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Gulf Island Fabrication (GIFI) investor relations material
Gulf Island Fabrication Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $37.5M, down 9% year-over-year, with a net loss of $0.6M versus net income of $1.9M in Q2 2024, driven by lower project awards and higher nonrecurring expenses.
Adjusted EBITDA for Q2 2025 was $1.9M, excluding $1.8M in Englobal Acquisition costs and including $0.5M post-acquisition losses.
Completed the Englobal Acquisition, broadening automation, engineering, and government services offerings, but resulting in integration costs and operating losses.
Ended Q2 with $62.2M in cash and investments after $5.5M capital commitment for Englobal Acquisition and $2.8M in share repurchases.
The former Shipyard Division is no longer a reportable segment as of 2025, with all warranty obligations completed.
Financial highlights
Q2 2025 revenue: $37.5M (down from $41.3M in Q2 2024); six-month revenue: $77.8M (down from $84.1M year-over-year).
Q2 2025 net loss: $0.6M (EPS: $(0.04)); six-month net income: $3.3M (EPS: $0.20), both down from prior year.
Adjusted EBITDA was $1.9M, down from $2.5M in Q2 2024; excludes $1.8M in Englobal transaction costs but includes $0.5M in post-acquisition losses.
Gross profit margin for Q2 2025 was 9.5% (down from 10.1%); six-month margin improved to 13.1% (up from 12.2%).
Operating cash flow for the first half of 2025 was $4.8M, with $19.0M provided by investing activities, mainly from maturing investments.
Outlook and guidance
Q3 2025 consolidated results expected to be comparable to Q2, excluding Englobal impact.
Significant improvement anticipated in Q4 2025 and into 2026, especially for the fabrication division.
Englobal Business expected to incur $1.5M–$2M in operating losses in H2 2025 as integration continues; profitability expected in 2026 and beyond.
All backlog as of June 30, 2025 ($6.8M) is expected to be recognized as revenue in 2025.
Capital expenditures for the remainder of 2025 are projected at $1.5M–$2.0M.
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