Limbach Holdings Reports 16.4% Revenue Growth to $142.2 Million in Q2 2025

Limbach Holdings, Inc. reported a significant increase in financial performance for the second quarter of 2025, with total revenue reaching $142.2 million, a 16.4% increase from $122.2 million in the same period last year. The company's net income also rose to $7.8 million, compared to $6.0 million in the prior year, resulting in earnings per share of $0.67, up from $0.53. For the first half of 2025, revenue totaled $275.3 million, a 14.2% increase from $241.2 million in the first half of 2024, while net income for the period was $18.0 million, compared to $13.5 million in the previous year.

The growth in revenue was primarily driven by a 31.7% increase in the Owner Direct Relationships (ODR) segment, which generated $108.9 million, while the General Contractor Relationships (GCR) segment saw a decline of 15.7%, bringing in $33.3 million. The company attributed the ODR growth to its strategic focus on expanding this segment and the contributions from recent acquisitions, including Consolidated Mechanical and Kent Island Mechanical. The GCR segment's decline was part of a strategic shift towards higher-margin ODR projects.

Operationally, Limbach Holdings has expanded its workforce to approximately 1,300 employees across 20 offices in the eastern United States. The company has also been actively involved in acquisitions, including the recent purchase of Pioneer Power, Inc. for $66.1 million, which is expected to enhance its market presence in the Upper Midwest. The company’s backlog as of June 30, 2025, was reported at $332.6 million, with ODR backlog increasing to $233.1 million, while GCR backlog decreased to $99.5 million, reflecting a strategic focus on higher-margin projects.

The company’s financial position remains strong, with total assets of $343.0 million and total liabilities of $172.4 million as of June 30, 2025. The current ratio improved to 1.69, indicating better liquidity compared to 1.46 at the end of 2024. However, cash flows from operating activities decreased to $4.2 million in the first half of 2025, down from $12.6 million in the same period last year, primarily due to increased working capital needs. The company continues to monitor macroeconomic conditions and inflationary pressures, which may impact future operations and profitability.

Looking ahead, Limbach Holdings aims to further enhance its profitability by focusing on its ODR segment, expanding margins through evolved offerings, and pursuing strategic acquisitions. The company anticipates that its diversified service offerings and strong backlog will support continued growth, despite potential challenges from economic uncertainties and market volatility.