Orion Group Holdings, Inc. reported a notable increase in financial performance for the second quarter of 2025, with contract revenues reaching $205.3 million, a 6.8% rise from $192.2 million in the same period last year. For the first half of 2025, revenues totaled $393.9 million, up 11.6% from $352.8 million in the prior year. The company achieved a gross profit of $25.8 million for the quarter, reflecting a 41.1% increase compared to $18.3 million in Q2 2024. This growth was attributed to new contract awards and increased activity in both the marine and concrete segments, despite a rise in selling, general, and administrative expenses, which increased to $22.8 million from $21.1 million year-over-year.

The company’s operational metrics also showed improvement, with a significant turnaround in operating income, which reached $3.4 million in Q2 2025, compared to a loss of $2.8 million in the same quarter of 2024. For the first half of 2025, Orion reported a net loss of $573,000, a substantial improvement from a loss of $12.7 million in the prior year. The company’s effective tax rate for the quarter was impacted by a tax benefit of $212,000, contrasting with a tax expense of $617,000 in Q2 2024.

In terms of strategic developments, Orion's backlog increased to $745.7 million as of June 30, 2025, up from $729.1 million at the end of 2024. The marine segment backlog was $554.8 million, while the concrete segment backlog rose to $190.9 million. The company continues to focus on expanding its market presence, particularly in the Caribbean Basin, where contract revenues from international operations accounted for 5.6% of total revenues in Q2 2025.

Operationally, Orion's workforce has expanded, with the total employee headcount increasing to support business growth. The company reported a significant increase in accounts receivable, which rose to $168.5 million from $106.3 million at the end of 2024, indicating higher sales volume. However, cash and cash equivalents decreased to $1.7 million from $28.3 million, reflecting cash outflows primarily due to working capital changes and capital expenditures, which totaled $16.2 million in the first half of 2025.

Looking ahead, Orion Group Holdings anticipates continued growth driven by its strategic focus on securing new contracts and improving operational efficiencies. The company remains optimistic about its liquidity position, with available borrowing capacity under its credit agreement amounting to approximately $21.9 million as of June 30, 2025. Management believes that the current backlog and ongoing projects will support revenue growth in the upcoming quarters, despite potential challenges related to commodity price fluctuations and market conditions.

About Orion Group Holdings Inc

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