RESTON, Va., Aug. 10, 2026 (GLOBE NEWSWIRE) -- Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering and infrastructure asset management firm, today announced financial results for the second quarter ended June 30, 2026.
"We made meaningful advances during the second quarter, with net service billing increasing by more than 19%, organic growth accelerating to 13%, Adjusted EBITDA margin nearing 19%, and backlog reaching $659 million," said Gary Bowman, founder and CEO. "The results reflect the strength of our underlying business and our long-range strategy. The quarter was a pivotal period of project mobilizations and strategic investments for several key initiatives expected to contribute meaningfully in the second half and beyond.
"During the quarter, we upgraded assets and resources that support our geospatial collection and data processing operations, stood up a significant land services operation in the southwest, and invested in operating capacity to support future growth and protect margin. Demand remains healthy across our markets. Recent wins entitle us to bigger assignments and accordingly, our pipeline of opportunities includes several large-scale infrastructure projects. We remain focused on converting backlog, increasing production efficiencies, improving cash generation, and delivering on the benefits our investments afford us."
Second Quarter 2026 Compared to Second Quarter 2025 Financial Results:
- Gross contract revenue of $146.1 million compared to $122.1 million, a 19.7% increase
- Net service billing1 of $129.0 million compared to $108.0 million, a 19.4% increase
- Organic net service billing2 growth of 12.7% compared to 8.4%
- Gross profit of $77.7 million compared to $65.6 million, an 18.6% increase
- Net income of $2.5 million compared to $6.0 million
- Basic and Diluted EPS of $0.15 and $0.14, respectively compared to $0.35 and $0.34, respectively
- Adjusted EBITDA1 of $24.1 million compared to $20.2 million, a 19.2% increase
- Adjusted EBITDA margin, net 1 of 18.7%, unchanged from the prior-year quarter
- Cash used in Operations of $7.9 million as compared to $4.3 million Cash from Operations
- Gross backlog of $658.7 million compared to $438.2 million, a 50.3% increase
First Six Months of 2026 Compared to First Six Months of 2025 Financial Results:
- Gross contract revenue of $272.6 million compared to $235.0 million, a 16.0% increase
- Net service billing1 of $243.2 million compared to $208.1 million, a 16.9% increase
- Organic net service billing2 growth of 9.5% compared to 9.8%
- Gross profit of $143.6 million compared to $123.7 million, an 16.2% increase
- Net loss of $1.2 million compared to net income of $4.3 million
- Basic and Diluted EPS of ($0.07) compared to $0.25 and $0.24, respectively
- Adjusted EBITDA1 of $40.9 million compared to $34.7 million, a 17.8% increase
- Adjusted EBITDA margin, net 1 of 16.8% compared to 16.7%
- Cash from Operations of $3.7 million as compared to $16.3 million
Notable Events:
- During the three months ended June 30, 2026, the Company repurchased 93,838 shares of common stock under the 2025 Repurchase Authorization for $3.0 million, at an average price of approximately $31.99 per share.
- During the six months ended June 30, 2026, the Company repurchased 381,936 shares of common stock for $12.2 million at an average price of $32.02 per share.
- In April 2026, the Company acquired Smith & Associates Land Surveying LLC, a Las Vegas, Nevada-based land surveying firm to expand its surveying capabilities in the southwest.
CFO Commentary
"Second quarter results reflect continued growth in net service billing and Adjusted EBITDA with margins that provide increased visibility to our full-year objectives," said Bruce Labovitz, CFO. "The quarter included an unusual concentration of cash uses including an additional payroll, payment of annual bonuses, share repurchases, the final settlement of the 174 R&E tax filing, and several strategic investments in geospatial equipment and AI-compute infrastructure.
"Improving cash conversion and reducing leverage remain important execution priorities, and we expect to make meaningful improvements to both in the second half of the year. Our acquisition pipeline remains active, with continued opportunities progressing through diligence toward closing. At this time, we are reaffirming our 2026 guidance for net revenue and Adjusted EBITDA margin, net."
Full Year 2026 Guidance
Bowman reaffirmed net revenue and Adjusted EBITDA margin guidance for full year 2026:
| Date Issued | Net Revenue | Adjusted EBITDA Margin |
| March 2026 | $495 - $510 MM | 17.0% - 17.5% |
| May 2026 | $520 - $540 MM | 17.2% - 17.7% |
| August 2026 | $520 - $540 MM | 17.2% - 17.7% |
The current outlook for 2026 is based on completed acquisitions as of the date of this release and does not include contributions from future acquisitions.
