TIC Solutions Reports 108% Revenue Growth to $488M in Q1 2026

TIC Solutions, Inc. (formerly Acuren Corporation) reported significant financial results for the first quarter of 2026, with revenues reaching $488.0 million, a substantial increase of 108% compared to $234.2 million in the same period last year. This growth was primarily driven by the acquisition of NV5 Global, Inc., which contributed approximately $253.2 million in incremental revenues. Excluding this acquisition, revenue growth was modest, with a slight increase of $0.6 million attributed to higher call-out and outage work, offset by declines in capital project activity.

The company's cost of revenue also rose sharply, totaling $326.7 million, up 71% from $190.5 million in the prior year. The increase was largely due to the NV5 acquisition, which added $132.7 million in costs. Without this acquisition, costs increased by $3.5 million, reflecting a shift in revenue mix towards lower-margin services. Gross profit for the quarter was $161.3 million, representing a 269% increase from $43.7 million a year earlier, with a gross profit margin of 33.1%, up from 18.6%. The improved margin was significantly influenced by the higher profitability of NV5's consulting engineering and geospatial services.

Selling, general, and administrative (SG&A) expenses surged to $150.3 million, a 277% increase from $39.9 million in the previous year, primarily due to expenses related to the NV5 acquisition. Excluding these costs, SG&A expenses rose by $15.2 million, driven by increased share-based compensation and acquisition-related expenses. The company reported a loss from operations of $29.1 million, compared to a loss of $9.4 million in the prior year, and a net loss of $41.5 million, up from $25.8 million a year earlier.

Operationally, TIC Solutions has seen a notable increase in its customer base and service offerings following the NV5 acquisition, which has expanded its capabilities in engineering and geospatial services. The company reported total assets of $4.3 billion as of March 31, 2026, a slight decrease from $4.4 billion at the end of 2025, with total liabilities also decreasing to $2.2 billion. The company’s employee headcount has increased as a result of the acquisition, contributing to its expanded service capacity.

Looking ahead, TIC Solutions anticipates continued growth driven by the integration of NV5 and the expansion of its service offerings. The company is focused on managing costs and improving operational efficiencies while navigating market conditions influenced by inflation and geopolitical factors. The management remains optimistic about leveraging its enhanced capabilities to capture new business opportunities in both private and public sectors.