Limbach Holdings Inc (LMB)

Limbach Strengthens Operational Leadership with Appointment of Chief Operating OfficerMay 18, 2026 4:30 PM
Business Wire Appointment Supports Operational Excellence, Scalable Growth and Long-Term Value Creation 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, or MEPC, systems, today announced the appointment of Michael Reed to the newly created position of Executive Vice President, Chief Operating Officer, effective May 18, 2026. “Mike’s appointment reflects our continued focus on strengthening execution while advancing Limbach’s long-term growth strategy,” said Mike McCann, President and Chief Executive Officer of Limbach. “Mike brings more than three decades of industry experience, deep operational expertise and a strong understanding of Limbach’s business and culture. His leadership has been instrumental in supporting our integration strategy, enhancing alignment across the organization and reinforcing our commitment to delivering exceptional outcomes for customers, employees and stockholders.” Reed joined Limbach in 2019 as a Vice President, Branch Manager and later assumed the role of Vice President of Operational Risk Management, where he helped strengthen operational processes and risk management initiatives across the organization. In 2024, Reed was promoted to Senior Vice President, Integrations Leader, overseeing the successful integration of acquisitions, including Consolidated Mechanical and Pioneer Power, in support of Limbach’s acquisition and expansion strategy. In May 2025, Reed was promoted to Senior Vice President, Midwest Regional Manager, where he oversaw performance and strategic growth initiatives across the Midwest region. As Chief Operating Officer, Reed will play a critical role in scaling the business - both organically and through strategic acquisitions - while driving operational excellence and initiatives to improve performance, enhance profitability and strengthen capabilities across the Company. As a key leader in culture, Reed will be responsible for driving a culture of high performance, value creation, employee engagement and continuous improvement. “Limbach has built a strong reputation as a trusted partner to building owners and operators nationwide, and I believe the Company has significant opportunities ahead,” said Reed. “I am honored to step into this role and continue working alongside our talented teams to deliver differentiated solutions to our customers while supporting the Company’s continued growth.” 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 1,600 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. 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. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260518939062/en/ Investor Relations
Financial Profiles, Inc.
Lisa Fortuna
LMB-IR@limbachinc.com Original: Limbach Strengthens Operational Leadership with Appointment of Chief Operating Officer

