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Jun 30, 2025
Limbach Q2 2025 Earnings Report
Limbach's Q2 2025 earnings report was released, highlighting strong financial performance with significant increases in revenue, net income, and Adjusted EBITDA.
Key Takeaways
Limbach Holdings, Inc. delivered a strong second quarter in 2025, with total revenue increasing by 16.4% year-over-year to $142.2 million. Net income rose by 30.2% to $7.8 million, and Adjusted EBITDA increased by 30.0% to $17.9 million, driven by the strategic shift towards higher-margin Owner Direct Relationships (ODR) business.
Total revenue for Q2 2025 increased by 16.4% to $142.2 million compared to Q2 2024.
Net income grew by 30.2% to $7.8 million, with diluted EPS at $0.64.
Adjusted EBITDA increased by 30.0% to $17.9 million, reflecting the success of the strategic shift to ODR business.
Owner Direct Relationships (ODR) revenue surged by 31.7% to $108.9 million, now representing 76.6% of total revenue.
Revenue by Segment
Forward Guidance
Limbach Holdings, Inc. has increased its full-year 2025 revenue guidance to $650 million - $680 million and Adjusted EBITDA guidance to $80 million - $86 million, reflecting confidence in continued growth.
Positive Outlook
- Increased full-year 2025 revenue guidance to $650 million - $680 million.
- Increased full-year 2025 Adjusted EBITDA guidance to $80 million - $86 million.
- Strategic shift to higher-margin ODR business is driving meaningful results.
- Strategic investments in the sales organization are aimed at strengthening the go-to-market strategy.
- Robust M&A pipeline and disciplined operational execution position the company for continued growth.
Challenges Ahead
- Quantitative reconciliation for projected 2025 Adjusted EBITDA guidance is not available without unreasonable efforts due to high variability and complexity of certain excluded items.
- The variability of excluded items could have a potentially unpredictable and significant impact on future financial results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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