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Gulf Island Fabrication (GIFI) investor relations material
Gulf Island Fabrication Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue was $51.5 million, up 37% year-over-year, driven by Fabrication Division growth and the Englobal Acquisition.
Net income for Q3 2025 was $1.6 million, down from $2.3 million in Q3 2024, reflecting higher expenses and integration costs from the Englobal Acquisition.
Adjusted EBITDA for Q3 2025 was $2.5 million, down from $2.9 million in Q3 2024.
The company completed the acquisition of Englobal's Automation, Engineering, and Government Businesses in Q2 2025, broadening service offerings and customer base.
Entered into a definitive merger agreement with IES Holdings in November 2025, with shareholders to receive $12.00 per share in cash upon closing, expected in Q1 2026.
Financial highlights
Q3 2025 revenue: $51.5 million (Q3 2024: $37.6 million); nine-month revenue: $129.4 million (2024: $121.8 million).
Q3 2025 net income: $1.6 million (Q3 2024: $2.3 million); nine-month net income: $4.8 million (2024: $10.4 million).
Gross profit for Q3 2025 was $4.9 million, up from $3.6 million sequentially, but down from $4.7 million year-over-year; gross profit margin was 9.5%.
Adjusted EBITDA margin for Q3 2025 was 4.8%.
Cash, cash equivalents, short-term investments, and restricted cash totaled $64.6 million at September 30, 2025; total debt was $19.0 million at a fixed 3.0% rate.
Outlook and guidance
Focus remains on securing profitable new project awards, integrating the Englobal Business, and generating operating income and cash flows.
Management expects additional operating losses of $1.0 million from the Englobal business in Q4 2025 as integration continues.
Anticipates capital expenditures of $1.0–$1.5 million for the remainder of 2025.
Expects sufficient liquidity to fund operations and obligations for the foreseeable future, but notes potential need for additional financing if forecasts are not met.
Pending merger with IES Holdings expected to close in Q1 2026, subject to shareholder and regulatory approvals.
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