Willdan Group, Inc. reported a significant increase in financial performance for the first quarter of fiscal year 2025, with contract revenue reaching $152.4 million, a 24.4% increase from $122.5 million in the same period last year. The company's net income also rose to $4.7 million, compared to $2.9 million in the prior year, reflecting a 59.3% increase. This growth was attributed to heightened demand for services across both its Energy and Engineering and Consulting segments, bolstered by recent acquisitions.
The company's direct costs of contract revenue increased by 26.2% to $94.7 million, driven by a rise in salaries and subcontractor services. Despite the increase in costs, gross profit improved to $57.7 million, although the gross margin slightly decreased to 37.8% from 38.7% due to changes in revenue mix. General and administrative expenses also rose by 20.4% to $50.6 million, primarily due to higher salaries, stock-based compensation, and professional service fees.
Willdan's operational developments included the acquisition of Alternative Power Generation, Inc. (APG) and Alpha Inspections, Inc., which contributed to the revenue growth. The company also completed the acquisition of Enica Engineering, PLLC, in late 2024. These acquisitions are expected to enhance Willdan's capabilities in energy solutions and municipal services, further expanding its market presence.
As of April 4, 2025, Willdan's total assets stood at $471.2 million, with total liabilities of $225.6 million. The company reported a cash balance of $38.4 million, down from $74.2 million at the end of the previous fiscal year, primarily due to cash used for acquisitions. The company’s debt obligations included $87.5 million outstanding on its Term Loan, with a composite interest rate of 6.4%.
Looking ahead, Willdan anticipates continued growth driven by increased demand for energy efficiency services and the successful integration of its recent acquisitions. The company remains focused on leveraging its expanded capabilities to capture new contracts and enhance its service offerings in the energy and consulting sectors.
About Willdan Group, Inc.
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