Limbach reported Q3 2025 ODR revenue of $184.6 million and Adjusted EBITDA of $21.8 million. Year-to-date ODR revenue reached $459.9 million and Adjusted EBITDA was $54.6 million. The company's Owner Direct Relationships (ODR) segment maintained a strong average annual gross margin of 27.4% YTD 2025, significantly higher than the General Contractor Relationships (GCR) segment's 23.3% YTD 2025.
The company completed two significant acquisitions: Pioneer Power Inc. (PPI) on July 1, 2025, for $66.1 million, projected to add $120 million in annualized revenue and $10 million in Adjusted EBITDA starting 2026. Consolidated Mechanical was acquired on December 2, 2024, for $23 million, expected to contribute $23 million in annualized revenue and $4 million in EBITDA starting 2025.
Limbach issued guidance on November 4, 2025, projecting Total Revenue between $650 million and $680 million, Adjusted EBITDA between $80 million and $86 million, and a Total Gross Margin of 25.5% to 26.5%.
The company's balance sheet reflects a shift from a net cash position of $(17.7) million at December 31, 2024, to a net debt of $52.1 million at September 30, 2025, following the expansion of its revolving credit facility to $100 million and increased borrowings to $34.5 million.

Nov 5, 2025, 2:00 PM

Presentation

Limbach Reports Q3 2025 Financial Results and Reaffirms Full-Year Guidance

LMB

Earnings

Guidance Update

M&A

Limbach (LMB) reported strong Q3 2025 financial results, with total revenue increasing 37.8% to $184.6 million compared to Q3 2024. Owner-Direct Relationships (ODR) revenue grew 52% to $141.4 million, comprising 76.6% of total revenue for the quarter.
Adjusted EBITDA for Q3 2025 rose 25.6% to $21.8 million, and adjusted diluted earnings per share increased 15.4% to $1.05 compared to the prior year period.
The company reaffirmed its 2025 guidance for total revenue of $650 million to $680 million and adjusted EBITDA of $80 million to $86 million.
Limbach updated its 2025 guidance assumptions, adjusting total organic revenue growth to 7-10% (from 10-15% previously) and total gross margins to 25.5%-26.5% (from 28-29%), primarily due to the significant revenue contribution and lower margin profile of the recent Pioneer Power acquisition.

Nov 5, 2025, 2:00 PM

Transcript

Limbach Holdings, Inc. Reports Strong Q3 2025 Results and Reaffirms Full-Year Guidance

LMB

Earnings

Guidance Update

M&A

Limbach Holdings, Inc. reported Q3 2025 net income of $8.8 million and diluted earnings per share of $0.73. Total revenue for the quarter increased 37.8% to $184.6 million, with Owner Direct Relationships (ODR) revenue growing 52.0% to $141.4 million and representing 76.6% of total revenue.
Adjusted EBITDA for Q3 2025 was $21.8 million, marking a 25.6% increase compared to Q3 2024.
The company reaffirmed its full-year 2025 revenue guidance of $650 million to $680 million and Adjusted EBITDA guidance of $80 million to $86 million. Revenue growth was primarily driven by acquisitions, including Pioneer Power in Q3 2025, supporting the strategic shift to higher-margin ODR business, though total gross margin decreased to 24.2% from 27.0% in Q3 2024 due to the acquired company's margin profile.

Nov 4, 2025, 10:22 PM

8-K

Limbach Holdings, Inc. Expands Credit Facility and Acquires Pioneer Power, Inc.

LMB

Debt Issuance

M&A

New Projects/Investments

Limbach Holdings, Inc. (LMB) amended its credit agreement on June 27, 2025, increasing its senior secured revolving credit facility from $50.0 million to $100.0 million and extending the maturity date to July 1, 2030.
On July 1, 2025, the company announced the acquisition of Pioneer Power, Inc. (PPI) for an initial purchase price of $66.1 million, funded by available cash and the newly expanded revolving credit facility.
PPI is expected to contribute approximately $20 million in annualized revenue and $3 million in adjusted EBITDA, beginning in fiscal year 2025.

