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Limbach Holdings

Limbach Holdings is an American business.1 It is headquartered in Wilmington, United States.1 Its shares trade on Nasdaq under the symbol LMB.1

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Last updated Oct 21, 2026.

Overview

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  • TickerLMB on Nasdaq1
  • IndustryConstruction - Special Trade Contractors1
  • HeadquartersWilmington, United States1
  • Websitewww.limbachinc.com
  • Incorporated inDE4
  • Business address5102 W Laurel Street, Suite 700, Tampa, Fl 336074
  • Filer categoryLarge accelerated filer4
  • Legal formCorporation3
  • LEI254900EW8KXT5ZTWQI303
  • StatusActive3
  • LEI statusIssued and current3
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 55169123

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Limbach Holdings, Inc. (the “Company,” “we” or “our”), a Delaware corporation headquartered in Warrendale, Pennsylvania, is a building systems solutions firm that designs, delivers, and maintains mechanical (heating, ventilation, and air conditioning), electrical, plumbing, and controls (“MEPC”) systems. The Company partners with building owners and operators of mission-critical facilities across healthcare, industrial and manufacturing, data centers, life sciences, higher education, and cultural and entertainment markets. With approximately 1,500 team members across 21 offices throughout the Eastern and Midwestern regions of the United States, the Company strives to be an indispensable partner by combining its national capabilities with strong local execution and talent to deliver proactive, safe, and reliable solutions for complex facilities. Operating on a connected platform, the Comp…6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

26.2%Gross margin7
7.6%Operating margin7
6.0%Net margin7
24.7%Revenue growth, 20257
20.0%Return on equity7
$41.9MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Owner Direct Relationships brought in 75% of the revenue Limbach Holdings broke down this way in fiscal 2025.

  1. Owner Direct Relationships$485.7M775%up 41% from 2024
  2. General Contractor (Construction Manager) Relationships$161.1M725%down 7% from 2024
Business segments by year
Business segments202320242025
Owner Direct Relationships$262.0M$345.5M$485.7M
General Contractor (Construction Manager) Relationships$254.4M$173.3M$161.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue74¢$477.5M
  • Selling, general and admin17¢$109.5M
  • Other costs2¢$11.2M
  • Income tax1¢$9.6M
  • Profit6¢$39.1M

Out of $646.8M in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending8¢$3.8M
  • Kept or used elsewhere92¢$41.9M

Out of $45.7M of cash from operations.7

Financial statements

Revenue8910117$646.8M in 2025+17% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $553.3M$553.3M20192020: $568.2M$568.2M2020+3%2021: $490.4M$490.4M2021−14%2022: $496.8M$496.8M2022+1%2023: $516.4M$516.4M2023+4%2024: $518.8M$518.8M2024+0%2025: $646.8M$646.8M2025+25%
Gross profit8910117$169.3M in 2025+136% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $71.9M$71.9M20192020: $81.4M$81.4M2020+13%2021: $85.9M$85.9M2021+6%2022: $93.7M$93.7M2022+9%2023: $119.3M$119.3M2023+27%2024: $144.3M$144.3M2024+21%2025: $169.3M$169.3M2025+17%
Operating income8910117$49.5M in 2025+513% since 2019
0$20.0M$40.0M$60.0M2019: $8.1M$8.1M20192020: $17.2M$17.2M2020+113%2021: $14.0M$14.0M2021−18%2022: $12.0M$12.0M2022−14%2023: $29.3M$29.3M2023+144%2024: $38.6M$38.6M2024+32%2025: $49.5M$49.5M2025+28%
Net income8910117$39.1M in 2025
-$20.0M0$20.0M$40.0M2019: -$1.8M-$1.8M20192020: $5.8M$5.8M20202021: $6.7M$6.7M2021+16%2022: $6.8M$6.8M2022+1%2023: $20.8M$20.8M2023+205%2024: $30.9M$30.9M2024+49%2025: $39.1M$39.1M2025+27%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Revenue$646.8M$518.8M$516.4M
Cost of revenue$477.5M$374.5M$397.1M
Gross profit$169.3M$144.3M$119.3M
Selling, general and administrative$109.5M$97.2M$87.4M
Acquisition-related retention expense and contingent consideration$2.0M$3.8M$729.0K
Amortization of intangibles$8.4M$4.7M$1.9M
Total operating expenses$119.9M$105.7M$90.0M
Operating income$49.5M$38.6M$29.3M
Interest expense-$3.1M-$1.9M-$2.0M
Interest income$815.0K$2.2M$1.2M
Loss on early debt extinguishment$0$0-$311.0K
(Loss) gain on change in fair value of interest rate swap-$191.0K$34.0K-$124.0K
Gain on disposition of property and equipment$1.7M$950.0K$80.0K
Total other (expenses) income-$825.0K$1.3M-$1.2M
Income before income taxes$48.6M$40.0M$28.1M
Income tax provision$9.6M$9.1M$7.3M
Net income$39.1M$30.9M$20.8M
Basic (in usd per share)$3.37$2.75$1.93
Diluted (in usd per share)$3.23$2.57$1.76
Basic (in shares)11.6M shares11.2M shares10.8M shares
Diluted (in shares)12.1M shares12.0M shares11.8M shares

