Limbach Holdings, Inc. Reports Fourth Quarter and Full Year 2025 Results
WARRENDALE, Pa.--( BUSINESS WIRE)--Limbach Holdings, Inc. (Nasdaq: LMB) (“Limbach” or the “Company”), a building systems solutions firm that partners with building owners and operators who have mission-critical mechanical, electrical, plumbing, and controls (“MEPC”) systems, today announced its financial results for the quarter and year ended December 31, 2025.
Fourth Quarter 2025 Highlights Compared to Fourth Quarter 2024
Full Year 2025 Highlights Compared to Full Year 2024
Management Comments
“Limbach delivered record performance across multiple key metrics in 2025, including a return to significant top-line growth for the first time since 2020 as we continued our transition of the business to an ODR‑focused model,” said Mike McCann, President and Chief Executive Officer of Limbach. “We ended the year with ODR representing approximately 75% of revenue, achieving our stated target.
“During the year, we completed the acquisition of Pioneer Power, expanding our geographic reach to the Upper Midwest and enhancing our competitive positioning in key verticals, particularly within the industrial and manufacturing sector. The integration of Pioneer Power is progressing ahead of our expectations. We are now focusing on margin improvement, a critical component of our value creation model and part of our proven integration playbook.
“We continued to invest in our sales organization to pursue national accounts while maintaining strong local execution. This includes a focused effort to expand nationally across mission‑critical end markets, with particular emphasis on healthcare, large-scale data center infrastructure, and industrial and manufacturing, where sophisticated enterprise customers value technical depth, reliability, and disciplined direct engagement.
“With our strong balance sheet and durable business model, we believe we are well positioned to execute our growth strategy and become a leading long-term partner to building owners with mission critical systems. As we approach our 125th anniversary during 2026, we expect continued momentum. Our key strategic priorities for the year include driving ODR organic revenue growth, expanding margins through more evolved customer solutions, and executing disciplined capital allocation while scaling the business through acquisitions.”
The following are results for the three months ended December 31, 2025, compared to the three months ended December 31, 2024:
The following are results for the year ended December 31, 2025, compared to the year ended December 31, 2024:
Balance Sheet
At December 31, 2025, cash and cash equivalents were $11.3 million. Current assets were $195.0 million and current liabilities were $135.1 million, representing a current ratio of 1.44x compared to 1.46x at December 31, 2024. At December 31, 2025, the Company had $10.0 million drawn under its revolving credit facility and $5.1 million drawn under its standby letters of credit.
2026 Guidance
The Company is providing its full year 2026 guidance, as summarized in the table below:
Revenue
$730 million - $760 million
Adjusted EBITDA
$90 million - $94 million
Assumptions:
Total organic revenue growth (1)
4 - 8%
ODR revenue as a percentage of total revenue
75 - 80%
ODR organic revenue growth (1)
9 - 12%
Gross margin percentage
26 - 27%
SG&A expense as a percentage of total revenue
15 - 17%
Free cash flow (2)
75% of Adjusted EBITDA
(1)
The Company discloses organic revenue and organic revenue growth, which are non-GAAP financial measures, to provide investors with insight into the performance of the Company's existing operations, excluding the impact of acquisitions. These measures are not defined under GAAP and should not be considered as an alternative to total revenue growth or segment-related revenue growth as determined in accordance with GAAP. Refer to additional information at the end of this release regarding certain non-GAAP supplemental revenue disclosures.
(2)
Free cash flow is defined as cash flow from operating activities excluding changes in working capital minus capital expenditures (excluding investment in rental equipment).
With respect to projected 2026 Adjusted EBITDA guidance and Adjusted EBITDA Margin (and the assumptions underlying those projections), a quantitative reconciliation is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to certain items, which are excluded from Adjusted EBITDA (and components that go into the calculation of Adjusted EBITDA). The Company expects the variability of these items to have a potentially unpredictable, and potentially significant, impact on future financial results.
