Willdan Group Inc (WLDN)

Willdan Group Reports First Quarter ResultsMay 7, 2026 4:08 PM
Business Wire Willdan Group, Inc. (“Willdan”) (Nasdaq: WLDN) today announced its financial results for the first quarter ended April 3, 2026. The first quarter of fiscal 2026 had one fewer week than the first quarter of fiscal 2025, thus normalized results are also presented. First Quarter 2026 Highlightsa Contract revenue of $155.1 million, up 1.8% (up 9.6% normalized). Net revenueb of $92.4 million, up 8.3% (up 16.6% normalized). Net income of $8.5 million, up 82.0% (up 96.0% normalized). Adjusted EBITDAb of $18.1 million, up 25.4% (up 35.0% normalized). GAAP Diluted EPS of $0.55, up 71.9%. Adjusted Diluted EPSb of $0.91, up 44.4%. Executive Management Comments “We are off to a strong start in 2026,” said Mike Bieber, Willdan’s President and Chief Executive Officer. “The results reflect strong demand for our energy solutions, with margin expansion driven by improved productivity and increased commercial customer mix. Subsequent to quarter end, and announced earlier this week, we completed the acquisition of Burton Energy Group, which serves the Fortune 500 and more than doubles our services to the commercial market. Burton is a management consultant and solutions provider that strengthens our national presence, deepens our energy efficiency capabilities and adds energy procurement. Reflecting the strength of our underlying business and outlook, we are raising our 2026 financial targets and long-term margin goal. We now expect 2026 Adjusted EBITDA growth to increase by 26% to 32% year over year.” Fiscal Year 2026 Financial Targets Net Revenueb between $410 million and $425 million. Adjusted EBITDAb between $100 million and $105 million. Adjusted Diluted EPSb between $4.90 per share and $5.05 per share. Assumes 15.9 million diluted shares, 0% effective tax rate, and no future acquisitions. Long-Term Financial Goals Revenue and Net Revenue 15%-20% annual growth including acquisitions. Annual Adjusted EBITDA to Net Revenue margin in the high 20s%. a. As compared to the same period of fiscal year 2025.
Normalized to reflect the 13-week first quarter of fiscal 2026 versus the 14-week first quarter of fiscal 2025. b. See “Use of Non-GAAP Financial Measures” below. First Quarter 2026 Conference Call Willdan will be hosting a conference call to discuss its first quarter financial results today, at 5:30 p.m. Eastern/2:30 p.m. Pacific. To access the call, listeners should dial 877-407-2988 (or 201-389-0923). The conference call will be webcast simultaneously on Willdan’s website at https://edge.media-server.com/mmc/p/7q4crris/. A replay of the conference call will be available through Willdan’s website at https://ir.willdangroup.com/news-events/event-calendar. About Willdan Group, Inc. Willdan Group, Inc. is a technical services company focused on energy and infrastructure solutions. The Company’s solutions include energy planning and analytics, consulting, software, public finance, engineering, and program implementation. Willdan serves utilities, state and local governments, and commercial customers in the United States and Canada. For additional information, visit Willdan's website at www.willdan.com. Use of Non-GAAP Financial Measures “Net Revenue,” defined as contract revenue as reported in accordance with U.S. generally accepted accounting principles (“GAAP”) minus subcontractor services and other direct costs, is a non-GAAP financial measure. Net Revenue is a supplemental measure that Willdan believes enhances investors’ ability to analyze Willdan’s business trends and performance because it substantially measures the work performed by Willdan’s employees. In the course of providing services, Willdan routinely subcontracts various services. Generally, these subcontractor services and other direct costs are passed through to Willdan’s clients and, in accordance with GAAP and industry practice, are included in Willdan’s revenue when it is Willdan’s contractual responsibility to procure or manage such subcontracted activities. Because subcontractor services and other direct costs can vary significantly from project to project and period to period, changes in revenue may not necessarily be indicative of Willdan’s business trends. Accordingly, Willdan segregates subcontractor services and other direct costs from revenue to promote a better understanding of Willdan’s business by evaluating revenue exclusive of subcontract services and other direct costs associated with external service providers. A reconciliation of Willdan’s contract revenue as reported in accordance with GAAP to Net Revenue is provided at the end of this press release. A reconciliation of targeted contract revenue for fiscal year 2026 as reported in accordance with GAAP to targeted Net Revenues for fiscal year 2026, which is a forward-looking non-GAAP financial measure, is not provided because Willdan is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty of predicting the subcontractor services and other director costs that are subtracted from contract revenues in order to derive Net Revenues. While subcontractor costs have increased recently, subcontractor costs can vary significantly from period to period. Subcontractor costs and other direct costs were 40.4% and 44.0% of contract revenue for the quarter ended April 3, 2026 and April 4, 2025, respectively. “Adjusted EBITDA,” defined as net income plus interest expense, income tax expense, stock-based compensation, interest accretion, depreciation and amortization, transaction costs, and gain on sale of equipment, is a non-GAAP financial measure. Adjusted EBITDA is a supplemental measure used by Willdan’s management to measure Willdan’s operating performance. Willdan believes Adjusted EBITDA is useful because it allows Willdan’s management to evaluate its operating performance and compare the results of its operations from period to period and against its peers without regard to its financing methods, capital structure and non-operating expenses. Willdan uses Adjusted EBITDA to evaluate its performance for, among other things, budgeting, forecasting and incentive compensation purposes. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s costs of capital and stock-based compensation, as well as the historical costs of depreciable assets. A reconciliation of net income as reported in accordance with GAAP to Adjusted EBITDA is provided at the end of this press release. A reconciliation of targeted net income for fiscal year 2026 as reported in accordance with GAAP to Adjusted EBITDA for fiscal year 2026, which is a forward-looking non-GAAP financial measure, is not provided because Willdan is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty of predicting the interest expense, income tax expense, stock-based compensation, interest accretion, depreciation and amortization, and gain on sale of equipment that are subtracted from net income in order to derive Adjusted EBITDA. “Adjusted Net Income,” defined as net income plus stock-based compensation, intangible amortization, interest accretion, and transaction costs, each net of tax, is a non-GAAP financial measure. “Adjusted Diluted EPS,” defined as net income plus stock-based compensation, intangible amortization, interest accretion, and transaction costs, each net of tax, all divided by the diluted weighted-average shares outstanding, is a non-GAAP financial measure. Adjusted Net Income and Adjusted Diluted EPS are supplemental measures used by Willdan’s management to measure its operating performance. Willdan believes Adjusted Net Income and Adjusted Diluted EPS are useful because they allow Willdan’s management to more closely evaluate and explain the operating results of Willdan’s business by removing certain non-operating expenses. Reconciliations of net income as reported in accordance with GAAP to Adjusted Net Income and diluted EPS as reported in accordance with GAAP to Adjusted Diluted EPS are provided at the end of this press release. Reconciliations of targeted net income as reported in accordance with GAAP to targeted Adjusted Net Income for fiscal year 2026, which is a forward-looking non-GAAP financial measure, and targeted diluted EPS as reported in accordance with GAAP to targeted Adjusted Diluted EPS for fiscal year 2026, which is a forward-looking non-GAAP financial measure, are not provided because Willdan is unable to provide such reconciliations without unreasonable effort. The inability to provide such reconciliations is due to the uncertainty and inherent difficulty of predicting the stock-based compensation, intangible amortization, and interest accretion, each net of tax, that are subtracted from net income and diluted EPS in order to derive Adjusted Net Income and Adjusted Diluted EPS, respectively. Willdan’s definitions of Net Revenue, Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS have limitations as analytical tools and may differ from other companies reporting similarly named measures or from similarly named measures Willdan has reported in prior periods. These measures should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, such as contract revenue, net income and diluted EPS. Forward Looking Statements Statements in this press release that are not purely historical, including statements regarding Willdan’s intentions, hopes, beliefs, expectations, representations, projections, estimates, assumptions, aims, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding electricity demand, the expected benefits of the acquisition of Burton, and financial targets for fiscal year 2026 and long term financial goals. All statements other than statements of historical fact included in this press release are forward-looking statements. It is important to note that Willdan’s actual results could differ materially from those in any such forward-looking statements. Important factors that could cause actual results to differ materially from its expectations include, but are not limited to, Willdan’s ability to adequately complete projects in a timely manner, Willdan’s ability to compete successfully in the highly competitive energy services market, Willdan’s reliance on work from its top ten clients; changes in state, local and regional economies and government budgets; Willdan’s ability to win new contracts, to renew existing contracts and to compete effectively for contracts awarded through bidding processes; Willdan’s ability to realize the full amount of our backlog; Willdan’s ability to make principal and interest payments on its outstanding debt as they come due and to comply with financial covenants contained in its debt agreements; Willdan’s ability to manage supply chain constraints, labor shortages, elevated interest rates, and elevated inflation; Willdan’s ability to obtain financing and to refinance its outstanding debt as it matures; Willdan’s ability to successfully integrate its acquisitions and execute on its growth strategy; and Willdan’s ability to attract and retain managerial, technical, and administrative talent. All written and oral forward-looking statements attributable to Willdan, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements and risk factors disclosed from time to time in Willdan’s reports filed with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K filed for the year ended January 2, 2026, as such disclosures may be amended, supplemented