Pending Transaction with Bernhard Capital Partners
In a separate press release issued today, Bowman announced that it has entered into a definitive agreement to be acquired by Bernhard Capital Partners for $43.00 per share in cash. The transaction is expected to close in the fourth quarter of calendar year 2026 or the first quarter of calendar year 2027, subject to the receipt of required regulatory approvals and the satisfaction or waiver of other customary closing conditions. Additional information is available in the transaction press release.
In light of the transaction announcement, Bowman's previously scheduled second quarter 2026 earnings call on August 11, 2026, at 9:00 a.m. EDT, has been canceled.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a national engineering services firm offering infrastructure engineering, technical services and project management solutions to owners and operators of the built environment. With over 2,500 employees and 100 locations throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.
1 Non-GAAP financial metric the Company believes offers valuable perspective on results of operations (see non-GAAP tables below for reconciliations).
2 Organic net service billing growth (also a non-GAAP financial metric) for the three months ended 6/30/26 excludes revenue from acquisitions of e3i and RPT.
3 Basic Adjusted EPS and Diluted Adjusted EPS are all non-GAAP financial metrics the Company believes offer valuable perspectives on results of operations (see non-GAAP tables below for reconciliations). Adjusted EPS (Basic and Diluted) include addbacks for non-reoccurring expenses specific to acquisitions, non-cash stock compensation expense associated with pre-IPO grants, and other expenses not in the ordinary course of business. With respect to the elimination of any non-cash stock compensation expense, the Company computes an adjusted tax expense or benefit which accounts for the elimination of any periodic windfall or shortfall tax effects resulting from the difference between grant date fair value and vest date value. With respect to all other eliminations, the Company applies its average marginal statutory tax rate, currently 25.8%, to derive the tax adjustment associated with the elimination of expenses. A reconciliation of non-GAAP Adjusted EPS to GAAP EPS, both basic and diluted, is included with this press release for reference.
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words "anticipate," "believe," "continue," "estimate," "expect," "intend," "may," "will," "goal" and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the "Risk Factors" set forth in the Company's most recent SEC filings. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Important Information and Where to Find It
The merger transaction described in this communication (the "Merger") will be submitted to the Company's stockholders for their consideration and approval at a special meeting. In connection with the Merger, the Company intends to file with the Securities and Exchange Commission (the "SEC") a preliminary proxy statement on Schedule 14A. Once the SEC completes its review of the preliminary proxy statement, a definitive proxy statement and a form of proxy card will be filed with the SEC and mailed or otherwise furnished to the Company's stockholders. BEFORE MAKING ANY VOTING DECISION, THE COMPANY'S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT IN ITS ENTIRETY, WHEN IT BECOMES AVAILABLE, AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS), IF ANY, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES TO THE MERGER. This communication is not a substitute for the proxy statement or any other document that may be filed by the Company with the SEC or sent to its stockholders in connection with the Merger.
The Company's investors and stockholders may obtain a free copy of the proxy statement (when available) and other documents filed by the Company with the SEC at the SEC's website at www.sec.gov. In addition, the Company's investors and stockholders may obtain a free copy of the documents filed with the SEC by the Company from the Company's website at investors.bowman.com or by directing a request to the Company by e-mail to ir@bowman.com, or by telephone to (703) 464-1000.
Participants in the Solicitation
The Company and certain of its directors, executive officers and other members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies from the Company's stockholders in connection with the Merger and other matters to be voted on at the special meeting of the stockholders. Information regarding the Company's directors and executive officers, including a description of their direct or indirect interests, by security holdings or otherwise, is contained in the Company's proxy statement on Schedule 14A for the Company's 2026 Annual Meeting of Stockholders, which was filed with the SEC on April 28, 2026 (the "2026 Annual Meeting Proxy Statement"), including under the headings "Executive and Director Compensation," "Security Ownership of Certain Beneficial Owners and Management" and "Certain Relationships and Related Transactions." To the extent holdings of the Company's securities by such directors or executive officers (or the identity of such directors or executive officers) change from the amounts set forth in the 2026 Annual Meeting Proxy Statement, such information has been or will be reflected on the Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of the Company's directors and executive officers in the Merger will be included in the proxy statement relating to the Merger when it is filed with the SEC. You may obtain free copies of these documents using the sources indicated above.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this communication that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Merger, including the expected timing of the closing of the Merger, the ability of the parties to complete the Merger considering the various closing conditions, the expected synergies, impacts and benefits of the Merger, the plans, strategies and prospects, both business and financial, of the Company, and any assumptions underlying any of the foregoing.