Limbach Holdings, Inc. Reports First Quarter 2026 ResultsMay 5, 2026 4:17 PM
Business Wire Reaffirms Full Year 2026 Revenue Guidance of $730 million to $760 million and Adjusted EBITDA of $90 million to $94 million 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, or MEPC, systems today announced its financial results for the quarter ended March 31, 2026. First Quarter 2026 Highlights Compared to First Quarter 2025 Total revenue increased 4.3% to $138.9 million from $133.1 million Owner Direct Relationships (“ODR”) revenue increased 10.4%, or $9.4 million, to $99.8 million, or 71.9% of total revenue Total sales booked during the quarter were $209.1 million, generating a book-to-bill ratio of 1.5x Net income of $4.4 million, or $0.36 per diluted share, compared to $10.2 million, or $0.85 per diluted share Adjusted net income of $7.8 million, or $0.64 per adjusted diluted earnings per share, compared to adjusted net income of $13.5 million, or $1.12 per adjusted diluted earnings per share Adjusted EBITDA of $8.7 million, compared to $14.9 million Total gross profit of $31.2 million, compared to $36.7 million Net cash used in operating activities of $7.8 million compared to net cash provided by operating activities of $2.2 million Management Comments “We delivered solid first quarter results in line with our expectations and generated an exceptionally strong level of bookings that we view as the clearest indicator of strengthening demand across our end markets. This momentum positions Limbach for accelerating organic revenue growth as orders convert to sales,” said Mike McCann, President and Chief Executive Officer of Limbach. “The Company’s $209.1 million of bookings and 1.5x book to bill ratio reflect meaningful demand strength across mission critical end markets and provide strong visibility into future revenue conversion. Over the past two quarters, we generated more than $434 million of bookings, reinforcing our confidence in our revenue guidance for 2026. We also see strong momentum in the data center vertical, which represented approximately 27% of bookings in the quarter. Limbach has longstanding relationships with mission-critical and hyperscale customers, and we are building on that foundation as demand in this market continues to accelerate, driving increased participation and meaningful contributions to our overall growth. “Margins were impacted this quarter by lower fixed cost absorption, the absence of higher net project write-ups that benefited the prior-year period, and near-term mix impact from Pioneer Power, which carries a lower margin profile today. However, we have already implemented targeted pricing, operational, integration, and sales initiatives that we expect will drive margin improvement as we progress through 2026. “With a strong balance sheet, a durable business model, and continued investment in our national sales organization and mission critical end markets, we believe we are well positioned to execute our growth strategy. Our strategic priorities for the year are focused on driving ODR organic revenue growth, expanding margins through higher-value customer solutions, and disciplined capital allocation as we scale the business through acquisitions. We believe this positions Limbach to become a leading building solutions partner for owners of mission critical facilities and to deliver attractive long-term value for our stockholders.” The following are results for the three months ending March 31, 2026, compared to the three months ending March 31, 2025: Total revenue increased 4.3%, or $5.8 million, to $138.9 million from $133.1 million. The increase in revenue was primarily attributable to Pioneer Power, which was acquired in July 2025, and contributed a full quarter of revenue in the current period with no comparable contribution in the prior-year period. Of the total increase in revenue, acquisition-related revenue represented 17.7%, or $23.5 million, which was partially offset by a decrease in organic revenue of 13.4%, or $17.8 million. The decline in organic revenue reflects the impact of lower bookings in the middle of 2025 and normal seasonal patterns among industrial customers. More recent booking activity has strengthened significantly, which the Company expects will drive revenue growth as the year progresses. ODR segment revenue increased 10.4%, or $9.4 million, to $99.8 million. Acquisition-related revenue increased 15.8%, or $14.3 million, partially offset by a 5.4%, or $4.9 million decrease in organic revenue. General Contractor Relationships (“GCR”) segment revenue decreased 8.6%, or $3.7 million, to $39.0 million. Organic revenue decreased 30.2%, or $12.9 million, partially offset by a 21.6%, or $9.2 million increase in acquisition-related revenue. Total gross profit decreased 15.1% to $31.2 million compared to $36.7 million. Total gross margin of 22.4% decreased from 27.6%. ODR gross profit decreased 12.1%, or $3.2 million, to $23.0 million from $26.2 million, while gross margin decreased to 23.0% from 28.9%. The decrease in gross margin was primarily driven by lower fixed cost absorption due to seasonal revenue levels and higher fixed costs, the absence of higher net project write-ups that benefited the prior-year period and the current lower margin profile of Pioneer Power. As the Company advances its integration strategy of Pioneer Power, management expects gross margins to improve