or superseded from time to time by other reports Willdan files with the Securities and Exchange Commission, including subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Willdan cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Willdan disclaims any obligation to, and does not undertake to, update or revise any forward-looking statements in this press release unless required by law. WILLDAN GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value) (Unaudited)                     April 3,   January 2,       2026     2026     Assets   Current assets:               Cash and cash equivalents   $ 28,278     $ 65,919     Restricted cash     5,288       —     Accounts receivable, net of allowance for doubtful accounts of $271 and $340 at April 3, 2026 and January 2, 2026, respectively     80,773       64,604     Contract assets     94,781       107,296     Other receivables     2,850       6,330     Prepaid expenses and other current assets     8,382       7,528     Total current assets     220,352       251,677     Equipment and leasehold improvements, net     30,954       31,491     Goodwill     179,545       179,530     Right-of-use assets     17,332       16,600     Other intangible assets, net     33,107       35,521     Other assets     2,142       2,762     Deferred income taxes, net     28,252       26,630     Total assets   $ 511,684     $ 544,211     Liabilities and Stockholders’ Equity   Current liabilities:               Accounts payable   $ 42,153     $ 45,628     Accrued liabilities     50,848       82,434     Contingent consideration payable     9,604       3,732     Contract liabilities     20,345       21,565     Notes payable     2,500       2,500     Finance lease obligations     1,275       1,225     Lease liability     4,734       4,670     Total current liabilities     131,459       161,754     Contingent consideration payable, less current portion     8,874       16,651     Notes payable, less current portion     45,354       45,962     Finance lease obligations, less current portion     1,188       1,162     Lease liability, less current portion     14,395       13,762     Other noncurrent liabilities     69       69     Total liabilities     201,339       239,360                     Commitments and contingencies                               Stockholders’ equity:               Preferred stock, $0.01 par value, 10,000 shares authorized, no shares issued and outstanding     —       —     Common stock, $0.01 par value, 40,000 shares authorized; 14,966 and 14,762 shares issued and outstanding at April 3, 2026 and January 2, 2026, respectively     150       148     Additional paid-in capital     212,112       215,269     Accumulated other comprehensive income (loss)     (151 )     (270 )   Retained earnings     98,234       89,704     Total stockholders’ equity     310,345       304,851     Total liabilities and stockholders’ equity   $ 511,684     $ 544,211       WILLDAN GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands, except per share amounts) (Unaudited)                     Three Months Ended       April 3,   April 4,       2026     2025     Contract revenue   $ 155,114     $ 152,386                     Direct costs of contract revenue (inclusive of directly related depreciation and amortization):               Salaries and wages     29,276       27,677     Subcontractor services and other direct costs     62,682       67,048     Total direct costs of contract revenue     91,958       94,725                     Gross profit     63,156       57,661                     General and administrative expenses:               Salaries and wages, payroll taxes and employee benefits     33,001       31,108     Facilities and facility related     2,358       2,624     Stock-based compensation     3,692       2,426     Depreciation and amortization     5,446       4,440     Other     11,367       10,027     Total general and administrative expenses     55,864       50,625                     Income (Loss) from operations     7,292       7,036                     Other income (expense):               Interest expense, net     (835 )     (1,802 )   Other, net     795       (41 )   Total other expense, net     (40 )     (1,843 )                   Income (Loss) before income taxes     7,252       5,193     Income tax (benefit) expense     (1,278 )     506     Net income (loss)     8,530       4,687                     Other comprehensive income (loss):               Unrealized gain (loss) on derivative contracts, net of tax     119       (185 )   Comprehensive income (loss)   $ 8,649     $ 4,502                     Earnings (Loss) per share:               Basic   $ 0.58     $ 0.33     Diluted   $ 0.55     $ 0.32                     Weighted-average shares outstanding:               Basic     14,740       14,163     Diluted     15,390       14,628       WILLDAN GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)                   Three Months Ended     April 3,   April 4,     2026     2025   Cash flows from operating activities:             Net income (loss)   $ 8,530     $ 4,687   Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:             Depreciation and amortization     5,446       4,440   Other non-cash items     (133 )     327   Deferred income taxes, net     (1,622 )     606   (Gain) loss on sale/disposal of equipment     (22 )     (17 ) Provision for doubtful accounts     (56 )     246   Stock-based compensation     3,692       2,426   Accretion and fair value adjustments of contingent consideration     903       379   Changes in operating assets and liabilities, net of effects from business acquisitions:             Accounts receivable     (21,401 )     12,655   Contract assets     12,515       (174 ) Other receivables     3,469       877   Prepaid expenses and other current assets     (892 )     (2,207 ) Other assets     620       (569 ) Accounts payable     (3,472 )     3,748   Accrued liabilities     (30,692 )     (22,134 ) Contract liabilities     (1,215 )     (2,654 ) Right-of-use assets     (35 )     675   Net cash (used in) provided by operating activities     (24,365 )     3,311   Cash flows from investing activities:             Purchase of equipment, software, and leasehold improvements     (2,024 )     (2,310 ) Proceeds from sale of equipment     27       19   Cash paid for acquisitions, net of cash acquired     (583 )     (32,473 ) Net cash (used in) provided by investing activities     (2,580 )     (34,764 ) Cash flows from financing activities:             Payments on contingent consideration     (2,808 )     —   Receipt of restricted cash     5,288       —   Payment on restricted cash     —       —   Payments on notes payable     —       (137 ) Payments made to retire prior credit agreement     —       (2,500 ) Principal payments on outstanding debt     (625 )     —   Principal payments on finance leases     (416 )     (392 ) Proceeds from stock option exercise     —       81   Proceeds from sales of common stock under employee stock purchase plan     1,921       1,485   Cash used to pay taxes on stock grants     (8,768 )     (2,878 ) Net cash (used in) provided by financing activities     (5,408 )     (4,341 ) Net increase (decrease) in cash, cash equivalents and restricted cash     (32,353 )     (35,794 ) Cash, cash equivalents and restricted cash at beginning of period     65,919       74,158   Cash, cash equivalents and restricted cash at end of period   $ 33,566     $ 38,364   Supplemental disclosures of cash flow information:             Cash paid (received) during the period for:             Interest   $ 1,008     $ 1,663   Income taxes     805       59   Supplemental disclosures of noncash investing and financing activities:             Issuance of common stock related to business acquisitions   $ —     $ 5,557   Contingent consideration related to business acquisitions     —       12,353   Equipment acquired under finance leases     492       580     Willdan Group, Inc. and Subsidiaries Reconciliation of GAAP Revenue to Net Revenue (in thousands) (Non-GAAP Measure)                   Three Months Ended     April 3,   April 4,     2026   2025 Consolidated         Contract revenue   $ 155,114   $ 152,386 Subcontractor services and other direct costs     62,682     67,048 Net Revenue   $ 92,432   $ 85,338               Energy segment             Contract revenue   $ 127,968   $ 126,248 Subcontractor services and other direct costs     60,988     66,080 Net Revenue   $ 66,980   $ 60,168               Engineering and Consulting segment             Contract revenue   $ 27,146   $ 26,138 Subcontractor services and other direct costs     1,694     968 Net Revenue   $ 25,452   $ 25,170   Willdan Group, Inc. and Subsidiaries Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands) (Non-GAAP Measure)                   Three Months Ended     April 3,   April 4,     2026   2025 Net income (loss)   $ 8,530   $ 4,687 Interest expense     835     1,802 Income tax expense (benefit)     (1,278)     506 Stock-based compensation     3,692     2,426 Interest accretion (1)     903     379 Depreciation and amortization     5,446     4,440 Transaction costs (2)     —     219 (Gain) Loss on sale of equipment     (22)     (17) Adjusted EBITDA   $ 18,106   $ 14,442 (1) Interest accretion represents the imputed interest and fair value adjustments to estimated contingent consideration. (2) Transaction costs represents acquisition and acquisition related costs.   Willdan Group, Inc. and Subsidiaries Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Diluted EPS (in thousands, except per share amounts) (Non-GAAP Measure)                   Three Months Ended     April 3,   April 4,     2026     2025   Net income (loss)   $ 8,530     $ 4,687   Adjustment for stock-based compensation     3,692       2,426   Tax effect of stock-based compensation     (832 )     (398 ) Adjustment for intangible amortization     2,418       2,480   Tax effect of intangible amortization     (545 )     (407 ) Adjustment for interest accretion (1)     903       379   Tax effect of interest accretion (1)     (203 )     (62 ) Adjustment for transaction costs (2)     0.00       219   Tax effect of transaction costs (2)     (0.00 )     (36 ) Adjusted Net Income (Loss)   $ 13,963     $ 9,288                 Diluted weighted-average shares outstanding     15,390       14,628                 Diluted earnings (loss) per share   $ 0.55     $ 0.32   Impact of adjustment:             Stock-based compensation per share     0.24       0.17   Tax effect of stock-based compensation per share     (0.05 )     (0.03 ) Intangible amortization per share     0.16       0.16   Tax effect of intangible amortization per share     (0.04 )     (0.03 ) Interest accretion per share (1)     0.06       0.03   Tax effect of interest accretion per share (1)     (0.01 )     (0.00 ) Transaction costs per share (2)     0.00       0.01   Tax effect of transaction costs per share (2)     (0.00 )     (0.00 ) Adjusted Diluted EPS   $ 0.91     $ 0.63   ___________________ (1) Interest accretion represents the imputed interest and fair value adjustments to estimated contingent consideration. (2) Transaction costs represents acquisition and acquisition related costs.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260507981297/en/ Willdan Group, Inc.
Al Kaschalk
Vice President
Tel: 310-922-5643
akaschalk@willdan.com Original: Willdan Group Reports First Quarter Results