In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "predict," "potential," "positioned," "seek," "should," "target," "will," "would" and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company's current expectations and are not guarantees of future performance. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from the Company's current expectations.
These risks and uncertainties include risks and developments related to, among other things, (i) the completion of the proposed Merger on the anticipated terms and timing, or at all, including the parties' ability to obtain required stockholder approval, regulatory approvals and satisfy the other conditions to the completion of the Merger, or the failure to satisfy such conditions, (ii) the effect of the announcement or pendency of the Merger on the Company's business, operating results, financial performance, ability to retain and hire key personnel, and relationships with customers, suppliers, competitors and others, (iii) the effect of the restrictions imposed by the definitive merger agreement (the "Merger Agreement") during the pendency of the Merger, which may (x) disrupt the Company's current plans and business operations, (y) impact the Company's ability to pursue certain business opportunities or strategic transactions or (z) divert management's attention from ongoing business operations, (iv) the ability of Bernhard to procure the financing required to complete the Merger, (v) the possibility that competing offers may be made, and the effect of such competing offers on the Merger and the parties' respective rights under the Merger Agreement, (vi) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (vii) the fact that the Company may be required to pay a termination fee to Bernhard if the Merger Agreement is terminated in certain circumstances, (viii) litigation being instituted against the Company, Bernhard or other parties, including their respective directors, managers or officers, in connection with the Merger, which may have an unfavorable outcome, (ix) the uncertainty of the outcome of any such litigation and its effects on the parties to the Merger Agreement, (x) changes in laws, regulations, or policies, (xi) general economic conditions, nationally and globally, and their effect on the market for the Company's services, (xii) competitive pressures and trends in the Company's industry and its ability to successfully compete with its competitors, (xiii) the effect on the Company's stock price if the Merger is not completed, which may decline significantly following a termination of the Merger Agreement, (xiv) potential business uncertainty during the pendency of the Merger, including changes to existing business relationships; (xv) the significant costs, fees and expenses the Company may incur in connection with the Merger, and (xvi) the effects of unknown liabilities related to the Merger on the Company.
For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the Company's periodic reports and other filings with the SEC, including risks described under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC, and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov and the Company's Investor Relations page at investors.bowman.com. The forward-looking statements included in this communication are made only as of the date hereof, and the Company disclaims any obligation to update the forward-looking statements in the future, except as required by applicable law. Forward-looking statements should be considered in light of these risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to, and does not, constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any issuance or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Investor Relations Contact:
Betsy Patterson
ir@bowman.com
| BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands except per share data) | |||||||
