Limbach Holdings (LMB) Company Report

Limbach Holdings is strategically shifting its business model from general contractor relationships (GCR) to owner-direct relationships (ODR), aiming to expand margins and scale through acquisitions.
The company recently completed two acquisitions: Pioneer Power Group on July 1st and Consolidated Mechanical on December 2nd, 2024.
The acquisition of Pioneer Power Group, Limbach's largest, significantly impacted gross margins due to Pioneer's lower margins, but management views this as a tremendous opportunity for margin expansion over the next three to four years.
Limbach is investing in growth by adding 40 salespeople in the last three years and plans further geographic expansion, primarily through M&A, targeting 50 attractive MSAs.

Jan 14, 2026, 4:00 PM

Transcript

Limbach Holdings Discusses Strategic Shift, Acquisitions, and Market Focus at CJS Securities Conference

LMB

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Limbach Holdings is strategically shifting its business model from general contractor relationships (GCR) to owner-direct relationships (ODR), prioritizing quality of revenue and margin expansion. The company aims for an 80/20 ODR/GCR mix in the short term, with a long-term goal of working directly for the owner.
The company is actively pursuing acquisitions for geographic expansion and capability enhancement, such as the recent purchases of Pioneer Power Group and Consolidated Mechanical. The Pioneer Power acquisition initially diluted overall gross margins due to its lower margin profile, but management views it as a significant opportunity for future margin expansion over three to four years.
Limbach focuses on six vertical markets, with healthcare and industrial manufacturing showing the most penetration, and data centers identified as a significant future growth opportunity, particularly in existing building environments and efficiency work.
The company differentiates itself by offering system-agnostic solutions, integrated services, and expertise in mechanical, electrical, and plumbing (MEP) infrastructure, aiming to be a long-term, trusted advisor to customers with critical infrastructure needs.

Jan 14, 2026, 4:00 PM

Transcript

Limbach Holdings Discusses Strategy and Acquisitions at CJS Securities Conference

LMB

M&A

Revenue Acceleration/Inflection

Limbach Holdings is a building systems solutions firm focused on revitalizing and maintaining mission-critical facilities, operating in owner-direct (ODR) and general contractor (GCR) segments. The company is strategically shifting towards the ODR model for its long-term relationships and higher margins, aiming for an 80/20 ODR/GCR mix in the short term.
Recent acquisitions, notably Pioneer Power Group (closed July 1st), have impacted overall ODR gross margins, which were 31.2% in 2024 but tightened to about 410 basis points above GCR year-to-date for the first nine months of fiscal 2025. This margin dilution is attributed to Pioneer Power's significantly lower initial margins, which Limbach views as a significant opportunity for expansion over a three to four-year period.
Limbach's growth strategy involves M&A for geographic expansion and niche capabilities, with recent acquisitions including Pioneer Power Group and Consolidated Mechanical (December 2nd, 2024). The company also invests in its sales team, having added 40 salespeople in the last three years, and focuses on key verticals like healthcare, industrial manufacturing, and data centers.

Jan 14, 2026, 4:00 PM

Transcript

Limbach Holdings, Inc. Announces Share Repurchase Program

LMB

Share Buyback

Limbach Holdings, Inc. (LMB) announced that its board of directors approved a share repurchase program.
The program authorizes the company to purchase up to $50.0 million of its common stock.
This authorization is effective through December 15, 2027.

Dec 15, 2025, 2:03 PM

8-K

Limbach Holdings Authorizes $50 Million Share Repurchase Program

LMB

Share Buyback

Limbach Holdings, Inc. (LMB) announced that its board of directors authorized a share repurchase program.
The program allows for the purchase of up to $50.0 million of its common stock through December 15, 2027.
The company intends to fund these repurchases from existing cash, cash flow, or borrowings.
This authorization reflects confidence in Limbach's growth strategy, strong cash flow generation, and a disciplined approach to capital allocation, while also supporting efforts to manage potential dilution from incentive compensation programs.

Dec 15, 2025, 2:00 PM

Press Release

Limbach Reports Q3 2025 Results, Announces Acquisitions and Provides Guidance

LMB

Earnings

M&A

Guidance Update

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 .