Total Revenue

+14% ( " " )

Total revenue increased from 215,497 thousand USD to 246,515 thousand USD, driven by an expansion in the top line that builds on previous modest revenue levels, likely due to continued acquisitions and organic growth initiatives that built on the prior period’s efforts. " "

Cost of Goods Sold

+16% ( " " )

COGS rose from 106,877 thousand USD to 124,325 thousand USD, growing faster than revenue; this suggests that rising production or service costs (possibly due to increased input prices or higher operational costs from acquisitions) outpaced revenue gains compared to the prior period. " "

Operating Income

–41% ( " " )

Operating income dropped sharply from 16,683 thousand USD to 9,791 thousand USD, indicating that increased operating expenses and integration costs significantly compressed margins relative to the previous period despite a revenue increase. " "

Net Income

–94% ( " " )

Net income plunged from 9,937 thousand USD to 543 thousand USD, reflecting a dramatic erosion in profitability, likely due to escalating non-operating expenses, higher interest costs, and other one-off charges that built on an already lower-margin base from the previous period. " "

EPS – Basic

–88% ( " " )

Basic EPS fell from 0.65 to 0.08, underscoring the near-elimination of per-share earnings as a result of the drastic decline in net income and potential dilution from any share count increases, worsening the performance from the prior period. " "

EPS – Diluted

–88% ( " " )

Diluted EPS mirrored the decline in Basic EPS, dropping similarly by 88%, which highlights how extremely compressed net profitability per share adversely impacted shareholder returns relative to the previous quarter. " "

U.S. Revenue

+11% ( " " )

U.S. revenue increased from 196.4 thousand USD to 217.08 thousand USD, showing steady domestic market performance; however, the modest growth compared to the sharper rise in costs indicates that even stable U.S. operations could not fully offset margin pressures observed in the current period. " "

Foreign Revenue

+24% ( " " )

Foreign revenue grew from 19.09 thousand USD to 23.68 thousand USD, indicating accelerated expansion in international markets that contrasts with the slower domestic pace, suggesting a strategic shift that, while boosting the top line, may entail higher initial costs. " "

Net Change in Cash

Turned to –22,896 thousand USD from –1,615 thousand USD ( " " )

Net cash declined drastically to –22,896 thousand USD, a significant worsening from –1,615 thousand USD in the previous period, likely due to substantially increased cash outlays for acquisitions and investment while operating cash flows did not offset these higher expenditures. " "

Gross Revenue

FY 2025

no prior guidance

$1.026 billion to $1.045 billion "

no prior guidance

Adjusted Earnings Per Share

FY 2025

no prior guidance

$1.27 to $1.37 per share "

no prior guidance

GAAP Earnings Per Share

FY 2025

no prior guidance

$0.52 to $0.62 per share "

no prior guidance

Organic Growth

FY 2025

no prior guidance

mid- to high single‐digit organic growth "

no prior guidance

EBITDA Margin Improvement

FY 2025

no prior guidance

improvement of 150 basis points "

no prior guidance

Free Cash Flow Conversion Rate

FY 2025

no prior guidance

60% "

no prior guidance

Data Center Business Growth and Expansion

Q1 highlighted 27% organic growth with service expansion " ; Q2 noted 30% organic growth driven by acquisitions and addressing operational challenges " " ; Q3 emphasized strategic acquisitions, domestic projects, and cross‐selling opportunities. " "

Q4 focused on 25% organic growth with new service introductions (e.g. fire protection, structural, and power delivery), international market drivers, and acquisitions (Senergy BCS, Kisebach Consulting). " "

Strong and consistent growth with ongoing service innovation and strategic acquisitions reinforcing the positive sentiment.

Organic Revenue Growth Targets

Q1 targeted roughly 8%+ organic growth across segments (data center at 27%) " ; Q2 provided a range of 6%–10% overall with specific higher targets (e.g. 30% in U.S. data centers) " " ; Q3 reaffirmed conservative yet aspirational guidance amid steady organic increases (6% reported). " "

Q4 announced overall mid- to high single-digit organic growth targets; detailed segment targets include Geospatial at 10–11% and Infrastructure in mid-single digits. " "

Consistent sentiment with clear segmentation in Q4; overall organic growth expectations remain stable with refined targets.

