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• Revenue: $189 million, a 17% increase year-over-year.

• Adjusted EBITDA: $8.2 million, doubled from the previous year.

• Marine Revenue: Increased over 19%.

• Concrete Revenue: Increased 13%.

• Gross Profit Margin: $23 million or 12.2% of revenue, up from 9.7% last year.

• SG&A Expenses: $22.5 million, up from $19 million, representing 12% of total contract revenues.

• Adjusted Net Income: $300,000 or $0.01 per diluted share.

• GAAP Net Loss: $1.4 million or $0.04 per diluted share.

• Adjusted EBITDA Margin: Improved to 4.3%, up from 2.5% last year.

• Backlog: $840 million as of March 31, 2025.

• Cash Flow from Operations: Negative $3.4 million.

• Total Debt Outstanding: $23.3 million.

• Full Year 2025 Revenue Guidance: $800 million to $850 million.

• Full Year 2025 Adjusted EBITDA Guidance: $42 million to $46 million.

• Full Year 2025 CapEx Guidance: $25 million to $35 million.

• Warning! GuruFocus has detected 9 Warning Signs with BIP.

Release Date: April 30, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Orion Group Holdings Inc (NYSE:ORN) reported a strong start to 2025 with first-quarter revenue of $189 million and Adjusted EBITDA of $8 million, reflecting the strength of their operating model.

• The company secured almost $350 million in new wins, including $161 million in marine and $188 million in concrete projects, contributing to a backlog plus awarded work totaling $890 million.

• Orion Group Holdings Inc (NYSE:ORN) experienced a 17% increase in consolidated revenue and a doubling of adjusted EBITDA compared to the previous year.

• The marine segment showed significant improvement with a 19% increase in revenue and an 8.6% adjusted EBITDA margin, up from 0.9% last year.

• The company has strong supplier relationships, particularly in the steel industry, which provides a competitive advantage in managing tariff risks and input costs.

Negative Points

• SG&A expenses increased to $22.5 million, up from $19 million in the comparable period, due to higher incentive compensation, legal, IT, and operating lease expenses.

• The concrete segment experienced a negative 4.4% adjusted EBITDA margin, compared to a positive 5.7% in the prior year period, due to seasonally lower productivity.

• Despite the strong start, the company reported a GAAP net loss of $1.4 million or $0.04 per diluted share for the first quarter of 2025.

• Cash flow from operations was negative $3.4 million, although this was an improvement from negative $22.8 million in the prior year quarter.

• The company anticipates potential pressure on input costs, particularly steel, as prices are expected to increase, which could impact future project bids.