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Dec 31, 2024
Bowman Q4 2024 Earnings Report
Bowman reported record revenue and profitability growth in Q4 2024, driven by strong net service billing and strategic acquisitions.
Key Takeaways
Bowman achieved a strong financial performance in Q4 2024, reporting record gross contract revenue and a significant increase in net income. Adjusted EBITDA saw robust growth, reflecting improved operational efficiency. The company also expanded its backlog, indicating sustained future growth.
Gross contract revenue increased by 21.7% year-over-year to $113.2 million.
Net income turned positive at $5.9 million, compared to a loss of $7.7 million in Q4 2023.
Adjusted EBITDA rose by 51.8% to $17.0 million, with a margin increase to 17.2%.
Gross backlog expanded by 30.4% to $399.0 million, signaling strong future demand.
Bowman
Bowman
Bowman Revenue by Segment
Revenue by Segment
Building Infrastructure Revenue
CapyFin.comTransportation Revenue
CapyFin.comPower and Utilities Revenue
CapyFin.com Forward Guidance
Bowman expects continued revenue and EBITDA growth in 2025, supported by a strong backlog and planned service expansions. The company remains optimistic despite potential economic headwinds.
Positive Outlook
- Projected net revenue growth to $428-$440 million in 2025.
- Expected adjusted EBITDA increase to $70-$76 million.
- Strong backlog supports future revenue visibility.
- Ongoing strategic acquisitions to expand service offerings.
- Minimal impact expected from government spending shifts.
Challenges Ahead
- Potential economic downturns could affect project funding.
- Increased competition in infrastructure engineering services.
- Higher operating expenses due to expansion initiatives.
- Regulatory changes may impact government contracts.
- Integration risks from recent acquisitions.