Orion Group Holdings Reports Fourth Quarter and Full Year 2024 Results

HOUSTON, March 04, 2025 (GLOBE NEWSWIRE) -- Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today reported its financial results for the fourth quarter and full year ended December 31, 2024. Highlights for the quarter ended December 31, 2024: Contract revenues increased 7.6% to $216.9 million versus the prior year periodGAAP net income of $6.8 million or $0.17 per diluted share compared to a GAAP net loss of $4.4 million or a loss of $0.13 per diluted share year-over-yearAdjusted net income of $6.4 million or $0.16 per diluted share versus Adjusted net income of $2.3 million or $0.07 per diluted share in the fourth quarter last yearAdjusted EBITDA increased 15.3% to $17.1 million compared to the prior year periodCash flow from operations of $13.4 millionContracted backlog, including awards subsequent to quarter end, totaled $977.3 million Highlights for the year ended December 31, 2024: Contract revenues increased 11.9% to $796.4 million versus the prior yearGAAP net loss of $1.6 million or a loss of $0.05 per diluted share compared to a GAAP net loss of $17.9 million or a loss of $0.55 per diluted share last yearAdjusted net income of $5.2 million or $0.15 per diluted share versus an Adjusted net loss of $10.1 million or a loss of $0.31 per diluted share last yearAdjusted EBITDA increased 75.9% to $41.9 million compared to $23.8 million for the prior yearCash flow from operations of $12.7 million compared to $17.2 million for the prior year See definitions and reconciliation of non-GAAP measures elsewhere in this release. Management Commentary “2024 ended on a high note with our team delivering improved performance through the disciplined execution of our strategic objectives. We remain focused on smart, profitable revenue growth and better earnings. For the full year, revenue was up almost 12% to $796.4 million, gross profit improved 48% to $91 million, and Adjusted EBITDA increased 76%,” said Travis Boone, Chief Executive Officer of Orion Group Holdings. “We did what we said we would do and we have built a cohesive organization that is focused on winning high-value, long-term projects with the right pricing to drive improved profitability. In Marine, our opportunity continues to be immense, and we have a growing pipeline in the Atlantic and Gulf regions as well as the Department of Defense work in the Pacific. Orion Concrete is a great turnaround story and our outstanding work is being recognized by Tier-one general contractors, who trust our team to deliver their projects successfully. With these partners, we are expanding both in scope and geography, ranging from 35 data centers in several states to Costco’s largest distribution center in Florida.” “Through our high-quality work and commitment to safety, we have strengthened our reputation in our markets, and we are attracting new clients and partners, as well as deepening our longstanding relationships. Our recent contract awards reflect the value of building these strong and enduring relationships. So far in the first quarter of 2025, we have been successful in winning almost $250 million of new contract awards. We have a disciplined approach to winning projects that reflects our value.” “In 2025, we are focused on continuing to make investments that will help us capture key opportunities within our pipeline, which now sits at approximately $16 billion. Given Marine’s longer lead times on large projects in our backlog, we expect 2025 revenue to be slightly higher than 2024 revenue. While strategically investing in future opportunities, we are focused on continued progress expanding margins in 2025 and building our backlog. We see 2026 as a year of transformational growth.” Fourth Quarter 2024 Results Contract revenues of $216.9 million increased $15.3 million or 7.6% from $201.6 million in the fourth quarter last year, primarily due to an increase in revenue in both the Marine and Concrete segments. Gross profit increased to $30.3 million or 14.0% of revenue, up from $23.0 million or 11.4% of revenue in the fourth quarter of 2023. The increases in gross profit dollars and margin were primarily driven by improved performance of projects in both segments stemming from higher-quality projects and improved execution. Selling, general and administrative (“SG&A”) expenses were $21.6 million, up from $17.2 million in the fourth quarter of 2023. As a percentage of total contract revenues, SG&A expenses increased to 9.9% from 8.5%. The increases in SG&A