Record Backlog and Revenue Visibility

Q1 saw a backlog increase from $802M to $838M with mixed contracts " ; Q2 reported a record backlog of $877M with strong revenue visibility " ; Q3 highlighted a record backlog of $914M driving a push toward a $1B run rate. " "

Q4 reported a record backlog of $904M, covering 88% of low-end 2025 revenue guidance, with diversified segment contributions reinforcing revenue visibility. " " "

Stable and robust – all periods show high backlog figures that assure future revenue. Q4 continues this trend even as details shift slightly among periods.

EBITDA Margin Expansion and Cost Efficiency Initiatives

Q1 discussed margin improvement targets (17% or higher) including acquisition integration costs affecting margins " ; Q2 achieved a 60-basis point increase to 16.3% with technology and cost initiatives highlighted " " ; Q3 delivered a 230-basis point expansion to 17.7%. "

Q4 set a target to expand EBITDA margins by 150 basis points in 2025 via cost efficiencies in administrative, IT, and real estate usage, among other initiatives. " "

Ongoing focus with slight fluctuations in figures; overall, the consistent drive for margin expansion and operational cost efficiencies remains positive.

Geospatial Business Performance and Federal Contract Uncertainty

Q1 featured double-digit organic growth with federal issues largely resolved " ; Q2 reported $72M in revenue with robust federal awards and confident outlook amid minimal political impact " " ; Q3 noted $84M revenue with a strong federal client mix and resilient backlog despite federal funding uncertainties. " "

Q4 reported $69M in revenue, with 50% from federal contracts, and highlighted a diversified client mix (utilities and state/local) that supports high backlog coverage and opportunities despite ongoing federal uncertainty. " "

Steady performance – while federal contract uncertainty remains a factor, strong backlog and technological integration continue to support a positive view.

Reliance on Acquisition Integration for Growth

Q1 separated organic from acquisition-driven growth; integration costs impacted margins slightly " " ; Q2 clarified that full-year guidance excluded acquisitions, emphasizing organic performance " " ; Q3 integrated acquisitions (e.g. water services, digital tools) to bolster growth. " "

Q4 reiterated that 2025 guidance excludes unannounced acquisitions, maintaining a balanced approach of organic growth alongside strategic acquisition integration. " "

Consistent strategic approach – all periods reflect reliance on acquisitions as complementary to organic growth, with a recent emphasis on excluding them from guidance.

Increased DSOs and Unbilled Receivables Impacting Cash Flow

Q1 did not mention DSOs or unbilled receivables [---]; Q2 pointed to unbilled receivables causing temporary cash flow challenges during business ramp-ups, particularly in Geospatial services. "

Q4 described a situation where unbilled receivables have extended to 42 days and overall company DSO reached 60 days, highlighting a notable cash flow management challenge. "

Recurring challenge – while not always mentioned, issues with unbilled receivables resurface, signaling an ongoing need for improved billing efficiency.

Revenue Recognition and Accounting Adjustments

Q1 and Q2 were silent on this topic [---]; Q3 addressed minor adjustments for past misstatements (notably from an Axim customer) and assured future revenue recognition would follow as earned. " " "

Q4 did not discuss revenue recognition adjustments, indicating the topic is no longer a prominent focus [no citation].

De-emphasized – earlier concerns appear resolved, and the topic has largely faded from the discussion in Q4.

Real Estate Transaction Business Trends

Q1 noted steady growth with approximately $60M annual revenue driven by stable interest rates and pent-up demand " " ; Q2 detailed that the business, sensitive to interest rates and currently driven by refinancing, expected a larger uptick when favorable " ; Q3 forecasted continued growth as interest rates eased. "

Q4 contained no mention of real estate transaction trends, suggesting the focus on this area has diminished compared to earlier periods.

Diminished emphasis – previously relevant real estate transactional trends have been dropped from the Q4 discussion, indicating a lower priority relative to other segments.