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Southland Holdings (SLND) investor relations material
Southland Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 revenue increased 23.1% year-over-year to $213.3 million, driven by strong Civil segment growth and contributions from Materials & Paving.
Gross profit for Q3 2025 was $3.3 million, a significant improvement from a $51.1 million loss in Q3 2024, with gross margin rising to 1.5% from negative 29.5%.
Net loss attributable to stockholders for Q3 2025 was $75.3 million, or $(1.39) per share, primarily due to a $57.2 million non-cash deferred tax asset valuation allowance.
EBITDA loss narrowed to $(3.5) million from $(58.7) million year-over-year.
Backlog stood at $2.26 billion at quarter-end, with 39% expected to be recognized in the next twelve months.
Financial highlights
Q3 2025 revenue: $213.3 million (+23.1% YoY); nine months: $668.2 million (–6.3% YoY).
Q3 2025 gross profit: $3.3 million (vs. $51.1 million loss YoY); nine months: $38.1 million (vs. $70.7 million loss YoY).
Q3 2025 net loss attributable to stockholders: $75.3 million (vs. $54.7 million loss YoY); nine months: $90.1 million loss (vs. $101.2 million loss YoY).
Q3 2025 EBITDA: $(3.5) million (improved from $(58.7) million YoY); nine months: $10.8 million (vs. $(97.7) million YoY).
Cash and cash equivalents at September 30, 2025, were $40.5 million; total debt was $267.8 million.
Outlook and guidance
Management expects continued strong demand for infrastructure, especially in water resources and data centers.
Backlog as of September 30, 2025, was $2.26 billion, with 39% expected to be recognized as revenue in the next twelve months.
Core business momentum is expected to continue, despite one-time non-cash tax charges and legacy project adjustments.
Q4 expected to be similar to Q3, with a possible slight uptick.
Positive cash flow from operations expected overall in 2026, despite possible decreases in Q4 and Q1 2026.
When will legacy projects cease impacting results?
Describe data center project scope and size
What is the strategy for Q4/Q1 2026 cash flow?
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Q4 20252 Mar, 2026
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Q4 20252 Mar, 2026
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Frequently asked questions
Southland Holdings Inc. operates as an infrastructure construction and engineering company, specializing in the development and maintenance of critical civil, transportation, and waterworks projects. The company provides services such as bridge construction, tunneling, marine infrastructure, and water pipeline systems. It caters to government agencies, municipalities, and private sector clients, delivering large-scale projects that support public infrastructure and utilities. The company is headquartered in Grapevine, Texas, and its shares are listed on the NYSE American.
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