Wed, Apr 30, 5:39 PM (15 days ago)
**Orion Group Holdings, Inc. (ORN) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** Q1 2025 revenue was $188.7 million, up 17.4% from $160.7 million in Q1 2024, driven by large marine construction contracts and new concrete projects. - **Profit Margins:** Gross profit margin improved to 12.2% in Q1 2025 from 9.7% in Q1 2024. Operating income turned positive at $0.8 million in Q1 2025, compared to a loss of $3.1 million in Q1 2024. - **Cash Flow:** Net cash used in operating activities was $3.4 million in Q1 2025, an improvement from $22.8 million in Q1 2024. Capital expenditures were $9.0 million in Q1 2025, up from $1.9 million in Q1 2024. - **Earnings Changes:** Net loss narrowed to $1.4 million in Q1 2025 from $6.1 million in Q1 2024. - **Liquidity:** As of March 31, 2025, Orion had $13.0 million in unrestricted cash and $40.7 million in borrowing availability under its revolving credit line. **Segment Performance:** - **Marine Segment:** Revenue increased by 19.6% to $127.2 million, with operating income of $4.8 million, compared to a loss of $4.9 million in Q1 2024. - **Concrete Segment:** Revenue rose by 13.1% to $61.5 million, but operating loss widened to $3.9 million from a profit of $1.7 million in Q1 2024. **Trends and Uncertainties:** - Orion is optimistic about its end-markets and emerging opportunities, with $1.3 billion in quoted bids outstanding at quarter-end. - The company faces risks related to commodity price fluctuations, interest rate changes, and economic uncertainties. - Orion's backlog stood at $839.7 million as of March 31, 2025, with $644.7 million expected to be recognized in the next 12 months. **Future Operations:** - Orion plans to continue investing in capital expenditures and managing spending to maintain liquidity. - The company expects to recognize $644.7 million of its remaining performance obligations in the next 12 months. - Orion remains focused on improving operational efficiency and bidding discipline to enhance profitability.