Southland Holdings, Inc. reported a decline in financial performance for the second quarter of 2025, with revenues totaling $215.4 million, a decrease of 14.4% from $251.5 million in the same period last year. The company's net loss for the quarter was $9.9 million, compared to a loss of $45.4 million in the prior year. For the first half of 2025, Southland's revenue was $454.9 million, down 15.7% from $539.6 million in the first half of 2024, while the net loss narrowed to $12.7 million from $44.8 million year-over-year.
The decrease in revenue was primarily attributed to a significant drop in the Transportation segment, which saw a $38.3 million decline due to projects nearing completion. Conversely, the Civil segment experienced a slight increase in revenue, driven by new projects that commenced after June 30, 2024. Cost of construction also decreased, falling to $202.0 million in the second quarter from $291.5 million a year earlier, reflecting a 30.7% reduction. This reduction was largely due to the completion of projects and the exit from the Materials & Paving business line.
Strategically, Southland has been focusing on its core operations, which include infrastructure construction across various sectors. The company has made efforts to streamline its operations, resulting in a gross profit of $13.4 million for the second quarter, a significant improvement from a gross loss of $40.0 million in the same quarter of 2024. The improvement in gross profit was attributed to the absence of prior year unfavorable adjustments and better project management.
As of June 30, 2025, Southland's total assets stood at $1.2 billion, with total liabilities of $1.0 billion, resulting in stockholders' equity of $165.5 million. The company reported a backlog of $2.3 billion, indicating a strong pipeline of future work, with approximately 41% expected to be recognized as revenue within the next twelve months. Southland's liquidity remains stable, supported by cash generated from operations and available credit facilities, although the company noted that its future liquidity could be impacted by market conditions and operational performance.
Looking ahead, Southland Holdings anticipates continued demand for infrastructure projects, bolstered by federal and state spending initiatives. However, the company remains cautious about potential economic uncertainties, including inflation and trade-related impacts on material costs. Southland is committed to leveraging its competitive advantages in the construction sector to navigate these challenges and capitalize on new opportunities in both public and private markets.
About Southland Holdings, Inc.
Southland Holdings, Inc. is a leading infrastructure construction company specializing in civil and transportation projects across North America. Its core services include designing and building bridges, tunnels, water systems, and large-scale structures. With a focus on self-performance, owned equipment, and strategic bidding, it serves public and private clients, emphasizing safety, quality, and long-term relationships in a highly competitive industry.
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