Willdan Expands Commercial Energy Capabilities With Acquisition of Burton Energy GroupMay 5, 2026 12:10 PM
Business Wire Willdan Group, Inc. (NASDAQ: WLDN) announced today that on May 4, it acquired 100% of the membership interests of Burton Energy Group, LLC (Burton), an energy management consulting and solutions provider headquartered near Atlanta, Georgia. Burton provides cost-effective, data-driven energy management, energy procurement, energy efficiency, and turnkey asset replacement services to multi-site commercial clients, which include monitoring over 60,000 client sites across the United States. Burton reported approximately $103 million in contract revenue, $15 million in net revenue, and $7 million in EBITDA in 2025. The transaction is expected to be accretive to Willdan’s 2026 adjusted earnings per share. The terms of the transaction were not disclosed. Additional details will be provided in Willdan’s earnings press release, updated guidance, and conference call this Thursday. “Burton more than doubles Willdan’s strategic expansion in the commercial sector by acting as a trusted advisor to many Fortune 500 clients, strengthening a key pillar of growth for Willdan,” said Mike Bieber, Willdan’s CEO. “Their capabilities deepen our energy management and efficiency services and add energy procurement to better support our clients’ energy costs and risk management needs. Burton has a high percentage of recurring revenue and strengthens our presence across the Southeast and Midwest. We welcome all of the Burton team to Willdan.” “We founded Burton Energy Group nearly 25 years ago, and it has been both an integral part of our professional lives and a second family for many of us,” said Brent Burton, Managing Partner and Founder of Burton. “In Willdan, we found a partner that broadens our services and portfolio while also sharing our culture, values, and commitment to providing great value to customers and positively impacting the environment. We couldn’t be more excited to join Willdan and grow together.” “Willdan’s collaborative culture and leadership in solving complex problems across the energy sector provide a great new home for our team to excel and reach new heights of service,” said Mark Breuker, Managing Partner of Burton. “We look forward to driving continued innovation and growth for our customers and stakeholders.” About Burton Energy Group Burton Energy Group is a privately held, independent company providing energy management services for commercial businesses with multi-site, geographically diverse facilities. Established in 2001, Burton works with clients to design and manage energy plans that reduce energy consumption, improve environmental performance, mitigate price risk, stabilize utility budgets, and lower overall energy operating costs. Its clients include many of the largest facility portfolio operators in retail, hospitality, financial services, restaurants, commercial real estate, and distribution in the United States. For more information, visit www.burtonenergygroup.com. About Willdan Willdan is a technical services company focused on energy and infrastructure solutions. These solutions include energy planning and analytics, consulting, software, public finance, engineering, and program implementation. Willdan serves utilities, state and local governments, and commercial customers in the United States and Canada. For additional information, visit Willdan's website at www.willdan.com or follow Willdan on LinkedIn and Facebook. Forward-Looking Statements Statements in this press release that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. It is important to note that Willdan’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors listed from time to time in Willdan’s reports filed with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K filed for the year ended January 2, 2026. Willdan cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Willdan disclaims any obligation to, and does not undertake to, update or revise any forward-looking statements in this press release. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505388406/en/ Al Kaschalk
Vice President
310-922-5643
akaschalk@willdan.com Original: Willdan Expands Commercial Energy Capabilities With Acquisition of Burton Energy Group

Willdan Wins $27 Million Contract to Redesign and Implement New York City Accelerator ProgramApril 15, 2026 6:26 PM
Business Wire
Willdan Group, Inc. (NASDAQ: WLDN) announced today that it has been awarded a $27 million, three-year contract with the New York City Mayor’s Office of Climate & Environmental Justice to redesign and implement the NYC Accelerator program. This program helps building owners and stakeholders reduce greenhouse gas emissions, comply with Local Law 97, and advance the City’s sustainability and green jobs objectives.


