BWMN · Bowman Consulting Group Ltd.

Bowman Consulting Group Ltd. delivered strong Q1 2026 results, with gross contract revenue rising 12.0% to $126.5 million and net service billing up 14.1% to $114.2 million, driven by 6.0% organic growth and contributions from prior acquisitions. Despite a GAAP net loss of $3.7 million (EPS -$0.22), adjusted EBITDA grew 15.8% to $16.8 million with margin expansion to 14.7%, reflecting operational leverage and demand strength across market verticals. CEO Gary Bowman highlighted record backlog growth of 55.9% to $652.7 million, positioning the company for outsized organic growth. Key drivers included a $146.7 million contract modification with a U.S. government agency, elevating total value to $177.7 million. Balance sheet remains solid with cash at $12.0 million and increased revolving commitments to $250 million via a March credit amendment. Strategic moves encompassed $9.2 million in share repurchases (288,098 shares at $32.03 average) and the May 1 acquisition of Smith & Associates, adding $2.0 million run-rate net service billing in the Southwest. The raised full-year 2026 guidance to $520-540 million net revenue (from $495-510 million) and 17.2-17.7% adjusted EBITDA margin signals confidence in margin expansion and organic momentum, supported by infrastructure investments and automation for enhanced efficiency.