ORN · Orion Group Holdings, Inc.

Orion Group Holdings reported a solid first quarter for 2026, with revenue of $216.3 million, up 15% year-over-year, driven primarily by strong demand and expansion of services in the Concrete segment. Gross profit increased 12% to $25.9 million, reflecting strong project execution and favorable completions. GAAP net income was $4.7 million ($0.12 per diluted share), a significant improvement from a net loss of $1.4 million in the prior year quarter. Adjusted EBITDA grew 7% to $8.7 million, and Adjusted EPS was $0.05. The company generated $4.9 million in cash from operations. Backlog increased to $668 million as of March 31, 2026, up from $640 million at year-end 2025, with $219 million in new awards during the quarter. Management highlighted a healthy $24 billion pipeline of opportunities, with particular strength in marine infrastructure driven by defense and port modernization, and concrete demand led by data center development. The company reaffirmed its full-year 2026 guidance: revenue of $900-$950 million, Adjusted EBITDA of $54-$58 million, and Adjusted EPS of $0.36-$0.42. The acquisition of J.E. McAmis, which closed on February 3, 2026, is expected to be accretive and strengthen marine capabilities. Overall, the results reflect disciplined operational performance and positioning for continued growth.