NV5 Global (NVEE) Q2 2025 earnings summary

Executive summary

• Gross revenues rose 8.9% year-over-year to $252.0M for Q2 2025, driven by organic growth and acquisitions, with net income up 116.7% to $11.7M for the quarter and 121.5% to $12.1M for the six months.

• Five acquisitions completed in 2025 for $14.6M, and a merger with Acuren Corporation was approved, with NV5 shareholders to receive $23.00 per share in cash and Acuren stock.

• Gross profit margin declined slightly to 50.3% in Q2 2025 from 51.8% in Q2 2024, mainly due to higher sub-consultant services in geospatial solutions.

Financial highlights

• Q2 2025 net income was $11.7M, up from $5.4M in Q2 2024; six-month net income was $12.1M, up from $5.5M year-over-year.

• Gross revenues for Q2 2025 were $252.0M, up from $231.3M; six-month revenues were $486.0M, up from $443.9M.

• Operating expenses increased 9.5% in Q2 2025, mainly from payroll and merger-related costs.

• Interest expense decreased by $1.2M in Q2 2025 due to lower rates and reduced debt.

• Other income rose by $11.4M in Q2 2025, primarily from an insurance recovery claim.

Outlook and guidance

• Management expects liquidity from operations, cash, and credit facility to be sufficient for at least the next 12 months.

• No significant cash requirements are anticipated beyond current projections, including after the Senior Credit Facility matures in 2026.