-term items to watch include shareholder approval, regulatory clearance, the close timing in
THE WOODLANDS, Texas, Nov. 12, 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 third quarter 2025.
THIRD QUARTER 2025 SUMMARY
- Consolidated revenue of
$51.5 million - Consolidated net income of
$1.6 million ; Consolidated adjusted EBITDA of$2.5 million - Services division operating income of
$0.8 million ; EBITDA of$1.3 million - Fabrication division operating income of
$2.1 million ; EBITDA of$2.9 million - Fabrication division awarded large structural steel components contract to support the rebuild of the Francis Scott Key Bridge
- Entered into an agreement in November 2025 to be acquired by IES Holdings, Inc.
See “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. See “Pending Transaction with IES” below for discussion of the November 2025 agreement with IES Holdings, Inc.
MANAGEMENT COMMENTARY
“We delivered strong third-quarter results with revenue of
“We have made meaningful progress toward our strategic goal of business diversification with our previous acquisition of Englobal and growing focus on markets outside of oil and gas, such as infrastructure and government services. We believe our contract supporting the rebuild of the Francis Scott Key Bridge directly demonstrates the success of this strategy and highlights our competitive advantages in various end markets. We are also encouraged by the progress of the ongoing integration of Englobal, including our recent award with the U.S. Defense Logistics Agency, which underscores the benefits of this acquisition.”
“We have built a strong, more diversified business with a stable foundation in services and small-scale fabrication, complemented by attractive growth platforms in large fabrication and the Englobal business. I am proud of the progress we have made on our strategic transformation and the strong platform that we have created, which would not have been possible without the hard work and dedication of our employees across the organization,” concluded Heo.
RESULTS FOR THIRD QUARTER 2025
Consolidated – Revenue for the third quarter 2025 was
Services Division – Revenue for the third quarter 2025 was
Operating income was
Fabrication Division – Revenue for the third 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 September 30, 2025 was
During the third quarter 2025, the Company repurchased 42,761 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”). 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. During the second and third quarters of 2025, the Englobal Business incurred operating losses of
PENDING TRANSACTION WITH IES
As previously announced, on November 7, 2025, the Company entered into a definitive agreement (the “Merger Agreement”) with IES Holdings, Inc. (“IES”), providing for the acquisition of the Company by IES (the “Pending Transaction”). Under the terms of the Merger Agreement, if the Pending Transaction is completed, the Company’s shareholders will receive
SUSPENSION OF QUARTERLY CONFERENCE CALL DUE TO THE PENDING TRANSACTION
In light of the Pending Transaction, Gulf Island will not hold a conference call to discuss the Company’s financial results for the third quarter 2025.
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, integration 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 consummation of the Pending Transaction; the realization of the expected benefits of the Pending Transaction; 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,” “proposed,” “potential” and any similar expressions are intended to identify those assertions as forward-looking statements.
