TIC Solutions (TIC) Q3 2025 earnings summary

Executive summary

• Completed the integration of Acuren and NV5 under the TIC Solutions brand, creating a $2B+ diversified, tech-enabled testing and engineering services platform with balanced exposure across infrastructure, energy transition, and data centers.

• Achieved strong collaboration and early synergy capture, with integration actions progressing into 2026 and synergy targets increased to $25M.

• Services are mission-critical, non-discretionary, and recurring, supporting industrial, infrastructure, and building customers.

• Asset-light, low capex, and free cash flow generative business model with disciplined overhead costs.

• Reaffirmed full-year 2025 outlook, citing resilient demand and positive client engagement.

Financial highlights

• Q3 2025 revenue was $473.9M, up 56% year-over-year, driven by the NV5 acquisition; gross profit margin increased to 36.1%.

• Net loss for Q3 2025 was $13.9M, a significant improvement from the prior year’s $89.8M loss.

• Adjusted EBITDA for Q3 2025 was $77.3M (16.3% margin), up 51% year-over-year.

• Combined 2024 revenue reached $2.0B, with 73% from the US and 27% international.

• Operating cash flow for the first nine months was $45M; capex was $21M (2.1% of revenue).

Outlook and guidance

• Reaffirmed 2025 guidance: revenue $1.53B–$1.565B, adjusted EBITDA $240M–$250M.

• On a full-year combined basis, 2025 revenue would be $2.11B–$2.15B; 2026 revenue expected to grow 3%–5% over 2025 baseline.

• 2026 adjusted EBITDA margin expected at 15.5%–16.5%, reflecting cost synergy realization.

• $1.0B in remaining performance obligations, with $833.6M expected to be recognized over the next 12 months.

• Guidance reflects full year of legacy Acuren and five months of NV5 contribution.