| June 30, 2026 | December 31, 2025 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current Assets | |||||||
| Cash and cash equivalents | - | 10,486 | - | 11,066 | |||
| Accounts receivable, net | 140,299 | 130,634 | |||||
| Contract assets | 67,055 | 53,512 | |||||
| Notes receivable - officers, employees, affiliates, current portion | 256 | 13 | |||||
| Prepaid and other current assets | 17,405 | 17,730 | |||||
| Total current assets | 235,501 | 212,955 | |||||
| Non-Current Assets | |||||||
| Property and equipment, net | 71,684 | 49,206 | |||||
| Operating lease, right-of-use assets | 45,835 | 45,822 | |||||
| Goodwill | 174,519 | 173,579 | |||||
| Notes receivable, less current portion | 903 | 903 | |||||
| Notes receivable - officers, employees, affiliates, less current portion | 868 | 1,108 | |||||
| Other intangible assets, net | 83,340 | 88,580 | |||||
| Deferred tax asset, net | 5,599 | 5,822 | |||||
| Other assets | 1,813 | 1,707 | |||||
| Total Assets | - | 620,062 | - | 579,682 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| Current Liabilities | |||||||
| Revolving credit facility | 136,159 | 95,350 | |||||
| Accounts payable and accrued liabilities, current portion | 59,542 | 60,035 | |||||
| Contract liabilities | 14,178 | 10,965 | |||||
| Notes payable, current portion | 22,039 | 22,698 | |||||
| Operating lease obligation, current portion | 12,557 | 11,951 | |||||
| Finance lease obligation, current portion | 16,602 | 13,735 | |||||
| Total current liabilities | 261,077 | 214,734 | |||||
| Non-Current Liabilities | |||||||
| Other non-current obligations | 359 | 377 | |||||
| Notes payable, less current portion | 22,691 | 34,313 | |||||
| Operating lease obligation, less current portion | 39,842 | 40,430 | |||||
| Finance lease obligation, less current portion | 34,691 | 23,718 | |||||
| Deferred tax liability, net | 279 | 279 | |||||
| Pension and post-retirement obligation, less current portion | 4,631 | 4,726 | |||||
| Total liabilities | - | 363,570 | - | 318,577 | |||
| Shareholders' Equity | |||||||
| Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding | - | - | |||||
| Common stock, $0.01 par value; 30,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 22,462,623 shares issued and 17,232,626 outstanding, and 21,972,432 shares issued and 17,194,091 outstanding as of June 30, 2026 and December 31, 2025, respectively | 225 | 220 | |||||
| Additional paid-in-capital | 366,644 | 355,458 | |||||
| Accumulated other comprehensive income | 842 | 895 | |||||
| Treasury stock, at cost; 5,229,997 and 4,778,341 shares, respectively | (99,475 | - | (84,931 | - | |||
| Accumulated deficit | (11,744 | - | (10,537 | - | |||
| Total shareholders' equity | - | 256,492 | - | 261,105 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | - | 620,062 | - | 579,682 | |||
| BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED INCOME STATEMENTS (Amounts in thousands except per share data) - unaudited- | |||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| Gross Contract Revenue | - | 146,125 | - | 122,090 | - | 272,604 | - | 235,021 | |||||
| Contract costs:(exclusive of depreciation and amortization below) | |||||||||||||
| Direct payroll costs | 51,229 | 42,425 | 99,545 | 84,390 | |||||||||
| Sub-consultants and expenses | 17,156 | 14,093 | 29,431 | 26,971 | |||||||||
| Total contract costs | 68,385 | 56,518 | 128,976 | 111,361 | |||||||||
| Operating Expenses: | |||||||||||||
| Selling, general and administrative | 62,274 | 49,759 | 120,052 | 100,239 | |||||||||
| Depreciation and amortization | 7,813 | 6,544 | 16,219 | 13,065 | |||||||||
| (Gain) loss on sale of assets, net | (479 | - | 225 | (880 | - | 176 | |||||||
| Total operating expenses | 69,608 | 56,528 | 135,391 | 113,480 | |||||||||
| Income from operations | 8,132 | 9,044 | 8,237 | 10,180 | |||||||||
| Other expenses | 5,796 | 1,636 | 9,197 | 3,746 | |||||||||