Willdan has partnered with eight local firms, including Blenderbox, Bright Power, Cadence OneFive, Kinetic Communities Consulting (KC3), LIFE3, Steven Winter Associates, TYTHEdesign, and Urban Green Council. The redesign aims to shift the program’s focus from building energy awareness to project implementation. This is an opportunity for Willdan and its team to leverage local relationships, support the growth of the City’s workforce, and build on a long history of helping New York City businesses and residents improve their buildings and become more energy efficient.


This is the first time that Willdan has held this program. For more information on the NYC Accelerator program, visit accelerator.nyc.


About New York City Mayor’s Office of Climate & Environmental Justice


The Mayor's Office of Climate & Environmental Justice works to protect New Yorkers from the impacts of climate change and extreme weather by creating and advancing policies, programs, and projects that secure the city, while making its critical infrastructure cleaner and more reliable. It strengthens defenses, tackles the sources of pollution, and provides resources to all New Yorkers so that local businesses, families, and communities can thrive in healthy and safe neighborhoods. Learn more at www.nyc.gov/climate.


About Willdan


Willdan is a nationwide provider of professional, technical, and consulting services to utilities, government agencies, and private industry. Willdan’s service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, energy policy planning and advisory, engineering and planning, and municipal financial consulting. For additional information, visit Willdan's website at www.willdan.com or follow Willdan on LinkedIn and Facebook.


Forward-Looking Statements


Statements in this press release that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. It is important to note that Willdan’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors listed from time to time in Willdan’s reports filed with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K filed for the year ended January 2, 2026. Willdan cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Willdan disclaims any obligation to, and does not undertake to, update or revise any forward-looking statements in this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260415435354/en/
Al Kaschalk

Vice President

310-922-5643

akaschalk@willdan.com


Original: Willdan Wins $27 Million Contract to Redesign and Implement New York City Accelerator Program

Willdan Announces Date of First Quarter 2026 Earnings Release and Conference CallApril 13, 2026 2:45 PM
Business Wire
Willdan Group, Inc. (“Willdan”) (Nasdaq: WLDN), today announced that it will release its financial results for the first quarter 2026 after the close of the stock market on Thursday, May 7, 2026. Following the release, Willdan will host its investor conference call at 5:30 p.m. EST / 2:30 p.m. PST.


An online, real-time audio webcast of the quarterly investor conference call will be available on Willdan’s website at: Willdan Group Q1 2026 Investor Conference Call. Alternatively, listeners may access the call by dialing 877-407-2988 (or 201-389-0923) at least five minutes prior to the 5:30 p.m. EDT / 2:30 p.m. PDT start time. An online replay of earnings webcast will be available a few hours after the completion of the call at https://ir.willdangroup.com/events-presentations.


About Willdan


Willdan is a nationwide provider of professional, technical, and consulting services to utilities, government agencies, and private industry. Willdan’s service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, energy policy planning and advisory, engineering and planning, and municipal financial consulting. For additional information, visit Willdan's website at www.willdan.com. Follow Willdan on LinkedIn and Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260413207742/en/
Al Kaschalk / (310) 922-5643

akaschalk@willdan.com


Original: Willdan Announces Date of First Quarter 2026 Earnings Release and Conference Call

Willdan Selected by Puget Sound Energy to Implement and Expand Program OfferingsMarch 4, 2026 9:15 AM
Business Wire
Willdan Group, Inc. (NASDAQ: WLDN) announced today that it was selected by Puget Sound Energy (PSE) to implement telecommunications and multifamily new construction programs while expanding non-lighting technology offerings for a commercial program. Under these programs, Willdan will provide technical assistance, energy-efficiency solutions, software support, and other professional services to customers. In addition, Willdan will deliver software services to support customer compliance with Washington State’s Clean Buildings Performance Standard (CBPS).


“These programs are strengthening customer engagement to address peak load challenges across multiple building sectors,” said Penny Kyser, Program Manager for Customer Energy Management at PSE. “We continue to evolve our program approaches to deliver value to all customers throughout our service area.”


“Willdan is excited to expand our 14-year working relationship with PSE and their customers,” said Mike Bieber, Willdan’s CEO. “Our integrated program delivery and software services allow utilities like PSE to continue optimizing their customers’ energy use while improving grid resiliency and meeting increasingly stringent state and national requirements.”


About Puget Sound Energy


Puget Sound Energy (PSE) is Washington State's largest privately-owned electrical and gas utility, holding a monopoly franchise in much of Western Washington. PSE provides gas and electricity, along with related services, to 1 million residential customers. For more information about PSE, visit pse.com and follow PSE on Facebook and X.com.


About Willdan


Willdan is a nationwide provider of professional, technical, and consulting services to utilities, government agencies, and private industry. Willdan’s service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, energy policy planning and advisory, engineering and planning, and municipal financial consulting. For additional information, visit Willdan's website at www.willdan.com or follow Willdan on LinkedIn and Facebook.


Forward-Looking Statements


Statements in this press release that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. It is important to note that Willdan’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors listed from time to time in Willdan’s reports filed with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K filed for the year ended January 2, 2026. Willdan cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Willdan disclaims any obligation to, and does not undertake to, update or revise any forward-looking statements in this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260304091974/en/
Al Kaschalk

Vice President

310-922-5643

akaschalk@willdan.com


Original: Willdan Selected by Puget Sound Energy to Implement and Expand Program Offerings

Willdan Wins $49 Million Energy Infrastructure Contract With Mt. San Antonio CollegeFebruary 27, 2026 10:11 AM
IH Market News
Willdan Group, Inc. (NASDAQ:WLDN) announced that it has been selected by Mt. San Antonio College (Mt. SAC) in California to deliver a $49 million distributed energy and resiliency project under a new energy services agreement. The project will include the full turnkey deployment of distributed energy resources along with campus infrastructure upgrades, with construction expected to be completed by the third quarter of 2027.The scope of work covers installation of solar photovoltaic systems, a battery energy storage solution, electric vehicle charging infrastructure, and a redesigned parking lot aimed at improving energy efficiency and campus functionality.Willdan noted that it is recognized as a qualified energy service company in California and operates under a Master Services Agreement with the Foundation for California Community Colleges. This agreement enables the company to implement distributed energy resource (DER) projects across California Community Colleges, including Mt. SAC, as well as other public-sector facilities throughout the state.“Sustainability is central to our mission and vision, guiding our students and staff while ensuring our campus can serve the community reliably for years to come,” said Dr. Robert Hidalgo, Mt. SAC President of the Board of Trustees. “This project reflects those values by reducing energy use, adding resiliency through local energy generation and storage, and providing the flexibility to support a future microgrid and campus electrification.”



About Mt. San Antonio College



Mt. San Antonio College is the largest single-campus district within California’s community college system, serving approximately 77,000 students each year at its Walnut campus and supporting residents across nearly 20 surrounding communities. Since its founding in 1946, the college has offered a broad range of credit and noncredit programs designed to help students pursue new careers, transfer to universities, or advance professionally.



About Willdan



Willdan provides professional, technical, and consulting services nationwide to utilities, government entities, and private-sector clients. Its offerings span multiple disciplines, including electric grid modernization, energy efficiency and sustainability programs, energy policy advisory, engineering and planning services, and municipal financial consulting.Willdan Group stock price

Original: Willdan Wins $49 Million Energy Infrastructure Contract With Mt. San Antonio College

Willdan Selected by Mt. SAC for $49 Million Distributed Energy and Resiliency ProjectFebruary 27, 2026 9:15 AM
Business Wire
Willdan Group, Inc. (NASDAQ: WLDN) announced today that it was selected by Mt. San Antonio College (Mt. SAC) in California to implement a $49 million energy services contract. The scope of work consists of the turnkey delivery of distributed energy resources (DERs) and infrastructure upgrades, including solar PV systems, a battery energy storage system, EV charging stations, and a comprehensive parking lot redesign. Construction is expected to be completed by the third quarter of 2027.