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Corporate structure

Limbach Holdings sits at the top of its group. 13 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Limbach Holdings

  • Limbach Holdings Wilmington, Delaware, United States
    • Acme Industrial Piping, LLC Subsidiary · Tennessee, United States
    • Coating Solutions, LLC Subsidiary · Tennessee, United States
    • Consolidated Mechanical, LLC Subsidiary · Kentucky, United States
    • Harper Limbach Construction LLC Subsidiary · Delaware, United States
    • Harper Limbach LLC Subsidiary · Delaware, United States
    • Industrial Air, LLC Subsidiary · North Carolina, United States
    • Jake Marshall, LLC Subsidiary · Tennessee, United States
    • Kent Island Mechanical, LLC Subsidiary · Maryland, United States
    • Limbach Company LLC Subsidiary · Delaware, United States
    • Limbach Facility & Project Solutions LLC Subsidiary · Delaware, United States
    • Limbach Facility Services LLC Subsidiary · Delaware, United States
    • Pioneer Power, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Limbach Holdings reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$31.1M7 Dec 31, 2025$32.9M7 Dec 31, 2024−5.4%
Finance-lease assets$22.0M7 Dec 31, 2025$14.0M7 Dec 31, 2024+57.5%
Operating-lease assets (leased space)$19.8M7 Dec 31, 2025$21.5M7 Dec 31, 2024−8.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$11.3M7 Dec 31, 2025$44.9M7 Dec 31, 2024−74.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$70.6M7 Dec 31, 2025$33.0M7 Dec 31, 2024+113.7%
Intangible assets, net (excluding goodwill)$49.2M7 Dec 31, 2025$41.2M7 Dec 31, 2024+19.3%
Indefinite-lived intangibles (excluding goodwill)$10.0M7 Dec 31, 2025$10.0M7 Dec 31, 20240%
Finite-lived intangibles, gross$59.1M7 Dec 31, 2025$42.9M7 Dec 31, 2024+37.7%
Accumulated amortization$19.9M7 Dec 31, 2025$11.7M7 Dec 31, 2024+70.7%
Finite-lived intangibles, net$39.2M7 Dec 31, 2025$31.3M7 Dec 31, 2024+25.5%

Properties, in its own words

As of December 31, 2025, the Company leases several properties, consisting of offices, warehouses, fabrication and supply shops within the Eastern and Midwestern regions of the United States. Generally, these leases range from five to ten years and are on terms the Company believes to be commercially reasonable. A majority of these premises are leased from individuals or entities with whom the Company has no other business relationship. In certain instances, the Company leases property from entities associated with former employees who became part of the Company through acquisitions.

