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ACUREN CORP (TIC)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 revenue of $234.2M grew 5.0% YoY and 7.2% organically; Adjusted EBITDA of $25.9M with 11.0% margin, reflecting mix shift toward run-and-maintain site work and public-company build-out costs .
  • Revenue beat Wall Street consensus ($223.6M*) by ~$10.7M, while EPS missed materially (actual diluted EPS -$0.21 vs ~$0.00* consensus); net loss increased due to amortization from ASP Acuren, a deferred tax valuation allowance, and transformation costs .
  • Guidance maintained: reiterates FY 2025 revenue growth in low-to-mid-single digits; management emphasized pricing discipline, solid free cash flow ($32.8M from operations), and strong liquidity ($224.9M) .
  • Strategic catalysts: announced definitive agreement to merge with NV5 and uplisting to NYSE, enhancing scale and investor visibility; expected to be stock narrative drivers alongside margin normalization as mix rebalances .

What Went Well and What Went Wrong

What Went Well

  • 7.2% organic growth, driven by deeper service penetration and market share gains: “We delivered 7.2% organic growth in the quarter... We remain focused on organic growth and pricing discipline...” — CEO Tal Pizzey .
  • Strong cash generation and liquidity: $32.8M cash from operations; liquidity $224.9M (cash $155.7M + undrawn $75M revolver) bolstering balance sheet flexibility .
  • Strategic progress: announced NV5 definitive agreement and NYSE uplisting, expected to broaden investor base and support long-term value creation .

What Went Wrong

  • Margin compression vs prior year: Adjusted EBITDA margin fell to 11.0% from 15.9% YoY on mix (higher run-and-maintain) and public-company costs; Adjusted gross margin declined to 25.2% from 29.1% .
  • Wider net loss: Successor net loss -$25.8M vs -$1.3M in prior year, driven by higher D&A post-ASP Acuren, deferred tax valuation allowance, and transformation costs .
  • Lower Adjusted EBITDA YoY: $25.9M vs $35.5M, reflecting absence of prior-period discrete high-margin activities and incremental public company costs .

Financial Results

YoY Comparison (Q1 2024 → Q1 2025)

MetricQ1 2024Q1 2025
Revenue ($USD Millions)$223.1 $234.2
Net Loss ($USD Millions)$(1.3) $(25.8)
Diluted EPS ($)$(0.25) $(0.21)
Adjusted EBITDA ($USD Millions)$35.5 $25.9
Adjusted EBITDA Margin (%)15.9% 11.0%
Adjusted Gross Margin (%)29.1% 25.2%

Sequential Comparison (Q4 2024 → Q1 2025)

MetricQ4 2024Q1 2025
Net Loss ($USD Millions)$(15.6) $(25.8)
Adjusted EBITDA ($USD Millions)$40.7 $25.9
Cash and Equivalents ($USD Millions)$139.1 $155.7
Liquidity ($USD Millions)—$224.9
Total Term Loan Debt ($USD Millions)—$752.4

Note: Q4 2024 revenue not disclosed in available documents; liquidity and debt provided only for Q1 2025 .

Consensus vs Actual (Q1 2025)

MetricQ1 2025 ConsensusQ1 2025 Actual
Revenue ($USD Millions)$223.6*$234.2
Primary EPS ($)$0.00*$(0.21)
# of Estimates (Revenue / EPS)3 / 3*—

Values with asterisk retrieved from S&P Global.

KPIs

MetricQ1 2024Q1 2025
Cash from Operations ($USD Millions)$20.9 $32.8
Capital Expenditure ($USD Millions)$5.5 $4.5
Cash and Equivalents ($USD Millions)$89.9 $155.7
Accounts Receivable, Net ($USD Millions)$236.5 $206.7

Segment breakdown: Not disclosed in Q1 2025 filings .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue Growth (YoY)FY 2025Low-to-mid single digitLow-to-mid single digitMaintained

Context: Management reiterated FY 2025 revenue outlook; no explicit guidance provided for Adjusted EBITDA in Q1 documents .

