--- title: "Orion | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 216.3 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284625687.md" datetime: "2026-04-29T18:39:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284625687.md) - [en](https://longbridge.com/en/news/284625687.md) - [zh-HK](https://longbridge.com/zh-HK/news/284625687.md) --- # Orion | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 216.3 M Revenue: As of FY2026 Q1, the actual value is USD 216.3 M, beating the estimate of USD 197.62 M. EPS: As of FY2026 Q1, the actual value is USD 0.12, beating the estimate of USD -0.04. EBIT: As of FY2026 Q1, the actual value is USD 575 K. ### Consolidated Financial Performance Orion Group Holdings, Inc. reported consolidated contract revenues of $216.3 million for the three months ended March 31, 2026, an increase of 15% from $188.7 million in the prior year period. Gross profit increased by 12% to $25.9 million for the three months ended March 31, 2026, compared to $23.0 million in the prior year period. Selling, general and administrative (SG&A) expenses rose by 16.7% to $26.3 million from $22.5 million. The company posted an operating loss of - $795 thousand for the three months ended March 31, 2026, compared to an operating income of $833 thousand in the prior year period. Net income for the period was $4.7 million, a significant improvement from a net loss of - $1.4 million in the prior year. ### Segmented Performance #### Marine Segment - **Contract Revenues**: $110.1 million for the three months ended March 31, 2026, down from $127.2 million in the prior year period. Public sector revenues were $87.2 million and private sector revenues were $22.9 million in 2026, compared to $100.2 million and $26.9 million, respectively, in 2025. - **Cost of Contract Revenues**: $95.6 million in 2026 versus $108.6 million in 2025. - **Gross Profit**: $14.6 million in 2026, a decrease from $18.5 million in 2025. - **Selling, General and Administrative Expenses**: $7.6 million in 2026, up from $6.4 million in 2025. - **Amortization of Intangible Assets**: $390 thousand in 2026, compared to $0 in 2025. - **Operating Income**: $6.6 million in 2026, a decrease from $12.3 million in 2025. - **Total Assets**: $352.8 million as of March 31, 2026, compared to $290.3 million as of March 31, 2025. - **Property and Equipment, net**: $104.2 million as of March 31, 2026, up from $67.4 million as of March 31, 2025. - **Depreciation and Amortization**: $5.0 million in 2026, compared to $4.4 million in 2025. - **Capital Expenditures**: $7.0 million in 2026, an increase from $3.3 million in 2025. #### Concrete Segment - **Contract Revenues**: $106.2 million for the three months ended March 31, 2026, a substantial increase from $61.5 million in the prior year period. Public sector revenues were $5.8 million and private sector revenues were $100.4 million in 2026, compared to $7.7 million and $53.8 million, respectively, in 2025. - **Cost of Contract Revenues**: $94.9 million in 2026 versus $57.0 million in 2025. - **Gross Profit**: $11.3 million in 2026, a significant increase from $4.5 million in 2025. - **Selling, General and Administrative Expenses**: $3.6 million in 2026, up from $2.9 million in 2025. - **Operating Income**: $7.7 million in 2026, a substantial increase from $1.8 million in 2025. - **Total Assets**: $98.0 million as of March 31, 2026, compared to $99.2 million as of March 31, 2025. - **Property and Equipment, net**: $4.9 million as of March 31, 2026, up from $3.9 million as of March 31, 2025. - **Depreciation and Amortization**: $700 thousand in 2026, compared to $872 thousand in 2025. - **Capital Expenditures**: $1.4 million in 2026, a significant increase from $62 thousand in 2025. #### General Corporate - **Selling, General and Administrative Expenses**: $15.1 million in 2026, compared to $13.3 million in 2025. - **Operating Loss**: - $15.1 million in 2026, compared to - $13.3 million in 2025. - **Total Assets**: $27.9 million as of March 31, 2026, compared to $25.2 million as of March 31, 2025. - **Property and Equipment, net**: $16.4 million as of March 31, 2026, down from $16.9 million as of March 31, 2025. - **Depreciation and Amortization**: $706 thousand in 2026, compared to $153 thousand in 2025. - **Capital Expenditures**: $107 thousand in 2026, a decrease from $5.7 million in 2025. ### Other Key Financial and Operational Metrics - **Backlog**: Consolidated backlog was $668 million as of March 31, 2026, up from $640 million as of December 31, 2025. The Marine segment backlog was $494 million and the Concrete segment backlog was $174 million as of March 31, 2026. - **Operating Cash Flow**: Net cash provided by operating activities was $4.9 million for the three months ended March 31, 2026, compared to net cash used in operating activities of - $3.4 million in the prior year period. This was driven by $7.1 million cash inflows from net income (after non-cash adjustments), partially offset by - $2.1 million from changes in net working capital. - **Investing Activities**: Net cash used in investing activities was - $52.5 million for the three months ended March 31, 2026, including - $44.0 million for the JEM Acquisition. Capital asset additions were - $8.6 million in 2026, compared to - $9.0 million in 2025. - **Financing Activities**: Net cash provided by financing activities was $52.3 million, including $13.0 million in net borrowings on the UMB revolving credit line and $40.0 million from a term loan related to the JEM Acquisition. - **JEM Acquisition**: On February 3, 2026, Orion Group Holdings, Inc. acquired J.E. McAmis, Inc. and JEM Marine Leasing, LLC for a preliminary purchase consideration of $69.8 million, consisting of $46.0 million cash, a $12.0 million unsecured subordinated promissory note, 182,392 shares of Orion’s common stock, and contingent cash payments. - **Remaining Performance Obligations**: As of March 31, 2026, the aggregate amount of remaining performance obligations was approximately $668 million. ### Outlook and Strategy Orion Group Holdings, Inc. expects to recognize $512 million, or 77%, of its remaining performance obligations in the next 12 months. Management believes the company will have adequate liquidity for its operations for at least the next 12 months, supported by cash provided by operating activities, sale of underutilized assets, borrowings under credit facilities, and equity issuances. The company plans its operations and bidding activity considering factors like commodity price fluctuations and contract performance variability, which have not materially impacted operations in the past. ### Related Stocks - [ORN.US](https://longbridge.com/en/quote/ORN.US.md) ## Related News & Research - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [OceanPal Inc. 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