The Company’s leased premises range in size from approximately 1,000 square feet to 150,000 square feet. To maximize available capital, the Company generally intends to keep leasing its properties, however, the Company may also consider purchasing a property where it believes ownership would be more economical. The Company utilizes substantially all of its leased property and believes there will be no difficulty either in negotiating the renewal of such leases as they expire or finding alternative space, if necessary.

The rest of Item 2

In addition to its leased facilities, as a result of the Company’s acquisition of Pioneer Power during 2025, the Company now owns an approximate 40,000 square foot facility located in Woodbury, Minnesota that is used for operations, fabrication, warehousing and general office purposes.

See Note 14 — Leases in the accompanying notes to the Company’s consolidated financial statements for additional information regarding the Company’s leases.

Item 2 of the 10-K filed Mar 2, 2026.6

Leadership

Who has led Limbach Holdings, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Gordon G. Pratt2014–2016
  2. Charles A. Bacon Iii.2016–2023
  3. Michael M. McCann2023–now

President

  1. Gordon G. Pratt2014–2016
  2. Charles A. Bacon Iii.2016–2023
  3. Jay Sharp2023–now
  4. Nicholas Angerosa2023–now

Chief financial officer

  1. Hassan Baqar2014–2015
  2. John T. Jordan Jr.2016–2019
  3. Jayme L. Brooks2019–now

Chief operating officer

  1. Michael M. McCann2019–2023
  2. Kristopher L. Thorne2019
201520202025
Board members and other officers (22)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Acme Industrial Piping, LLC Tennessee5
  • Coating Solutions, LLC Tennessee5
  • Consolidated Mechanical, LLC Kentucky5
  • Harper Limbach Construction LLC Delaware5
  • Harper Limbach LLC Delaware5
  • Industrial Air, LLC North Carolina5
  • Jake Marshall, LLC Tennessee5
  • Kent Island Mechanical, LLC Maryland5
  • Limbach Company LLC Delaware5
  • Limbach Company LP Delaware5
  • Limbach Facility & Project Solutions LLC Delaware5
  • Limbach Facility Services LLC Delaware5
  • Limbach Holdings LLC Delaware5
  • Pioneer Power, LLC Delaware5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • 1347 Capital CorpMay 5, 2014 to Jul 18, 20164

Timeline

  1. Sep 9, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation44
  2. Sep 1, 20268-K Regulation FD disclosure45
  3. Aug 4, 20268-K Results of operations; Regulation FD disclosure46
  4. Jul 24, 20268-K Entered a material agreement; New debt or obligation47
  5. Jun 11, 20268-K Shareholder vote48
  6. May 18, 20268-K Executive or director change; Regulation FD disclosure49
  7. May 5, 20268-K Results of operations; Regulation FD disclosure50
  8. Mar 3, 20268-K Results of operations; Regulation FD disclosure51
  9. Jan 5, 20268-K Executive or director change; Regulation FD disclosure; Other events52
  10. Dec 15, 20258-K Other events53
  11. Nov 4, 20258-K Results of operations; Regulation FD disclosure54
  12. Aug 7, 20258-K Regulation FD disclosure55
  13. Aug 23, 2023New chief executive Michael M. McCann becomes CEO15
  14. Jul 22, 2016New chief executive Charles A. Bacon Iii. becomes CEO16
  15. Jul 15, 2014New chief executive Gordon G. Pratt becomes CEO17
  16. Apr 15, 2014Founded Limbach Holdings is founded3

Calendar

Coming up

  1. Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $1.05 a share, on Nov 4, 2025.56

When it reported results

  1. Aug 4, 2026Reported quarterly or annual results46
  2. May 5, 2026Reported quarterly or annual results50
  3. Mar 3, 2026Reported quarterly or annual results51
  4. Nov 4, 2025Reported quarterly or annual results54
  5. Aug 5, 2025Reported quarterly or annual results57
  6. May 5, 2025Reported quarterly or annual results58
  7. Mar 10, 2025Reported quarterly or annual results59
  8. Nov 5, 2024Reported quarterly or annual results60

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

257 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 48 major events, 129 insider forms, 28 large holders, 32 other. The latest 20:

  1. Sep 17, 20264 EDGAR
  2. Sep 16, 20264 EDGAR
  3. Sep 16, 20264 EDGAR
  4. Sep 15, 2026144 EDGAR
  5. Sep 15, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Sep 9, 20268-K EDGAR
  7. Sep 1, 20268-K EDGAR
  8. Aug 12, 2026SCHEDULE 13G/A EDGAR
  9. Aug 4, 202610-Q EDGAR
  10. Aug 4, 20268-K EDGAR
  11. Jul 24, 20268-K EDGAR
  12. Jul 15, 2026SCHEDULE 13G/A EDGAR
  13. Jun 17, 20264 EDGAR
  14. Jun 15, 2026144 EDGAR
  15. Jun 11, 20268-K EDGAR
  16. May 20, 20264 EDGAR
  17. May 20, 20263 EDGAR
  18. May 18, 20268-K EDGAR
  19. May 14, 2026SCHEDULE 13G/A EDGAR
  20. May 5, 20268-K EDGAR

The 257 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

68 open-market trades by officers, directors and large owners since October 2021: 40 buys and 28 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 15, 2026Sharp JayExecutive Vice PresidentSale5,094$50.21$255.8KForm 4
Sep 15, 2026Krzeminski Laurel JDirectorBuy500$50.58$25.3KForm 4
Sep 15, 2026Palm Global Small Cap Master Fund LPBuy4,220$50.71$214.0KForm 4
Sep 14, 2026Gaboury David RichardDirectorBuy1,940$51.35$99.6KForm 4
Sep 11, 2026Palm Global Small Cap Master Fund LPBuy3,600$49.17$177.0KForm 4
Jun 15, 2026Sharp JayExecutive Vice PresidentSale4,871$79.82$388.8KForm 4
Apr 30, 2026Brooks Jayme L.Chief Financial OfficerSale3,440$100.00$344.0KForm 4
Apr 24, 2026Brooks Jayme L.Chief Financial OfficerSale2,173$100.05$217.4KForm 4
Apr 13, 2026Brooks Jayme L.Chief Financial OfficerSale5,703$85.43$487.2KForm 4
Apr 9, 2026Brooks Jayme L.Chief Financial OfficerSale841$85.11$71.6KForm 4
Apr 8, 2026Brooks Jayme L.Chief Financial OfficerSale3,366$85.19$286.8KForm 4
Mar 17, 2026Brooks Jayme L.Chief Financial OfficerSale9,910$78.56$778.5KForm 4
Mar 16, 2026Sharp JayExecutive Vice PresidentSale2,000$79.99$160.0KForm 4
Dec 15, 2025Sharp JayExecutive Vice PresidentSale2,000$77.98$156.0KForm 4
Sep 15, 2025Sharp JayExecutive Vice PresidentSale2,000$106.09$212.2KForm 4
Aug 12, 2025Gaboury David RichardDirectorBuy1,400$106.00$148.4KForm 4
Jun 13, 2025Sharp JayExecutive Vice PresidentSale2,000$137.49$275.0KForm 4
Mar 14, 2025Palm Global Small Cap Master Fund LPSale25,400$75.43$1.9MForm 4
Dec 10, 2024Gaboury David RichardDirectorBuy531$94.51$50.2KForm 4
Sep 12, 2024Gaboury David RichardDirectorBuy340$72.70$24.7KForm 4

All 68 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Michael M. McCannPresident and Chief Executive Officer44$800.0K$2.8M72
2025Jayme L. BrooksExecutive Vice President and Chief Financial Officer55$526.0K$1.4M72
2025Jay A. SharpExecutive Vice President, Sales60$487.0K$1.2M72
2025Nicholas S. AngerosaExecutive Vice President, National Customer Solutions49$416.0K$965.4K72
2024Michael M. McCannPresident and Chief Executive Officer44$700.0K$2.8M72
2024Jayme L. BrooksExecutive Vice President and Chief Financial Officer55$506.0K$1.5M72
2024Jay A. SharpExecutive Vice President, Sales60$463.8K$1.3M72
2024Nicholas S. AngerosaExecutive Vice President, National Customer Solutions49$385.0K$1.0M72
2023Michael M. McCannPresident and Chief Executive Officer44$566.4K$2.0M72
2023Jayme L. BrooksExecutive Vice President and Chief Financial Officer55$455.6K$1.4M72
2023Jay A. SharpExecutive Vice President, Sales60$443.1K$1.2M72