Earnings Call Themes & Trends

TopicPrevious Mentions (Q3 2024)Previous Mentions (Q4 2024)Current Period (Q1 2025)Trend
Organic growth & pricingMargin improvement via pricing initiatives; combined Adjusted EBITDA growth Planned relisting; strong cash position 7.2% organic growth; pricing discipline emphasized Positive momentum
Public company readinessS-4 effective; OTC trading anticipated NYSE listing targeted NYSE uplisting approved; trading on NYSE beginning May 19 Executed milestone
Mix & marginsCombined Adj. EBITDA margin ~16.9% —Lower margin from run-and-maintain mix; public company costs Normalizing mix; near-term pressure
M&A strategyASP Acuren acquisition integration —NV5 definitive agreement announced Platform scaling
Regulatory/complianceMission-critical, compliance-mandated services —Continued focus on compliance-mandated recurring services Stable foundation
Tariffs/macro——Forward-looking statements include expectations re: tariffs Monitoring external factors

Note: A Q1 2025 earnings call transcript was not available in the document set; Q2 2025 transcript is available and used for broader narrative trend assessment for future periods -.

Management Commentary

  • “We delivered 7.2% organic growth in the quarter... We also delivered solid free cash flow... First quarter margins reflect a higher contribution from our run and maintain site work... We remain focused on organic growth and pricing discipline...” — Tal Pizzey, CEO .
  • “Our strong cash flow generation highlights the fundamental strength of our business model, while our robust balance sheet gives us the flexibility to pursue value-enhancing initiatives...” — Robert A.E. Franklin, Co‑Chairman .
  • “Acuren reiterates its full-year 2025 expectation for revenue growth to be in the low-to-mid-single digit percent range...” — Q1 Press Release .
  • “Acuren ... announced that they have entered into a definitive agreement to combine [with] NV5...” — Q1 Press Release .
  • “Acuren... approved for uplisting to the New York Stock Exchange; trading to commence May 19, 2025.” — Uplisting Press Release .

Q&A Highlights

  • Q1 2025 earnings call transcript is not available in the document set; Q&A themes therefore cannot be extracted for Q1 specifically. We note Q2 Q&A covered mix normalization, one-time costs, and synergy opportunities post-NV5, which inform forward-period narratives -.

Estimates Context

  • Revenue beat: Actual $234.2M vs consensus $223.6M*; variance +$10.7M (+4.8%). Actual diluted EPS of -$0.21 missed consensus ~$0.00* as higher D&A, tax valuation allowance, and transformation costs weighed on GAAP profitability .
  • Estimate depth: 3 estimates each for revenue and EPS in Q1 2025*; given recent public-company transition and Successor/Predecessor complexity, coverage may have been limited*.

Values with asterisk retrieved from S&P Global.

Key Takeaways for Investors

  • Quality revenue beat amid margin headwinds: mix shift and public-company costs compressed margins, but organic demand remains resilient; watch for margin normalization as staffing/utilization improve and mix rebalances .
  • Cash generation and liquidity strong: $32.8M CFO, $224.9M liquidity, $155.7M cash; supports integration, transformation, and optionality despite $752.4M term debt .
  • Guidance intact: FY25 low-to-mid-single-digit revenue growth maintained; near-term stock reaction likely hinges on confidence in margin trajectory and integration execution .
  • Strategic catalysts: NV5 combination and NYSE uplisting broaden scale and visibility; monitor subsequent guidance updates and synergy realization milestones .
  • Non-GAAP to GAAP bridge matters: Adjusted EBITDA down YoY to $25.9M; investors should track reconciliation items (transformation, acquisition-related costs) and D&A intensity post-ASP Acuren .
  • Working capital dynamics: AR contracted vs Dec-2024 while cash rose; continued CFO strength provides buffer against mix-related margin variability .
  • Trading setup: Near-term—expect focus on EPS miss and margin; medium-term—re-rating potential tied to integration synergies, mix normalization, and improved GAAP profitability cadence .