Orion Group (ORN) investor relations material

Executive summary

• Revenue for Q1 2026 increased 15% year-over-year to $216.3 million, with GAAP net income of $4.7 million versus a $1.4 million loss last year, driven by strong growth in the concrete segment and partially offset by a decline in marine segment revenue.

• Adjusted EBITDA increased 7% to $8.7 million, and Adjusted EPS was $0.05 per diluted share.

• Cash flow from operations was $4.9 million, a turnaround from negative $3.4 million in Q1 2025.

• The acquisition and integration of J.E. McAmis expanded marine capabilities and contributed to backlog growth.

• Backlog grew to $668 million, supported by $219–$220 million in new awards and a robust $24 billion pipeline of opportunities.

Financial highlights

• Q1 2026 revenue was $216.3 million, up 15% year-over-year; GAAP net income was $4.7 million.

• Gross profit rose to $25.9 million, a 12% increase year-over-year.

• SG&A expenses increased to $26.3 million, mainly due to business growth and acquisition costs.

• Adjusted EBITDA margin was 4.0% in Q1 2026, compared to 4.3% in Q1 2025.

• Cash flow from operations was $4.9 million, reversing a $3.4 million outflow last year.

Outlook and guidance

• Full year 2026 guidance reaffirmed, with revenue expected between $900 million and $950 million and Adjusted EBITDA guidance of $54–$58 million.

• Adjusted EPS forecasted at $0.36–$0.42, up 56% at midpoint.

• Management expects a back-half weighted year, with marine segment activity ramping up and concrete maintaining strong momentum.

• 77% of the $668 million backlog is expected to be recognized as revenue within the next 12 months.

• Capital expenditures projected at $25–$35 million for the year.