Orion Group Holdings Reports First Quarter 2026 Results
Rhea-AI Summary
Orion Group Holdings (NYSE: ORN) reported Q1 2026 results: revenue $216.3M, GAAP net income $4.7M or $0.12 diluted EPS, Adjusted EBITDA $8.7M, and booked awards $219M. Backlog totaled $668M. Cash and liquidity: unrestricted cash $6.3M; total debt $72M (including $53M UMB borrowings). Orion reaffirmed 2026 guidance: revenue $900–950M, Adjusted EBITDA $54–58M, Adjusted EPS $0.36–0.42.
Positive
- Revenue increased 15% YoY to $216.3M
- GAAP net income turned positive at $4.7M ($0.12 per share)
- Booked awards of $219M added to backlog growth
- Backlog rose to $668M, providing near-term visibility
- Company reaffirmed full-year 2026 guidance for revenue and adjusted EBITDA
Negative
- Selling, general & administrative expenses rose to $26.3M
- Unrestricted cash was modest at $6.3M versus $72M total debt
- Incurrence of ~$47M UMB borrowings related to J.E. McAmis acquisition
News Market Reaction – ORN
On the day this news was published, ORN gained 3.89%, reflecting a moderate positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $19M to the company's valuation, bringing the market cap to $500.41M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
ORN slipped 0.65% ahead of results while peers were mixed: BBCP up 0.52%, MTRX up 0.43%, GLDD up 0.12%, BWMN down 1.68%, and SLND flat to slightly down intraday. This points to company-specific drivers over a clear sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 03 | FY25 earnings | Positive | -0.1% | Reported FY2025 results, closed new credit facility, acquired J.E. McAmis, set 2026 guidance. |
| Oct 28 | Q3 2025 earnings | Positive | +17.8% | Strong Q3 results with raised FY2025 guidance and higher backlog and awards. |
| Jul 29 | Q2 2025 earnings | Positive | -14.8% | Q2 revenue growth, margin expansion, doubled Adjusted EBITDA, reaffirmed FY2025 guidance. |
| Apr 29 | Q1 2025 earnings | Positive | +0.9% | Q1 revenue growth, improved loss, doubled Adjusted EBITDA, strong backlog and awards. |
| Mar 04 | FY24 earnings | Positive | -10.4% | Strong Q4 and FY2024 growth with higher Adjusted EBITDA and 2025 guidance initiation. |
Across recent earnings, Orion often delivered positive fundamentals while share reactions were mixed, with several instances of selling or muted moves on good news.
Over the past year, Orion’s earnings reports have highlighted steady growth and improving profitability. Full-year 2024 revenue reached $796.4M with Adjusted EBITDA of $41.9M, followed by 2025 revenue of $852.3M and Adjusted EBITDA of $45.2M. Management repeatedly reaffirmed or raised guidance, with 2026 targets of $900–$950M revenue and $54–$58M Adjusted EBITDA. Despite these constructive updates, stock reactions have been inconsistent, with both sharp gains and notable selloffs after earnings.
Historical Comparison
In the last five earnings releases, ORN’s average next-day move was -1.31%, showing that even positive results have often met with muted or negative reactions.
Earnings history shows revenue rising from $796.4M in 2024 to $852.3M in 2025, with guidance targeting $900–$950M and higher Adjusted EBITDA in 2026, pointing to a multi-year operational improvement trend.
Market Pulse Summary
This announcement details Q1 2026 revenue of $216.3M, GAAP net income of $4.7M, Adjusted EBITDA of $8.7M, and a growing backlog of $668M, supported by a $24B opportunity pipeline. Management reaffirmed 2026 guidance for $900–$950M revenue and $54–$58M Adjusted EBITDA. Historically, earnings have produced volatile and sometimes counterintuitive price moves, so investors may watch execution in Marine and Concrete segments, backlog trends, leverage levels, and any updates to long-term targets.
Key Terms
adjusted ebitda financial
adjusted eps financial
backlog financial
capital expenditures financial
AI-generated analysis. Not financial advice.
HOUSTON, April 28, 2026 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (the “Company” or “Orion”), a leading specialty construction company, today reported its financial results for the first quarter ended March 31, 2026.