Conference Call Details
Date:
Tuesday, March 3, 2026
Time:
9:00 a.m. Eastern Time
Participant Dial-In Numbers:
Domestic callers:
(877) 407-6176
International callers:
+1 (201) 689-8451
Access by Webcast
The call will also be simultaneously webcast over the Internet via the “Investor Relations” section of Limbach’s website at https://www.limbachinc.com or by clicking on the conference call link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=LnURlC1E. An audio replay of the call will be archived on Limbach’s website for 365 days.
About Limbach
Limbach is a building systems solutions firm that designs, delivers, and maintains mechanical (heating, ventilation, and air conditioning), electrical, plumbing, and controls (“MEPC”) systems that support life’s most important moments. We partner with building owners and operators of mission-critical facilities across healthcare, industrial and manufacturing, data centers, life sciences, higher education, and cultural and entertainment markets. With approximately 1,500 team members across 21 offices throughout the Eastern and Midwestern regions of the United States, we strive to be an indispensable partner by combining our national capabilities with strong local execution and talent to deliver proactive, safe, and reliable solutions for complex facilities. Operating on a connected platform, we integrate engineering expertise with field execution to provide customized MEPC infrastructure solutions that address both operational and capital project needs, optimizing performance, enhancing reliability, and ensuring long-term safety.
Additional Information
Investors and others should note that Limbach announces material financial information to its investors using its investor relations website, U.S. Securities and Exchange Commission (the “SEC”) filings, press releases, public conference calls/videos, and webcasts. Limbach uses these channels, as well as social media, to communicate with our stockholders and the public about the Company, the Company’s services and other Company information. It is possible that the information that Limbach posts on social media could be deemed to be material information. Therefore, Limbach encourages investors, the media, and others interested in the Company to review the information posted on the social media channels listed on Limbach’s investor relations website.
Forward-Looking Statements
We make forward-looking statements in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts for future events, including, without limitation, our earnings, Adjusted EBITDA, projected EBITDA production from possible acquisitions, projected full year 2025 organic ODR revenue growth, revenues, expenses, backlog, capital expenditures or other future financial or business performance or strategies, results of operations or financial condition, timing of the recognition of backlog as revenue, the potential for recovery of cost overruns, and the ability of Limbach to successfully remedy the issues that have led to write-downs in various business units and the Company’s business being negatively affected by the health crises or outbreaks of diseases, such as epidemics or pandemics (and related impacts, such as supply chain disruptions). These statements also may include our assumptions related to our 2026 guidance of full year revenue and Adjusted EBITDA. These statements may be preceded by, followed by or include the words “may,” “might,” “will,” “will likely result,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target,” “goal,” or similar expressions. These forward-looking statements are based on information available to us as of the date they were made and involve a number of risks and uncertainties, which may cause them to turn out to be wrong. There may be additional risks that we consider immaterial or which are unknown. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Please refer to our most recent annual report on Form 10-K, as well as our subsequent filings on Form 10-Q and Form 8-K, which are available on the SEC’s website ( www.sec.gov), for a full discussion of the risks and other factors that may impact any forward-looking statements in this press release.
LIMBACH HOLDINGS, INC.
Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)
For the Quarter Ended December 31,
For the Years Ended December 31,
2025
2024
2025
2024
Revenue
$
186,872
$
143,650
$
646,804
$
518,781
Cost of revenue
138,788
100,079
477,490
374,500
Gross profit
48,084
43,571
169,314
144,281
Operating expenses:
Selling, general and administrative
28,038
27,399
109,518
97,199
Acquisition-related retention expense and contingent consideration
153
1,426
1,985
3,770
Amortization of intangibles
2,337
1,732
8,357
4,688
Total operating expenses
30,528
30,557
119,860
105,657
Operating income
17,556
13,014
49,454
38,624
Other (expenses) income:
Interest expense
(821
)
(494
)
(3,133
)
(1,869
)
Interest income
23
493
815
2,227
(Loss) gain on change in fair value of interest swap
(16
)
164
(191
)
34
Gain on disposition of property and equipment
577
294
1,684
950
Total other (expenses) income
(237
)
457
(825
)
1,342
Income before income taxes
17,319
13,471
48,629
39,966
Income tax provision
5,019
3,629
9,565
9,091
Net income
$
12,300
$
9,842
$
39,064
$
30,875
Earnings Per Share (“EPS”)
Net income per share:
Basic
$
1.06
$
0.87
$
3.37
$
2.75
Diluted
$
1.02
$
0.82
$
3.23
$
2.57
Weighted average number of shares outstanding:
Basic
11,626,814
11,273,101
11,575,083
11,243,714
Diluted
12,078,214
12,066,569
12,079,583
12,027,398
LIMBACH HOLDINGS, INC.
