Willdan Group, Inc.

Listed Company

WLDNCIK 0001370450NasdaqLarge AcceleratedServices-Engineering ServicesDelawareFY ends Jan 1

Period

FY 2025

Revenue

$681.55M

Net Income

$52.56M

Total Assets

$544.21M

Equity

$304.85M

Shares Out

14.80M

Op. Cash Flow

$80.08M

Business

Willdan Group, Inc. provides professional, technical and consulting services to utilities, private industry, and public agencies, focusing on energy solutions, greenhouse gas reduction and government infrastructure. Its offerings include engineering, program management, policy advisory, software and data management, energy audits and benchmarking, program design and implementation, turnkey facility and construction management, and economic and financial consulting. The company operates through two principal segments: Energy and Engineering and Consulting. It delivers services through a nationwide network of offices and contractual relationships with investor‑owned and municipal utilities, public agencies, and commercial/industrial clients across multiple U.S. states, the District of Columbia, Alberta (Canada), and Puerto Rico.

Summary from filing dated 2025-03-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Contract revenue	682	566	510	429	354
Salaries and wages	109	94	90	83	66
Subcontractor services and other direct costs	317	269	240	203	152
Total direct costs of contract revenue	426	363	330	286	218
Gross profit	256	203	180	144	136
Salaries and wages, payroll taxes and employee benefits	126	105	96	82	74
Facilities and facility related	10	10	10	9	10
Stock-based compensation	12	7	5	8	17
Depreciation and amortization	19	15	16	17	17
Other	46	34	31	34	27
Total general and administrative expenses	212	171	158	151	145
Income (Loss) from operations	44	31	22	−7	−9
Interest expense, net	−6	−8	−9	−5	−4
Other, net	2	3	2	939,000	156,000
Total other expense, net	−4	−5	−7	−4	−4
Income (Loss) before income taxes	40	27	15	−11	−12
Income tax (benefit) expense	−13	4	4	−3	−4
Net income (loss)	53	23	11	−8	−8
Unrealized gain (loss) on derivative contracts, net of tax	44,000	350,000	−664,000	38,000	450,000
Comprehensive income (loss)	53	23	10	−8	−8
Basic (in dollars per share)	3.63	1.63	0.82	−0.65	−0.68
Diluted (in dollars per share)	3.49	1.58	0.8	−0.65	−0.68
Basic (in shares)	14	14	13	13	12
Diluted (in shares)	15	14	14	13	12

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	66	74	23	9	11
Accounts receivable, net of allowance for doubtful accounts of $340 and $1,313 at January 2, 2026 and December 27, 2024, respectively	65	66	70	60	67
Contract assets	107	89	94	83	59
Other receivables	6	2	1	5	6
Prepaid expenses and other current assets	8	5	4	6	5
Total current assets	252	236	192	174	149
Equipment and leasehold improvements, net	31	30	27	23	17
Goodwill	180	141	131	130	130
Right-of-use assets	17	14	12	12	15
Other intangible assets, net	36	29	32	41	—
Other assets	3	2	5	11	14
Deferred income taxes, net	27	13	16	19	17
Total assets	544	465	416	410	394
Accounts payable	46	34	33	29	37
Accrued liabilities	82	63	54	59	36
Contingent consideration payable	4	3	—	4	10
Contract liabilities	22	22	13	13	13
Notes payable	3	10	8	17	15
Finance lease obligations	1	1	1	1	539,000
Lease liability	5	6	5	5	6
Total current liabilities	162	138	115	127	117
Contingent consideration payable, less current portion	17	2	—	—	832,000
Notes payable, less current portion	46	79	89	91	86
Finance lease obligations, less current portion	1	1	1	2	778,000
Lease liability, less current portion	14	10	10	9	11
Other noncurrent liabilities	69,000	462,000	1	259,000	78,000
Total liabilities	239	231	216	228	215
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value, 10,000 shares authorized, no shares issued and outstanding	—	—	—	—	—
Common stock, $0.01 par value, 40,000 shares authorized; 14,762 and 14,169 shares issued and outstanding at January 2, 2026 and December 27, 2024, respectively	148,000	142,000	137,000	133,000	128,000
Additional paid-in capital	215	197	186	178	167
Accumulated other comprehensive income (loss)	−270,000	−314,000	−664,000	—	−38,000
Retained earnings	90	37	15	4	12
Total stockholders' equity	305	234	200	182	179
Total liabilities and stockholders' equity	544	465	416	410	394

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	53	23	11	−8	−8
Depreciation and amortization	19	15	16	17	17
Other non-cash items	637,000	−73,000	1	—	—
Deferred income taxes, net	−13	3	3	−2	−3
(Gain) loss on sale/disposal of equipment	−29,000	−15,000	−63,000	−64,000	−24,000
Provision for doubtful accounts	237,000	740,000	825,000	243,000	102,000
Accretion and fair value adjustments of contingent consideration	3	153,000	—	3	2
Accounts receivable	8	5	−10	7	−14
Contract assets	−18	6	−11	−24	3
Other receivables	−4	−1	4	1	138,000
Prepaid expenses and other current assets	−2	−1	3	−1	828,000
Other assets	−739,000	3	6	3	−8
Accounts payable	8	−831,000	4	−8	−5
Accrued liabilities	21	5	5	13	2
Contract liabilities	−4	8	598,000	−914,000	6
Right-of-use assets	124,000	−122,000	995,000	−332,000	−197,000
Net cash (used in) provided by operating activities	80	72	39	9	10
Purchase of equipment, software, and leasehold improvements	−9	−8	−10	−10	−9
Proceeds from sale of equipment	46,000	34,000	68,000	75,000	46,000
Cash paid for acquisitions, net of cash acquired	−36	−7	−2	—	—
Net cash (used in) provided by investing activities	−46	−16	−11	−10	−8
Payments on contingent consideration	—	—	−4	−10	−7
Payment on restricted cash	—	—	−11	—	—
Payments on notes payable	−137,000	−190,000	−2	−2	−2
Payments on debt issuance costs	−332,000	—	−1	−177,000	—
Borrowings under prior term loan and line of credit	—	—	5	—	—
Payments made to retire prior credit agreement	−90	—	−111	—	—
Borrowing to fund new credit agreement	88	—	100	—	—
Principal payments on outstanding debt	−40	−8	−2	−13	−13
Principal payments on finance leases	−1	−1	−1	−1	−545,000
Proceeds from stock option exercise	3	3	182,000	274,000	2
Proceeds from sales of common stock under employee stock purchase plan	3	3	3	3	3
Cash used to pay taxes on stock grants	−5	−1	−205,000	—	—
Net cash (used in) provided by financing activities	−43	−6	−24	8	−19
Net increase (decrease) in cash, cash equivalents and restricted cash	−8	51	4	8	−17
Interest	5	8	10	5	4
Income taxes	2	1	−3	−1	−2
Issuance of common stock related to business acquisitions	6	—	—	—	—
Contingent consideration related to business acquisitions	13	4	—	—	—
Equipment acquired under finance leases	1	2	961,000	2	1

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