Highlights for the quarter ended March 31, 2026
- Revenue of
$216 million , GAAP net income of$4.7 million or$0.12 per diluted share, Adjusted EBITDA of$8.7 million and Adjusted EPS of$0.05 per diluted share - Cash flow from operations of
$4.9 million - Booked awards and change orders of
$219 million in the quarter - Reaffirming full-year 2026 guidance
“We delivered a solid start to the year, supported by disciplined operational performance and a healthy
“In our Marine segment, demand for mission-critical waterfront infrastructure continues to build, particularly across defense and port modernization projects. We are seeing an uptick in opportunities with the U.S. Coast Guard and the Department of War, underpinned by sustained federal investment in marine infrastructure outlined in the President’s Budget released in early April. We are making good progress integrating J.E. McAmis, leveraging their technical skillset to expand our opportunities and enhance project execution.”
“Our Concrete segment had a fantastic quarter across all key metrics and delivered strong revenue and adjusted EBITDA growth. Data center development continues to serve as a primary market driver, supported by sustained investment from hyperscalers and enterprise customers, with expanding opportunities in growing end markets such as cold storage and advanced manufacturing.”
“Our backlog is growing and our pursuit pipeline remains healthy, with broad-based opportunities across both segments as we move through the year. This combination supports affirmation of our full year 2026 guidance,” concluded Boone.
First Quarter 2026 Results
| Quarter Ended | ||||||
| March 31, | March 31, | |||||
| 2026 | 2025 | |||||
| Revenue | $ | 216.3 | $ | 188.7 | ||
| GAAP Net Income (Loss) | $ | 4.7 | $ | (1.4 | ) | |
| GAAP EPS | $ | 0.12 | $ | (0.04 | ) | |
| Adjusted EBITDA | $ | 8.7 | $ | 8.2 | ||
| Adjusted EPS | $ | 0.05 | $ | 0.01 | ||
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
Contract revenues of
Gross profit was
Selling, general and administrative expenses were
GAAP net income for the quarter ended March 31, 2026 was
Adjusted EBITDA for the first quarter of 2026 was
Backlog
| March 31, | December 31, | |||||
| 2026 | 2025 | |||||
| Marine | $ | 494 | $ | 480 | ||
| Concrete | 174 | 160 | ||||
| Total | $ | 668 | $ | 640 | ||
First quarter 2026 backlog included approximately
Balance Sheet Update
As of March 31, 2026, current assets were
Guidance
The following forward-looking guidance reflects the Company’s current expectations and beliefs as of April 27, 2026, and is subject to change. The following statements apply only as of the date of this disclosure and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document.
For the full year 2026, Orion reaffirms its previous guidance of:
- Revenue in the range of
$900 million to$950 million ,8.6% annual growth at the midpoint - Adjusted EBITDA in the range of
$54 million to$58 million ,24% annual growth at the midpoint - Adjusted EPS in the range of
$0.36 t o$0.42 ,56% annual growth at the midpoint - Capital expenditures in the range of
$25 million to$35 million
Conference Call Details
Orion Group Holdings will host a conference call to discuss the first quarter 2026 financial results at 9:00 a.m. Eastern Time/8:00 a.m. Central Time on Wednesday, April 29, 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 https://www.oriongroupholdingsinc.com/investor/ 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: https://www.oriongroupholdingsinc.com.
