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ACUREN CORP (TIC)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 Revenue was $262.0M, down 3.0% YoY on outage timing, FX headwinds, and intentional exits of lower‑margin customers; Adjusted EBITDA was $40.7M (+0.2% YoY) with margin up 40 bps to 15.5% on lower SG&A .
  • Against S&P Global consensus, TIC delivered a material miss: Revenue $262.0M vs $281.1M*, Primary EPS −$0.050 vs $0.099*, and EBITDA $34.2M vs $41.2M*; the EPS miss reflects non‑recurring transaction and public‑company costs as well as higher D&A post‑acquisition (non‑GAAP excludes these) .
  • Full‑year 2024 combined revenue reached $1.097B (+4.5% YoY) and combined Adjusted EBITDA $186.7M (+11.5% YoY), as mix/pricing offset exits of lower‑margin work; management initiated 2025 revenue outlook of low‑to‑mid single‑digit growth .
  • Strategic milestones: redomiciling to the U.S., listing on NYSE American (February 2025) and later uplisting to NYSE (May 2025), plus a term loan repricing expected to save ~$5.8M annual cash interest, all supportive of liquidity ($214.1M available at 12/31/24) .

Note: A Q4 2024 earnings call transcript was not available in our document set; we relied on the 8‑K press release and presentation.

What Went Well and What Went Wrong

  • What Went Well

    • Margins held despite softer revenue: Adjusted EBITDA margin rose to 15.5% from 15.1% YoY on lower SG&A in Q4 2024 .
    • Balance sheet/liquidity: $139.1M cash, $754.8M total debt (net of issuance costs), and $214.1M total liquidity as of 12/31/24; term loan repricing in January 2025 targets ~$5.8M annual interest savings .
    • Strategic positioning: “We finished 2024 having made significant progress…expanding high‑margin service offerings…positioning ourselves with strong momentum as a listed company” — CEO Tal Pizzey .

  • What Went Wrong

    • Estimate shortfall: Revenue ($262.0M) and Primary EPS (−$0.050) fell below S&P Global consensus $281.1M and $0.099*, respectively; EBITDA $34.2M vs $41.2M* .
    • GAAP loss continued: Q4 2024 GAAP net loss was $15.6M (vs $14.5M loss LY), driven primarily by non‑recurring transaction‑related expenses and higher D&A post‑ASP Acuren acquisition .
    • Volume headwinds: YoY revenue decline driven by outage timing, FX headwinds, and purposeful exits from lower‑margin relationships, partially offset by acquisition contributions .

Financial Results

MetricQ4 2023 (Predecessor)Q3 2024 (Combined)Q4 2024 (Successor)
Revenue ($M)$270.1 $303.0 $262.0
Gross Profit ($M)$58.9 $74.7 Adjusted GP (implied via table) $54.5
Gross Margin %26.8% 29.6% Adjusted (combined) 26.1% (Adjusted)
Adjusted EBITDA ($M)$40.7 $51.3 $40.7
Adjusted EBITDA Margin %15.1% 16.9% 15.5%
Net Income (Loss) ($M)$(14.5) $(89.8) Successor; $3.9 Predecessor (not combined GAAP) $(15.6)
EPS (Basic/Diluted)$(2.88) (Predecessor) N/A$(0.13) (Basic & Diluted)

Notes: Q3 2024 “Combined” figures follow company practice of summing Successor and Predecessor periods; management presents combined Adjusted metrics for comparability .

Estimates vs Actuals (S&P Global)

MetricConsensusActualSurprise
Revenue ($M)$281.1*$262.0 Miss
Primary EPS$0.099*−$0.050*Miss
EBITDA ($M)$41.2*$34.2*Miss

Values marked with * retrieved from S&P Global.

KPIs and Balance Sheet (as of/for Q4 2024)

  • Cash & Cash Equivalents: $139.1M; Total Debt (net of issuance costs): $754.8M; Available Liquidity: $214.1M .
  • Shares Outstanding (WAVG Q4): 121.48M common; 1.0M Series A preferred .
  • Organic Service Revenue Change: −4% in Q4 2024; +3% for FY 2024 (fixed‑currency + acquisitions adjusted) .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue GrowthFY 2025Not previously providedLow‑to‑mid single‑digit % growth vs FY 2024 Initiated
Adjusted EBITDAFY 2025Not disclosedNot disclosed (to be provided in future updates)—
Other items (OpEx, OI&E, Tax, Segment, Dividends)FY 2025Not disclosedNot disclosed—

Management reiterated the focus on exiting lower‑margin relationships while sustaining growth and margin expansion into 2025 .