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 occurrence of any event, change or other circumstances that could give rise to the termination of the Pending Transaction or Company Change in Recommendation (as defined in the Merger Agreement); the inability to complete the Pending Transaction due to the failure to obtain the shareholder approval necessary for the Pending Transaction; the failure to obtain, delays in obtaining, or adverse conditions contained in any required regulatory or other approvals for consummation of the Pending Transaction or the failure to satisfy other conditions to completion of the Pending Transaction; the failure of the Pending Transaction to close for any other reason, including due to a Company Material Adverse Effect (as defined in the Merger Agreement); risks related to disruption of management’s attention from the Company’s ongoing business operations due to the Pending Transaction; the outcome of any legal proceedings, regulatory proceedings or enforcement matters that may be instituted against the Company and others relating to the Merger Agreement, the Pending Transaction or otherwise; the risk that the pendency of the Pending Transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the pendency of the Pending Transaction; the effect of the announcement of the Pending Transaction on the Company’s relationships with its contractual counterparties, including customers, operating results and business generally; the amount of the costs, fees, expenses and charges related to the Pending Transaction; 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; modifications, delays or terminations of the Company’s contracts with government entities or customers subject to government funding, including due to government funding limitations or any disruptions from a government shutdown; 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 the Company’s 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 | Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| New project awards(1) | $ | 81,474 | $ | 32,131 | $ | 36,902 | $ | 147,585 | $ | 120,530 | ||||||||||
| Revenue | $ | 51,540 | $ | 37,538 | $ | 37,640 | $ | 129,351 | $ | 121,783 | ||||||||||
| Cost of revenue | 46,660 | 33,977 | 32,984 | 114,295 | 106,845 | |||||||||||||||
| Gross profit | 4,880 | 3,561 | 4,656 | 15,056 | 14,938 | |||||||||||||||
| General and administrative expense | 3,651 | 3,286 | 2,985 | 10,172 | 9,823 | |||||||||||||||
| Other (income) expense, net(2) | 83 | 1,354 | (1 | ) | 1,537 | (3,548 | ) | |||||||||||||
| Operating income (loss)(3) | 1,146 | (1,079 | ) | 1,672 | 3,347 | 8,663 | ||||||||||||||
| Interest (expense) income, net | 411 | 510 | 647 | 1,470 | 1,792 | |||||||||||||||
| Income (loss) before income taxes | 1,557 | (569 | ) | 2,319 | 4,817 | 10,455 | ||||||||||||||
| Income tax (expense) benefit | 2 | (5 | ) | (2 | ) | (5 | ) | (9 | ) | |||||||||||
| Net income (loss) | $ | 1,559 | $ | (574 | ) | $ | 2,317 | $ | 4,812 | $ | 10,446 | |||||||||
| Per share data: | ||||||||||||||||||||
| Basic income (loss) per share | $ | 0.10 | $ | (0.04 | ) | $ | 0.14 | $ | 0.30 | $ | 0.64 | |||||||||
| Diluted income (loss) per share | $ | 0.10 | $ | (0.04 | ) | $ | 0.14 | $ | 0.29 | $ | 0.62 | |||||||||
| Weighted average shares: | ||||||||||||||||||||
| Basic | 16,018 | 16,187 | 16,489 | 16,180 | 16,373 | |||||||||||||||
| Diluted | 16,148 | 16,187 | 16,728 | 16,409 | 16,782 | |||||||||||||||
Consolidated Adjusted Revenue(1) Reconciliation (in thousands)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Revenue | $ | 51,540 | $ | 37,538 | $ | 37,640 | $ | 129,351 | $ | 121,783 | ||||||||||
| Shipyard revenue | - | - | (490 | ) | - | (935 | ) | |||||||||||||
| Adjusted revenue | $ | 51,540 | $ | 37,538 | $ | 37,150 | $ | 129,351 | $ | 120,848 | ||||||||||
