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Limbach (LMB) investor relations material
Limbach Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue grew 16.4% to $142.2M, driven by 31.7% ODR segment growth and recent acquisitions, with ODR now 76.6% of total revenue.
Net income rose 30% to $7.8M; adjusted EBITDA increased 30% to $17.9M; gross profit up 18.9% to $39.8M, with margin at 28%.
Strategic shift to higher-margin, recurring ODR business, supported by expanded sales force and proactive customer engagement.
Completed largest acquisition, Pioneer Power, for $66.1M, expanding into the Upper Midwest and adding 300 employees.
Diversified across six verticals and 17 MSAs, reducing reliance on any single market.
Financial highlights
Q2 2025: revenue $142.2M (+16.4% YoY), gross profit $39.8M (+18.9%), adjusted EBITDA $17.9M (+30%), net income $7.8M (+30%).
YTD Q2 2025: revenue $275.3M (+14.2%), gross profit $76.5M (+18.5%), adjusted EBITDA $32.8M (+28.4%).
Adjusted diluted EPS for Q2 2025 was $0.93, up from $0.73; diluted EPS $0.64, up from $0.50.
Free cash flow for Q2: $16.1M, conversion of adjusted EBITDA at 89.7%; cash and equivalents at $38.9M.
SG&A expense: $26.6M (18.7% of revenue), up due to sales force expansion and acquisitions.
Outlook and guidance
2025 revenue guidance: $650M–$680M; adjusted EBITDA: $80M–$86M (12–13% margin); ODR mix target 70–80%.
ODR revenue growth expected at 35–50% YoY; gross margin projected at 28–29%.
Free cash flow conversion target for 2025 at least 75%; CapEx run rate expected at ~$4M, excluding $3.5M rental investment.
Revenue and adjusted EBITDA expected to be weighted more toward Q4; guidance reflects conservative approach due to Pioneer integration.
Management expects continued margin expansion and growth from ODR focus and recent acquisitions.
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