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.979,355$75.4M0.0%+132,490
Fmr LLC735,521$56.6M0.0%+33,603
Vanguard Capital Management LLC481,321$37.1M0.0%+18,555
Royce & Associates LP444,317$34.2M0.3%+63,553
Wasatch Advisors LP380,863$29.3M0.2%−588,776
Neumeier Poma Investment Counsel LLC323,953$24.9M1.7%+10,015
Geode Capital Management, LLC298,043$23.0M0.0%+25,571
Corsair Capital Management, L.P.287,685$22.2M2.8%−23,658
Dimensional Fund Advisors LP264,780$20.4M0.0%−991
State Street Corp253,618$19.5M0.0%+18,557
Segall Bryant & Hamill, LLC250,836$19.3M0.2%+82,470
Citadel Advisors LLC218,928$16.9M0.0%+141,521
Rockefeller Capital Management L.P.209,442$16.1M0.0%−21,183
Geneva Capital Management LLC185,528$14.3M0.3%−50,562
Boston Partners167,873$12.9M0.0%New
Point72 Asset Management, L.P.151,108$11.6M0.0%New
Northern Trust Corp143,174$11.0M0.0%−7,343
Goldman Sachs Group Inc137,324$10.6M0.0%+38,242
Morgan Stanley133,904$10.3M0.0%−22,926
Polar Asset Management Partners Inc.131,901$10.2M0.2%+42,600
Jane Street Group, LLC125,135$9.6M0.0%New
CastleKnight Management LP120,500$9.3M0.3%New
Granite Investment Partners, LLC110,620$8.5M0.4%+351
Charles Schwab Investment Management Inc92,177$7.1M0.0%+2,744
Vanguard Portfolio Management LLC90,295$7.0M0.0%+14,747

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Limbach Holdings is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLimbach Holdings, Inc.2
  • CIK0001606163
  • Employer ID (EIN)46-53994226
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 312
  • Industry code (SIC)1700 Construction - Special Trade Contractors2
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
  • Business address5102 W Laurel Street, Suite 700, Tampa, FL 336072
  • Phone(412) 359-21002
  • Shares outstanding11,924,993 as of Aug 3, 202613
  • Public float$1.5B as of Jun 30, 20256
  • AuditorCrowe LLP, Oakbrook Terrace, Illinois PCAOB ID 173; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceMay 5, 20142
  • Filings707 in all: 4 (263), 8-K (132), 10-Q (37), SC 13G/A (32), 3 (29), SC 13G (25), SC 13D/A (20), CORRESP (17)2
    All 42 form types

    144 (14), 10-K (12), DEF 14A (11), UPLOAD (10), 4/A (9), 425 (9), DEFA14A (8), EFFECT (8), S-8 (6), SC 13D (6), SCHEDULE 13G/A (6), S-3 (5), 424B3 (4), ARS (4), S-1/A (4), S-4/A (4), SCHEDULE 13G (4), 424B5 (3), 8-K/A (3), 10-K/A (2), 3/A (2), 424B4 (2), 8-A12B (2), CERTNAS (2), NT 10-K (2), S-1 (2), 10-Q/A (1), 25-NSE (1), NT 10-Q (1), PRE 14A (1), S-3/A (1), S-3ASR (1), S-3MEF (1), S-4 (1)

  • Latest filingsAnnual report (10-K) Mar 2, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Apr 23, 2026
    Latest 8-K (8-K) Sep 9, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareLMBThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Limbach Holdings names in Item 1A of its 10-K filed Mar 2, 2026: 61 risks under these headings, as written.6

