Orion Group Holdings reported first-quarter 2026 revenue of $216.3 million, up 15% from $188.7 million a year earlier, as the company’s marine and concrete businesses both expanded.
Net income swung to $4.7 million, or $0.12 a diluted share, from a loss of $1.4 million, or $0.04 a share, in the prior-year quarter. Adjusted EBITDA rose to $8.7 million from $8.2 million, while adjusted EPS improved to $0.05 from $0.01.
Gross profit increased 12% to $25.9 million from $23.0 million. Selling, general and administrative expenses climbed to $26.3 million from $22.5 million, reflecting growth costs and the acquisition of J.E. McAmis during the quarter.
Cash flow from operations was $4.9 million. Orion ended the quarter with $6.3 million of unrestricted cash and cash equivalents, current assets of $261 million, and total debt of $72 million, including $53 million of borrowings under its UMB credit facility.
Backlog rose to $668 million at March 31 from $640 million at December 31. Marine backlog increased to $494 million from $480 million, while concrete backlog rose to $174 million from $160 million.
The company booked $219 million in awards and change orders during the quarter, including marine work such as maintenance dredging, a road bridge project for the Army in Hawaii and a petroleum terminal expansion, along with concrete awards tied to multiple data centers and other commercial projects.
For full-year 2026, Orion reaffirmed guidance for revenue of $900 million to $950 million, adjusted EBITDA of $54 million to $58 million, adjusted EPS of $0.36 to $0.42, and capital expenditures of $25 million to $35 million. Following these announcements, the company's shares moved -2.0%, and are now trading at a price of $12.27. Check out the company's full 8-K submission here.
