Business
Limbach Holdings, Inc. Reports First Quarter 2025 Results
Q1 2025 Net Income Reaches a Record of $10.2 Million, with Quarterly Adjusted EBITDA Increasing to $14.9 Million WARRENDALE, Pa.--(BUSINESS WIRE)-- Limbach
About this update from Limbach Holdings, Inc.
[{"type":"text","content":"\nQ1 2025 Net Income Reaches a Record of $10.2 Million, with Quarterly Adjusted EBITDA Increasing to $14.9 Million\n\n WARRENDALE, Pa.--(BUSINESS WIRE)--\nLimbach Holdings, Inc. (Nasdaq: LMB) (“Limbach” or the “Company”) today announced its financial results for the quarter ended March 31, 2025.\n\nFirst Quarter 2025 Highlights Compared to First Quarter 2024\n\n\nTotal revenue was $133.1 million, an increase of 11.9% from $119.0 million.\n\n\nRecord quarterly net income of $10.2 million, or $0.85 per diluted share, compared to $7.6 million, or $0.64 per diluted share.\n\n\nAdjusted net income of $13.5 million, or $1.12 per adjusted diluted earnings per share, compared to adjusted net income of $9.7 million, or $0.82 per adjusted diluted earnings per share.\n\n\nAdjusted EBITDA of $14.9 million, up 26.5% from $11.8 million.\n\n\nOwner Direct Relationships (“ODR”) revenue increased 21.7%, or $16.1 million, to $90.4 million, or 67.9% of total revenue.\n\n\nTotal gross profit was $36.7 million, an increase of 18.1% from $31.1 million.\n\n\nNet cash provided by operating activities of $2.2 million compared to net cash used in operating activities of $3.9 million.\n\n\nManagement Comments\n\n“In the first quarter, we grew revenue, gross profit, and Adjusted EBITDA, demonstrating the scalability of our business model,” Michael McCann, President and Chief Executive Officer of Limbach, said. “While the first quarter is typically our softest due to weather and customer budget seasonality, we gained significant momentum in March. Based on Q1 results, ODR now represents 67.9% of total revenue, up from 62.4% in Q1 of the previous year. We believe by expanding the ODR segment, we are substantially enhancing margins, reducing risk, and driving more predictable, reoccurring revenue. We are pleased with the additional traction we’ve gained in key end markets like healthcare as we continue to implement our growth strategy and establish Limbach as a leading building systems solutions firm that provides solutions for mission critical existing infrastructure.\n\n“We continue to believe our strategy to grow the ODR business has significant potential. We've only begun to tap into customer relationships and market penetration. We also believe Limbach is well-positioned for continued growth in ODR, supported by strong cash generation, operational execut...