  • Risks Related to Our Business and Industry
  • Intense competition in our industry could reduce our market share and profitability.
  • If we do not effectively manage the size and cost of our operations, our infrastructure may become strained or overly-burdened, and we may be unable to increase revenue growth.
  • Failure to maintain high quality building systems solutions in our ODR segment could damage our reputation with customers and negatively impact our results.
  • Our contract backlog is subject to adjustments, delays and cancellations and could be an uncertain indicator of our future earnings.
  • A U.S. government shutdown or delays in federal appropriations could adversely affect our business and results of operations.
  • Because we bear the risk of cost overruns on many of our contracts, we may experience reduced profitability or incur losses if actual costs exceed our estimates.
  • Our failure to obtain new customer agreements or renew existing agreements at current or more favorable terms could adversely affect our business, financial condition and results of operations.
  • The timing of the award, commencement and performance of contracts may cause variability in our operating results and cash flows.
  • We may incur significant costs in performing our work in excess of the original project scope and contract amount without having an approved change order.
  • We may be unable to recover additional claimed costs on projects, which could adversely affect our profitability and liquidity.
  • We place significant decision-making powers with our business units’ management, which presents certain risks that may cause the operating results of individual branches to vary.
The other 50 risks
  • Acquisitions, divestitures, and other strategic transactions may fail to achieve anticipated financial or strategic benefits and could disrupt our business, and adversely affect our results of operations.
  • Our failure to successfully integrate acquired businesses could adversely affect our operating results and financial condition.
  • Design/Build and Design/Assist contracts subject us to the risks of design errors and omissions.
  • Delays in, disputes over, or defaults on customer payments could adversely affect our liquidity, results of operations, and financial condition.
  • Unsatisfactory safety performance could subject us to penalties and/or litigation, restrict our ability to pursue certain projects, increase operating costs, and adversely affect our employees’ morale and retention.
  • Our inability to effectively plan for and utilize our workforce could adversely affect our customer relationships, profitability and operating results.
  • Our union and open shop operations subject us to labor relations risks, including potential disputes, work stoppages, and challenges to our corporate structure, which could adversely affect our business and results of operations.
  • Our failure to effectively execute our business strategy, including our increased focus on owner-direct relationships, could adversely affect our business and results of operations.
  • Our success depends on the continued contributions of key members of our management team, and the loss of one or more of these individuals could adversely affect our business and results of operations.
  • If we are unable to attract and retain qualified personnel, subcontractors, joint venture partners, and suppliers, our ability to operate efficiently and profitably could be adversely affected.
  • Misconduct by our employees, subcontractors or partners, or our overall failure to comply with laws or regulations could harm our reputation, damage our relationships with customers, reduce our revenue and profits, and subject us to criminal and civil enforcement actions.
  • Failure to perform our services in accordance with professional standards or contractual requirements could expose us to significant liability and adversely affect our business and results of operations.
  • Our dependence on subcontractors and suppliers could increase costs, disrupt project execution, and adversely affect our profitability and cash flows.
  • Increases in the cost or reduced availability of materials, equipment, commodities, or energy due to inflation, tariffs, trade policies, or geopolitical events could adversely affect our profitability and operating results.
  • Our inability to identify, contract with, or properly utilize qualified disadvantaged business enterprise (“DBE”) subcontractors could adversely affect our business and results of operations.
  • Our participation in construction joint ventures exposes us to liability and/or harm to our reputation for failures of our partners.
  • Our ability to obtain sufficient surety bonding is critical to our business, and any reduction in bonding capacity or availability could adversely affect our operations and results of operations.
  • Our insurance coverage may be insufficient to cover all potential liabilities, and adverse conditions in the insurance markets could increase our costs or limit our ability to obtain required coverage.
  • Our use of the cost-to-cost method of accounting requires significant estimates and judgments and may result in reductions or reversals of previously recognized revenue or profit.
  • We may be required to record impairment charges related to goodwill or other intangible assets, which could adversely affect our results of operations.
