Southland Holdings posts $33.7M Q3 2026 profit
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Southland Holdings, Inc. (SLND) reported third-quarter 2026 revenue of $233.8 million, up 9.6% year over year. Gross profit was $20.6 million versus $1.9 million, and gross margin was 8.8% versus 0.9%. Operating income was $7.0 million, compared with a $12.6 million operating loss. Net income attributable to Southland stockholders was $33.7 million versus a $75.3 million loss; other income, net, was $32.4 million.
For the first nine months of 2026, revenue fell 22.3% to $519.5 million, and Southland recorded a $55.4 million gross loss versus $35.4 million gross profit in 2025. Operating activities used $183.7 million of cash, compared with $6.9 million provided in 2025. Backlog was $1.71 billion as of September 30, 2026.
Separately, Southland and the sureties amended their financial assistance agreement, extending the deadline for required issuance of senior non-voting preferred shares to no later than December 18, 2026, from November 13, 2026. The shares relate to conversion of certain Non-Bonding Financing.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue increased 9.6% to $233.8 million.
- Moderate pointThird-quarter operating income was $7.0 million, versus a $12.6 million operating loss.
- Moderate pointThird-quarter gross margin rose to 8.8% from 0.9%.
Negative
- Major pointSouthland recorded a nine-month gross loss of $55.4 million, versus $35.4 million gross profit.
- Major pointNine-month operating activities used $183.7 million of cash, versus $6.9 million provided.
- Moderate pointNine-month revenue fell 22.3% to $519.5 million.
8-K Event Classification
Key Figures
Key Terms
Non-Bonding Financing financial
backlog financial
EBITDA financial
retainage receivables financial
contract assets financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Southland (SLND)'s Q3 2026 earnings and revenue?
How much cash did Southland (SLND) use in operations during the first nine months of 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Charter)
| (State or Other Jurisdiction | (Commission | (IRS Employer | ||
| of Incorporation) | File Number) | Identification No.) |
(Address of Principal Executive Offices) (Zip Code)
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c)) |
Securities registered pursuant to section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| American LLC | ||||
| American LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01 Entry into a Material Definitive Agreement.
As previously reported, Southland Holdings, Inc., a Delaware corporation (the “Company”) entered into a financial assistance agreement (the “Financial Assistance Agreement”), which governs the terms on which certain sureties of the Company (each, a “Surety,” and collectively, the “Sureties”) have provided, and may continue to provide in the future, financing assistance in respect of bonded construction contracts and projects.
Under the terms of the Financial Assistance Agreement, any Surety or Sureties providing financing that is not providing bonds shall be deemed to be providing “Non-Bonding Financing.” The Financial Assistance Agreement provides for, among other things, conversion of certain Non-Bonding Financing into senior non-voting preferred shares (the “Preferred Shares”) in accordance with the terms of a Preferred Shares Term Sheet attached to the Financial Assistance Agreement.
On November 11, 2026, the Company and certain other related entities, certain individual shareholder indemnitors, the Sureties, and Berkshire Hathaway Specialty Insurance Company, as collateral agent, entered into the second amendment to the Financial Assistance Agreement (the “Second Amendment”).
Prior to giving effect to the Second Amendment, the Preferred Shares were required to be issued no later than November 13, 2026. Under the terms of the Second Amendment, the date by which the Preferred Shares are required to be issued has been extended to be no later than December 18, 2026.
The foregoing description of the Second Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Amendment, a copy of which will be filed as an exhibit to this Current Report on Form 8-K.
Item 2.02 Results of Operations and Financial Condition.
