Southland Holdings, Inc.

Southland Holdings, Inc. reported a challenging fiscal year 2025 with significant financial losses. Revenue was $772.2 million, but the company incurred a gross loss of $155.3 million due to construction costs of $927.4 million, resulting in a negative gross margin. Operating loss was $216.9 million, and net loss attributable to stockholders was $306.5 million. Despite the net loss, operating cash flow was positive at $16.6 million, primarily driven by a $116.8 million decrease in contract assets and a $89.1 million increase in other noncurrent liabilities. The company faced liquidity challenges in Q4 2025 related to an adverse court ruling on the WSCC Project, but subsequent transactions with sureties in March 2026 improved its liquidity profile. Total assets were $989.3 million against total liabilities of $1.12 billion, resulting in a total equity deficit of $132.5 million. Contract backlog decreased to $2.03 billion at year-end from $2.57 billion the prior year.

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