Posted on April 29, 2026
HOUSTON, April 28, 2026 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. (NYSE: ORN) (the “Company” or “Orion”), a leading specialty construction company, today reported its financial results for the first quarter ended March 31, 2026.
Highlights for the quarter ended March 31, 2026
- Revenue of $216 million, GAAP net income of $4.7 million or $0.12 per diluted share, Adjusted EBITDA of $8.7 million and Adjusted EPS of $0.05 per diluted share
- Cash flow from operations of $4.9 million
- Booked awards and change orders of $219 million in the quarter
- Reaffirming full-year 2026 guidance
“We delivered a solid start to the year, supported by disciplined operational performance and a healthy $24 billion pipeline of opportunities. This translated into top- and bottom-line growth and good cash flow generation,” said Travis Boone, President and Chief Executive Officer of Orion. “Our teams continue to execute at a high level, positioning us well for the remainder of 2026.”
“In our Marine segment, demand for mission-critical waterfront infrastructure continues to build, particularly across defense and port modernization projects. We are seeing an uptick in opportunities with the U.S. Coast Guard and the Department of War, underpinned by sustained federal investment in marine infrastructure outlined in the President’s Budget released in early April. We are making good progress integrating J.E. McAmis, leveraging their technical skillset to expand our opportunities and enhance project execution.”
“Our Concrete segment had a fantastic quarter across all key metrics and delivered strong revenue and adjusted EBITDA growth. Data center development continues to serve as a primary market driver, supported by sustained investment from hyperscalers and enterprise customers, with expanding opportunities in growing end markets such as cold storage and advanced manufacturing.”
“Our backlog is growing and our pursuit pipeline remains healthy, with broad-based opportunities across both segments as we move through the year. This combination supports affirmation of our full year 2026 guidance,” concluded Boone.
Contract revenues of $216.3 million in the first quarter of 2026 increased $27.6 million, or 15%, from $188.7 million in the first quarter of last year, primarily due to strong demand and expansion of services in the Concrete segment.
Gross profit was $25.9 million in the first quarter of 2026, an increase of $2.9 million, or 12%, from $23.0 million in the first quarter of 2025. The increase was primarily driven by the increase in revenue, strong project execution and favorable completions.
Selling, general and administrative expenses were $26.3 million for the first quarter of 2026, up from $22.5 million in the first quarter of last year, primarily to support business growth and the acquisition of J.E. McAmis during the quarter.
GAAP net income for the quarter ended March 31, 2026 was $4.7 million, or $0.12 per diluted share, compared to a net loss of $1.4 million, or $0.04 per diluted share, in the first quarter last year.
Adjusted EBITDA for the first quarter of 2026 was $8.7 million, an increase of 7% compared to the first quarter of 2025. The year-over-year increase was primarily attributable to revenue growth and strong project execution.
First quarter 2026 backlog included approximately $219 million in new awards. Recent Marine awards included maintenance dredging and a road bridge project for the Army in Hawaii, and a petroleum terminal expansion project. Recent Concrete awards included multiple data centers and expanded site work as well as numerous other commercial buildings.
Balance Sheet Update
As of March 31, 2026, current assets were $261 million, including unrestricted cash and cash equivalents of $6.3 million. Total debt outstanding was $72 million, with $53 million of outstanding borrowings under the UMB Credit Facility. The Company incurred borrowings of approximately $47 million under the UMB Credit Facility in connection with its acquisition of J.E. McAmis.
Guidance
The following forward-looking guidance reflects the Company’s current expectations and beliefs as of April 27, 2026, and is subject to change. The following statements apply only as of the date of this disclosure and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document.
For the full year 2026, Orion reaffirms its previous guidance of:
- Revenue in the range of $900 million to $950 million, 8.6% annual growth at the midpoint
- Adjusted EBITDA in the range of $54 million to $58 million, 24% annual growth at the midpoint
- Adjusted EPS in the range of $0.36 to $0.42, 56% annual growth at the midpoint
- Capital expenditures in the range of $25 million to $35 million
Conference Call Details
Orion Group Holdings will host a conference call to discuss the first quarter 2026 financial results at 9:00 a.m. Eastern Time/8:00 a.m. Central Time on Wednesday, April 29, 2026. To participate, please call (844) 481-2994 and ask for the Orion Group Holdings Conference Call. A live audio webcast of the call will also be available on the Investor Relations section of Orion’s website at https://www.oriongroupholdingsinc.com/investor/ and will be archived for replay.
About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s Marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design and specialty services. Its Concrete segment provides turnkey concrete construction services including place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas. The Company’s website is located at: https://www.oriongroupholdingsinc.com.