Willdan is listed as a qualified energy service company in the state of California and holds a Master Services Agreement with the Foundation for California Community Colleges to implement DERs at California Community Colleges – including Mt. SAC – as well as other public sector facilities.


“Sustainability is central to our mission and vision, guiding our students and staff while ensuring our campus can serve the community reliably for years to come,” said Dr. Robert Hidalgo, Mt. SAC President of the Board of Trustees. “This project reflects those values by reducing energy use, adding resiliency through local energy generation and storage, and providing the flexibility to support a future microgrid and campus electrification.”


About Mt. San Antonio College


Mt. San Antonio College is the largest single campus community college district of California’s 116 community colleges, educating about 77,000 annually and serving the residents of nearly 20 communities at its Walnut campus. Since 1946, Mt. SAC has provided students from all walks of life with a full range of credit and noncredit programs to help them succeed in new careers, gain admission into top-tier universities, or advance in their current line of work. Learn more about Mt. SAC’s 400 degree and certificate programs at https://www.mtsac.edu/.


About Willdan


Willdan is a nationwide provider of professional, technical, and consulting services to utilities, government agencies, and private industry. Willdan’s service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, energy policy planning and advisory, engineering and planning, and municipal financial consulting. For additional information, visit Willdan's website at www.willdan.com or follow Willdan on LinkedIn and Facebook.


Forward-Looking Statements


Statements in this press release that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. It is important to note that Willdan’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors listed from time to time in Willdan’s reports filed with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K filed for the year ended January 2, 2026. Willdan cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Willdan disclaims any obligation to, and does not undertake to, update or revise any forward-looking statements in this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260227836364/en/
Al Kaschalk

Vice President

310-922-5643

akaschalk@willdan.com


Original: Willdan Selected by Mt. SAC for $49 Million Distributed Energy and Resiliency Project

Willdan Group Reports Fourth Quarter and Full Year 2025 Results and Provides 2026 OutlookFebruary 26, 2026 4:08 PM
Business Wire
Willdan Group, Inc. (“Willdan”) (Nasdaq: WLDN) today announced its financial results for the fourth quarter and fiscal year ended January 2, 2026 and outlook for 2026.


Fourth Quarter 2025 Highlightsa



Contract revenue of $173.7 million, up 20.6%.



Net revenueb of $89.5 million, up 12.9%.



Net income of $18.7 million, up 143.4%.



Adjusted EBITDAb of $20.0 million, up 13.2%.



GAAP Diluted EPS of $1.23, up 132.1%.



Adjusted Diluted EPSb of $1.57, up 109.3%.



Fiscal Year 2025 Highlightsa



Contract revenue of $681.6 million, up 20.5%.



Net revenueb of $364.8 million, up 23.1%.



Net income of $52.6 million, up 132.9%.



Adjusted EBITDAb of $79.5 million, up 40.2%.



GAAP Diluted EPS of $3.49, up 120.9%.



Adjusted Diluted EPSb of $4.89, up 101.2%.



Executive Management Comments


“The fourth quarter capped an outstanding 2025 for Willdan, with double-digit full year organic growth across key metrics and the completion of three strategic acquisitions,” said Mike Bieber, Willdan’s President and Chief Executive Officer. “AI and data centers are driving electricity demand and increasing grid complexity, fueling investment across our end markets. Willdan is well positioned, well capitalized, and plans to continue expanding its range of solutions.”


Fiscal Year 2026 Financial Targets



Net revenueb between $390 million and $405 million.



Adjusted EBITDAb between $85 million and $90 million.



Adjusted Diluted EPSb between $4.50 per share and $4.70 per share.



Assumes 15.8 million diluted shares, 10% effective tax rate benefit, and no future acquisitions.




a. As compared to the same period of fiscal year 2024.








b. See “Use of Non-GAAP Financial Measures” below.







Fourth Quarter 2025 Conference Call


Willdan will be hosting a conference call to discuss its fourth quarter financial results today, at 5:30 p.m. Eastern/2:30 p.m. Pacific. To access the call, listeners should dial 877-407-2988 (or 201-389-0923). The conference call will be webcast simultaneously on Willdan’s website at https://edge.media-server.com/mmc/p/2ebn937s/.


A replay of the conference call will be available through Willdan’s website at https://ir.willdangroup.com/news-events/event-calendar.


About Willdan Group, Inc.


Willdan is a nationwide provider of professional, technical and consulting services to utilities, government agencies, and private industry. Willdan’s service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, engineering and planning, and municipal financial consulting. For additional information, visit Willdan's website at www.willdan.com.


Use of Non-GAAP Financial Measures


“Net Revenue,” defined as contract revenue as reported in accordance with U.S. generally accepted accounting principles (“GAAP”) minus subcontractor services and other direct costs, is a non-GAAP financial measure. Net Revenue is a supplemental measure that Willdan believes enhances investors’ ability to analyze Willdan’s business trends and performance because it substantially measures the work performed by Willdan’s employees. In the course of providing services, Willdan routinely subcontracts various services. Generally, these subcontractor services and other direct costs are passed through to Willdan’s clients and, in accordance with GAAP and industry practice, are included in Willdan’s revenue when it is Willdan’s contractual responsibility to procure or manage such subcontracted activities. Because subcontractor services and other direct costs can vary significantly from project to project and period to period, changes in revenue may not necessarily be indicative of Willdan’s business trends. Accordingly, Willdan segregates subcontractor services and other direct costs from revenue to promote a better understanding of Willdan’s business by evaluating revenue exclusive of subcontract services and other direct costs associated with external service providers. A reconciliation of Willdan’s contract revenue as reported in accordance with GAAP to Net Revenue is provided at the end of this press release. A reconciliation of targeted contract revenue for fiscal year 2025 as reported in accordance with GAAP to targeted Net Revenues for fiscal year 2025, which is a forward-looking non-GAAP financial measure, is not provided because Willdan is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty of predicting the subcontractor services and other director costs that are subtracted from contract revenues in order to derive Net Revenues. While subcontractor costs have increased recently, subcontractor costs can vary significantly from period to period. Subcontractor costs and other direct costs were 48.5% and 46.5% of contract revenue for the quarter ended January 2, 2026 and fiscal year 2025, respectively, and 45.0% and 47.6% for the quarter ended December 27, 2024 and fiscal year 2024, respectively.


“Adjusted EBITDA,” defined as net income plus interest expense, income tax expense, stock-based compensation, interest accretion, depreciation and amortization, transaction costs, and gain on sale of equipment, is a non-GAAP financial measure. Adjusted EBITDA is a supplemental measure used by Willdan’s management to measure Willdan’s operating performance. Willdan believes Adjusted EBITDA is useful because it allows Willdan’s management to evaluate its operating performance and compare the results of its operations from period to period and against its peers without regard to its financing methods, capital structure and non-operating expenses. Willdan uses Adjusted EBITDA to evaluate its performance for, among other things, budgeting, forecasting and incentive compensation purposes.


Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s costs of capital and stock-based compensation, as well as the historical costs of depreciable assets. A reconciliation of net income as reported in accordance with GAAP to Adjusted EBITDA is provided at the end of this press release. A reconciliation of targeted net income for fiscal year 2026 as reported in accordance with GAAP to Adjusted EBITDA for fiscal year 2026, which is a forward-looking non-GAAP financial measure, is not provided because Willdan is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty of predicting the interest expense, income tax expense, stock-based compensation, interest accretion, depreciation and amortization, and gain on sale of equipment that are subtracted from net income in order to derive Adjusted EBITDA.


“Adjusted Net Income,” defined as net income plus stock-based compensation, intangible amortization, interest accretion, and transaction costs, each net of tax, is a non-GAAP financial measure.


“Adjusted Diluted EPS,” defined as net income plus stock-based compensation, intangible amortization, interest accretion, and transaction costs, each net of tax, all divided by the diluted weighted-average shares outstanding, is a non-GAAP financial measure. Adjusted Net Income and Adjusted Diluted EPS are supplemental measures used by Willdan’s management to measure its operating performance. Willdan believes Adjusted Net Income and Adjusted Diluted EPS are useful because they allow Willdan’s management to more closely evaluate and explain the operating results of Willdan’s business by removing certain non-operating expenses.


Reconciliations of net income as reported in accordance with GAAP to Adjusted Net Income and diluted EPS as reported in accordance with GAAP to Adjusted Diluted EPS are provided at the end of this press release. Reconciliations of targeted net income as reported in accordance with GAAP to targeted Adjusted Net Income for fiscal year 2026, which is a forward-looking non-GAAP financial measure, and targeted diluted EPS as reported in accordance with GAAP to targeted Adjusted Diluted EPS for fiscal year 2026, which is a forward-looking non-GAAP financial measure, are not provided because Willdan is unable to provide such reconciliations without unreasonable effort. The inability to provide such reconciliations is due to the uncertainty and inherent difficulty of predicting the stock-based compensation, intangible amortization, and interest accretion, each net of tax, that are subtracted from net income and diluted EPS in order to derive Adjusted Net Income and Adjusted Diluted EPS, respectively.


Willdan’s definitions of Net Revenue, Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS have limitations as analytical tools and may differ from other companies reporting similarly named measures or from similarly named measures Willdan has reported in prior periods. These measures should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, such as contract revenue, net income and diluted EPS.


Forward Looking Statements


Statements in this press release that are not purely historical, including statements regarding Willdan’s intentions, hopes, beliefs, expectations, representations, projections, estimates, assumptions, aims, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding electricity demand and increasing grid complexity, and financial targets for fiscal year 2026. All statements other than statements of historical fact included in this press release are forward-looking statements. It is important to note that Willdan’s actual results could differ materially from those in any such forward-looking statements. Important factors that could cause actual results to differ materially from its expectations include, but are not limited to, Willdan’s ability to adequately complete projects in a timely manner, Willdan’s ability to compete successfully in the highly competitive energy services market, Willdan’s reliance on work from its top ten clients; changes in state, local and regional economies and government budgets; Willdan’s ability to win new contracts, to renew existing contracts and to compete effectively for contracts awarded through bidding processes; Willdan’s ability to realize the full amount of our backlog; Willdan’s ability to make principal and interest payments on its outstanding debt as they come due and to comply with financial covenants contained in its debt agreements; Willdan’s ability to manage supply chain constraints, labor shortages, elevated interest rates, and elevated inflation; Willdan’s ability to obtain financing and to refinance its outstanding debt as it matures; Willdan’s ability to successfully integrate its acquisitions and execute on its growth strategy; and Willdan’s ability to attract and retain managerial, technical, and administrative talent.


All written and oral forward-looking statements attributable to Willdan, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements and risk factors disclosed from time to time in Willdan’s reports filed with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K filed for the year ended January 2, 2026, as such disclosures may be amended, supplemented or superseded from time to time by other reports Willdan files with the Securities and Exchange Commission, including subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Willdan cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Willdan disclaims any obligation to, and does not undertake to, update or revise any forward-looking statements in this press release unless required by law.




WILLDAN GROUP, INC. AND SUBSIDIARIES




CONSOLIDATED BALANCE SHEETS




(in thousands, except par value)








 






 






 






 






 






 






 






 








 






 






January 2,






 






December 27,






 








 






 






2026






 






2024






 








Assets






 








Current assets:






 






 






 






 






 






 






 








Cash and cash equivalents






 






$






65,919






 






 






$






74,158






 






 








Restricted cash






 






 






—






 






 






 






—






 






 








Accounts receivable, net of allowance for doubtful accounts of $340 and $1,313 at January 2, 2026 and December 27, 2024, respectively






 






 






64,604






 






 






 






65,557






 






 








Contract assets






 






 






107,296






 






 






 






88,528






 






 








Other receivables






 






 






6,330






 






 






 






2,302






 






 








Prepaid expenses and other current assets






 






 






7,528






 






 






 






4,979






 






 








Total current assets






 






 






251,677






 






 






 






235,524






 






 








Equipment and leasehold improvements, net






 






 






31,491






 






 






 






29,534






 






 








Goodwill






 






 






179,530






 






 






 






140,991






 






 








Right-of-use assets






 






 






16,600






 






 






 






14,035






 






 








Other intangible assets, net






 






 






35,521






 






 






 






29,414






 






 








Other assets






 






 






2,762






 






 






 






2,019






 






 








Deferred income taxes, net






 






 






26,630






 






 






 






13,346






 






 








Total assets






 






$






544,211






 






 






$






464,863






 






 








Liabilities and Stockholders’ Equity






 








Current liabilities:






 






 






 






 






 






 






 








Accounts payable






 






$






45,628






 






 






$






33,766






 






 








Accrued liabilities






 






 






82,434






 






 






 






62,776






 






 








Contingent consideration payable






 






 






3,732






 






 






 






2,500






 






 








Contract liabilities






 






 






21,565






 






 






 






21,556






 






 








Notes payable






 






 






2,500






 






 






 






10,137






 






 








Finance lease obligations






 






 






1,225






 






 






 






1,138






 






 








Lease liability






 






 






4,670






 






 






 






5,804






 






 








Total current liabilities






 






 






161,754






 






 






 






137,677






 






 








Contingent consideration payable, less current portion






 






 






16,651






 






 






 






1,713






 






 








Notes payable, less current portion






 






 






45,962






 






 






 






79,350






 






 








Finance lease obligations, less current portion






 






 






1,162






 






 






 






1,379






 






 








Lease liability, less current portion






 






 






13,762






 






 






 






9,939






 






 








Other noncurrent liabilities






 






 






69






 






 






 






462






 






 








Total liabilities






 






 






239,360






 






 






 






230,520






 






 








 






 






 






 






 






 






 






 








Commitments and contingencies






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 








Stockholders’ equity:






 






 






 






 






 






 






 








Preferred stock, $0.01 par value, 10,000 shares authorized, no shares issued and outstanding






 






 






—






 






 






 






—






 






 








Common stock, $0.01 par value, 40,000 shares authorized; 14,762 and 14,169 shares issued and outstanding at January 2, 2026 and December 27, 2024, respectively






 






 






148






 






 






 






142






 






 








Additional paid-in capital






 






 






215,269






 






 






 






197,368






 






 








Accumulated other comprehensive income (loss)






 






 






(270






)






 






 






(314






)






 








Retained earnings






 






 






89,704






 






 






 






37,147






 






 








Total stockholders’ equity






 






 






304,851






 






 






 






234,343






 






 








Total liabilities and stockholders’ equity






 






$






544,211






 






 






$






464,863






 






 









WILLDAN GROUP, INC. AND SUBSIDIARIES




CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)




