TIC Solutions (TIC) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 revenue of $313.9 million, up 1.5% year-over-year, with 2.0% organic growth driven by new customer wins and strong callout volumes.

• Completed transformational $1.7 billion merger with NV5 in August 2025, creating a $2 billion+ leader in TICC and engineering services, expanding into infrastructure, utility, and geospatial markets.

• Integration underway with early cross-selling initiatives, $20 million+ targeted cost synergies, and expanded leadership including former NV5 executives.

• Net loss for Q2 2025 was $0.2 million, a significant improvement from a $5.5 million loss in Q2 2024.

• Material weaknesses in internal controls remain, with remediation efforts ongoing.

Financial highlights

• Q2 2025 service revenue was $313.9 million (+1.5% YoY); adjusted gross margin was 28.8%, down slightly year-over-year.

• Adjusted EBITDA was $54.6 million (17.4% margin), down from $59.1 million (19.1%) in the prior year.

• Combined Acuren and NV5 revenue for 1H 2025 was $1,034 million, up 6% year-over-year.

• Q2 2025 gross profit was $74.1 million, down 8.1% year-over-year; gross margin fell to 24% from 26%.

• Q2 2025 net loss was $0.2 million; six months: $26.0 million net loss.

Outlook and guidance

• Guidance is under review post-NV5 merger; updated consolidated guidance for revenue and adjusted EBITDA will be provided with Q3 results in November 2025.

• Integration expected to deliver $20 million+ in cost synergies and expanded cross-selling.

• Management expects available cash, cash flows, and credit facilities to be sufficient for operations and debt service over the next 12 months.