as 2026 progresses. Operational and pricing improvement initiatives are underway to enhance profitability at Pioneer Power with the goal of bringing gross margins in line with the Company average over the next two to three years. GCR gross profit decreased 22.5%, or $2.4 million, to $8.2 million from $10.6 million, while gross margin decreased to 21.0% from 24.7%. The decrease in gross margin was primarily due to lower margin work associated with Pioneer Power and the absence of higher total net project write ups that benefited the prior-year period. Selling, general and administrative (“SG&A”) expense increased by approximately $1.6 million to $28.1 million, compared to $26.5 million in the prior year period. The increase was primarily driven by a $1.6 million increase in payroll-related expenses and incremental SG&A expense of $0.6 million associated with Pioneer Power. SG&A expense as a percentage of revenue increased to 20.2% for the three months ended March 31, 2026, compared to 19.9% for the three months ended March 31, 2025. Interest expense was $0.7 million, an increase of $0.2 million, compared to $0.5 million in the prior year period. The increase in interest expense was driven by increased borrowings under the Company’s revolving credit facility, as well as higher financing costs associated with a larger vehicle fleet. Interest income was less than $0.1 million compared to $0.4 million in the prior year period. This decrease was related to reduced cash and cash equivalent balances and lower yields on investments. Net income decreased 57.1% to $4.4 million from $10.2 million. Diluted earnings per share was $0.36 compared to $0.85 in the prior year period. Adjusted net income decreased 42.6% to $7.8 million compared to $13.5 million. Adjusted diluted earnings per share was $0.64 compared to $1.12 in the prior year period. Adjusted EBITDA decreased 41.7% to $8.7 million compared to $14.9 million in the prior year period. Net cash used in operating activities was $7.8 million compared to net cash provided by operating activities of $2.2 million in the prior year period. Cash flow in the first quarter of 2026 reflects lower net income and higher working capital timing associated with growth and bookings conversion, in addition to contingent consideration paid for the Industrial Air and Kent Island Mechanical acquisitions. Balance Sheet On March 31, 2026, cash and cash equivalents were $15.8 million. Current assets were $191.8 million and current liabilities were $112.4 million, representing a current ratio of 1.71x compared to 1.44x at December 31, 2025. On March 31, 2026, the Company had $32.4 million in borrowings under its revolving credit facility and $7.0 million of standby letters of credit. The Company intends to deploy free cash flow to continue to reduce its borrowings under its revolving credit facility for the remainder of the year. 2026 Guidance The Company is reaffirming its previous guidance for FY 2026 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: Wednesday, May 6, 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 www.limbachinc.com or by clicking on the conference call link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=lpYdHKl3. 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 1,600 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, bookings, projected full year 2026 organic ODR and/or organic 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. Condensed Consolidated Statements of Operations (Unaudited)       Three Months Ended March 31, (in thousands, except share and per share data)     2026       2025   Revenue   $ 138,859     $ 133,108   Cost of revenue     107,689       96,389   Gross profit     31,170       36,719   Operating expenses:         Selling, general and administrative     28,114       26,518   Acquisition-related retention expense and contingent consideration     149       427   Amortization of intangibles     1,774       1,863   Total operating expenses     30,037       28,808   Operating income     1,133       7,911   Other (expenses) income:         Interest expense     (701 )     (526 ) Interest income     15       370   Gain on disposition of property and equipment     238       333   Gain (loss) on change in fair value of interest rate swap     38       (97 ) Total other (expense) income     (410 )     80   Income before income taxes     723       7,991   Income tax benefit     (3,657 )     (2,223 ) Net income   $ 4,380     $ 10,214             Earnings Per Share (“EPS”)         Earnings per common share:         Basic   $ 0.37     $ 0.89   Diluted   $ 0.36     $ 0.85   Weighted average number of shares outstanding:         Basic     11,759,399       11,419,455   Diluted     12,067,589       12,051,678   LIMBACH HOLDINGS, INC. Condensed Consolidated Balance Sheets (Unaudited)   (in thousands, except share and per share data) March 31, 2026   December 31, 2025 ASSETS       Current assets:       Cash and cash equivalents $ 15,766     $ 11,345   Restricted cash   65       65   Accounts receivable (net of allowance for credit losses of $396 at both period ends)   120,506       133,205   Contract assets, net   46,485       45,467   Other current assets   8,937       4,967   Total current assets   191,759       195,049           Property and equipment, net   40,975       43,309   Intangible assets, net   47,442       49,187   Goodwill   70,668       70,600   