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Sep 30, 2025
Limbach Q3 2025 Earnings Report
Limbach reported its third quarter 2025 financial results, showcasing increased revenue and net income, driven by strategic focus on Owner Direct Relationships and key acquisitions.
Key Takeaways
Limbach Holdings, Inc. delivered a solid third quarter in 2025, with total revenue increasing by 37.8% to $184.6 million and net income rising by 17.4% to $8.8 million. The company's strategic shift towards higher-margin Owner Direct Relationships (ODR) business proved successful, with ODR revenue growing by 52.0% and representing 76.6% of total revenue. Adjusted EBITDA also saw a significant increase of 25.6% to $21.8 million.
Total revenue increased by 37.8% to $184.6 million, up from $133.9 million in Q3 2024.
Net income rose by 17.4% to $8.8 million, resulting in diluted EPS of $0.73.
Owner Direct Relationships (ODR) revenue surged by 52.0% to $141.4 million, now comprising 76.6% of total revenue.
Adjusted EBITDA grew by 25.6% to $21.8 million, compared to $17.3 million in the prior year period.
Revenue by Segment
Forward Guidance
Limbach Holdings, Inc. reaffirmed its full-year 2025 revenue guidance of $650 million to $680 million and Adjusted EBITDA guidance of $80 million to $86 million, while refining some underlying assumptions.
Positive Outlook
- Reaffirmed full-year 2025 revenue guidance of $650 million to $680 million.
- Reaffirmed full-year 2025 Adjusted EBITDA guidance of $80 million to $86 million.
- ODR revenue as a percentage of total revenue is expected to remain strong at 70-80%.
- ODR revenue growth is projected to be between 40-50%.
- Free cash flow is expected to be 75% of Adjusted EBITDA.
Challenges Ahead
- Total organic revenue growth guidance refined to 7-10% from 10-15%, reflecting a faster-than-expected decline in GCR revenue.
- Gross margin percentage revised to 25.5-26.5% from 28-29%, due to higher-than-anticipated revenue from Pioneer Power, which has a lower gross margin profile.
- SG&A expense as a percentage of total revenue guidance revised to 15-17% from 18-19%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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