LMB · Limbach Holdings, Inc.

Limbach Holdings reported first quarter 2026 results with total revenue of $138.9 million, a 4.3% increase from $133.1 million in the prior year, primarily driven by the full quarter contribution from the Pioneer Power acquisition completed in July 2025, which added $23.5 million or 17.7% to revenue growth. This was partially offset by a 13.4% organic revenue decline due to lower mid-2025 bookings and seasonal industrial patterns. ODR revenue, representing 71.9% of total, rose 10.4% to $99.8 million, bolstered by 15.8% acquisition-related growth despite a 5.4% organic dip, while GCR revenue fell 8.6% to $39.0 million. Gross profit declined 15.1% to $31.2 million with margins contracting to 22.4% from 27.6%, attributed to lower fixed cost absorption from seasonal revenue, absence of prior-year favorable project write-ups, and Pioneer Power's lower margin profile. ODR gross margin dropped to 23.0% from 28.9%, and GCR to 21.0% from 24.7%. SG&A rose to 20.2% of revenue from 19.9%, driven by payroll and acquisition costs. CEO Mike McCann highlighted exceptional bookings of $209.1 million yielding a 1.5x book-to-bill, with over $434 million in the past two quarters and data centers at 27% of bookings, reinforcing confidence in accelerating organic growth. Management expects margin recovery through Pioneer integration, pricing, and operational initiatives. The company reaffirmed FY2026 guidance including $730-760 million revenue, $90-94 million Adjusted EBITDA, 4-8% total organic growth, 9-12% ODR organic growth, and 75-80% ODR mix. Balance sheet shows $15.8 million cash, 1.71x current ratio, and $32.4 million revolver borrowings, with plans to reduce debt using free cash flow.