dollars and percentage reflect an increase in the fourth quarter of 2024 in compensation expense, business development spending and legal expenses. Net income for the fourth quarter was $6.8 million ($0.17 per diluted share) compared to a net loss of $4.4 million ($0.13 per diluted share) in the fourth quarter of 2023. Fourth quarter 2024 net income included $0.4 million ($0.01 diluted loss per share) of non-recurring items. Fourth quarter 2024 adjusted net income was $6.4 million ($0.16 diluted income per share). EBITDA for the fourth quarter of 2024 was $14.9 million, resulting in a 6.9% EBITDA margin, as compared to EBITDA of $6.5 million, resulting in a 3.2% EBITDA margin for the fourth quarter last year. Adjusted EBITDA increased to $17.1 million, or a 7.9% Adjusted EBITDA margin. This compares to Adjusted EBITDA of $14.8 million, or 7.3% Adjusted EBITDA margin in the prior year period. Backlog Total backlog at December 31, 2024 was $729.1 million, compared to $690.5 million at September 30, 2024 and $762.2 million at December 31, 2023. Backlog for the Marine segment was $582.8 million at December 31, 2024, compared to $537.0 million at September 30, 2024 and $602.5 million at December 31, 2023. Backlog for the Concrete segment was $146.3 million at December 31, 2024, compared to $153.5 million at September 30, 2024 and $159.7 million at December 31, 2023. Total backlog, including awards issued subsequent to quarter end, increased almost $100 million to $977 million as of the issuance of this release compared to total backlog, including awards issued subsequent to quarter end last year, of $883 million. Balance Sheet Update As of December 31, 2024, current assets were $269.3 million, including unrestricted cash and cash equivalents of $28.3 million. Total debt outstanding as of December 31, 2024 was $23.2 million. At the end of the quarter, the Company had no outstanding borrowings under its revolving credit facility. On March 4, 2025, the Company executed Amendment No. 6 to the Loan Agreement with White Oak Commercial Finance, LLC and the Lenders party thereto. This amendment, among other things, (i) reduces term loan and revolver pricing by 50 basis-points, (ii) provides greater operational and administrative flexibility, including less restrictive financial covenants and (iii) extends the maturity date to May 15, 2028 resetting the prepayment and make-whole. 2025 Financial Guidance The following forward-looking guidance reflects the Company’s current expectations and beliefs as of March 4, 2025 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 2025, Orion currently anticipates the following: Revenue in the range of $800 million to $850 millionAdjusted EBITDA in the range of $42 million to $46 millionAdjusted EPS in the range of $0.11 to $0.17Capital expenditures in the range of $25 million to $35 million Conference Call Details Orion Group Holdings will host a conference call to discuss the fourth quarter and full year 2024 financial results at 9:00 a.m. Eastern Time/8:00 a.m. Central Time on Wednesday, March 5, 2025. 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 with regional offices throughout its operating areas. 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. Backlog can fluctuate from period to period due to the timing and execution of contracts. The typical duration of the Company’s projects ranges from three to nine months on shorter projects to multiple years on larger projects. 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 Group Holdings 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 Exchange 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, 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 which 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 2023 Annual Report on Form 10-K, filed on March 1, 2024 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 (including the Company’s 2024 Annual Report on Form 10-K once filed) for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts. Contacts: Financial Profiles, Inc.Margaret Boyce 310-622-8247orn@finprofiles.comSource: Orion Group Holdings, Inc. Orion Group Holdings, Inc. and SubsidiariesCondensed Consolidated Statements of Operations(In Thousands, Except Share and Per Share Information)(Unaudited) Three months ended Year ended December 31, December 31, 2024 2023 2024 2023 Contract revenues 216,880 201,594 796,394 711,778 Costs of contract revenues 186,603 178,627 705,234 650,115 Gross profit 30,277 22,967 91,160 61,663 Selling, general and administrative expenses 