Consolidated Balance Sheets
As of December 31,
(in thousands, except share data)
2025
2024
ASSETS
Current assets:
Cash and cash equivalents
$
11,345
$
44,930
Restricted cash
65
65
Accounts receivable (net of allowance for credit losses of $396 and $387, respectively)
133,205
119,659
Contract assets, net
45,467
47,549
Advances to and equity in joint ventures, net
5
5
Other current assets
4,962
8,126
Total current assets
195,049
220,334
Property and equipment, net
43,309
30,126
Intangible assets, net
49,187
41,228
Goodwill
70,600
33,034
Operating lease right-of-use assets
19,792
21,539
Deferred tax asset
2,917
5,531
Other assets
276
337
Total assets
$
381,130
$
352,129
LIABILITIES
Current liabilities:
Current portion of long-term debt
$
5,031
$
3,314
Current operating lease liabilities
4,379
4,093
Accounts payable, including retainage
74,172
60,814
Contract liabilities, net
20,936
44,519
Accrued income taxes
1,152
1,470
Accrued expenses and other current liabilities
29,416
36,827
Total current liabilities
135,086
151,037
Long-term debt
30,536
23,554
Long-term operating lease liabilities
15,925
17,766
Other long-term liabilities
3,922
6,281
Total liabilities
185,469
198,638
Commitments and contingencies
Redeemable convertible preferred stock, net, par value $0.0001, 1,000,000 shares authorized, no shares issued and outstanding ($0 redemption value)
—
—
STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value; 100,000,000 shares authorized, issued 11,806,466 and 11,452,753, respectively; 11,626,814 and 11,273,101 outstanding, respectively
1
1
Additional paid-in capital
97,335
94,229
Treasury stock, at cost (179,652 shares at both period ends)
(2,000
)
(2,000
)
Retained earnings
100,325
61,261
Total stockholders’ equity
195,661
153,491
Total liabilities and stockholders’ equity
$
381,130
$
352,129
LIMBACH HOLDINGS, INC.
Consolidated Statements of Cash Flows
Year Ended December 31,
(in thousands)
2025
2024
Cash flows from operating activities:
Net income
$
39,064
$
30,875
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization
18,133
11,888
Noncash operating lease expense
4,077
4,115
Provision for credit losses
404
201
Non-cash stock-based compensation expense
7,016
5,773
Amortization of debt issuance costs
54
43
Deferred income tax provision
2,614
(352
)
Gain on sale of property and equipment
(1,684
)
(950
)
Loss (gain) on change in fair value of interest rate swap
191
(34
)
Acquisition-related retention expense and contingent consideration
1,985
3,770
Changes in operating assets and liabilities:
Accounts receivable
4,466
(11,275
)
Contract assets and contract liabilities, net (1)
(24,779
)
5,557
Other current assets
3,220
(499
)
Accounts payable, including retainage
5,288
(10,298
)
Accrued income taxes
(318
)
1,024
Accrued expenses and other current liabilities
(8,918
)
3,111
Operating lease liabilities
(3,999
)
(3,850
)
Payment of contingent consideration liability in excess of acquisition-date fair value
(1,523
)
(2,175
)
Other long-term liabilities
409
(141
)
Net cash provided by operating activities
45,700
36,783
Cash flows from investing activities:
Pioneer Power Transaction, net of cash acquired
(65,651
)
—
Kent Island Transaction, net of cash acquired
—
(13,387
)
Consolidated Mechanical Transaction, net of cash acquired
(3
)
(23,201
)
Proceeds from sale of property and equipment
1,875
1,536
Purchase of property and equipment
(3,807
)
(7,524
)
Advances from joint ventures
—
7
Net cash used in investing activities
(67,586
)
(42,569
)
Cash flows from financing activities:
Proceeds from Wintrust Revolving Loan
73,843
—
Payments on Wintrust Revolving Loan
(73,843
)
—
Payment of contingent consideration liability up to acquisition-date fair value
(3,477
)
(1,325
)
Payments on finance leases
(4,367
)
(3,045
)
Proceeds from contributions to employee stock purchase plan
653
440
Proceeds from the sale of shares to cover employee taxes
6,344
—
Taxes paid related to net-share settlement of equity awards
(10,684
)
(5,187
)
Payments of debt issuance costs
(168
)
—
Net cash used in financing activities
(11,699
)
(9,117
)
(Decrease) increase in cash, cash equivalents and restricted cash
(33,585
)
(14,903
)
Cash, cash equivalents and restricted cash, beginning of year
44,995
59,898
Cash, cash equivalents and restricted cash, end of year
$
11,410
$
44,995
Supplemental disclosures of cash flow information
Noncash investing and financing transactions:
Kent Island Transaction, measurement period adjustment
$
(94
)
$
—
Earnout liability associated with the Kent Island Transaction
—
4,381
Earnout liability associated with the Consolidated Mechanical Transaction
—
757
Right of use assets obtained in exchange for new operating lease liabilities
2,446
4,775
Right of use assets obtained in exchange for new finance lease liabilities
13,529
7,586
Right of use assets disposed or adjusted modifying operating leases liabilities
—
1,268
Right of use assets disposed or adjusted modifying finance leases liabilities
49
—
Interest paid
3,102
1,899
Cash paid for income taxes
$
7,346
$
8,529
LIMBACH HOLDINGS, INC.
Consolidated Statements of Operations (Unaudited)
Three Months Ended
December 31,
Increase/(Decrease)
(in thousands, except for percentages)
2025
2024
$
%
Statement of Operations Data:
Revenue:
ODR
$
144,967
77.6
%
$
95,483
66.5
%
$
49,484
51.8
%
GCR
41,905
22.4
%
48,167
33.5
%
(6,262
)
(13.0
)%
Total revenue
186,872
100.0
%
143,650
100.0
%
43,222
30.1
%
Gross profit:
ODR (1)
36,447
25.1
%
30,605
32.1
%
5,842
19.1
%
GCR (2)
11,637
27.8
%
12,966
26.9
%
(1,329
)
(10.2
)%
Total gross profit
48,084
25.7
%
43,571
30.3
%
4,513
10.4
%
Selling, general and administrative (3)
28,038
15.0
%
27,399
19.1
%
639
2.3
%
Acquisition-related retention expense and contingent consideration
153
0.1
%
1,426
1.0
%
(1,273
)
(89.3
)%
Amortization of intangibles
2,337
1.3
%
1,732
1.2
%
605
34.9
%
Total operating income
$
17,556
9.4
%
$
13,014
9.1
%
$
4,542
34.9
%
As a percentage of ODR revenue.
As a percentage of GCR revenue.
Included within selling, general and administrative expenses was $1.8 million and $1.5 million of non-cash stock-based compensation expense for the quarters ended December 31, 2025 and 2024, respectively.
LIMBACH HOLDINGS, INC.
Consolidated Statements of Operations
Year Ended December 31,
Increase/(Decrease)
(in thousands, except for percentages)
2025
2024
$
%
Statement of Operations Data:
Revenue:
ODR
$
485,690
75.1
%
$
345,500
66.6
%
$
140,190
40.6
%
GCR
161,114
24.9
%
173,281
33.4
%
(12,167
)
(7.0
)%
Total revenue
646,804
100.0
%
518,781
100.0
%
128,023
24.7
%
Gross profit:
ODR (1)
129,876
26.7
%
107,775
31.2
%
22,101
20.5
%
GCR (2)
39,438
24.5
%
36,506
21.1
%
2,932
8.0
%
Total gross profit
169,314
26.2
%
144,281
27.8
%
25,033
17.4
%
Selling, general and administrative (3)
109,518
16.9
%
97,199
18.7
%
12,319
12.7
%
Acquisition-related retention expense and contingent consideration
1,985
0.3
%
3,770
0.7
%
(1,785
)
(47.3
)%
Amortization of intangibles
8,357
1.3
%
4,688
0.9
%
3,669
78.3
%
Total operating income
$
49,454
7.6
%
$
38,624
7.4
%
$
10,830
28.0
%
As a percentage of ODR revenue.