Consolidated Adjusted Gross Profit(1) Reconciliation (in thousands)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Gross profit | $ | 4,880 | $ | 3,561 | $ | 4,656 | $ | 15,056 | $ | 14,938 | ||||||||||
| Shipyard gross profit | - | - | (75 | ) | - | (425 | ) | |||||||||||||
| Adjusted gross profit | $ | 4,880 | $ | 3,561 | $ | 4,581 | $ | 15,056 | $ | 14,513 | ||||||||||
Consolidated EBITDA and Adjusted EBITDA(1) Reconciliations (in thousands)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Net income (loss) | $ | 1,559 | $ | (574 | ) | $ | 2,317 | $ | 4,812 | $ | 10,446 | |||||||||
| Income tax expense (benefit) | (2 | ) | 5 | 2 | 5 | 9 | ||||||||||||||
| Interest expense (income), net | (411 | ) | (510 | ) | (647 | ) | (1,470 | ) | (1,792 | ) | ||||||||||
| Operating income (loss)(3) | 1,146 | (1,079 | ) | 1,672 | 3,347 | 8,663 | ||||||||||||||
| Depreciation and amortization | 1,228 | 1,194 | 1,208 | 3,678 | 3,641 | |||||||||||||||
| EBITDA | 2,374 | 115 | 2,880 | 7,025 | 12,304 | |||||||||||||||
| Gain on property sale(2) | - | - | - | - | (2,880 | ) | ||||||||||||||
| Shipyard operating income | - | - | (22 | ) | - | (373 | ) | |||||||||||||
| Transaction/integration costs(2) | 91 | 1,825 | - | 2,129 | - | |||||||||||||||
| Adjusted EBITDA | $ | 2,465 | $ | 1,940 | $ | 2,858 | $ | 9,154 | $ | 9,051 | ||||||||||
Results of Operations by Division (including Reconciliations of EBITDA and Adjusted EBITDA) (in thousands)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| Services Division | September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| New project awards(1) | $ | 28,749 | $ | 21,858 | $ | 20,205 | $ | 70,478 | $ | 68,065 | ||||||||||
| Revenue | $ | 21,494 | $ | 21,978 | $ | 20,245 | $ | 63,327 | $ | 68,546 | ||||||||||
| Cost of revenue | 19,668 | 19,580 | 18,205 | 56,820 | 60,005 | |||||||||||||||
| Gross profit | 1,826 | 2,398 | 2,040 | 6,507 | 8,541 | |||||||||||||||
| General and administrative expense | 984 | 829 | 634 | 2,513 | 2,064 | |||||||||||||||
| Other (income) expense, net | (1 | ) | - | 10 | (1 | ) | 25 | |||||||||||||
| Operating income(3) | $ | 843 | $ | 1,569 | $ | 1,396 | $ | 3,995 | $ | 6,452 | ||||||||||
| EBITDA(1) | ||||||||||||||||||||
| Operating income(3) | $ | 843 | $ | 1,569 | $ | 1,396 | $ | 3,995 | $ | 6,452 | ||||||||||
| Depreciation and amortization | 439 | 437 | 495 | 1,358 | 1,461 | |||||||||||||||
| EBITDA | $ | 1,282 | $ | 2,006 | $ | 1,891 | $ | 5,353 | $ | 7,913 | ||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| Fabrication Division | September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| New project awards(1) | $ | 53,230 | $ | 10,558 | $ | 16,902 | $ | 78,173 | $ | 52,784 | ||||||||||
| Revenue | $ | 30,551 | $ | 15,845 | $ | 17,110 | $ | 67,090 | $ | 52,975 | ||||||||||
| Cost of revenue | 27,497 | 14,682 | 14,569 | 58,541 | 47,003 | |||||||||||||||
| Gross profit | 3,054 | 1,163 | 2,541 | 8,549 | 5,972 | |||||||||||||||
| General and administrative expense | 978 | 828 | 489 | 2,373 | 1,475 | |||||||||||||||
| Other (income) expense, net(2) | (55 | ) | (72 | ) | 18 | (157 | ) | (3,387 | ) | |||||||||||
| Operating income(3) | $ | 2,131 | $ | 407 | $ | 2,034 | $ | 6,333 | $ | 7,884 | ||||||||||
| EBITDA and Adjusted EBITDA(1) | ||||||||||||||||||||
| Operating income(3) | $ | 2,131 | $ | 407 | $ | 2,034 | $ | 6,333 | $ | 7,884 | ||||||||||
| Depreciation and amortization | 765 | 733 | 633 | 2,196 | 1,942 | |||||||||||||||
| EBITDA | 2,896 | 1,140 | 2,667 | 8,529 | 9,826 | |||||||||||||||
| Gain on property sale(2) | - | - | - | - | (2,880 | ) | ||||||||||||||
| Adjusted EBITDA | $ | 2,896 | $ | 1,140 | $ | 2,667 | $ | 8,529 | $ | 6,946 | ||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| Former Shipyard Division | September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||
