Posted on July 30, 2025
HOUSTON — Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”, “Orion”), a leading specialty construction company, today reported its financial results for the second quarter ended June 30, 2025.
Highlights for the quarter ended June 30, 2025: (Comparisons to second quarter of 2024)
($ in millions, except EPS)
- Revenue grew 7% to $205 million
- GAAP Net Income grew $7.4 million to $0.8 million
- Adjusted EBITDA doubled to $11 million and margins increased 240 bps to 5.3%
- Contracted backlog at the end of 2Q2025 was $750 million with 1H’25 new contract wins of over $450 million
- Management reaffirmed full year 2025 guidance
- Strengthened management team by adding Alison Vasquez, CFO, to help execute the next phase of the Company’s growth strategy
Management Commentary
“We delivered another strong performance in the second quarter with revenue increasing 7% to $205 million and Adjusted EBITDA doubling to $11 million from the second quarter last year. Sequentially, results were also strong with revenue up 9% over the first quarter and Adjusted EBITDA up 34%. Our results were primarily driven by new contract awards in both segments and reflect our commitment to disciplined, profitable growth,” said Travis Boone, Chief Executive Officer of Orion Group Holdings.
“We continue to see strong demand across the markets we serve. For the first six months of the year, we grew our backlog over the first half of 2024 with high-quality, mission critical projects. Our opportunity pipeline grew from $16 billion last quarter to $18 billion today, fueled by diverse growth drivers with multiple sources of public and private funding, which gives us continued confidence in our plans for growth. In our Marine segment, we see robust opportunities resulting from the U.S. Navy’s deterrence strategy in the Pacific, port expansions and maintenance, coastal rehabilitation and energy infrastructure. In our Concrete segment, demand from the data center sector remains exceptionally strong, and we continue to secure a healthy share of opportunities coming to market with an expanding base of clients.”
“As we enter the second half of the year, we are optimistic about our outlook. We are well positioned to capitalize on the opportunities before us with the right team in place to execute on the next phase of our growth strategy, an outstanding safety record, and high barriers to entry that limit competition. With the majority of our 2025 work under contract as of the end of the quarter, we are pleased to reaffirm our full year 2025 financial guidance,” concluded Boone.
Second Quarter 2025 Results
Contract revenues were $205.3 million, up 7% from $192.2 million in the second quarter last year and up 9% from $188.7 million in the first quarter of 2025. The year-over-year and sequential increases in contract revenues were primarily due to new awards and higher volume across the Marine and Concrete segments.
Gross profit was $25.8 million, up 41% from $18.3 million in the second quarter of 2024 and up 12% from $23.0 million in the first quarter of 2025. The increases in gross profit were primarily driven by increased revenue, improved operational performance on Marine projects, and reduced indirect expenses, partially offset by favorable concrete project close-outs in 2024 that did not reoccur in 2025.
Selling, general and administrative (“SG&A”) expenses were $22.8 million, up from $21.1 million in the second quarter of 2024 primarily due to increased spending to support business growth.
GAAP net income for the second quarter was $0.8 million, or $0.02 per diluted share, compared to a net loss of $6.6 million, or a loss of $0.20 per diluted share, in the second quarter of 2024.
Adjusted EBITDA for the second quarter doubled to $11.0 million from $5.5 million in the second quarter of 2024 and was up 34% from $8.2 million in the first quarter of 2025. Both the comparative and sequential increases were driven by revenue growth and gross profit expansion.