Jul 1, 2025, 12:00 AM

8-K

Limbach Holdings Reports Q1 2025 Earnings, Growth and Strategic Expansion

LMB

Earnings

Revenue Acceleration/Inflection

M&A

Guidance Update

Revenue Growth and Profitability: Q1 2025 revenue reached $133.1M (up 11.9% from Q1 2024) with adjusted EBITDA rising 26.5% to $14.9M and a record net income of $10.2M [index: 3].
ODR Revenue Performance: ODR revenue surged to $119.0M from $74.3M, now representing 67.9% of total revenue, underscoring the success of the owner-direct strategy [index: 3].
Margin and Cash Flow Improvement: Gross profit increased from $31.1M to $36.7M with gross margin climbing to 27.6% and operating cash flow turning positive at $2.2M [index: 3].
Strategic Expansion and M&A Activity: Investments of $2M in rental equipment, an expanded sales team, and recent M&A transactions in September and December 2024 are driving geographic expansion into 20-30 new MSAs [index: 4] [index: 2] .
Full-Year Revenue Guidance: The company projects total revenue between $610M and $630M for 2025, highlighting a continued shift towards higher-margin ODR business .

May 6, 2025, 1:01 PM

Transcript Presentation

Limbach Holdings Q1 2025 Results Highlight Record Earnings and Revenue Growth

LMB

Earnings

Revenue Acceleration/Inflection

Record net income of $10.2 million was achieved in Q1 2025 with total revenue of $133.1 million, marking an 11.9% increase compared to Q1 2024.
Adjusted EBITDA rose to $14.9 million, up 26.5% year-over-year, highlighting strong operational performance.
The ODR segment revenue increased by 21.7% to $90.4 million, now comprising 67.9% of total revenue, indicating a strategic shift in the revenue mix.

May 5, 2025, 12:00 AM

8-K

[Limbach Holdings Q4 2024 Earnings and Strategic Shifts]

LMB

Earnings

Revenue Acceleration/Inflection

M&A

Mix Shift Strategy: Limbach is aggressively shifting its revenue mix toward high-margin Owner Direct (ODR) projects, with ODR revenue representing 66.5% of Q4 total revenue and a significant backlog increase, while General Contractor Revenue (GCR) declined as part of this deliberate repositioning .
Financial Performance: Q4 2024 reported nearly flat total revenue at $143.7 million, with ODR revenue up 21.4% year-over-year and consolidated gross margin expanding to 30.3% from 23.3% last year, reflecting improved project quality and strategic acquisitions .
Profitability and Cash Flow: The quarter saw adjusted EBITDA surge by 65.5% to $20.8 million alongside stronger operating cash flow, even as SG&A expenses increased due to higher payroll and related acquisition costs .
Acquisition Strategy: Recent acquisitions, which have been well integrated, are expected to contribute approximately $6 million to adjusted EBITDA in 2025, bolstering future revenue growth and operational scale .

Mar 11, 2025, 1:01 PM

Transcript

Limbach Holdings Inc Reports Q4 2024 Earnings Results

LMB

Earnings

M&A

Revenue Acceleration/Inflection

Operational performance improved in Q4 2024 with a continued strategic mix shift toward ODR revenue, which reached 78% in FY2024, and overall gross margins expanding to 27.8%, driving the adjusted EBITDA margin to 12.3% over the period FY2019–FY2024.
Two strategic M&A transactions were completed in 2024—a $23M Consolidated Mechanical acquisition in December and a $15M Kent Island Mechanical acquisition in September—positioning the company with added annualized revenue and EBITDA contributions for future growth.
2025 guidance highlights revenue forecasts of $610M to $630M and adjusted EBITDA targets of $78M to $82M, underscoring a commitment to the higher-margin ODR strategy and continued margin expansion.

Mar 11, 2025, 1:00 PM

Presentation

Limbach Holdings Reports Q4 2024 Record Financials and Strategic Acquisitions

LMB

Earnings

M&A

Guidance Update

Record Q4 and full-year performance: The company delivered $9.8 million of Q4 net income and a record full-year net income of $30.9 million, along with record adjusted EBITDA of $20.8 million in Q4 and $63.7 million for the year.
Robust revenue mix transformation: Owner Direct Relationships (ODR) revenue increased significantly by 31.9% for the full year, reflecting the company’s focused mix-shift strategy away from traditional general contractor revenue.
Strategic acquisitions driving growth: Limbach completed two strategic acquisitions – including a recent tuck-in and a larger acquisition – aimed at expanding geographic reach and complementing existing operations, setting the stage for further growth in 2025.

Mar 10, 2025, 12:00 AM

8-K

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