On November 12, 2026, Southland Holdings, Inc., a Delaware corporation (the “Company”), issued a press release announcing financial results for the quarter ended September 30, 2026. Additional information is included in the Company’s press release. A copy of the Company’s press release is attached hereto as Exhibit 99.1. The foregoing description of the press release is qualified in its entirety by reference to the attached exhibit.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits |
| Exhibit | Description | |
| 10.1 | Second Amendment to Financial Assistance Agreement, dated as of November 11, 2026, by and among Southland Holdings, Inc., Southland Holdings LLC, the other principals and indemnitors party thereto, Berkshire Hathaway Specialty Insurance Company, Zurich American Insurance Company, Hartford Fire Insurance Company, Euler Hermes North America Insurance Company, Markel Insurance Company, Western Surety Company, Federal Insurance Company and Berkshire Hathaway Specialty Insurance Company, as collateral agent. | |
| 99.1 | Press Release dated November 12, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document) |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: November 12, 2026 | SOUTHLAND HOLDINGS, INC. | ||
| By: | /s/ Frank S. Renda | ||
| Name: | Frank S. Renda | ||
| Title: | President and Chief Executive Officer | ||
2
Exhibit 99.1
Southland Announces Third Quarter 2026 Results
GRAPEVINE, Texas, November 12, 2026 – Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter ended September 30, 2026.
| ● | Revenue of $233.8 million for the quarter ended September 30, 2026, compared to $213.3 million for the quarter ended September 30, 2025. |
| ● | Gross profit of $20.6 million for the quarter ended September 30, 2026, compared to $1.9 million in gross profit for the quarter ended September 30, 2025. |
| ● | Gross profit margin of 8.8% for the quarter ended September 30, 2026, compared to 0.9% gross profit margin for the quarter ended September 30, 2025. |
| ● | Other income, net of $32.4 million for the quarter ended September 30, 2026, compared to $2.0 million in other income, net for the quarter ended September 30, 2025. The increase was primarily driven by $28.7 million of other income related to the previously disclosed settlement with Liberty Mutual in connection with the Washington State Convention Center Project. |
| ● | Net income attributable to stockholders of $33.7 million, or $0.62 per diluted share for the quarter ended September 30, 2026, compared to a net loss attributable to stockholders of $75.3 million, or $(1.39) per share for the quarter ended September 30, 2025. |
| ● | EBITDA of $43.2 million for the quarter ended September 30, 2026, compared to $(3.5) million for the quarter ended September 30, 2025.(1) |
| ● | Backlog of $1.71 billion.(1) |
| (1) | Please refer to “Non-GAAP Financial Measures” and reconciliations for our non-GAAP financial measures, including “EBITDA” and “Backlog” |
“Our third quarter results reflect continued execution of our strategic plan and an improvement in our operating performance,” said Frank Renda, Southland’s President & Chief Executive Officer. “During the quarter, we improved gross margin to 8.8%, delivered operating income of $7.0 million, and grew our backlog to $1.71 billion. This marks meaningful progress, and we remain focused on the work ahead. Demand for our services continues to be strong, and we believe Southland is well positioned to convert its share of new opportunities into profitable awards.”
2026 Third Quarter Results
Condensed Consolidated Statements of Operations (unaudited)
| Three Months Ended | ||||||||
| (Amounts in thousands) | September 30, 2026 |
September 30, 2025 |
||||||
| Revenue | $ | 233,775 | $ | 213,343 | ||||
| Cost of construction | 213,189 | 211,402 | ||||||
| Gross profit | 20,586 | 1,941 | ||||||
| Selling, general, and administrative expenses | 13,628 | 14,587 | ||||||
| Operating income (loss) | 6,958 | (12,646 | ) | |||||
| Gain (loss) on investments, net | (5 | ) | 50 | |||||
| Other income, net | 32,402 | 1,973 | ||||||
| Interest expense | (4,109 | ) | (9,166 | ) | ||||
| Earnings (losses) before income taxes | 35,246 | (19,789 | ) | |||||
| Income tax expense | 543 | 57,194 | ||||||
| Net income (loss) | 34,703 | (76,983 | ) | |||||
| Net income (loss) attributable to noncontrolling interests | 990 | (1,714 | ) | |||||
| Net income (loss) attributable to Southland stockholders | $ | 33,713 | $ | (75,269 | ) | |||
| Net income (loss) per share attributable to common stockholders | ||||||||
| Basic(1) | $ | 0.62 | $ | (1.39 | ) | |||
| Diluted(1) | $ | 0.62 | $ | (1.39 | ) | |||
| Weighted average shares outstanding | ||||||||
| Basic(1) | 54,473,554 | 54,113,036 | ||||||
| Diluted(1) | 54,490,750 | 54,113,036 | ||||||
| (1) | Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended September 30, 2025, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented. |
Revenue for the three months ended September 30, 2026, was $233.8 million, an increase of $20.4 million, or 9.6%, compared to the three months ended September 30, 2025. The Materials & Paving business contributed $17.4 million to revenue in the three months ended September 30, 2026.