| 2025(4) | 2025(4) | 2024 | 2025(4) | 2024 | ||||||||||||||||
| New project awards(1) | $ | - | $ | - | $ | - | $ | - | $ | 354 | ||||||||||
| Revenue | $ | - | $ | - | $ | 490 | $ | - | $ | 935 | ||||||||||
| Cost of revenue | - | - | 415 | - | 510 | |||||||||||||||
| Gross profit | - | - | 75 | - | 425 | |||||||||||||||
| General and administrative expense | - | - | - | - | - | |||||||||||||||
| Other (income) expense, net | - | - | 53 | - | 52 | |||||||||||||||
| Operating income | $ | - | $ | - | $ | 22 | $ | - | $ | 373 | ||||||||||
| EBITDA(1) | ||||||||||||||||||||
| Operating income | $ | - | $ | - | $ | 22 | $ | - | $ | 373 | ||||||||||
| Depreciation and amortization | - | - | - | - | - | |||||||||||||||
| EBITDA | $ | - | $ | - | $ | 22 | $ | - | $ | 373 | ||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| Corporate Division | September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| New project awards (eliminations)(1) | $ | (505 | ) | $ | (285 | ) | $ | (205 | ) | $ | (1,066 | ) | $ | (673 | ) | |||||
| Revenue (eliminations) | $ | (505 | ) | $ | (285 | ) | $ | (205 | ) | $ | (1,066 | ) | $ | (673 | ) | |||||
| Cost of revenue (eliminations) | (505 | ) | (285 | ) | (205 | ) | (1,066 | ) | (673 | ) | ||||||||||
| Gross profit | - | - | - | - | - | |||||||||||||||
| General and administrative expense | 1,689 | 1,629 | 1,862 | 5,286 | 6,284 | |||||||||||||||
| Other (income) expense, net(2) | 139 | 1,426 | (82 | ) | 1,695 | (238 | ) | |||||||||||||
| Operating loss | $ | (1,828 | ) | $ | (3,055 | ) | $ | (1,780 | ) | $ | (6,981 | ) | $ | (6,046 | ) | |||||
| EBITDA and Adjusted EBITDA(1) | ||||||||||||||||||||
| Operating loss | $ | (1,828 | ) | $ | (3,055 | ) | $ | (1,780 | ) | $ | (6,981 | ) | $ | (6,046 | ) | |||||
| Depreciation and amortization | 24 | 24 | 80 | 124 | 238 | |||||||||||||||
| EBITDA | (1,804 | ) | (3,031 | ) | (1,700 | ) | (6,857 | ) | (5,808 | ) | ||||||||||
| Transaction/integration costs(2) | 91 | 1,825 | - | 2,129 | - | |||||||||||||||
| Adjusted EBITDA | $ | (1,713 | ) | $ | (1,206 | ) | $ | (1,700 | ) | $ | (4,728 | ) | $ | (5,808 | ) | |||||
| _________________ | |
| (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 nine months ended September 30, 2024, includes a gain of |
| (3) | Operating income for the Fabrication division for the three months ended September 30, 2025 and June 30, 2025, and nine months ended September 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)
September 30,2025 | December 31,2024 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 23,206 | $ | 27,284 | ||||
| Restricted cash | 1,197 | 1,197 | ||||||
| Short-term investments | 40,156 | 38,784 | ||||||
| Contract receivables and retainage, net | 35,686 | 22,487 | ||||||
| Contract assets | 11,679 | 8,611 | ||||||
| Prepaid expenses and other assets | 3,602 | 5,139 | ||||||
| Inventory | 2,716 | 1,907 | ||||||
| Total current assets | 118,242 | 105,409 | ||||||
| Property, plant and equipment, net | 21,992 | 24,051 | ||||||
| Goodwill | 3,606 | 2,217 | ||||||
| Other intangibles, net | 821 | 557 | ||||||
| Other noncurrent assets | 2,065 | 982 | ||||||
| Total assets | $ | 146,726 | $ | 133,216 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 18,067 | $ | 5,801 | ||||
| Contract liabilities | 981 | 1,278 | ||||||
| Accrued expenses and other liabilities | 13,259 | 13,180 | ||||||
| Long-term debt, current | 1,117 | 1,117 | ||||||
| Total current liabilities | 33,424 | 21,376 | ||||||
| Long-term debt, noncurrent | 17,881 | 17,888 | ||||||
| Other noncurrent liabilities | 1,117 | 850 | ||||||
