NV5 Global (NVEE) Q1 2025 earnings summary

Executive summary

• Gross revenues for Q1 2025 increased 10.1% year-over-year to $234M, with 5% organic growth, driven by strong infrastructure and buildings/technology segments and supported by three acquisitions.

• Net income rose to $428K from $77K, reflecting higher gross profit and improved operating performance.

• Backlog reached $906M, supporting momentum into Q2 2025, and the business model remains resilient to economic cycles and tariffs.

• Three acquisitions completed in Q1 2025 expanded data center, surveying, and mapping capabilities, with $9.4M invested.

• Margin improvement initiatives and a cross-selling program targeting $40M in revenue were launched.

Financial highlights

• Gross profit rose 10% to $123.2M, with gross margin steady at 52.6%.

• Adjusted EBITDA increased 8% to $29.7M; operating cash flow surged 96% to $38.4M.

• Net leverage reduced to 1.3x, and cash on hand was $53.2M at quarter-end.

• Adjusted EPS up 13% to $0.17; GAAP diluted EPS at $0.01.

• Operating expenses rose to $118.8M from $107.4M year-over-year.

Outlook and guidance

• 2025 guidance reaffirmed: gross revenues of $1.026B–$1.045B, GAAP EPS of $0.52–$0.62, adjusted EPS of $1.27–$1.37.

• Targeting 5–9% organic growth, 150 bps margin expansion, and cash flow conversion above 60%.

• Management expects continued growth in revenue and profitability, with strong backlog and pipeline.