As a percentage of GCR revenue.
Included within selling, general and administrative expenses was $7.0 million and $5.8 million of non-cash stock-based compensation expense for the years ended December 31, 2025 and 2024, respectively.
Non-GAAP Financial Measures
In assessing the performance of our business, management utilizes a variety of financial and performance measures. The key measures are Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted Earnings per Share, which are non-GAAP financial measures.
Adjusted EBITDA and Adjusted EBITDA Margin
We define Adjusted EBITDA as net income plus depreciation and amortization expense, interest expense, and taxes, as further adjusted to eliminate the impact of, when applicable, other non-cash items or expenses that are unusual or non-recurring that we believe do not reflect our core operating results. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. Our board of directors and executive management team focus on Adjusted EBITDA and Adjusted EBITDA Margin as two of our key performance and compensation measures. Adjusted EBITDA and Adjusted EBITDA Margin assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of certain items that do not necessarily reflect our core operations. We believe that Adjusted EBITDA and Adjusted EBITDA Margin are meaningful to our investors to enhance their understanding of our financial performance for the current period and our ability to generate cash flows from operations that are available for taxes, capital expenditures and debt service.
Adjusted Net Income and Adjusted Diluted Earnings per Share
We define Adjusted Net Income as net income, adjusted to exclude certain items that do not reflect our core operating performance, such as amortization of intangible assets, stock-based compensation, restructuring charges, the change in fair value of contingent consideration, acquisition and other transaction costs and the net tax effect of reconciling items, as further adjusted to eliminate the impact of, when applicable, other non-cash or expenses that are unusual or non-recurring. We define Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted average diluted shares outstanding. We believe Adjusted Net Income and Adjusted Diluted Earnings per Share are useful to investors as we use these metrics to assist with strategic decision making, forecasting future results, and evaluating current performance.
We understand that these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties as a measure of financial performance and to compare our performance with the performance of other companies that report Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted Earnings per Share. Our calculations of these non-GAAP measures, however, may not be comparable to similarly titled measures reported by other companies. When assessing our operating performance, investors and others should not consider this data in isolation or as a substitute for net income calculated in accordance with GAAP. Further, the results presented by Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted Earnings per Share cannot be achieved without incurring the costs that the measure excludes. A reconciliation of net income to Adjusted EBITDA and net income to Adjusted Net Income, the most comparable GAAP measures, are provided below.
We refer to our estimated revenue on uncompleted contracts, including the amount of revenue on contracts for which work has not begun, less the revenue we have recognized under such contracts, as “backlog.” Backlog includes unexercised contract options.
Reconciliation of Net Income to Adjusted EBITDA (unaudited)
For the Three Months Ended December 31,
For the Years Ended December 31,
(in thousands)
2025
2024
2025
2024
Net income
$
12,300
$
9,842
$
39,064
$
30,875
Adjustments:
Depreciation and amortization
5,075
3,627
18,133
11,888
Interest expense
821
494
3,133
1,869
Interest income
(23
)
(493
)
(815
)
(2,227
)
Stock-based compensation expense
1,800
1,450
7,434
5,773
Change in fair value of interest rate swap
16
(164
)
191
(34
)
Restructuring costs (1)
1,758
600
2,155
1,427
Acquisition-related retention expense and contingent consideration
153
1,426
1,985
3,770
Income tax provision
5,019
3,629
9,565
9,091
Acquisition and other transaction costs
298
405
957
1,282
Adjusted EBITDA
$
27,217
$
20,816
$
81,802
$
63,714
Revenue
$
186,872
$
143,650
$
646,804
$
518,781
Adjusted EBITDA margin
14.6
%
14.5
%
12.6
%
12.3
%
(1)
For the three and twelve months ended December 31, 2025 and 2024, the majority of the restructuring costs related to our Southern California and Eastern Pennsylvania branches.