Operating lease right-of-use assets   19,252       19,792   Deferred tax asset   6,574       2,917   Other assets   302       276   Total assets $ 376,972     $ 381,130           LIABILITIES       Current liabilities:       Current portion of long-term debt $ 4,906     $ 5,031   Current operating lease liabilities   4,598       4,379   Accounts payable, including retainage   62,127       74,172   Contract liabilities, net   18,060       20,936   Accrued income taxes   1,152       1,152   Accrued expenses and other current liabilities   21,532       29,416   Total current liabilities   112,375       135,086   Long-term debt   51,743       30,536   Long-term operating lease liabilities   15,224       15,925   Other long-term liabilities   1,295       3,922   Total liabilities   180,637       185,469           STOCKHOLDERS’ EQUITY       Common stock, $0.0001 par value; 100,000,000 shares authorized, issued 12,100,719 and 11,806,466, respectively, and 11,921,067 and 11,626,814 outstanding, respectively   1       1   Additional paid-in capital   93,629       97,335   Treasury stock, at cost (179,652 shares at both period ends)   (2,000 )     (2,000 ) Retained earnings   104,705       100,325   Total stockholders’ equity   196,335       195,661   Total liabilities and stockholders’ equity $ 376,972     $ 381,130   LIMBACH HOLDINGS, INC. Condensed Consolidated Statements of Cash Flows (Unaudited)     Three Months Ended March 31, (in thousands)   2026       2025   Cash flows from operating activities:       Net income $ 4,380     $ 10,214   Adjustments to reconcile net income to cash provided by operating activities:       Depreciation and amortization   4,417       4,072   Provision for credit losses   116       77   Non-cash stock-based compensation expense   1,854       1,594   Non-cash operating lease expense   1,100       994   Amortization of debt issuance costs   16       11   Deferred income tax benefit   (3,657 )     (1,881 ) Gain on sale of property and equipment   (238 )     (333 ) Acquisition-related retention expense and contingent consideration   149       427   (Gain) loss on change in fair value of interest rate swap   (38 )     97   Changes in operating assets and liabilities:       Accounts receivable   12,583       8,900   Contract assets and contract liabilities, net   (3,962 )     (1,908 ) Other current assets   (3,970 )     (2,345 ) Accounts payable, including retainage   (12,045 )     (6,006 ) Accrued taxes payable   —       (339 ) Operating lease liabilities   (1,072 )     (985 ) Accrued expenses and other current liabilities   (4,248 )     (9,582 ) Payment of contingent consideration liability in excess of acquisition-date fair value   (2,895 )     (711 ) Other long-term liabilities   (300 )     (55 ) Net cash (used in) provided by operating activities   (7,810 )     2,241   Cash flows from investing activities:       Consolidated Mechanical Transaction, measurement period adjustment   —       (14 ) Proceeds from sale of property and equipment   299       319   Advances from joint ventures   1       —   Purchase of property and equipment   (407 )     (2,230 ) Net cash used in investing activities   (107 )     (1,925 ) Cash flows from financing activities:       Payments on Wintrust Revolving Loan   (32,112 )     —   Proceeds from Wintrust Revolving Loan   54,492       —   Payment of contingent consideration liability up to acquisition-date fair value   (3,105 )     (2,289 ) Payments on finance leases   (1,264 )     (851 ) Proceeds from the sale of shares to cover employee taxes   5,945       6,344   Taxes paid related to net-share settlement of equity awards   (12,037 )     (10,684 ) Proceeds from contributions to Employee Stock Purchase Plan   419       324   Net cash provided by (used in) financing activities   12,338       (7,156 ) Increase (decrease) in cash, cash equivalents and restricted cash   4,421       (6,840 ) Cash, cash equivalents and restricted cash, beginning of period   11,410       44,995   Cash, cash equivalents and restricted cash, end of period $ 15,831     $ 38,155   Supplemental disclosures of cash flow information       Noncash investing and financing transactions:       Kent Island Transaction, measurement period adjustment $ —     $ (94 ) Right of use assets obtained in exchange for new operating lease liabilities   589       —   Right of use assets obtained in exchange for new finance lease liabilities   —       1,318   Right of use assets disposed or adjusted modifying finance lease liabilities   9       —   Interest paid   689       526   Cash paid for income taxes $ —     $ —   LIMBACH HOLDINGS, INC. Condensed Consolidated Segment Operating Results (Unaudited)     Three Months Ended March 31,   Increase/(Decrease) (in thousands, except for percentages) 2026     2025     $   % Statement of Operations Data:                       Revenue:                       ODR $ 99,811   71.9 %   $ 90,393   67.9 %   $ 9,418     10.4 % GCR   39,048   28.1 %     42,715   32.1 %     (3,667 )   (8.6 )% Total revenue   138,859   100.0 %     133,108   100.0 %     5,751     4.3 %                         Gross profit:                       ODR(1)   22,984   23.0 %     26,161   28.9 %     (3,177 )   (12.1 )% GCR(2)   8,186   21.0 %     10,558   24.7 %     (2,372 )   (22.5 )% Total gross profit   31,170   22.4 %     36,719   27.6 %     (5,549 )   (15.1 )%                         Selling, general and