Gross profit for the three months ended September 30, 2026, was $20.6 million compared to gross profit of $1.9 million for the three months ended September 30, 2025. Gross margin increased from 0.9% to 8.8% for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The Materials & Paving business negatively impacted gross profit by $10.2 million in the three months ended September 30, 2026.
Selling, general, and administrative costs for the three months ended September 30, 2026, were $13.6 million, a decrease of $1.0 million, or 6.6%, compared to the three months ended September 30, 2025. Selling, general, and administrative costs as a percent of revenue were 5.8% for the three months ended September 30, 2026, compared to 6.8% for the three months ended September 30, 2025.
2
Condensed Consolidated Statements of Operations (unaudited)
| Nine Months Ended | ||||||||
| (Amounts in thousands) | September 30, 2026 |
September 30, 2025 |
||||||
| Revenue | $ | 519,486 | $ | 668,211 | ||||
| Cost of construction | 574,889 | 632,823 | ||||||
| Gross profit (loss) | (55,403 | ) | 35,388 | |||||
| Selling, general, and administrative expenses | 45,276 | 44,624 | ||||||
| Operating loss | (100,679 | ) | (9,236 | ) | ||||
| Gain on investments, net | 209 | 126 | ||||||
| Other income, net | 38,923 | 4,294 | ||||||
| Interest expense | (20,126 | ) | (28,023 | ) | ||||
| Losses before income taxes | (81,673 | ) | (32,839 | ) | ||||
| Income tax expense (benefit) | (1,050 | ) | 56,820 | |||||
| Net loss | (80,623 | ) | (89,659 | ) | ||||
| Net income (loss) attributable to noncontrolling interests | (1,717 | ) | 468 | |||||
| Net loss attributable to Southland stockholders | $ | (78,906 | ) | $ | (90,127 | ) | ||
| Net loss per share attributable to common stockholders | ||||||||
| Basic(1) | $ | (1.45 | ) | $ | (1.67 | ) | ||
| Diluted(1) | $ | (1.45 | ) | $ | (1.67 | ) | ||
| Weighted average shares outstanding | ||||||||
| Basic(1) | 54,281,990 | 54,028,363 | ||||||
| Diluted(1) | 54,281,990 | 54,028,363 | ||||||
| (1) | Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the nine months ended September 30, 2026, and September 30, 2025, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented. |
Revenue for the nine months ended September 30, 2026, was $519.5 million, a decrease of $148.7 million, or 22.3%, compared to the nine months ended September 30, 2025. The Materials & Paving business contributed $40.1 million to revenue in the nine months ended September 30, 2026.
Gross loss for the nine months ended September 30, 2026, was $55.4 million compared to gross profit of $35.4 million for the nine months ended September 30, 2025. Gross margin decreased from 5.3% to (10.7)% for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. The Materials & Paving business negatively impacted gross profit by $39.6 million in the nine months ended September 30, 2026.
Selling, general, and administrative costs for the nine months ended September 30, 2026, were $45.3 million, an increase of $0.7 million, or 1.5%, compared to the nine months ended September 30, 2025. Selling, general, and administrative costs as a percent of revenue were 8.7% for the nine months ended September 30, 2026, compared to 6.7% for the nine months ended September 30, 2025.