Reconciliation to Adjusted Net Income and Adjusted Diluted Earnings Per Share (unaudited)
Three Months Ended December 31,
For the Years Ended December 31,
(in thousands, except share and per share amounts)
2025
2024
2025
2024
Net income and diluted earnings per share
$
12,300
$
1.02
$
9,842
$
0.82
$
39,064
$
3.23
$
30,875
$
2.57
Pre-tax Adjustments:
Amortization of acquisition-related intangible assets
2,337
0.19
1,732
0.14
8,357
0.69
4,688
0.39
Stock-based compensation expense
1,800
0.15
1,450
0.12
7,434
0.62
5,773
0.48
Change in fair value of interest rate swap
16
—
(164
)
(0.01
)
191
0.02
(34
)
—
Restructuring costs (1)
1,758
0.15
600
0.05
2,155
0.18
1,427
0.12
Acquisition-related retention expense and contingent consideration
153
0.01
1,426
0.12
1,985
0.16
3,770
0.31
Acquisition and other transaction costs
298
0.02
405
0.03
957
0.08
1,282
0.11
Tax effect of reconciling items (2)
(1,718
)
(0.14
)
(1,471
)
(0.12
)
(5,691
)
(0.47
)
(4,564
)
(0.38
)
Adjusted net income and adjusted diluted earnings per share
$
16,944
$
1.40
$
13,820
$
1.15
$
54,452
$
4.51
$
43,217
$
3.60
Weighted average number of shares outstanding: Diluted
12,078,214
12,066,569
12,079,583
12,027,398
(1)
For the three and twelve months ended December 31, 2025 and 2024, the majority of the restructuring costs related to our Southern California and Eastern Pennsylvania branches.
(2)
The tax effect of reconciling items was calculated using a statutory tax rate of 27%.
Supplemental Revenue Disclosures
Organic and acquisition-related revenue are not defined under GAAP and may not be comparable to similarly-titled measures used by other companies and should not be considered a substitute for revenue as determined in accordance with GAAP. Management believes these non-GAAP measures provide useful information to investors by highlighting the underlying growth trends of the Company’s existing operations, separate from the effects of recent acquisitions. Organic revenue reflects the change in revenue from the Company’s continuing operations excluding the impact of acquisitions, while acquisition-related revenue represents the incremental contribution from businesses acquired only for the twelve-month period following the date of acquisition. These measures are intended to enhance investors’ understanding of the Company’s performance and trends over time, and should be considered in conjunction with, but not as a substitute for, GAAP revenue.
The following are reconciliations of reported revenue to organic / acquisition-related revenue for the three and twelve months ended December 31, 2025, compared to revenue for the three and twelve months ended December 31, 2024:
(in thousands except for percentages)
ODR
%
GCR
%
Total Revenue
%
Revenue: Three months ended
December 31, 2024
$
95,483
$
48,167
$
143,650
Components of revenue change:
Organic revenue growth (decline)
22,849
23.9
%
(12,592
)
(26.1
)%
10,257
7.1
%
Acquisition-related revenue (1)
26,635
27.9
%
6,330
13.1
%
32,965
22.9
%
Revenue: Three months ended
December 31, 2025
$
144,967
51.8
%
$
41,905
(13.0
)%
$
186,872
30.1
%
(in thousands except for percentages)
ODR
%
GCR
%
Total Revenue
%
Revenue: Twelve months ended
December 31, 2024
$
345,500
$
173,281
$
518,781
Components of revenue change:
Organic revenue growth (decline)
58,793
17.0
%
(39,863
)
(23.0
)%
18,930
3.6
%
Acquisition-related revenue (2)
81,397
23.6
%
27,696
16.0
%
109,093
21.0
%
Revenue: Twelve months ended
December 31, 2025
$
485,690
40.6
%
$
161,114
(7.0
)%
$
646,804
24.7
%
(1)
Acquisition-related revenue reflects revenue attributable to the Pioneer Power and Consolidated Mechanical acquisitions.
(2)
Acquisition-related revenue reflects revenue attributable to the Pioneer Power, Consolidated Mechanical and Kent Island acquisitions. The Company has provided an estimate of Kent Island's revenue for the twelve months ended December 31, 2025, as the acquired operations were integrated into an existing branch of the Company for which separate financial results are not maintained.