(in thousands, except per share amounts)








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Three Months Ended






 






Year Ended








 






 






January 2,






 






December 27,






 






January 2,






 






December 27,








 






 






2026






 






2024






 






2026






 






2024








Contract revenue






 






$






173,687






 






 






$






144,061






 






 






$






681,552






 






 






$






565,798






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Direct costs of contract revenue (inclusive of directly related depreciation and amortization):






 






 






 






 






 






 






 






 






 






 






 






 








Salaries and wages






 






 






26,900






 






 






 






24,296






 






 






 






109,098






 






 






 






93,543






 








Subcontractor services and other direct costs






 






 






84,180






 






 






 






64,806






 






 






 






316,772






 






 






 






269,473






 








Total direct costs of contract revenue






 






 






111,080






 






 






 






89,102






 






 






 






425,870






 






 






 






363,016






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Gross profit






 






 






62,607






 






 






 






54,959






 






 






 






255,682






 






 






 






202,782






 








 






 






 






 






 






 






 






 






 






 






 






 






 








General and administrative expenses:






 






 






 






 






 






 






 






 






 






 






 






 








Salaries and wages, payroll taxes and employee benefits






 






 






30,332






 






 






 






26,924






 






 






 






125,736






 






 






 






105,373






 








Facilities and facility related






 






 






2,355






 






 






 






2,487






 






 






 






9,717






 






 






 






9,718






 








Stock-based compensation






 






 






3,070






 






 






 






2,033






 






 






 






11,825






 






 






 






7,388






 








Depreciation and amortization






 






 






4,829






 






 






 






3,808






 






 






 






18,686






 






 






 






14,745






 








Other






 






 






11,588






 






 






 






8,837






 






 






 






45,571






 






 






 






34,205






 








Total general and administrative expenses






 






 






52,174






 






 






 






44,089






 






 






 






211,535






 






 






 






171,429






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Income (Loss) from operations






 






 






10,433






 






 






 






10,870






 






 






 






44,147






 






 






 






31,353






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Other income (expense):






 






 






 






 






 






 






 






 






 






 






 






 








Interest expense, net






 






 






(858






)






 






 






(1,770






)






 






 






(5,748






)






 






 






(7,801






)








Other, net






 






 






755






 






 






 






834






 






 






 






1,595






 






 






 






3,127






 








Total other expense, net






 






 






(103






)






 






 






(936






)






 






 






(4,153






)






 






 






(4,674






)








 






 






 






 






 






 






 






 






 






 






 






 






 








Income (Loss) before income taxes






 






 






10,330






 






 






 






9,934






 






 






 






39,994






 






 






 






26,679






 








Income tax (benefit) expense






 






 






(8,383






)






 






 






2,246






 






 






 






(12,563






)






 






 






4,109






 








Net income (loss)






 






 






18,713






 






 






 






7,688






 






 






 






52,557






 






 






 






22,570






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Other comprehensive income (loss):






 






 






 






 






 






 






 






 






 






 






 






 








Unrealized gain (loss) on derivative contracts, net of tax






 






 






61






 






 






 






493






 






 






 






44






 






 






 






350






 








Comprehensive income (loss)






 






$






18,774






 






 






$






8,181






 






 






$






52,601






 






 






$






22,920






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Earnings (Loss) per share:






 






 






 






 






 






 






 






 






 






 






 






 








Basic






 






$






1.28






 






 






$






0.55






 






 






$






3.63






 






 






$






1.63






 








Diluted






 






$






1.23






 






 






$






0.53






 






 






$






3.49






 






 






$






1.58






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Weighted-average shares outstanding:






 






 






 






 






 






 






 






 






 






 






 






 








Basic






 






 






14,655






 






 






 






14,012






 






 






 






14,461






 






 






 






13,818






 








Diluted






 






 






15,260






 






 






 






14,509






 






 






 






15,071






 






 






 






14,245






 









WILLDAN GROUP, INC. AND SUBSIDIARIES




CONSOLIDATED STATEMENTS OF CASH FLOWS




(in thousands)








 






 






 






 






 






 






 








 






 






Year Ended








 






 






January 2,






 






December 27,








 






 






2026






 






2024








Cash flows from operating activities:






 






 






 






 






 






 








Net income (loss)






 






$






52,557






 






 






$






22,570






 








Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:






 






 






 






 






 






 








Depreciation and amortization






 






 






18,686






 






 






 






14,745






 








Other non-cash items






 






 






637






 






 






 






(73






)








Deferred income taxes, net






 






 






(13,284






)






 






 






2,615






 








(Gain) loss on sale/disposal of equipment






 






 






(29






)






 






 






(15






)








Provision for doubtful accounts






 






 






237






 






 






 






740






 








Stock-based compensation






 






 






11,825






 






 






 






7,388






 








Accretion and fair value adjustments of contingent consideration






 






 






3,095






 






 






 






153






 








Changes in operating assets and liabilities, net of effects from business acquisitions:






 






 






 






 






 






 








Accounts receivable






 






 






7,752






 






 






 






5,316






 








Contract assets






 






 






(18,303






)






 






 






5,778






 








Other receivables






 






 






(4,017






)






 






 






(1,133






)








Prepaid expenses and other current assets






 






 






(2,488






)






 






 






(1,091






)








Other assets






 






 






(739






)






 






 






2,953






 








Accounts payable






 






 






7,740






 






 






 






(831






)








Accrued liabilities






 






 






20,513






 






 






 






4,707






 








Contract liabilities






 






 






(4,222






)






 






 






8,373






 








Right-of-use assets






 






 






124






 






 






 






(122






)








Net cash (used in) provided by operating activities






 






 






80,084






 






 






 






72,073






 








Cash flows from investing activities:






 






 






 






 






 






 








Purchase of equipment, software, and leasehold improvements






 






 






(9,387






)






 






 






(8,413






)








Proceeds from sale of equipment






 






 






46






 






 






 






34






 








Cash paid for acquisitions, net of cash acquired






 






 






(36,291






)






 






 






(7,364






)








Net cash (used in) provided by investing activities






 






 






(45,632






)






 






 






(15,743






)








Cash flows from financing activities:






 






 






 






 






 






 








Payments on notes payable






 






 






(137






)






 






 






(190






)








Payments on debt issuance costs






 






 






(332






)






 






 






—






 








Payments made to retire prior credit agreement






 






 






(90,000






)






 






 






—






 








Borrowing to fund new credit agreement






 






 






88,414






 






 






 






—






 








Principal payments on outstanding debt






 






 






(39,664






)






 






 






(8,125






)








Principal payments on finance leases






 






 






(1,497






)






 






 






(1,444






)








Proceeds from stock option exercise






 






 






2,759






 






 






 






2,759






 








Proceeds from sales of common stock under employee stock purchase plan






 






 






3,249






 






 






 






2,838






 








Cash used to pay taxes on stock grants






 






 






(5,483






)






 






 






(1,407






)








Net cash (used in) provided by financing activities






 






 






(42,691






)






 






 






(5,569






)








Net increase (decrease) in cash, cash equivalents and restricted cash






 






 






(8,239






)






 






 






50,761






 








Cash, cash equivalents and restricted cash at beginning of period






 






 






74,158






 






 






 






23,397






 








Cash, cash equivalents and restricted cash at end of period






 






$






65,919






 






 






$






74,158






 








Supplemental disclosures of cash flow information:






 






 






 






 






 






 








Cash paid (received) during the period for:






 






 






 






 






 






 








Interest






 






$






5,413






 






 






$






7,520






 








Income taxes






 






 