administrative(3)   28,114   20.2 %     26,518   19.9 %     1,596     6.0 % Acquisition-related retention expense and contingent consideration   149   0.1 %     427   0.3 %     (278 )   (65.1 )% Amortization of intangibles   1,774   1.3 %     1,863   1.4 %     (89 )   (4.8 )% Total operating income $ 1,133   0.8 %   $ 7,911   5.9 %   $ (6,778 )   (85.7 )% (1) As a percentage of ODR revenue. (2) As a percentage of GCR revenue. (3) Included within selling, general and administrative expenses was $1.9 million and $1.6 million of non-cash stock-based compensation expense for the three months ended March 31, 2026 and 2025, 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. Backlog and Bookings 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. Bookings (we also refer to bookings in certain instances as sales booked) represent the total contract value agreed upon when a customer commits to services. We believe bookings provide an indication of trends in our operating results, including potential cash flows, that are not necessarily reflected in our revenue because we recognize revenue in accordance with ASC 606 – Revenue from Contracts with Customers, which is different from how we present bookings. See Note 4 – Revenue from Contracts with Customers within our Form 10-Q for the Quarter ended March 31, 2026, for additional discussion on revenue recognition. Our bookings may vary significantly quarter to quarter depending in part on the timing of the execution of our agreements with our customers. Our book-to-bill ratio is defined as bookings for the defined period divided by revenue for the defined period. Measuring bookings involves the use of estimates and judgments and there are no independent standards or requirements governing the calculation of bookings. The extent and timing of conversion of bookings to revenue may be impacted by, among other factors, the types of services sold, agreement duration, the pace of customer spending, actual volumes of services delivered as compared to the volumes anticipated at the time of sale, and agreement modifications, including terminations, over the lifetime of agreements. Some of our arrangements are terminable by the customer. We do not update our bookings for subsequent terminations. Information regarding our bookings is not comparable to, nor should it be substituted for, an analysis of our reported revenue. However, management believes that it is a key indicator of potential future business and provides a useful indicator of the volume of our business over time as a key metric. Reconciliation of Net Income to Adjusted EBITDA (unaudited)                 Three Months Ended March 31, (in thousands)   2026       2025   Net income $ 4,380     $ 10,214           Adjustments:       Depreciation and amortization   4,417       4,072   Interest expense   701       526   Interest income   (15 )     (370 ) Stock-based compensation expense   2,639       2,012   Change in fair value of interest rate swap   (38 )     97   Income tax benefit   (3,657 )     (2,223 ) Acquisition and other transaction costs   —       50   Acquisition-related retention expense and contingent consideration   149       427   Restructuring costs(1)   94       67   Adjusted EBITDA $ 8,670     $ 14,872           Revenue $ 138,859     $ 133,108   Adjusted EBITDA Margin   6.2 %     11.2 % (1) For the three months ended March 31, 2026 and 2025, 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 March 31, (in thousands, except share and per share amounts) 2026     2025   Net income and diluted earnings per share $ 4,380     $ 0.36     $ 10,214     $ 0.85                   Pre-tax Adjustments:               Amortization of acquisition-related intangible assets   1,774       0.15       1,863       0.15   Stock-based compensation expense   2,639       0.22       2,012       0.17   Change in fair value of interest rate swap   (38 )     —       97       0.01   Restructuring costs(1)   94       0.01       67       0.01   Acquisition-related retention expense and contingent consideration   149       0.01       427       0.04   Acquisition and other transaction costs   —       —       50       —   Tax effect of reconciling items(2)   (1,247 )     (0.10 )     (1,218 )     (0.10 ) Adjusted net income and adjusted diluted earnings per share $ 7,751     $ 0.64     $ 13,512     $ 1.12   Weighted average number of shares outstanding: Diluted       12,067,589           12,051,678   (1) For the three months ended March 31, 2026 and 2025, 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 months ended March 31, 2026, compared to revenue for the three months ended March 31, 2025: (in thousands except for percentages) ODR % GCR % Total Revenue % Revenue: Three months ended March 31, 2025 $ 90,393     $ 42,715     $ 133,108     Components of revenue change:             Organic revenue decline   (4,882 ) (5.4 )%   (12,909 ) (30.2 )%   (17,791 ) (13.4 )% Acquisition-related revenue(1)   14,300   15.8 %   9,242   21.6 %   23,542   17.7 % Revenue: Three months ended March 31, 2026 $ 99,811   10.4 % $ 39,048   (8.6 )% $ 138,859   4.3 % (1) Acquisition-related revenue reflects revenue attributable to the July 2025 acquisition of Pioneer Power.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260505550286/en/ Investor Relations Financial Profiles, Inc.
Lisa Fortuna
LMB-IR@limbachinc.com Original: Limbach Holdings, Inc. Reports First Quarter 2026 Results