3
Segment Revenue
| Three Months Ended | ||||||||||||||||
| (Amounts in thousands) | September 30, 2026 |
September 30, 2025 |
||||||||||||||
| % of Total | % of Total | |||||||||||||||
| Segment | Revenue | Revenue | Revenue | Revenue | ||||||||||||
| Civil | $ | 107,342 | 45.9 | % | $ | 99,481 | 46.6 | % | ||||||||
| Transportation | 126,433 | 54.1 | % | 113,862 | 53.4 | % | ||||||||||
| Total revenue | $ | 233,775 | 100.0 | % | $ | 213,343 | 100.0 | % | ||||||||
| Nine Months Ended | ||||||||||||||||
| (Amounts in thousands) | September 30, 2026 |
September 30, 2025 |
||||||||||||||
| % of Total | % of Total | |||||||||||||||
| Segment | Revenue | Revenue | Revenue | Revenue | ||||||||||||
| Civil | $ | 252,121 | 48.5 | % | $ | 283,927 | 42.5 | % | ||||||||
| Transportation | 267,365 | 51.5 | % | 384,284 | 57.5 | % | ||||||||||
| Total revenue | $ | 519,486 | 100.0 | % | $ | 668,211 | 100.0 | % | ||||||||
Segment Gross Profit (Loss)
| Three Months Ended | ||||||||||||||||
| (Amounts in thousands) | September 30, 2026 |
September 30, 2025 |
||||||||||||||
| % of Segment | % of Segment | |||||||||||||||
| Segment | Gross Profit | Revenue | Gross Profit | Revenue | ||||||||||||
| Civil | $ | 14,308 | 13.3 | % | $ | 10,398 | 10.5 | % | ||||||||
| Transportation | 6,278 | 5.0 | % | (8,457 | ) | (7.4 | )% | |||||||||
| Gross profit | $ | 20,586 | 8.8 | % | $ | 1,941 | 0.9 | % | ||||||||
| Nine Months Ended | ||||||||||||||||
| (Amounts in thousands) | September 30, 2026 |
September 30, 2025 |
||||||||||||||
| % of Segment | % of Segment | |||||||||||||||
| Segment | Gross Profit | Revenue | Gross Profit | Revenue | ||||||||||||
| Civil | $ | 1,886 | 0.7 | % | $ | 47,164 | 16.6 | % | ||||||||
| Transportation | (57,289 | ) | (21.4 | )% | (11,776 | ) | (3.1 | )% | ||||||||
| Gross profit (loss) | $ | (55,403 | ) | (10.7 | )% | $ | 35,388 | 5.3 | % | |||||||
4
EBITDA Reconciliation
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (Amounts in thousands) | September 30, 2026 |
September 30, 2025 |
September 30, 2026 |
September 30, 2025 |
||||||||||||
| Net income (loss) attributable to Southland stockholders | $ | 33,713 | $ | (75,269 | ) | $ | (78,906 | ) | $ | (90,127 | ) | |||||
| Depreciation and amortization | 5,000 | 5,629 | 16,081 | 17,530 | ||||||||||||
| Income tax expense (benefit) | 543 | 57,194 | (1,050 | ) | 56,820 | |||||||||||
| Interest expense | 4,109 | 9,166 | 20,126 | 28,023 | ||||||||||||
| Interest income | (174 | ) | (221 | ) | (542 | ) | (1,473 | ) | ||||||||
| EBITDA | 43,191 | (3,501 | ) | (44,291 | ) | 10,773 | ||||||||||
Backlog
| (Amounts in thousands) | ||||
| Balance December 31, 2025 | $ | 2,031,080 | ||
| New contracts, change orders, and adjustments | 202,745 | |||
| Less: contract revenue recognized in 2026 | (519,486 | ) | ||
| Balance September 30, 2026 | $ | 1,714,339 |
5
Condensed Consolidated Balance Sheets (unaudited)
| As of | ||||||||
| (Amounts in thousands, except share and per share data) | September 30, 2026 |
December 31, 2025 |
||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 35,936 | $ | 52,713 | ||||
| Restricted cash | 10,875 | 14,755 | ||||||
| Accounts receivable, net | 122,569 | 145,031 | ||||||
| Retainage receivables | 97,630 | 101,779 | ||||||
| Contract assets | 257,191 | 389,362 | ||||||
| Other current assets | 26,297 | 30,326 | ||||||
| Total current assets | 550,498 | 733,966 | ||||||
| Property and equipment, net | 87,644 | 107,305 | ||||||
| Right-of-use assets | 8,570 | 10,524 | ||||||
| Investments - unconsolidated entities | 124,067 | 129,696 | ||||||
| Investments - limited liability companies | 2,262 | 2,323 | ||||||
| Investments - private equity | 2,387 | 2,588 | ||||||
| Deferred tax asset | 20 | 3 | ||||||
| Goodwill | 1,528 | 1,528 | ||||||
| Intangible assets, net | 1,180 | 1,180 | ||||||
| Other noncurrent assets | - | 167 | ||||||
| Total noncurrent assets | 227,658 | 255,314 | ||||||