2,338






 






 






 






1,316






 








Supplemental disclosures of noncash investing and financing activities:






 






 






 






 






 






 








Issuance of common stock related to business acquisitions






 






$






5,557






 






 






$






—






 








Contingent consideration related to business acquisitions






 






 






13,075






 






 






 






4,060






 








Equipment acquired under finance leases






 






 






1,400






 






 






 






1,605






 









Willdan Group, Inc. and Subsidiaries




Reconciliation of GAAP Revenue to Net Revenue




(in thousands)




(Non-GAAP Measure)








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Three Months Ended






 






Year Ended








 






 






January 2,






 






December 27,






 






January 2,






 






December 27,








 






 






2026






 






2024






 






2026






 






2024








Consolidated






 






 






 






 






 






 






 






 








Contract revenue






 






$






173,687






 






$






144,061






 






$






681,552






 






$






565,798








Subcontractor services and other direct costs






 






 






84,180






 






 






64,806






 






 






316,772






 






 






269,473








Net Revenue






 






$






89,507






 






$






79,255






 






$






364,780






 






$






296,325








 






 






 






 






 






 






 






 






 






 






 






 






 








Energy segment






 






 






 






 






 






 






 






 






 






 






 






 








Contract revenue






 






$






148,304






 






$






120,675






 






$






576,051






 






$






473,309








Subcontractor services and other direct costs






 






 






82,821






 






 






64,077






 






 






311,231






 






 






266,092








Net Revenue






 






$






65,483






 






$






56,598






 






$






264,820






 






$






207,217








 






 






 






 






 






 






 






 






 






 






 






 






 








Engineering and Consulting segment






 






 






 






 






 






 






 






 






 






 






 






 








Contract revenue






 






$






25,383






 






$






23,386






 






$






105,501






 






$






92,489








Subcontractor services and other direct costs






 






 






1,359






 






 






729






 






 






5,541






 






 






3,381








Net Revenue






 






$






24,024






 






$






22,657






 






$






99,960






 






$






89,108









Willdan Group, Inc. and Subsidiaries




Reconciliation of GAAP Net Income to Adjusted EBITDA




(in thousands)




(Non-GAAP Measure)








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Three Months Ended






 






Year Ended








 






 






January 2,






 






December 27,






 






January 2,






 






December 27,








 






 






2026






 






2024






 






2026






 






2024








Net income (loss)






 






$






18,713






 






 






$






7,688






 






 






$






52,557






 






 






$






22,570






 








Interest expense






 






 






858






 






 






 






1,770






 






 






 






5,748






 






 






 






7,801






 








Income tax expense (benefit)






 






 






(8,383






)






 






 






2,246






 






 






 






(12,563






)






 






 






4,109






 








Stock-based compensation






 






 






3,070






 






 






 






2,033






 






 






 






11,825






 






 






 






7,388






 








Interest accretion (1)






 






 






950






 






 






 






153






 






 






 






3,095






 






 






 






153






 








Depreciation and amortization






 






 






4,829






 






 






 






3,808






 






 






 






18,686






 






 






 






14,745






 








Transaction costs (2)






 






 






—






 






 






 






—






 






 






 






219






 






 






 






—






 








(Gain) Loss on sale of equipment






 






 






(3






)






 






 






(2






)






 






 






(29






)






 






 






(15






)








Adjusted EBITDA






 






$






20,034






 






 






$






17,696






 






 






$






79,538






 






 






$






56,751






 









____________________








(1) Interest accretion represents the imputed interest and fair value adjustments to estimated contingent consideration.




(2) Transaction costs represents acquisition and acquisition related costs.









Willdan Group, Inc. and Subsidiaries




Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Diluted EPS




(in thousands, except per share amounts)




(Non-GAAP Measure)








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Three Months Ended






 






Year Ended








 






 






January 2,






 






December 27,






 






January 2,






 






December 27,








 






 






2026






 






2024






 






2026






 






2024








Net income (loss)






 






$






18,713






 






 






$






7,688






 






 






$






52,557






 






 






$






22,570






 








Adjustment for stock-based compensation






 






 






3,070






 






 






 






2,033






 






 






 






11,825






 






 






 






7,388






 








Tax effect of stock-based compensation






 






 






(549






)






 






 






(364






)






 






 






(2,115






)






 






 






(1,322






)








Adjustment for intangible amortization






 






 






2,402






 






 






 






1,783






 






 






 






9,843






 






 






 






7,197






 








Tax effect of intangible amortization






 






 






(430






)






 






 






(319






)






 






 






(1,761






)






 






 






(1,288






)








Adjustment for interest accretion (1)






 






 






950






 






 






 






153






 






 






 






3,095






 






 






 






153






 








Tax effect of interest accretion (1)






 






 






(170






)






 






 






(27






)






 






 






(554






)






 






 






(27






)








Adjustment for refinancing costs






 






 






—






 






 






 






—






 






 






 






789






 






 






 






—






 








Tax effect of refinancing costs






 






 






—






 






 






 






—






 






 






 






(141






)






 






 






—






 








Adjustment for transaction costs (2)






 






 






—






 






 






 






—






 






 






 






219






 






 






 






—






 








Tax effect of transaction costs (2)






 






 






—






 






 






 






—






 






 






 






(39






)






 






 






—






 








Adjusted Net Income (Loss)






 






$






23,986






 






 






$






10,947






 






 






$






73,718






 






 






$






34,671






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Diluted weighted-average shares outstanding






 






 






15,260






 






 






 






14,509






 






 






 






15,071






 






 






 






14,245






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Diluted earnings (loss) per share






 






$






1.23






 






 






$






0.53






 






 






$






3.49






 






 






$






1.58






 








Impact of adjustment:






 






 






 






 






 






 






 






 






 






 






 






 








Stock-based compensation per share






 






 






0.20






 






 






 






0.14






 






 






 






0.79






 






 






 






0.52






 








Tax effect of stock-based compensation per share






 






 






(0.04






)






 






 






(0.03






)






 






 






(0.14






)






 






 






(0.09






)








Intangible amortization per share






 






 






0.16






 






 






 






0.12






 






 






 






0.65






 






 






 






0.50






 








Tax effect of intangible amortization per share






 






 






(0.03






)






 






 






(0.02






)






 






 






(0.12






)






 






 






(0.09






)








Interest accretion per share (1)






 






 






0.06






 






 






 






0.01






 






 






 






0.21






 






 






 






0.01






 








Tax effect of interest accretion per share (1)






 






 






(0.01






)






 






 






(0.00






)






 






 






(0.04






)






 






 






(0.00






)








Refinancing costs per share






 






 






—






 






 






 






—






 






 






 






0.05






 






 






 






—






 








Tax effect of refinancing cost per share






 






 






—






 






 






 






—






 






 






 






(0.01






)






 






 






—






 








Transaction costs per share (2)






 






 






—






 






 






 






—






 






 






 






0.01






 






 






 






—






 








Tax effect of transaction costs per share (2)






 






 






—






 






 






 






—






 






 






 






(0.00






)






 






 






—






 








Adjusted Diluted EPS






 






$






1.57






 






 






$






0.75






 






 






$






4.89






 






 






$






2.43






 









____________________








(1) Interest accretion represents the imputed interest and fair value adjustments to estimated contingent consideration.




(2) Transaction costs represents acquisition and acquisition related costs.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226164569/en/
Willdan Group, Inc.

Al Kaschalk

Vice President

Tel: 310-922-5643

akaschalk@willdan.com


Original: Willdan Group Reports Fourth Quarter and Full Year 2025 Results and Provides 2026 Outlook