| Income (loss) before tax expense | 2,336 | 7,408 | (960 | - | 6,434 | ||||||||
| Income tax (benefit) expense | (159 | - | 1,399 | 247 | 2,169 | ||||||||
| Net income (loss) | - | 2,495 | - | 6,009 | - | (1,207 | - | - | 4,265 | ||||
| Earnings allocated to non-vested shares | 109 | 307 | - | 218 | |||||||||
| Net income (loss) attributable to common shareholders | - | 2,386 | - | 5,702 | - | (1,207 | - | - | 4,047 | ||||
| Earnings (loss) per share | |||||||||||||
| Basic | - | 0.15 | - | 0.35 | - | (0.07 | - | - | 0.25 | ||||
| Diluted | - | 0.14 | - | 0.34 | - | (0.07 | - | - | 0.24 | ||||
| Weighted average shares outstanding: | |||||||||||||
| Basic | 16,433,556 | 16,331,964 | 16,443,424 | 16,344,173 | |||||||||
| Diluted | 16,604,374 | 16,583,034 | 16,443,424 | 16,589,787 | |||||||||
| BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) - unaudited- | |||||||
| For the Six Months Ended June 30, | |||||||
| 2026 | 2025 | ||||||
| Cash Flows from Operating Activities: | |||||||
| Net (loss) income | - | (1,207 | - | - | 4,265 | ||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities | |||||||
| Depreciation and amortization - property, plant and equipment | 9,978 | 7,932 | |||||
| Amortization of intangible assets | 6,241 | 5,133 | |||||
| (Gain) loss on sale of assets | (880 | - | 141 | ||||
| Credit losses | 831 | 745 | |||||
| Stock based compensation | 9,587 | 9,694 | |||||
| Deferred taxes | 223 | (12,185 | - | ||||
| Accretion of discounts on notes payable | 204 | 404 | |||||
| Changes in operating assets and liabilities, net of acquisition of businesses | |||||||
| Accounts receivable | (10,260 | - | (8,112 | - | |||
| Contract assets | (13,518 | - | (8,656 | - | |||
| Prepaid expenses and other assets | 120 | 5,945 | |||||
| Accounts payable and accrued expenses | (778 | - | 5,573 | ||||
| Contract liabilities | 3,164 | 5,414 | |||||
| Net cash provided by operating activities | 3,705 | 16,293 | |||||
| Cash Flows from Investing Activities: | |||||||
| Purchases of property and equipment | (9,406 | - | (1,119 | - | |||
| Proceeds from sale of assets and disposal of leases | 880 | 102 | |||||
| Capitalized internal-use software development costs | (620 | - | - | ||||
| Proceeds from notes receivable | - | 718 | |||||
| Acquisitions of businesses, net of cash acquired | (912 | - | (1,559 | - | |||
| Collections under stock subscription notes receivable | - | 21 | |||||
| Net cash used in investing activities | (10,058 | - | (1,837 | - | |||
| Cash Flows from Financing Activities: | |||||||
| Borrowings under revolving credit facility | 40,809 | 22,515 | |||||
| Repayment under notes payable | (13,309 | - | (8,919 | - | |||
| Payments on finance leases | (7,943 | - | (5,600 | - | |||
| Payment of contingent consideration from acquisitions | (225 | - | (1,171 | - | |||
| Payments for purchase of treasury stock | (2,316 | - | (3,894 | - | |||
| Repurchases of common stock | (12,229 | - | (9,458 | - | |||
| Proceeds from issuance of common stock | 986 | 913 | |||||
| Net cash provided by (used in) financing activities | 5,773 | (5,614 | - | ||||
| Net (decrease) increase in cash and cash equivalents | (580 | - | 8,842 | ||||
| Cash and cash equivalents, beginning of period | 11,066 | 6,698 | |||||
| Cash and cash equivalents, end of period | - | 10,486 | - | 15,540 | |||
| Supplemental disclosures of cash flow information: | |||||||
| Cash paid for interest | - | 6,092 | - | 3,812 | |||
| Net cash paid for income taxes | - | 2,111 | - | 681 | |||
| Non-cash investing and financing activities: | |||||||
| Property and equipment acquired under finance lease | - | (22,377 | - | - | (10,144 | - | |
| Non-cash additions to property and equipment | - | (1,044 | - | - | - | ||
| Note payable converted to common shares | - | - | - | (434 | - | ||
| Issuance of notes payable for acquisitions | - | (600 | - | - | (2,056 | - | |
| Non-cash change in contingent consideration liability | - | (2,288 | - | - | - | ||