| Total assets | $ | 778,156 | $ | 989,280 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 85,998 | $ | 224,915 | ||||
| Retainage payable | 27,629 | 36,977 | ||||||
| Accrued liabilities | 53,510 | 80,011 | ||||||
| Current portion of long-term debt | 39,618 | 53,731 | ||||||
| Short-term operating lease liabilities | 6,717 | 6,808 | ||||||
| Contract liabilities | 181,730 | 252,543 | ||||||
| Total current liabilities | 395,202 | 654,985 | ||||||
| Long-term debt | 386,479 | 203,971 | ||||||
| Long-term operating lease liabilities | 12,853 | 16,403 | ||||||
| Deferred tax liabilities | 1,509 | 3,032 | ||||||
| Financing obligations, net | 41,352 | 41,440 | ||||||
| Long-term accrued liabilities | 58,075 | 58,075 | ||||||
| Surety payable | 55,366 | 103,205 | ||||||
| Other noncurrent liabilities | 40,599 | 40,675 | ||||||
| Total long-term liabilities | 596,233 | 466,801 | ||||||
| Total liabilities | 991,435 | 1,121,786 | ||||||
| Stockholders’ equity (deficit) | ||||||||
| Preferred stock, $0.0001 par value, authorized 50,000,000 shares, none issued and outstanding as of September 30, 2026 and December 31, 2025 | - | - | ||||||
| Common stock, $0.0001 par value, authorized 500,000,000 shares, 54,508,944 and 54,113,036 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 5 | 5 | ||||||
| Additional paid-in-capital | 294,092 | 293,237 | ||||||
| Accumulated deficit | (510,064 | ) | (431,158 | ) | ||||
| Accumulated other comprehensive loss | (3,662 | ) | (3,018 | ) | ||||
| Total stockholders’ equity (deficit) | (219,629 | ) | (140,934 | ) | ||||
| Noncontrolling interest | 6,350 | 8,428 | ||||||
| Total equity (deficit) | (213,279 | ) | (132,506 | ) | ||||
| Total liabilities and equity | $ | 778,156 | $ | 989,280 | ||||
6
Condensed Consolidated Statement of Cash Flows (unaudited)
| Nine Months Ended | ||||||||
| (Amounts in thousands) | September 30, 2026 |
September 30, 2025 |
||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (80,623 | ) | $ | (89,659 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
| Depreciation and amortization | 16,081 | 17,530 | ||||||
| Amortization of deferred financing costs | 1,412 | 1,387 | ||||||
| Gain on extinguishment of surety payable | (28,703 | ) | - | |||||
| Deferred taxes | (1,450 | ) | 57,218 | |||||
| Share based compensation | 885 | 820 | ||||||
| Gain on sale of assets | (10,099 | ) | (2,743 | ) | ||||
| Foreign currency remeasurement (gain) loss | 82 | (53 | ) | |||||
| Loss (earnings) from equity method investments | 2,835 | (8,131 | ) | |||||
| Gain on trading securities, net | (209 | ) | (126 | ) | ||||
| Changes in assets and liabilities: | ||||||||
| Accounts and retainage receivables | 49,278 | 2,861 | ||||||
| Contract assets | 109,425 | (11,055 | ) | |||||
| Other current assets | 4,030 | (8,851 | ) | |||||
| Right-of-use assets | 1,954 | 4,997 | ||||||
| Accounts payable, retainage payable and accrued liabilities | (174,598 | ) | 28,174 | |||||
| Contract liabilities | (70,825 | ) | 18,498 | |||||
| Operating lease liabilities | (2,078 | ) | (4,976 | ) | ||||
| Other noncurrent liabilities | (5,000 | ) | - | |||||
| Other | 3,920 | 1,002 | ||||||
| Net cash provided by (used in) operating activities | (183,683 | ) | 6,893 | |||||
| Cash flows from investing activities: | ||||||||
| Purchase of property and equipment | (1,509 | ) | (3,446 | ) | ||||
| Proceeds from sale of property and equipment | 13,096 | 6,264 | ||||||
| Distributions from other investments | 410 | 271 | ||||||
| Distributions from investees | - | 184 | ||||||
| Capital contribution to unconsolidated investments | - | (184 | ) | |||||
| Return of investment in limited liability company | 61 | - | ||||||
| Net cash provided by investing activities | 12,058 | 3,089 | ||||||
| Cash flows from financing activities: | ||||||||
| Advancement of surety funds | 220,740 | - | ||||||
| Payments on notes payable | (67,867 | ) | (39,010 | ) | ||||
