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Bowman Reports Strong First Quarter 2025 Earnings, Surpassing Consensus Expectations
Record new orders reinforce continued confidence in full year guidance RESTON, Va.--(BUSINESS WIRE)-- Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national
About this update from Bowman Consulting Group Ltd.
[{"type":"text","content":"\nRecord new orders reinforce continued confidence in full year guidance\n\n RESTON, Va.--(BUSINESS WIRE)--\nBowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and program management firm, today announced financial results for the quarter ended March 31, 2025.\n\nFirst Quarter 2025 Compared to First Quarter 2024 Financial Results:\n\n\nGross contract revenue of $112.9 million compared to $94.9 million, a 19.0% increase\n\n\n\nNet service billing1 of $100.1 million compared to $85.7 million, a 16.8% increase\n\n\n\nOrganic net service billing2 growth of 6% compared to 3%\n\n\n\nNet loss of $1.7 million compared to a net loss of $1.6 million\n\n\n\nAdjusted EBITDA1 of $14.5 million compared to $12.1 million, a 19.6% increase\n\n\n\nAdjusted EBITDA margin, net 1 of 14.5% compared to 14.2%, a 30-bps increase\n\n\n\nCash flows from operations of $12.0 million compared to $2.5 million\n\n\n\nBasic and Diluted EPS of ($0.11) compared to ($0.11)\n\n\n\nGross backlog of $418.8 million compared to $329.9 million, a 26.9% increase\n\n\nCEO Commentary\n\n“Building on our strong momentum at the end of 2024, we delivered a solid first quarter highlighted by exceptional new order activity and healthy cash conversion,” said Gary Bowman, chairman and CEO of Bowman. “We generated double digit growth in net service billing with organic growth that more than doubled the first quarter of last year. Our record new order bookings in the quarter were balanced throughout the business and contributed to another consecutive quarter of backlog growth. We executed on and remain committed to our current three-pronged capital allocation strategy focused on strategic investment in innovation and organic growth, acquisition of adjacent operations and opportunistic share repurchases.”\n\n“We expect performance to continue to ramp up through the second and third quarters before leveling off in the fourth quarter, which is consistent with broader industry trends. New orders in the second quarter are, so far, outpacing first quarter new orders. We firmly believe that we are relatively insulated from current macroeconomic uncertainties based on the markets we serve, our defensive organizational structure, the sources of funding for our customers' projects and our disciplined approach to revenue capture, labor optimization and efficient exec...