  • Contractual warranty obligations could adversely affect our profits and cash flow.
  • Adverse economic conditions, geopolitical instability, or volatility in financial markets could reduce demand for our services and adversely affect our business and results of operations.
  • Our indebtedness, including variable-rate borrowings and related covenant restrictions, could increase our interest expense, limit our liquidity and financial flexibility, and adversely affect our business and results of operations.
  • Our obligation to contribute to multiemployer pension plans could give rise to significant expenses and liabilities in the future.
  • Increases in healthcare costs or changes in healthcare laws could increase our operating expenses and adversely affect our results of operations.
  • Our business may be affected by the work environment in which we operate.
  • A pandemic, epidemic or outbreak of an infectious disease in the markets in which we operate or that otherwise impacts our facilities or suppliers could adversely impact our business.
  • Climate change, including physical risks and the transition to lower-emission building practices, could increase our costs, disrupt operations, and adversely affect our financial results.
  • Changing climate-related regulations, disclosure requirements, and environmental, social and governance expectations may increase compliance costs, create regulatory complexity, or adversely affect customer and investor perceptions.
  • Information technology system failures, cybersecurity incidents, or data privacy breaches could disrupt our operations and adversely affect our business, results of operations, and reputation.
  • The use of artificial intelligence technologies by us or by our third-party vendors may create operational, legal, regulatory, or reputational risks.
  • We have subsidiary operations throughout the United States and are exposed to multiple state and local regulations, as well as federal laws and requirements applicable to government contractors. Changes in laws, regulations or requirements, or a
  • material failure of any of our subsidiaries or us to comply with any of them, could increase our costs and have other negative impacts on our business.
  • As federal government contractors, our subsidiaries are subject to a number of rules and regulations, and our contracts with government entities are subject to audit. Noncompliance with applicable requirements could limit a subsidiary’s ability to obtain or perform government contracts.
  • Changes in environmental, safety, and health regulations or licensing requirements could increase our compliance costs or limit our ability to perform certain work.
  • Our failure to comply with immigration laws and labor regulations could affect our business.
  • Tax matters, including changes in corporate tax laws and disagreements with taxing authorities, could impact our results of operations and financial condition.
  • Risks Related to Ownership of Our Common Stock
  • The price of our common stock may be volatile.
  • Future sales of our common stock may cause our common stock price to decline.
  • Future equity issuances could result in dilution, which could cause our common stock price to decline.
  • Unfavorable analyst coverage or a reduction in analyst coverage could adversely affect the market price and liquidity of our common stock.
  • We have not declared any dividends on our common stock to date and have no expectation of doing so in the foreseeable future.
  • Provisions in our organizational documents and Delaware or certain other state laws could delay or prevent a change in control of our company, which could adversely affect the price of our common stock.
  • General Risk Factors
  • Failure or circumvention of our disclosure controls and procedures or internal controls over financial reporting could adversely affect our financial reporting and business.
  • Our management has concluded that our disclosure controls and procedures and internal control over financial reporting are effective. However, if we are unable to establish and maintain effective disclosure controls and internal control over financial reporting or have material weaknesses in our internal control over financial reporting, our ability to produce accurate financial statements on a timely basis could be impaired, and the market price of our securities may be negatively affected.
  • Actual and potential claims, lawsuits and proceedings could ultimately reduce our profitability and liquidity and weaken our financial condition.
  • Force majeure events, including natural disasters, malicious acts, or other extraordinary events, could disrupt our operations and adversely affect our business and results of operations.
  • A change in tax laws or regulations of any federal or state jurisdiction in which we operate could increase our tax burden and otherwise adversely affect our financial position, results of operations, cash flows and liquidity.
  • Changes in accounting rules and regulations could adversely affect our financial results.
  • Actions by activist investors could disrupt our operations and adversely affect our business and strategic execution.

Legal proceedings

See Note 13 – Commitments and Contingencies in the accompanying notes to the Company’s consolidated financial statements for further information regarding the Company’s legal proceedings.

The opening of Item 3, Legal Proceedings.6

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