Bowman Consulting Group (BWMN) Q4 2024 earnings summary

Executive summary

• Achieved record gross contract revenue of $426.6M in 2024, up 23%, with net income of $3.0M reversing a prior year loss and the strongest Q4 in company history.

• Completed eight strategic acquisitions in 2024, expanding service lines, geographies, and geospatial capabilities, supporting revenue diversification and backlog growth.

• Gross backlog grew over 30% year-over-year to $399M, entering 2025 at a record level.

• Cash flow from operations more than doubled to over $24M for the year.

Financial highlights

• Q4 2024 gross revenue was $113M, up 22% year-over-year; net revenue was $98.6M, up 23%, both exceeding consensus estimates.

• Q4 net income was $5.9M, up from a $7.7M loss last year; adjusted EBITDA was $17M (17.2% margin), up 51% year-over-year.

• Full-year adjusted EBITDA was $59.5M (15.7% margin), up 26.6% year-over-year; adjusted EPS was $1.23 basic, $1.20 diluted.

• Gross margin improved to 52.2% for FY 2024, up 140 bps year-over-year.

• Cash and equivalents at year-end were $6.7M.

Outlook and guidance

• 2025 net revenue guidance is $428–$440M, with adjusted EBITDA expected between $70–$76M, based on completed acquisitions.

• Bookings and new work in early 2025 are strong and well-distributed across all markets, with backlog growth expected to continue.

• Management remains optimistic, citing strong bookings and minimal adverse impact from government spending changes.