| Payments of deferred financing costs | - | (297 | ) | |||||
| Payments to related parties | (4 | ) | (3 | ) | ||||
| Payments on finance lease and financing obligations | (1,643 | ) | (832 | ) | ||||
| Distribution to members | (217 | ) | - | |||||
| Payment of taxes related to net share settlement of RSUs | (30 | ) | (121 | ) | ||||
| Net cash provided by (used in) financing activities | 150,979 | (40,263 | ) | |||||
| Effect of exchange rate on cash | (11 | ) | 64 | |||||
| Net decrease in cash and cash equivalents and restricted cash | (20,657 | ) | (30,217 | ) | ||||
| Beginning of period | 67,468 | 87,561 | ||||||
| End of period | $ | 46,811 | $ | 57,344 | ||||
| Supplemental cash flow information | ||||||||
| Cash paid for income taxes | $ | 775 | $ | 734 | ||||
| Cash paid for interest | $ | 15,154 | $ | 26,781 | ||||
| Non-cash investing and financing activities: | ||||||||
| Lease assets obtained in exchange for new leases | $ | 2,184 | $ | 9,311 | ||||
| Assets obtained in exchange for notes payable | $ | - | $ | 5,585 | ||||
7
Conference Call
Southland will host a conference call at 10:00 a.m. Eastern Time on Friday, November 13, 2026. The call may be accessed here, or at www.southlandholdings.com. Following the conference call, a replay will be available on Southland’s website.
About Southland
Southland is a leading provider of specialized infrastructure construction services. With roots dating back to 1900, Southland and its subsidiaries form one of the largest infrastructure construction companies in North America, with experience throughout the world. The company serves the bridges, tunneling, communications, data centers, transportation and facilities, marine, steel structures, water and wastewater treatment, and water pipeline end markets. Southland is headquartered in Grapevine, Texas.
For more information, please visit Southland’s website at southlandholdings.com.
Non-GAAP Financial Measures
This press release includes certain unaudited financial measures not presented in accordance with generally accepted accounting principles (“GAAP”), including but not limited to earnings before interest, taxes, depreciation, and amortization (“EBITDA”), backlog, and certain ratios and other metrics derived therefrom. Note that other companies may calculate these non-GAAP financial measures differently, and therefore such financial measures may not be directly comparable to similarly titled measures of other companies. Further, these non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. Southland believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Southland’s financial condition and results of operations. Southland also believes that these non-GAAP financial measures provide an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which items of expense and income are excluded or included in determining these non-GAAP financial measures.
Please see the accompanying table for reconciliations of the following non-GAAP financial measures for Southland’s current and historical results: EBITDA (non-GAAP financial measures) to net income (loss) attributable toSouthland stockholders.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Southland’s current beliefs, expectations and assumptions regarding the future of Southland’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Southland’s control. Southland’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.
Any forward-looking statement made by Southland in this press release is based only on information currently available to Southland and speaks only as of the date on which it is made. Southland undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
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Southland Contacts:
Keith Bassano
Chief Financial Officer
kbassano@southlandholdings.com
Alex Murray
Vice President, Corporate Development & Investor Relations
amurray@southlandholdings.com
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