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 “non-GAAP financial measures” under rules of the 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 or items whose timing or amount cannot be reasonably estimated. 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. 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 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 impacts 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. 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 www.oriongroupholdingsinc.com or at the SEC's website at www.sec.gov, 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
mboyce@orn.net
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 | |||||||
| March 31, | |||||||
| 2026 | 2025 | ||||||
| Contract revenues | $ | 216,301 | $ | 188,653 | |||
| Costs of contract revenues | 190,422 | 165,638 | |||||
| Gross profit | 25,879 | 23,015 | |||||
| Selling, general and administrative expenses | 26,319 | 22,545 | |||||
| Amortization of intangible assets | 390 | — | |||||
| Gain on disposal of assets, net | (35 | ) | (363 | ) | |||
| Operating (loss) income | (795 | ) | 833 | ||||
| Other (expense) income: | |||||||
| Interest expense | (1,531 | ) | (2,334 | ) | |||
| Other income | 161 | 227 | |||||
| Other expense, net | (1,370 | ) | (2,107 | ) | |||
| Loss before income taxes | (2,165 | ) | (1,274 | ) | |||
| Income tax (benefit) expense | (6,852 | ) | 140 | ||||
| Net income (loss) | $ | 4,687 | $ | (1,414 | ) | ||
| Basic income (loss) per share | $ | 0.12 | $ | (0.04 | ) | ||
| Diluted income (loss) per share | $ | 0.12 | $ | (0.04 | ) | ||
| Shares used to compute income (loss) per share | |||||||
| Basic | 40,110,047 | 39,056,396 | |||||
| Diluted | 40,133,155 | 39,056,396 | |||||
Orion Group Holdings, Inc. and Subsidiaries
Reconciliation of Adjusted Net Income (Loss)
(In thousands except per share information)
(Unaudited)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net income (loss) | $ | 4,687 | $ | (1,414 | ) | |||
| Adjusting items and the tax effects: | ||||||||
| Non-cash share-based compensation | 1,387 | 1,123 | ||||||
| ERP implementation | 81 | 605 | ||||||
| Severance | — | 30 | ||||||
| Process improvement initiatives | — | 138 | ||||||
| Acquisition and integration costs | 1,613 | — | ||||||
| Amortization of purchased intangibles | 390 | — | ||||||
| Tax rate of | (798 | ) | (436 | ) | ||||
| Reversal of the impact of valuation allowances | (5,395 | ) | 214 | |||||
| Adjusted net income | $ | 1,965 | $ | 260 | ||||
| Adjusted EPS | $ | 0.05 | $ | 0.01 | ||||
_____________
(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 | |||||||
| March 31, | |||||||
| 2026 | 2025 | ||||||
| Net income (loss) | $ | 4,687 | $ | (1,414 | ) | ||
| Income tax (benefit) expense | (6,852 | ) | 140 | ||||
| Interest expense, net | 1,444 | 2,141 | |||||
| Depreciation and amortization | 6,387 | 5,403 | |||||
| EBITDA(1) | 5,666 | 6,270 | |||||
| Non-cash share-based compensation | 1,387 | 1,123 | |||||
| ERP implementation | 81 | 605 | |||||
| Severance | — | 30 | |||||
| Process improvement initiatives | — | 138 | |||||
| Acquisition and integration costs | 1,613 | — | |||||
| Adjusted EBITDA(2) | $ | 8,747 | $ | 8,166 | |||
| Adjusted EBITDA margin(2) | 4.0 | % | 4.3 | % | |||
_____________
(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 March 31, 2026 | |||||||||||||||
| Marine | Concrete | General Corporate | Consolidated | ||||||||||||
| Contract revenues | $ | 110,129 | $ | 106,172 | $ | — | $ | 216,301 | |||||||
| Operating income (loss) | 6,580 | 7,736 | (15,111 | ) | (795 | ) | |||||||||
| Other income | 22 | — | 52 | 74 | |||||||||||
| Depreciation and amortization | 4,981 | 700 | 706 | 6,387 | |||||||||||
| EBITDA(1) | 11,583 | 8,436 | (14,353 | ) | 5,666 | ||||||||||
| Non-cash share-based compensation | 335 | 176 | 876 | 1,387 | |||||||||||
| ERP implementation | — | — | 81 | 81 | |||||||||||
| Acquisition and integration costs | — | — | 1,613 | 1,613 | |||||||||||
| Adjusted EBITDA(2) | $ | 11,918 | $ | 8,612 | $ | (11,783 | ) | $ | 8,747 | ||||||
| Adjusted EBITDA margin(2) | 10.8 | % | 8.1 | % | 4.0 | % | |||||||||