Limbach to Announce First Quarter 2026 ResultsApril 14, 2026 4:15 PM
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, or MEPC, systems, today announced that it will release its first quarter 2026 financial results after the stock market closes on Tuesday, May 5, 2026. The Company will also host a conference call the following morning at 9:00 a.m. ET.


Conference Call Details


Date: Wednesday, May 6, 2026


Time: 9:00 a.m. ET


Participant Dial-In Numbers:


Domestic Callers: (877) 407-6176


International Callers: +1 (201) 689-8451


Access By Webcast


The call will be simultaneously webcast over the Internet via the “Investor Relations” section of Limbach’s website at IR Events - Limbach or by using this direct link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=lpYdHKl3. An audio replay of the call will be archived on the Company’s website.


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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260414827115/en/
Investor Relations

Financial Profiles, Inc.

LMB-IR@limbachinc.com


Original: Limbach to Announce First Quarter 2026 Results

Limbach to Participate in 38th Annual ROTH ConferenceMarch 17, 2026 4:05 PM
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 that Michael McCann, President and Chief Executive Officer, will participate in the ROTH 38th Annual Conference for Growth Companies in Dana Point, California on Monday, March 23rd and Tuesday, March 24th, 2026.


Management will host virtual one-on-one and small group meetings with investors. A presentation will be webcast on Monday, March 23rd, at 2:00pm PT and will be available to view here. A replay of the presentation will be available at IR Events Calendar – Limbach.


For more information about the event or questions about registration, interested parties should reach out to their contacts at ROTH.


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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260316690577/en/
Investor Relations

Financial Profiles, Inc.

LMB-IR@limbachinc.com


Original: Limbach to Participate in 38th Annual ROTH Conference

Limbach Announces Relocation of Corporate Headquarters to TampaMarch 2, 2026 4:45 PM
Business Wire
Part of the Company’s 125th Anniversary Celebration and Continued Evolution into a Building Systems Solutions Firm


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 that it will be relocating its corporate headquarters to Tampa, Florida, marking a milestone in the Company’s 125th anniversary year.


Founded in 1901 in Pittsburgh, Pennsylvania, Limbach has spent more than a century delivering mechanical, electrical, plumbing, and control (“MEPC”) systems for mission-critical facilities nationwide. While Tampa becomes the new corporate home, Limbach will maintain a strong presence in the Pittsburgh area, honoring its heritage.


The headquarters move aligns with the location of the majority of the Company’s senior leadership and nearly 40% of its corporate workforce. Since establishing its Tampa office in 2020, the team has tripled in size, underscoring the city’s growing talent pool. The establishment of the Tampa headquarters provides space for collaboration, innovation, and employee development.


“Our new headquarters reflects who we are today - aligned, collaborative, and committed to building on our legacy. As we formalize Tampa as our headquarters, we remain proud of our Pittsburgh roots and fully committed to growing our organic business in the region,” said Mike McCann, President & CEO.


“We’re thrilled that Limbach chose to move their corporate headquarters to Tampa,” said Craig J. Richard, CEcD, President and CEO of the Tampa Bay Economic Development Council. “They’ve found the best talent and business climate to support their future growth objectives here, and we look forward to assisting them with further expansions in the years ahead.”


Limbach will celebrate the new headquarters with a ribbon-cutting ceremony on March 11th, 2026, joined by the Tampa Bay Economic Development Council (EDC), a longstanding partner in the relocation. As part of the event, Limbach will present a donation to Feeding Tampa Bay, continuing its commitment to supporting the local community.


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.


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. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260302317147/en/
Investor Relations

Financial Profiles, Inc.