| Settlement of contingent consideration | - | 525 | - | 2,338 | |||
| BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF EPS TO ADJUSTED EPS (Amounts in thousands except per share data) | ||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net income (loss) (GAAP) | - | 2,495 | - | 6,009 | - | (1,207 | - | - | 4,265 | |||||
| + tax (benefit) expense (GAAP) | (159 | - | 1,399 | 247 | 2,169 | |||||||||
| Income (loss) before tax expense (GAAP) | - | 2,336 | - | 7,408 | - | (960 | - | - | 6,434 | |||||
| + acquisition related expenses | 2,992 | 1,149 | 4,531 | 1,744 | ||||||||||
| + amortization of intangibles | 2,949 | 2,517 | 6,241 | 5,133 | ||||||||||
| + non-cash stock comp related to pre-IPO | 75 | 330 | 241 | 824 | ||||||||||
| + other non-core expenses | 2,539 | 188 | 5,808 | 331 | ||||||||||
| Adjusted income before tax expense | - | 10,891 | - | 11,592 | - | 15,861 | - | 14,466 | ||||||
| Adjusted income tax expense | 141 | 1,981 | 2,705 | 3,657 | ||||||||||
| Adjusted net income | - | 10,750 | - | 9,611 | - | 13,156 | - | 10,809 | ||||||
| Adjusted earnings allocated to non-vested shares | 468 | 491 | 559 | 553 | ||||||||||
| Adjusted net income attributable to common shareholders | 10,282 | 9,120 | 12,597 | 10,256 | ||||||||||
| Earnings (loss) per share (GAAP) | ||||||||||||||
| Basic | - | 0.15 | - | 0.35 | - | (0.07 | - | - | 0.25 | |||||
| Diluted | - | 0.14 | - | 0.34 | - | (0.07 | - | - | 0.24 | |||||
| Adjusted earnings per share (Non-GAAP) | ||||||||||||||
| Basic | - | 0.63 | - | 0.56 | - | 0.77 | - | 0.63 | ||||||
| Diluted | - | 0.62 | - | 0.55 | - | 0.76 | - | 0.62 | ||||||
| Weighted average shares outstanding | ||||||||||||||
| Basic | 16,433,556 | 16,331,964 | 16,443,424 | 16,344,173 | ||||||||||
| Diluted | 16,604,374 | 16,583,034 | 16,607,542 | 16,589,787 | ||||||||||
| Basic Adjusted Earnings (Loss) Per Share Summary - Non-GAAP | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Earnings (loss) per share (GAAP) | - | 0.15 | - | 0.35 | - | (0.07 | - | - | 0.25 | |||||
| Pre-tax basic per share adjustments | - | 0.51 | - | 0.36 | - | 1.03 | - | 0.64 | ||||||
| Adjusted earnings per share before tax expense | - | 0.66 | - | 0.71 | - | 0.96 | - | 0.89 | ||||||
| Tax expense per share adjustment | - | 0.01 | - | 0.12 | - | 0.16 | - | 0.22 | ||||||
| Adjusted earnings per share - adjusted net income | - | 0.65 | - | 0.59 | - | 0.80 | - | 0.67 | ||||||
| Adjusted earnings per share allocated to non-vested shares | - | 0.02 | - | 0.03 | - | 0.03 | - | 0.04 | ||||||
| Adjusted earnings per share attributable to common shareholders | - | 0.63 | - | 0.56 | - | 0.77 | - | 0.63 | ||||||
| Diluted Adjusted Earnings (Loss) Per Share Summary - Non-GAAP | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Earnings (loss) per share (GAAP) | - | 0.14 | - | 0.34 | - | (0.07 | - | - | 0.24 | |||||
| Pre-tax diluted per share adjustments | - | 0.52 | - | 0.36 | - | 1.03 | - | 0.63 | ||||||
| Adjusted earnings per share before tax expense | - | 0.66 | - | 0.70 | - | 0.96 | - | 0.87 | ||||||
| Tax expense per share adjustment | - | 0.01 | - | 0.12 | - | 0.16 | - | 0.22 | ||||||
| Adjusted earnings per share - adjusted net income | - | 0.65 | - | 0.58 | - | 0.80 | - | 0.65 | ||||||
| Adjusted earnings per share allocated to non-vested shares | - | 0.03 | - | 0.03 | - | 0.04 | - | 0.03 | ||||||
| Adjusted earnings per share attributable to common shareholders | - | 0.62 | - | 0.55 | - | 0.76 | - | 0.62 | ||||||
| BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Amounts in thousands except per share data) | ||||||||||||||||
| Combined Statement of Operations Reconciliation | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Gross contract revenue | - | 146,125 | - | 122,090 | - | 272,604 | - | 235,021 | ||||||||
| Contract costs (exclusive of depreciation and amortization) | 68,385 | 56,518 | 128,976 | 111,361 | ||||||||||||