21,557 17,160 82,537 69,431 Amortization of intangible assets — 44 — 427 Gain on disposal of assets, net (912) (540) (2,898) (8,455)Intangible asset impairment loss — 6,890 — 6,890 Operating income (loss) 9,632 (587) 11,521 (6,630)Other (expense) income: Other income 58 49 357 641 Interest income 110 13 207 103 Interest expense (3,045) (3,985) (13,381) (11,659)Other expense, net (2,877) (3,923) (12,817) (10,915)Income (loss) before income taxes 6,755 (4,510) (1,296) (17,545)Income tax expense (benefit) 1 (145) 348 330 Net income (loss)$6,754 $(4,365) $(1,644) $(17,875) Basic income (loss) per share$0.17 $(0.13) $(0.05) $(0.55)Diluted income (loss) per share$0.17 $(0.13) $(0.05) $(0.55)Shares used to compute income (loss) per share: Basic 38,930,587 32,528,213 34,783,256 32,346,992 Diluted 38,943,811 32,528,213 34,783,256 32,346,992 Orion Group Holdings, Inc. and SubsidiariesSelected Results of Operations(In Thousands)(Unaudited) Three months ended December 31, 2024 2023 Amount Percent Amount Percent (dollar amounts in thousands) Contract revenues Marine segment Public sector$112,433 78.1% $98,275 72.7%Private sector 31,526 21.9% 36,888 27.3%Marine segment total$143,959 100.0% $135,163 100.0%Concrete segment Public sector$7,982 10.9% $2,635 4.0%Private sector 64,939 89.1% 63,796 96.0%Concrete segment total$72,921 100.0% $66,431 100.0%Total$216,880 $201,594 Operating income (loss) Marine segment$7,165 5.0% $4,257 3.1%Concrete segment 2,467 3.4% (4,844) (7.3)%Total$9,632 $(587) Year ended December 31, 2024 2023 Amount Percent Amount Percent (dollar amounts in thousands) Contract revenues Marine segment Public sector$403,428 77.4% $292,088 73.8%Private sector 117,822 22.6% 103,829 26.2%Marine segment total$521,250 100.0% $395,917 100.0%Concrete segment Public sector$28,193 10.2% $20,297 6.4%Private sector 246,951 89.8% 295,564 93.6%Concrete segment total$275,144 100.0% $315,861 100.0%Total$796,394 $711,778 Operating income (loss) Marine segment$2,318 0.4% $3,670 0.9%Concrete segment 9,203 3.3% (10,300) (3.3)%Total$11,521 $(6,630) Orion Group Holdings, Inc. and SubsidiariesReconciliation of Adjusted Net Income (Loss)(In thousands except per share information)(Unaudited) Three months ended Year ended December 31, December 31, 2024 2023 2024 2023 Net income (loss)$6,754 $(4,365) $(1,644) $(17,875) Adjusting items and the tax effects: Net gain on Port Lavaca South Yard property sale — — — (5,202) Share-based compensation 1,079 209 4,009 2,042 ERP implementation 488 568 2,129 1,378 Severance 19 683 104 809 Intangible asset impairment loss — 6,890 — 6,890 Process improvement initiatives 589 — 982 — Tax rate of 23% applied to adjusting items (1) (501) (1,921) (1,662) (1,361) Total adjusting items and the tax effects 1,674 6,429 5,562 4,556 Federal and state tax valuation allowances (2,069) 277 1,275 3,238 Adjusted net income (loss)$6,359 $2,341 $5,193 $(10,081) Adjusted EPS$0.16 $0.07 $0.15 $(0.31) ________________________ (1)Items are taxed discretely using the Company's blended tax rate. Orion Group Holdings, Inc. and SubsidiariesAdjusted EBITDA and Adjusted EBITDA Margin Reconciliations(In Thousands, Except Margin Data)(Unaudited) Three months endedYear ended December 31, December 31, 2024 2023 2024 2023 Net income (loss)$6,754 $(4,365) $(1,644) $(17,875) Income tax expense (benefit) 1 (145) 348 330 Interest expense, net 2,935 3,972 13,174 11,556 Depreciation and amortization 5,207 6,996 22,765 23,878 EBITDA (1) 14,897 6,458 34,643 17,889 Share-based compensation 1,079 209 4,009 2,042 Net gain on Port Lavaca South Yard property sale — — — (5,202) ERP implementation 488 568 2,129 1,378 Severance 19 683 104 809 Intangible asset impairment loss — 6,890 — 6,890 Process improvement initiatives 589 — 982 — Adjusted EBITDA(2)$17,072 $14,808 $41,867 $23,806 Operating income margin 4.4% (0.3)% 1.5% (1.0)% Impact of depreciation and amortization 2.5% 3.5% 2.9% 3.4% Impact of share-based compensation 0.5% 0.1% 0.5% 0.3% Impact of net gain on Port Lavaca South Yard property sale —% —% —% (0.7)% Impact of ERP implementation 0.2% 0.3% 0.3% 0.2% Impact of severance —% 0.3% —% 0.1% Impact of intangible asset impairment loss —% 3.4% —% 1.0% Impact of process improvement initiatives 0.3% —% 0.1% —% Adjusted EBITDA margin(2) 7.9% 7.3% 5.3% 3.3% ________________________ (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 share-based compensation, net gain on Port Lavaca South Yard property sale, ERP implementation, severance, intangible asset impairment loss and process improvement initiatives. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues. Orion Group Holdings, Inc. and SubsidiariesAdjusted EBITDA and Adjusted EBITDA Margin Reconciliations by Segment(In Thousands, Except Margin Data)(Unaudited) Marine Concrete Three months ended Three months ended December 31, December 31, 2024 2023 2024 2023 Operating income (loss) 7,165 4,257 2,467 (4,844) Other income 25 49 33 — Depreciation and amortization 4,288 5,801 919 1,195 EBITDA (1) 11,478 10,107 3,419 (3,649) Share-based compensation 976 175 103 34 ERP implementation 325 352 163 216 Severance 19 683 — — Intangible asset impairment loss — — — 6,890 Process Improvement initiatives 387 — 202 — Adjusted EBITDA(2)$13,185 $11,317 $3,887 $3,491 Operating income margin 5.0% 3.2% 3.4% (7.3)% Impact of other income —% —% —% —% Impact of depreciation and amortization 3.0% 4.3% 1.3% 1.8% Impact of share-based compensation 0.7% 0.1% 0.1% 0.1% Impact of ERP implementation 0.2% 0.3% 0.2% 0.3% Impact of severance —% 0.5% —% —% Impact of intangible asset impairment loss —% —% —% 10.4% Impact of process improvement initiatives 0.3% —% 0.3% —% Adjusted EBITDA margin (2) 9.2% 8.4% 5.3% 5.3% Marine Concrete Year ended Year ended December 31, December 31, 2024 2023 2024 2023 Operating income (loss) 2,318 3,670 9,203 (10,300) Other income 242 641 115 — Depreciation and amortization 18,693 18,219 4,072 5,659 EBITDA (1) 21,253 22,530 13,390 (4,641) Share-based compensation 3,711 1,958 298 84 Net gain on Port Lavaca South Yard property sale — (5,202) — — ERP implementation 1,393 766 736 612 Severance 104 721 — 88 Intangible asset impairment loss — — — 6,890 Process improvement initiatives 643 — 339 — Adjusted EBITDA(2)$27,104 $20,773 $14,763 $3,033 Operating income margin 0.5% 0.8% 3.4% (3.3)% Impact of other income —% 0.2% —% —% Impact of depreciation and amortization 3.6% 4.6% 1.5% 1.9% Impact of share-based compensation 0.7% 0.5% 0.1% —% Impact of net gain on Port Lavaca South Yard property sale —% (1.3)% —% —% Impact of ERP implementation 0.3% 0.2% 0.3% 0.2% Impact of severance —% 0.2% —% —% Impact of intangible asset impairment loss —% —% —% 2.2% Impact of process improvement initiatives 0.1% —% 0.1% —% Adjusted EBITDA margin (2) 5.2% 5.2% 5.4% 1.0% ________________________ (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 share-based compensation, net gain on Port Lavaca South Yard property sale, ERP implementation, severance, intangible asset impairment loss and process improvement initiatives. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues. Orion Group Holdings, Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows Summarized(In Thousands)(Unaudited) Three months ended Year ended December 31, December 31, 2024 2023 2024 2023 Net income (loss)$6,754 $(4,365) $(1,644) $(17,875) Adjustments to remove non-cash and non-operating items 8,144 16,248 36,018 32,641 Cash flow from net income after adjusting for non-cash and non-operating items 14,898 11,883 34,374 14,766 Change in operating assets and liabilities (working capital) (1,535) 33,796 (21,698) 2,412 Cash flows provided by operating activities$13,363 $45,679 $12,676 $17,178 Cash flows (used in) provided by investing activities$(2,760) $(3,221) $(11,482) $2,170 Cash flows (used in) provided by financing activities$(10,541) $(15,401) $(3,816) $7,806 Capital expenditures (included in investing activities above)$(3,447) $(2,231) $(14,091) $(8,909) Orion Group Holdings, Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows(In Thousands)(Unaudited) Year ended December 31, 2024 2023 Cash flows from operating activities Net loss$(1,644) $(17,875)Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 15,545 18,844 Amortization of ROU operating leases 9,960 6,763 Amortization of ROU finance leases 7,220 5,034 Write-off of debt issuance costs upon debt modification — 119 Amortization of deferred debt issuance costs 2,015 1,616 Deferred income taxes (27) (103)Stock-based compensation 4,009 2,042 Gain on disposal of assets, net (2,898) (8,455)Intangible asset impairment loss — 6,890 Allowance for credit losses 194 (109)Change in operating assets and liabilities: Accounts receivable 1,892 14,129 Income tax receivable 143 (224)Inventory (554) (729)Prepaid expenses and other 41 (55)Contract assets (2,885) (37,619)Accounts payable 16,018 (4,507)Accrued liabilities (10,920) 11,817 Operating lease liabilities (8,662) (6,807)Income tax payable (63) 48 Contract liabilities (16,708) 26,359 Net cash provided by operating activities 12,676 17,178 Cash flows from investing activities: Proceeds