Bowman Consulting Group Ltd. reported a significant increase in financial performance for the first quarter of 2025, with gross contract revenue reaching $112.9 million, a 19% increase from $94.9 million in the same period last year. The company's net loss for the quarter was $1.7 million, slightly higher than the $1.6 million loss reported in the first quarter of 2024. The increase in revenue was attributed to a combination of organic growth and contributions from recent acquisitions, which accounted for approximately $11.8 million of the revenue increase.
In terms of operational metrics, Bowman’s net service billing, which reflects revenue generated from its workforce, rose to $100.1 million, up 16.8% from $85.7 million in the prior year. The company’s Adjusted EBITDA also improved, increasing to $14.5 million from $12.1 million, indicating a positive trend in operational efficiency despite the net loss. The company’s backlog, a key indicator of future revenue, grew by 5% to $418.8 million, suggesting a strong pipeline of work ahead.
Bowman has been active in expanding its market presence through acquisitions, including the purchase of UP Engineering, LLC for $3.5 million and the acquisition of Surdex Corporation, which contributed to the revenue growth in the quarter. The company has completed a total of eight acquisitions since the beginning of 2024, enhancing its service offerings and geographic reach. As of March 31, 2025, Bowman had 17,233,069 shares of common stock outstanding, reflecting its ongoing efforts to manage capital and support growth initiatives.
The company’s financial position has also strengthened, with cash and equivalents increasing to $10.7 million from $6.7 million at the end of 2024. Total assets rose to $528.7 million, up from $505.9 million, while total liabilities increased to $284.6 million from $259.8 million. The company’s revolving credit facility was expanded to $140 million, providing additional liquidity for future growth and acquisitions.
Looking ahead, Bowman Consulting Group remains optimistic about its growth trajectory, driven by strategic acquisitions and a diversified service portfolio. The company plans to continue leveraging its strong market position to capture new opportunities, particularly in the transportation and power sectors, while maintaining a focus on operational efficiency and profitability.
About Bowman Consulting Group Ltd.
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