Orion Group Holdings Reports Strong Q1 2026 Results and Reaffirms Full-Year Guidance

Houston, April 28, 2026 – Orion Group Holdings, Inc. (NYSE: ORN), a leading specialty construction company, has released its financial results for the first quarter ended March 31, 2026, delivering significant growth in revenue and profitability, and reaffirming guidance for the full year 2026.

Key Highlights

• Revenue: \$216.3 million, up 15% from \$188.7 million in Q1 2025
• GAAP Net Income: \$4.7 million (\$0.12 per diluted share), compared to a net loss of \$1.4 million in Q1 2025
• Adjusted EBITDA: \$8.7 million, up 7% from \$8.2 million in Q1 2025
• Adjusted EPS: \$0.05 per diluted share, up from \$0.01 in Q1 2025
• Cash Flow from Operations: \$4.9 million
• Booked Awards & Change Orders: \$219 million in the quarter
• Growing Backlog: \$668 million as of March 31, 2026, up from \$640 million at December 31, 2025
• Healthy Pipeline: \$24 billion in identified opportunities
• Reaffirmed Full-Year 2026 Guidance: Revenue \$900–\$950 million, Adjusted EBITDA \$54–\$58 million, Adjusted EPS \$0.36–\$0.42

Segment Performance

Marine Segment

• Demand for waterfront infrastructure remains robust, especially for defense and port modernization projects.
• Increased opportunities with the U.S. Coast Guard and Department of War, supported by federal investment in marine infrastructure.
• Integration of J.E. McAmis is progressing well, enhancing technical capabilities and expanding project opportunities.
• Key awards: Army road bridge in Hawaii, maintenance dredging, petroleum terminal expansion.

Concrete Segment

• Strong quarter across all metrics; significant revenue and adjusted EBITDA growth.
• Primary market driver: Data center development, supported by continued investment from hyperscalers and enterprise customers.
• Expanding opportunities in cold storage and advanced manufacturing end markets.
• Recent awards: Multiple data centers, expanded site work, commercial buildings.

Backlog & Pipeline

• Backlog as of March 31, 2026: \$668 million (\$494 million Marine, \$174 million Concrete).
• New awards in Q1: \$219 million.
• Backlog includes both projects not yet started and projects in progress.
• Typical duration: Concrete projects (6–12 months), Marine projects (18–24 months).
• Backlog is not guaranteed to convert fully to revenue or profit.

Balance Sheet Update

• Current assets: \$261 million, including \$6.3 million in unrestricted cash.
• Total debt: \$72 million, with \$53 million under the UMB Credit Facility.
• \$47 million borrowed under UMB Credit Facility for J.E. McAmis acquisition.
• Stockholders’ equity: \$166.7 million (up from \$159.0 million at year-end 2025).

Cash Flow and Capital Expenditures

• Net cash provided by operations: \$4.9 million.
• Net cash used in investing: \$52.5 million (primarily due to \$44 million acquisition of J.E. McAmis).
• Net cash provided by financing: \$52.3 million (new borrowings, term loans, financing obligations).
• Capital expenditures for 2026 projected at \$25–\$35 million.

Guidance for Full-Year 2026

• Revenue: \$900–\$950 million (8.6% growth at midpoint)
• Adjusted EBITDA: \$54–\$58 million (24% growth at midpoint)
• Adjusted EPS: \$0.36–\$0.42 (56% growth at midpoint)
• Capital Expenditures: \$25–\$35 million

Non-GAAP Financial Measures

Orion uses non-GAAP metrics such as Adjusted EBITDA, Adjusted EPS, and Adjusted Net Income to supplement GAAP results. These measures exclude one-time items (e.g., share-based compensation, ERP implementation, severance, process improvement costs, acquisition/integration costs, and amortization of intangibles) to provide clearer insight into ongoing operations and performance.

Shareholder-Important and Price-Sensitive Items

• The return to profitability in Q1 2026 (\$4.7 million net income versus a \$1.4 million loss in Q1 2025) is a significant turnaround that could positively impact share price.
• Strong revenue growth, expanding backlog, and reaffirmed guidance suggest continued momentum and increased investor confidence.
• Acquisition of J.E. McAmis is expected to further strengthen Orion’s Marine segment, potentially unlocking new markets and revenue streams.
• Federal budget investment in marine infrastructure, especially defense projects, could drive further contract wins and revenue growth.
• Concrete segment’s exposure to data center development and advanced manufacturing is a key growth driver in today’s economy.
• Healthy cash generation and improved balance sheet position support future growth and investment.
• Risks include execution of fixed-price contracts, potential delays or cancellations, and fluctuating government funding.

Conference Call Details

Orion will host a conference call at 9:00 a.m. ET on April 29, 2026. Investors can participate by calling (844) 481-2994 or accessing the webcast on Orion’s Investor Relations website.

Company Overview

Orion Group Holdings provides specialty construction services across marine and concrete segments in the U.S., Alaska, Hawaii, Canada, and the Caribbean. The Marine segment focuses on marine infrastructure, dredging, and environmental projects. The Concrete segment delivers turnkey services for commercial and structural projects. Headquartered in Houston, Texas.

Forward-Looking Statements & Risk Factors

This report contains forward-looking statements regarding Orion’s pipeline, strategic priorities, financial guidance, backlog conversion, and contract activity. Risks include contract execution, customer cancellations, government funding variability, and acquisition integration. Investors should review Orion’s latest SEC filings for a full discussion of risks.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell securities. All forward-looking statements are subject to risks and uncertainties. Investors should conduct their own due diligence and consult financial professionals before making any investment decisions.

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