| Operating expense | 69,608 | 56,528 | 135,391 | 113,480 | ||||||||||||
| Income from operations | 8,132 | 9,044 | 8,237 | 10,180 | ||||||||||||
| Other expense | 5,796 | 1,636 | 9,197 | 3,746 | ||||||||||||
| Income tax (benefit) expense | (159 | - | 1,399 | 247 | 2,169 | |||||||||||
| Net income (loss) | - | 2,495 | - | 6,009 | - | (1,207 | - | - | 4,265 | |||||||
| Net margin | 1.7 | - | 4.9 | - | (0.4) % | 1.8 | - | |||||||||
| Other financial information1 | ||||||||||||||||
| Net service billing | - | 128,969 | - | 107,997 | - | 243,173 | - | 208,050 | ||||||||
| Adjusted EBITDA | 24,092 | 20,203 | 40,891 | 34,708 | ||||||||||||
| Adjusted EBITDA margin, net | 18.7 | - | 18.7 | - | 16.8 | - | 16.7 | - | ||||||||
| Gross Contract Revenue to Net Service Billing Reconciliation | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Gross contract revenue | - | 146,125 | - | 122,090 | - | 272,604 | - | 235,021 | ||||||||
| Less: sub-consultants and other direct expenses | 17,156 | 14,093 | 29,431 | 26,971 | ||||||||||||
| Net service billing | - | 128,969 | - | 107,997 | - | 243,173 | - | 208,050 | ||||||||
| Organic net service billing | 121,712 | 107,997 | 227,798 | 208,049 | ||||||||||||
| Acquisition-related net service billing | 7,257 | - | 15,375 | 1 | ||||||||||||
| Adjusted EBITDA Reconciliation | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net service billing | - | 128,969 | - | 107,997 | - | 243,173 | - | 208,050 | ||||||||
| Net income (loss) | - | 2,495 | - | 6,009 | - | (1,207 | - | - | 4,265 | |||||||
| + interest expense | 3,532 | 2,259 | 6,794 | 4,372 | ||||||||||||
| + depreciation & amortization | 7,813 | 6,544 | 16,219 | 13,065 | ||||||||||||
| + income tax (benefit) expense | (159 | - | 1,399 | 247 | 2,169 | |||||||||||
| EBITDA | - | 13,681 | - | 16,211 | - | 22,053 | - | 23,871 | ||||||||
| + non-cash stock compensation | 5,381 | 3,093 | 9,577 | 9,734 | ||||||||||||
| + acquisition and other non-core expenses | 5,030 | 899 | 9,261 | 1,103 | ||||||||||||
| Adjusted EBITDA | - | 24,092 | - | 20,203 | - | 40,891 | - | 34,708 | ||||||||
| Adjusted EBITDA margin, net | 18.7 | - | 18.7 | - | 16.8 | - | 16.7 | - | ||||||||
1 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations.
| BOWMAN CONSULTING GROUP LTD. GROSS CONTRACT REVENUE COMPOSITION - Unaudited- | |||||||||
| (dollars in thousands) | For the Three Months Ended June 30, | ||||||||
| Consolidated Gross Contract Revenue | 2026 | - | 2025 | - | Change | % Change | |||
| Building Infrastructure | 57,174 | 39.2 | - | 56,561 | 46.3 | - | 613 | 1.1 | - |
| Transportation | 28,382 | 19.4 | - | 24,611 | 20.2 | - | 3,771 | 15.3 | - |
| Power, Utilities & Energy | 37,034 | 25.3 | - | 26,843 | 22.0 | - | 10,191 | 38.0 | - |
| Natural Resources1 | 23,535 | 16.1 | - | 14,075 | 11.5 | - | 9,460 | 67.2 | - |
| Total | 146,125 | 100.0 | - | 122,090 | 100.0 | - | 24,035 | 19.7 | - |
| Acquired2 | 7,534 | 5.2 | - | 6,459 | 5.3 | - | 1,075 | (6.0) | - |
| (dollars in thousands) | For the Six Months Ended June 30, | ||||||||
| Consolidated Gross Contract Revenue | 2026 | - | 2025 | - | Change | % Change | |||
| Building Infrastructure | 109,521 | 40.2 | - | 108,593 | 46.2 | - | 928 | 0.9 | - |
| Transportation | 54,991 | 20.2 | - | 48,340 | 20.6 | - | 6,651 | 13.8 | - |
| Power, Utilities & Energy | 71,767 | 26.3 | - | 52,153 | 22.2 | - | 19,614 | 37.6 | - |
| Natural Resources1 | 36,325 | 13.3 | - | 25,935 | 11.0 | - | 10,390 | 40.1 | - |
| Total | 272,604 | 100.0 | - | 235,021 | 100.0 | - | 37,583 | 16.0 | - |
| Acquired2 | 16,097 | 5.9 | - | 11,476 | 4.9 | - | 4,621 | (17.2) | - |
-
1 Formerly Emerging Markets which represents environmental, mining, water resources, imaging and mapping, and other.
2 Acquired revenue in prior periods as previously reported; four quarters post-closing, acquired revenue is thereafter reclassified as organic for the purpose of calculating organic growth rates.