| Total liabilities | 52,422 | 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, 15,999 shares issued and outstanding at September 30, 2025 and 16,346 at December 31, 2024 | 11,308 | 11,669 | ||||||
| Additional paid-in capital | 104,816 | 108,065 | ||||||
| Accumulated deficit | (21,820 | ) | (26,632 | ) | ||||
| Total shareholders’ equity | 94,304 | 93,102 | ||||||
| Total liabilities and shareholders’ equity | $ | 146,726 | $ | 133,216 | ||||
Consolidated Cash Flows (in thousands)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Net income (loss) | $ | 1,559 | $ | (574 | ) | $ | 2,317 | $ | 4,812 | $ | 10,446 | |||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 1,228 | 1,194 | 1,208 | 3,678 | 3,641 | |||||||||||||||
| 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 | (3,942 | ) | ||||||||||||||
| Stock-based compensation expense | 276 | 289 | 406 | 908 | 1,444 | |||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| Contract receivables and retainage, net | (7,850 | ) | (267 | ) | 9,929 | (11,037 | ) | 12,822 | ||||||||||||
| Contract assets | (3,952 | ) | 3,069 | (3,594 | ) | (2,345 | ) | (3,076 | ) | |||||||||||
| Prepaid expenses, inventory and other current assets | 1,328 | (76 | ) | 249 | 820 | 2,401 | ||||||||||||||
| Accounts payable | 11,412 | (3,491 | ) | (3,382 | ) | 11,919 | (2,843 | ) | ||||||||||||
| Contract liabilities | (1,097 | ) | (294 | ) | (2,650 | ) | (1,735 | ) | (3,991 | ) | ||||||||||
| Accrued expenses and other current liabilities | (35 | ) | 1,366 | 1,347 | (548 | ) | (494 | ) | ||||||||||||
| Noncurrent assets and liabilities, net and other | (13 | ) | (177 | ) | (184 | ) | (366 | ) | (437 | ) | ||||||||||
| Net cash provided by operating activities | 2,856 | 2,539 | 5,646 | 7,614 | 15,943 | |||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Capital expenditures | (197 | ) | (309 | ) | (1,314 | ) | (813 | ) | (4,880 | ) | ||||||||||
| Acquisition of business | — | (2,350 | ) | — | (3,500 | ) | — | |||||||||||||
| Purchase of loan | — | (1,500 | ) | — | (1,500 | ) | — | |||||||||||||
| Proceeds from sale of property and equipment | — | — | — | 11 | 9,614 | |||||||||||||||
| Recoveries from insurance claims | — | — | — | — | 326 | |||||||||||||||
| Purchases of short-term investments | (40,289 | ) | (9,429 | ) | (14,407 | ) | (63,792 | ) | (71,744 | ) | ||||||||||
| Maturities of short-term investments | 14,300 | 32,900 | 22,500 | 62,420 | 35,955 | |||||||||||||||
| Net cash provided by (used in) investing activities | (26,186 | ) | 19,312 | 6,779 | (7,174 | ) | (30,729 | ) | ||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Tax payments for vested stock withholdings | — | (860 | ) | — | (860 | ) | (1,183 | ) | ||||||||||||
| Repurchases of common stock | (289 | ) | (2,802 | ) | (606 | ) | (3,658 | ) | (879 | ) | ||||||||||
| Net cash used in financing activities | (289 | ) | (3,662 | ) | (606 | ) | (4,518 | ) | (2,062 | ) | ||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (23,619 | ) | 18,189 | 11,819 | (4,078 | ) | (16,848 | ) | ||||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 48,022 | 29,833 | 10,984 | 28,481 | 39,651 | |||||||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 24,403 | $ | 48,022 | $ | 22,803 | $ | 24,403 | $ | 22,803 | ||||||||||
FAQ
What did Gulf Island (GIFI) report for third quarter 2025 revenue and adjusted EBITDA?
What is the cash consideration per share in the IES Holdings deal for GIFI and when is it expected to close?
How did the Englobal acquisition affect Gulf Island's Q3 2025 results?
What material contract did Gulf Island's fabrication division win in Q3 2025?
Why did Gulf Island suspend its share repurchase program in Q3 2025?
Will Gulf Island hold a conference call for Q3 2025 earnings?
