Acuren Corporation Reports Q1 2025 Financial Results with Revenue Increase and Net Loss

Acuren Corporation reported its financial results for the first quarter of 2025, revealing a service revenue of $234.2 million, a 5% increase from $223.1 million in the same period of the previous year. However, the company experienced a net loss of $25.8 million, significantly higher than the $1.3 million loss reported in the prior year. The increase in revenue was attributed to higher transaction volumes with existing customers and new sales in targeted markets, although adverse weather conditions in the U.S. impacted overall performance.

The company's cost of revenue rose to $190.5 million, a 14% increase from $167.2 million in the previous year, primarily due to direct costs associated with servicing the increased revenue base and higher depreciation expenses linked to the Acuren Acquisition completed in July 2024. As a result, gross profit decreased to $43.7 million, down 21.8% from $55.8 million, reflecting a gross profit margin decline from 25% to 19%. Selling, general, and administrative expenses also increased by 25.3% to $52.5 million, driven by higher employee-related costs and increased amortization expenses.

Acuren's operational metrics showed a significant change in customer engagement, with the company reporting a substantial increase in employee headcount following the acquisition of ASP Acuren Holdings, Inc. The total assets of Acuren as of March 31, 2025, were $2.18 billion, slightly down from $2.21 billion at the end of 2024. The company also reported a total debt of $752.4 million, with no amounts outstanding under its revolving credit facility, indicating a focus on managing its leverage post-acquisition.

Looking ahead, Acuren has entered into a definitive merger agreement with NV5 Global, Inc., valued at approximately $1.7 billion, which is expected to close in the second half of 2025, subject to regulatory approvals. The company anticipates that this merger will enhance its service offerings and market presence. Additionally, Acuren is actively working on addressing identified material weaknesses in its internal controls over financial reporting, which could impact its financial statements if not remediated effectively. The management remains optimistic about future growth, driven by strategic acquisitions and operational improvements.