| For the three months ended March 31, 2025 | |||||||||||||||
| Marine | Concrete | General Corporate | Consolidated | ||||||||||||
| Contract revenues | $ | 127,163 | $ | 61,490 | $ | — | $ | 188,653 | |||||||
| Operating income (loss) | 12,322 | 1,809 | (13,298 | ) | 833 | ||||||||||
| Other income | — | 10 | 24 | 34 | |||||||||||
| Depreciation and amortization | 4,378 | 872 | 153 | 5,403 | |||||||||||
| EBITDA(1) | 16,700 | 2,691 | (13,121 | ) | 6,270 | ||||||||||
| Non-cash share-based compensation | 280 | 91 | 752 | 1,123 | |||||||||||
| ERP implementation | — | — | 605 | 605 | |||||||||||
| Severance | — | 16 | 14 | 30 | |||||||||||
| Process improvement initiatives | 138 | 138 | |||||||||||||
| Adjusted EBITDA(2) | $ | 16,980 | $ | 2,798 | $ | (11,612 | ) | $ | 8,166 | ||||||
| Adjusted EBITDA margin(2) | 13.4 | % | 4.6 | % | 4.3 | % | |||||||||
_____________
(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)
| Three months ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Cash flows from operating activities | |||||||
| Net income (loss) | $ | 4,687 | $ | (1,414 | ) | ||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
| Depreciation and amortization | 4,384 | 3,175 | |||||
| Amortization of right-of-use ("ROU") operating leases | 1,402 | 2,477 | |||||
| Amortization of ROU finance leases | 2,003 | 2,228 | |||||
| Amortization of deferred debt issuance costs | 84 | 395 | |||||
| Deferred income taxes | (6,829 | ) | (11 | ) | |||
| Share-based compensation | 1,387 | 1,123 | |||||
| Gain on disposal of assets, net | (35 | ) | (363 | ) | |||
| Allowance for credit losses | (18 | ) | 232 | ||||
| Change in operating assets and liabilities: | |||||||
| Accounts receivable | 33,737 | (35,266 | ) | ||||
| Income tax receivable | 14 | 47 | |||||
| Inventory | (288 | ) | 63 | ||||
| Prepaid expenses and other | 2,627 | 1,319 | |||||
| Contract assets | (10,457 | ) | 20,827 | ||||
| Accounts payable | (13,948 | ) | 13,747 | ||||
| Accrued liabilities | (11,779 | ) | (6,174 | ) | |||
| Operating lease liabilities | (1,495 | ) | (1,219 | ) | |||
| Income tax payable | 79 | (14 | ) | ||||
| Contract liabilities | (630 | ) | (4,615 | ) | |||
| Net cash provided by (used in) operating activities | 4,925 | (3,443 | ) | ||||
| Cash flows from investing activities: | |||||||
| Proceeds from sale of property and equipment | 60 | 341 | |||||
| Purchase of property and equipment | (8,575 | ) | (9,033 | ) | |||
| Business acquisition, net cash acquired | (44,000 | ) | — | ||||
| Net cash used in investing activities | (52,515 | ) | (8,692 | ) | |||
| Cash flows from financing activities: | |||||||
| Borrowings on credit facilities | 53,000 | 3,047 | |||||
| Payments on credit facilities | (40,000 | ) | (3,148 | ) | |||
| Proceeds from term loan | 40,000 | — | |||||
| Proceeds from deemed financing obligation | 4,221 | — | |||||
| Principal payments on deemed financing obligation | (1,226 | ) | (729 | ) | |||
| Loan costs related to credit facilities | (419 | ) | (323 | ) | |||
| Payments of finance lease liabilities | (2,507 | ) | (2,517 | ) | |||
| Employee stock plans, net activity | (813 | ) | 445 | ||||
| Net cash provided by (used in) financing activities | 52,256 | (3,225 | ) | ||||
| Net change in cash, cash equivalents and restricted cash | 4,666 | (15,360 | ) | ||||
| Cash, cash equivalents and restricted cash at beginning of period | 3,285 | 28,316 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 7,951 | $ | 12,956 | |||
Orion Group Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Information)
| March 31, | December 31, | ||||||
| 2026 | 2025 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 6,254 | $ | 1,588 | |||
| Restricted cash | 1,697 | 1,697 | |||||
| Accounts receivable: | |||||||
| Trade, net of allowance for credit losses of | 140,130 | 175,695 | |||||
| Retainage | 54,484 | 49,194 | |||||
| Income taxes receivable | 241 | 256 | |||||
| Other current | 3,648 | 3,531 | |||||
| Inventory | 2,760 | 2,432 | |||||
| Contract assets | 42,633 | 31,083 | |||||
| Prepaid expenses and other | 9,574 | 12,686 | |||||
| Total current assets | 261,421 | 278,162 | |||||