from sale of property and equipment 2,609 11,079 Purchase of property and equipment (14,091) (8,909)Net cash (used in) provided by investing activities (11,482) 2,170 Cash flows from financing activities: Borrowings on credit 72,589 106,958 Payments made on borrowings on credit (73,067) (104,431)Payments on term loan (15,000) — Proceeds from failed sale-leaseback arrangement — 14,702 Payments on failed sale-leaseback arrangement (5,855) — Proceeds from sale-leaseback financing — 2,397 Loan costs from Credit Agreement and prior credit facility (393) (6,537)Payments of finance lease liabilities (8,929) (4,791)Proceeds from issuance of common stock 26,421 — Payments related to tax withholding for share-based compensation (479) (492)Exercises of stock options 897 — Net cash (used in) provided by financing activities (3,816) 7,806 Net change in cash, cash equivalents and restricted cash (2,622) 27,154 Cash, cash equivalents and restricted cash at beginning of period 30,938 3,784 Cash, cash equivalents and restricted cash at end of period$28,316 $30,938 Orion Group Holdings, Inc. and SubsidiariesCondensed Consolidated Balance Sheets(In Thousands, Except Share and Per Share Information) December 31, December 31, 2024 2023 (Unaudited) Current assets: Cash and cash equivalents$28,316 $30,938 Accounts receivable: Trade, net of allowance for credit losses of $555 and $361, respectively 106,304 101,229 Retainage 35,633 42,044 Income taxes receivable 483 626 Other current 3,127 3,864 Inventory 1,974 2,699 Contract assets 84,407 81,522 Prepaid expenses and other 9,084 8,894 Total current assets 269,328 271,816 Property and equipment, net of depreciation 86,098 87,834 Operating lease right-of-use assets, net of amortization 27,101 25,696 Financing lease right-of-use assets, net of amortization 25,806 23,602 Inventory, non-current 7,640 6,361 Deferred income tax asset 17 26 Other non-current 1,327 1,558 Total assets$417,317 $416,893 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current debt, net of issuance costs$426 $13,453 Accounts payable: Trade 97,139 80,294 Retainage 1,310 2,527 Accrued liabilities 26,294 37,074 Income taxes payable 507 570 Contract liabilities 47,371 64,079 Current portion of operating lease liabilities 7,546 9,254 Current portion of financing lease liabilities 10,580 8,665 Total current liabilities 191,173 215,916 Long-term debt, net of debt issuance costs 22,751 23,740 Operating lease liabilities 20,837 16,632 Financing lease liabilities 11,346 13,746 Other long-term liabilities 20,503 25,320 Deferred income tax liability 28 64 Total liabilities 266,638 295,418 Stockholders’ equity: Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued — — Common stock -- $0.01 par value, 50,000,000 authorized, 39,681,597 and 33,260,011 issued; 38,970,366 and 32,548,780 outstanding at December 31, 2024 and December 31, 2023, respectively 397 333 Treasury stock, 711,231 shares, at cost, as of December 31, 2024 and December 31, 2023, respectively (6,540) (6,540)Additional paid-in capital 220,513 189,729 Retained loss (63,691) (62,047)Total stockholders’ equity 150,679 121,475 Total liabilities and stockholders’ equity$417,317 $416,893 Orion Group Holdings, Inc. and SubsidiariesGuidance – Adjusted EBITDA Reconciliation(In Thousands)(Unaudited) Year Ending December 31, 2025 Low HighNet (loss) income$(2,226) $1,533 Income tax benefit (291) (50)Interest expense, net 9,815 9,815 Depreciation and amortization 25,613 25,613 EBITDA (1) 32,911 36,911 Share-based compensation 7,604 7,604 ERP implementation 1,485 1,485 Adjusted EBITDA(2)$42,000 $46,000 ________________________(1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.(2) Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for share-based compensation and ERP implementation. Orion Group Holdings, Inc. and SubsidiariesGuidance – Adjusted EPS Reconciliation(In thousands except per share information)(Unaudited) Year Ending December 31, 2025 Low HighNet (loss) income$(2,226) $1,533 Adjusting items and the tax effects: Share-based compensation 7,604 7,604 ERP implementation 1,485 1,485 Tax rate of 23% applied to adjusting items (1) (2,090) (2,090)Total adjusting items and the tax effects 6,999 6,999 Federal and state tax valuation allowances (471) (1,632)Adjusted net (loss) income$4,302 $6,900 Adjusted EPS$0.11 $0.17 ________________________(1) Items are taxed discretely using the Company's blended tax rate.

Orion Group Holdings Reports Fourth Quarter and Full Year 2024 Results

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