Limbach Holdings (LMB) Company Report

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.

1 day ago

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.

1 day ago

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 .

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.