Earnings Call Themes & Trends

Note: A Q4 2024 earnings call transcript was not available in our document set; themes below synthesized from company press releases.

TopicQ-2 (Q2 2024)Q-1 (Q3 2024)Current (Q4 2024)Trend
Pricing & MixLimited disclosure in our set“Pricing initiatives implemented in 2023” supported margin improvement Continued focus on expanding high‑margin services; margin up YoY Improving mix/discipline
Customer/End‑Market DemandLimited disclosureIncreased demand from recurring customers; new sales in target markets Run‑and‑maintain work remains resilient; outage timing impacted Q4 Stable core demand, timing matters
Portfolio DisciplineLimited disclosureExiting certain lower‑margin customers underway Continued exits of lower‑margin relationships Ongoing margin focus
FX & MacroLimited disclosureNot highlightedFX was a Q4 headwind FX variable
M&A/IntegrationPredecessor completed tuck‑ins in 2024 (implied) Contributions from acquisitions Acquisitions partially offset headwinds Selective M&A supportive
Capital MarketsN/AS‑4 effective; OTC trading expected; NYSE target in 2025 Listed on NYSE American (Feb 2025); uplisting to NYSE (May 2025) Increased visibility/liquidity

Management Commentary

  • CEO Tal Pizzey (Q4 2024): “We finished 2024 having made significant progress…expanding high‑margin service offerings…disciplined customer selection…[and] operational excellence…we remain committed to delivering sustainable growth, expanding margins and cash flow conversion…” .
  • Co‑Chairman Robert A.E. Franklin (Q4 2024): “We’re confident in our strategic direction…essential, often mandated services…focus on recurring maintenance work that provides stability regardless of broader economic conditions.” .
  • CEO Tal Pizzey (Q3 2024): “Strong year‑to‑date results reflect continued improvement in service revenue and margins…pricing initiatives implemented in 2023.” .

Q&A Highlights

A Q4 2024 earnings call transcript was not available in our document set. Management’s press materials clarified:

  • Q4 YoY revenue headwinds were primarily outage timing, FX, and exits of lower‑margin customers; acquisitions provided a partial offset .
  • 2025 outlook targets low‑to‑mid single‑digit revenue growth as the portfolio is refined and public‑company investments normalize over time .

Estimates Context

  • S&P Global consensus vs actual for Q4 2024: Revenue $281.1M* vs $262.0M (miss), Primary EPS $0.099* vs −$0.050* (miss), EBITDA $41.2M* vs $34.2M* (miss). Values retrieved from S&P Global.
  • Estimate revisions likely move lower on EPS/EBITDA given GAAP losses and the non‑recurring charges cadence; revenue trajectory aligns with 2025 LSD‑MSD guide anchored in mix/pricing and customer selection .

Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

  • Near‑term: Expect continued noise in GAAP earnings from acquisition accounting and public‑company setup costs; focus on Adjusted margins and cash conversion as better indicators of operating momentum .
  • Revenue quality over quantity: Exiting lower‑margin relationships and expanding higher‑margin services should continue to support margin resilience even if top‑line growth is modest .
  • Liquidity/capital structure improved: ~$214M liquidity, debt repricing saving ~$5.8M annual interest provides flexibility to fund organic growth and selective M&A .
  • 2025 setup: Management’s LSD‑MSD revenue growth guide appears prudent given FX/timing variability; watch cadence of outage projects and fixed‑currency organic growth (Q4 organic −4% vs FY +3%) .
  • Catalysts: Execution on margin expansion, visibility from NYSE listing, and sustained organic growth could re‑rate shares; conversely, additional non‑recurring charges or FX/timing drags could keep estimates under pressure .

Appendix: Additional Context and Prior Quarters

  • Q3 2024 (Combined) highlights: Revenue $303.0M (+14.1% YoY combined), Adjusted EBITDA $51.3M (+14.8% YoY), Adjusted EBITDA margin 16.9% .
  • 2024 interim (company disclosure): Q2 2024 (Predecessor) Adjusted EBITDA $59.1M; Q1 2024 (Predecessor) Adjusted EBITDA $35.5M; Q3 2024 (Successor two months) Adjusted EBITDA $35.1M; Q4 2024 (Successor) Adjusted EBITDA $40.7M .

Sources:

  • Q4 2024 and FY 2024 results press release and financials (Form 8‑K, March 27, 2025) .
  • Q3 2024 results press release and non‑GAAP reconciliations (Form 8‑K, December 20, 2024) .
  • Earnings presentation (March 2025) .
  • Business Wire distribution of Q4 2024 press release .

Values marked with * retrieved from S&P Global.