LMB-IR@limbachinc.com


Original: Limbach Announces Relocation of Corporate Headquarters to Tampa

Limbach Holdings, Inc. Reports Fourth Quarter and Full Year 2025 ResultsMarch 2, 2026 4:12 PM
Business Wire
Delivered FY2025 Record Revenue, Net Income and Adjusted EBITDA


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



Total revenue increased 30.1% to a record $186.9 million compared to $143.7 million



Owner Direct Relationships (“ODR”) revenue increased 51.8% to $145.0 million accounting for 77.6% of total revenue; ODR organic revenue growth was 23.9%



Record net income of $12.3 million, or $1.02 per diluted share, compared to net income of $9.8 million, or $0.82 per diluted share



Adjusted net income of $16.9 million, or $1.40 per adjusted diluted earnings per share, compared to adjusted net income of $13.8 million, or $1.15 per adjusted diluted earnings per share



Record adjusted EBITDA of $27.2 million, up 30.8% from $20.8 million



Announced a $50 million share repurchase program authorization



Full Year 2025 Highlights Compared to Full Year 2024



Total revenue increased 24.7% to a record $646.8 million compared to $518.8 million; with organic revenue growth of 3.6%



ODR revenue increased 40.6% to $485.7 million accounting for 75.1% of total revenue; ODR organic revenue growth was 17.0%



Record full-year net income of $39.1 million, or $3.23 per diluted share, compared to $30.9 million, or $2.57 per diluted share



Adjusted net income of $54.5 million, or $4.51 per adjusted diluted earnings per share, compared to adjusted net income of $43.2 million, or $3.60 per adjusted diluted earnings per share



Record full-year adjusted EBITDA of $81.8 million, up 28.4% from $63.7 million



Completed strategic acquisition of Pioneer Power, LLC (“Pioneer Power”)



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:



Total revenue increased 30.1%, or $43.2 million, to $186.9 million from $143.7 million. The increase was primarily attributable to the acquisition of Pioneer Power. Of the total increase, acquisition-related revenue represented 22.9% of the increase, or $33.0 million, and organic revenue represented 7.1%, or $10.3 million.


ODR segment revenue increased 51.8%, or $49.5 million, to $145.0 million. Acquisition-related revenue represented 27.9% of the increase, or $26.6 million, while organic revenue represented 23.9%, or $22.8 million.



General Contractor Relationships (“GCR”) segment revenue decreased 13.0%, or $6.3 million, to $41.9 million. Organic revenue decreased 26.1%, or $12.6 million, as the Company continued its strategic focus on ODR, partially offset by a 13.1%, or $6.3 million increase in acquisition-related revenue.






Total gross profit increased 10.4% to $48.1 million compared to $43.6 million. Total gross margin of 25.7% decreased from 30.3%.


ODR gross profit increased 19.1%, or $5.8 million, from $30.6 million to $36.4 million while gross margin decreased from 32.1% to 25.1%, primarily due to the impact of Pioneer Power. Management is focused on improving Pioneer Power’s gross margin to align with the Company’s broader operating model as part of its value creation strategy for acquisitions. Gross margin improvement at Pioneer Power is expected throughout 2026 as the Company continues to further execute its value creation playbook.



GCR gross profit decreased 10.2%, or $1.3 million, from $13.0 million to $11.6 million, primarily due to lower segment revenue; however, gross margin increased from 26.9% to 27.8% driven by the Company’s selective focus on higher quality projects.






Selling, general and administrative (“SG&A”) expense increased by approximately $0.6 million to $28.0 million, compared to $27.4 million in the prior year period. The increase was primarily driven by $2.6 million of SG&A expenses associated with the acquired entities (Consolidated Mechanical, LLC (“Consolidated Mechanical”) and Pioneer Power), primarily offset by a decrease in payroll-related expenses within the Company’s existing business. SG&A expense as a percentage of revenue decreased to 15.0% compared to 19.1%, primarily due to increased revenue from the Pioneer Power acquisition.



Interest expense was $0.8 million, an increase of $0.3 million, compared to $0.5 million in the prior year period. The increase in interest expense was driven by higher borrowings under the Company’s revolving credit facility to partially finance the Pioneer Power acquisition, as well as higher financing costs associated with a larger vehicle fleet.



Interest income was less than $0.1 million compared to $0.5 million in the prior year quarter. This decrease was related to reduced cash and cash equivalent balances and lower yields on investments.