| Property and equipment, net of accumulated depreciation | 125,444 | 88,210 | |||||
| Operating lease right-of-use assets, net of accumulated amortization | 24,391 | 20,397 | |||||
| Financing lease right-of-use assets, net of accumulated amortization | 16,361 | 18,360 | |||||
| Inventory, non-current | 6,484 | 6,395 | |||||
| Other non-current | 2,566 | 3,128 | |||||
| Goodwill | 32,742 | — | |||||
| Intangible Assets | 9,314 | — | |||||
| Total assets | $ | 478,723 | $ | 414,652 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Current debt, net of debt issuance costs | $ | 5,849 | $ | 1,789 | |||
| Accounts payable: | |||||||
| Trade | 95,025 | 107,433 | |||||
| Retainage | 1,372 | 1,699 | |||||
| Accrued liabilities | 19,610 | 31,750 | |||||
| Income taxes payable | 275 | 197 | |||||
| Contract liabilities | 52,379 | 49,104 | |||||
| Current portion of operating lease liabilities | 4,698 | 4,418 | |||||
| Current portion of financing lease liabilities | 6,000 | 7,517 | |||||
| Total current liabilities | 185,208 | 203,907 | |||||
| Long-term debt, net of debt issuance costs | 66,336 | 6,085 | |||||
| Operating lease liabilities | 28,314 | 24,695 | |||||
| Financing lease liabilities | 5,461 | 5,878 | |||||
| Other long-term liabilities | 26,736 | 15,055 | |||||
| Total liabilities | 312,055 | 255,620 | |||||
| Stockholders’ equity: | |||||||
| Accumulated other comprehensive loss | (23 | ) | — | ||||
| Preferred stock -- | — | — | |||||
| Common stock -- | 412 | 406 | |||||
| Treasury stock, 711,231 shares, at cost, as of March 31, 2026 and December 31, 2025, respectively | (6,540 | ) | (6,540 | ) | |||
| Additional paid-in capital | 229,335 | 226,369 | |||||
| Retained loss | (56,516 | ) | (61,203 | ) | |||
| Total stockholders’ equity | 166,668 | 159,032 | |||||
| Total liabilities and stockholders’ equity | $ | 478,723 | $ | 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 | $ | 11,500 | $ | 15,300 | |||
| Income tax expense | 400 | 600 | |||||
| Interest expense, net | 7,700 | 7,700 | |||||
| Depreciation and amortization | 25,400 | 25,400 | |||||
| EBITDA(1) | 45,000 | 49,000 | |||||
| Non-cash share-based compensation | 7,200 | 7,200 | |||||
| ERP implementation | 1,800 | 1,800 | |||||
| Acquisition and integration costs(2) | — | — | |||||
| Adjusted EBITDA(3) | $ | 54,000 | $ | 58,000 | |||
_____________
(1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.
(2) Amounts related to acquisition and integration costs are not yet available because the purchase accounting for the acquisition is still in process. Accordingly, these amounts have not been included in this reconciliation and will be reflected in a future period once the purchase accounting is finalized.
(3) Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for non-cash share-based compensation, ERP implementation, and acquisition and integration costs.
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 | $ | 11,500 | $ | 15,300 | |||
| Adjusting items and the tax effects: | |||||||
| Non-cash share-based compensation | 7,200 | 7,200 | |||||
| ERP implementation | 1,800 | 1,800 | |||||
| Acquisition and integration costs(1) | — | — | |||||
| Amortization of purchased intangibles(1) | — | — | |||||
| Tax rate of | (2,100 | ) | (2,100 | ) | |||
| Reversal of the impact of valuation allowances | (3,700 | ) | (5,000 | ) | |||
| Adjusted net income(3) | $ | 14,700 | $ | 17,200 | |||
| Adjusted EPS(3) | $ | 0.36 | $ | 0.42 | |||
_____________
(1) Amounts related to acquisition and integration costs and amortization of purchased intangibles are not yet available because the purchase accounting for the acquisition is still in process. Accordingly, these amounts have not been included in this reconciliation and will be reflected in a future period once the purchase accounting is finalized.
(2) Items are taxed discretely using the Company's blended tax rate.
(3) Adjusted net income and Adjusted EPS are non-GAAP measures that represent net income adjusted for non-cash share-based compensation, ERP implementation, acquisition and integration costs and amortization of purchased intangibles.