| BOWMAN CONSULTING GROUP LTD. | |||||||||
| ORGANIC GROWTH ANALYSIS | |||||||||
| (Unaudited) | |||||||||
| For the Three Months Ended June 30, | |||||||||
| (dollars in thousands) | 2026 | - | 2025 | - | Change | Organic +/- | |||
| Gross Revenue, Organic | 138,591 | 100.0 | - | 122,091 | 100.0 | - | 16,500 | 13.5 | - |
| Building Infrastructure | 56,900 | 41.0 | - | 56,561 | 46.3 | - | 339 | 0.6 | - |
| Transportation | 28,377 | 20.5 | - | 24,611 | 20.2 | - | 3,766 | 15.3 | - |
| Power, Utilities & Energy | 29,779 | 21.5 | - | 26,843 | 22.0 | - | 2,936 | 10.9 | - |
| Natural Resources | 23,535 | 17.0 | - | 14,076 | 11.5 | - | 9,459 | 67.2 | - |
| For the Six Months Ended June 30, | |||||||||
| (dollars in thousands) | 2026 | - | 2025 | - | Change | Organic +/- | |||
| Gross Revenue, Organic | 256,507 | 100.0 | - | 235,021 | 100.0 | - | 21,486 | 9.1 | - |
| Building Infrastructure | 109,101 | 42.5 | - | 108,593 | 46.2 | - | 508 | 0.5 | - |
| Transportation | 54,986 | 21.4 | - | 48,340 | 20.6 | - | 6,646 | 13.7 | - |
| Power, Utilities & Energy | 56,095 | 21.9 | - | 52,153 | 22.2 | - | 3,942 | 7.6 | - |
| Natural Resources | 36,325 | 14.2 | - | 25,935 | 11.0 | - | 10,390 | 40.1 | - |
| For the Three Months Ended June 30, | |||||||||
| (dollars in thousands) | 2026 | - | 2025 | - | Change | Organic +/- | |||
| Net Revenue, Organic | 121,712 | 100.0 | - | 107,997 | 100.0 | - | 13,715 | 12.7 | - |
| Building Infrastructure | 52,374 | 43.0 | - | 51,382 | 47.5 | - | 992 | 1.9 | - |
| Transportation | 22,548 | 18.5 | - | 20,256 | 18.8 | - | 2,292 | 11.3 | - |
| Power, Utilities & Energy | 27,111 | 22.3 | - | 24,474 | 22.7 | - | 2,637 | 10.8 | - |
| Natural Resources | 19,679 | 16.2 | - | 11,885 | 11.0 | - | 7,794 | 65.6 | - |
| For the Six Months Ended June 30, | |||||||||
| (dollars in thousands) | 2026 | - | 2025 | - | Change | Organic +/- | |||
| Net Revenue, Organic | 227,798 | 100.0 | - | 208,049 | 100.0 | - | 19,749 | 9.5 | - |
| Building Infrastructure | 101,202 | 44.5 | - | 99,481 | 47.8 | - | 1,721 | 1.7 | - |
| Transportation | 44,719 | 19.6 | - | 39,834 | 19.1 | - | 4,885 | 12.3 | - |
| Power, Utilities & Energy | 51,368 | 22.5 | - | 47,549 | 22.9 | - | 3,819 | 8.0 | - |
| Natural Resources | 30,509 | 13.4 | - | 21,185 | 10.2 | - | 9,324 | 44.0 | - |
| BOWMAN CONSULTING GROUP LTD. GROSS BACKLOG BY CATEGORY AT JUNE 30, 2026 - Unaudited- | ||
| Category | Percentage | |
| Building Infrastructure | 25 | - |
| Transportation | 21 | - |
| Power, Utilities & Energy | 19 | - |
| Natural Resources | 35 | - |
| TOTAL | 100 | - |