Net income increased 25.0% to $12.3 million compared to $9.8 million. Diluted earnings per share was $1.02 compared to $0.82.



Adjusted net income increased 22.6% to $16.9 million compared to $13.8 million. Adjusted diluted earnings per share was $1.40 compared to $1.15.



Adjusted EBITDA increased 30.8% to $27.2 million compared to $20.8 million.



Net cash provided by operating activities was $28.1 million compared to $19.3 million.



The following are results for the year ended December 31, 2025, compared to the year ended December 31, 2024:



Total revenue increased 24.7%, or $128.0 million, from $518.8 million to $646.8 million. The increase was primarily attributable to the acquisitions of Pioneer Power, Consolidated Mechanical and Kent Island Mechanical, LLC (“Kent Island”). Of the total increase, acquisition-related revenue represented 21.0% of the increase, or $109.1 million, and organic revenue represented 3.6% of the increase, or $18.9 million.


ODR segment revenue increased 40.6%, or $140.2 million, to $485.7 million. Acquisition-related revenue represented 23.6% of the increase, or $81.4 million, while organic revenue represented 17.0% of the increase, or $58.8 million.



GCR segment revenue decreased 7.0%, or $12.2 million, to $161.1 million. Organic revenue decreased 23.0%, or $39.9 million, as the Company continued its strategic focus on ODR, partially offset by a 16.0%, or $27.7 million, increase in acquisition-related revenue.






Total gross profit increased 17.4% to $169.3 million compared to $144.3 million. Total gross margin of 26.2% decreased from 27.8% in 2024.


ODR gross profit increased 20.5%, or $22.1 million, from $107.8 million to $129.9 million on higher revenue while gross margin decreased from 31.2% to 26.7%, primarily due to the impact of Pioneer Power’s lower gross margin, as well as ODR-related project write-ups recognized in 2024 that did not recur in 2025.



GCR gross profit increased 8.0%, or $2.9 million, from $36.5 million to $39.4 million, and gross margin increased to 24.5% from 21.1% driven by the Company’s intentional focus on higher quality projects.






SG&A expense increased by $12.3 million to $109.5 million, compared to $97.2 million in the prior year period. The increase in total SG&A was primarily driven by $9.3 million of SG&A expenses associated with the acquisitions of Pioneer Power, Consolidated Mechanical and Kent Island. SG&A attributable to the existing business increased $3.0 million primarily due to a $1.2 million increase in non-cash stock-based compensation expenses and a $1.1 million increase in bad debt expense associated with the write-off of certain customer receivables that were deemed uncollectible. SG&A expense as a percentage of revenue decreased to 16.9% compared to 18.7%, primarily due to increased revenue from the Pioneer Power acquisition.



Interest expense was $3.1 million, an increase of $1.3 million, compared to $1.9 million. The increase in interest expense was driven by higher borrowings under the Company’s revolving credit facility to partially finance the Pioneer Power acquisition, as well as higher financing costs associated with a larger vehicle fleet.



Interest income was $0.8 million, a decrease of $1.4 million, compared to $2.2 million. This decrease was related to reduced cash and cash equivalent balances and lower yields on investments.



Net income increased 26.5% to $39.1 million from $30.9 million. Diluted earnings per share was $3.23 compared to $2.57 in the prior year.



Adjusted net income increased 26.0% to $54.5 million compared to $43.2 million. Adjusted diluted earnings per share was $4.51 compared to $3.60.



Adjusted EBITDA increased 28.4% to $81.8 million compared to $63.7 million.



Net cash provided by operating activities was $45.7 million compared to $36.8 million in the prior year, primarily due to the acquisitions of Pioneer Power, Consolidated Mechanical and Kent Island.



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






%








(1)


As a percentage of ODR revenue.







(2)


As a percentage of GCR revenue.







(3)


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






%








(1)


As a percentage of ODR revenue.







(2)


As a percentage of GCR revenue.







(3)


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.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260302217525/en/
Investor Relations

Financial Profiles, Inc.

Lisa Fortuna

LMB-IR@limbachinc.com


Original: Limbach Holdings, Inc. Reports Fourth Quarter and Full Year 2025 Results