Orion Group Holdings Inc

Listed Company

ORNCIK 0001402829NYSEAcceleratedHeavy Construction Other Than Bldg Const - ContractorsFY ends Dec 31

Period

FY 2025

Revenue

$852.26M

Net Income

$2.49M

Total Assets

$414.65M

Equity

$159.03M

Shares Out

40.48M

Op. Cash Flow

$28.07M

Business

Orion Group Holdings Inc is a specialty construction company providing marine and concrete construction services for infrastructure, industrial and building projects. Its main offerings include marine construction and dredging (port facilities, pipelines, bridges, causeways, environmental structures, salvage, diving, surveying and specialty services) and turnkey concrete services (site preparation, layout, forming, placement, finishing and rebar installation). The company operates through two reportable segments—Marine and Concrete—providing design‑build, maintenance and specialty capabilities. It serves federal, state and local agencies and private customers across the continental U.S., Alaska, Hawaii, Canada and the Caribbean Basin, typically through competitively bid contracts.

Summary from filing dated 2025-03-06

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 revenues	852	796	712	748	601
Costs of contract revenues	747	705	650	698	560
Gross profit	106	91	62	51	41
Selling, general and administrative expenses	93	83	69	63	60
Amortization of intangible assets	—	—	427,000	1	2
Gain on disposal of assets, net	−2	−3	−8	−5	−11
Intangible asset impairment loss	—	—	7	—	—
Operating income (loss)	15	12	−7	−8	−9
Interest expense	−9	−13	−12	−4	—
Loss on extinguishment of debt	−4	—	—	—	—
Other income	936,000	564,000	744,000	199,000	199,000
Other expense, net	−12	−13	−11	−4	−5
Income (loss) before income taxes	3	−1	−18	−12	−14
Income tax benefit	419,000	348,000	330,000	429,000	502,000
Net income (loss)	2	−2	−18	−13	−15
Basic income (loss) per share (in dollars per share)	0.06	−0.05	−0.55	−0.4	−0.47
Diluted income (loss) per share (in dollars per share)	0.06	−0.05	−0.55	−0.4	−0.47
Basic (in shares)	40	35	32	31	31
Diluted (in shares)	40	35	32	31	31

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	2	28	31	4	12
Restricted cash	2	0	—	—	—
Trade, net of allowance for credit losses of $3,461 and $555, respectively	176	106	101	107	88
Retainage	49	36	42	51	41
Income taxes receivable	256,000	483,000	626,000	402,000	405,000
Other current	4	3	—	—	—
Inventory	2	2	3	3	1
Contract assets	31	84	82	44	29
Prepaid expenses and other	13	9	9	8	8
Total current assets	278	269	272	220	198
Property and equipment, net of accumulated depreciation	88	86	88	101	107
Operating lease right-of-use assets, net of accumulated amortization	20	27	26	15	15
Financing lease right-of-use assets, net of accumulated amortization	18	26	24	16	15
Inventory, non-current	6	8	6	5	5
Deferred income tax asset	17,000	17,000	26,000	70,000	41,000
Other non-current	3	1	2	2	4
Total assets	415	417	417	367	352
Current debt, net of debt issuance costs	2	426,000	13	35	39
Trade	107	97	80	88	48
Retainage	2	1	3	1	923,000
Accrued liabilities	32	26	37	18	39
Income taxes payable	197,000	507,000	570,000	522,000	601,000
Contract liabilities	49	47	64	38	27
Current portion of operating lease liabilities	4	8	9	5	4
Current portion of financing lease liabilities	8	11	9	4	3
Total current liabilities	204	191	216	189	162
Long-term debt, net of debt issuance costs	6	23	24	716,000	259,000
Operating lease liabilities	25	21	17	11	12
Financing lease liabilities	6	11	14	11	11
Other long-term liabilities	15	21	25	17	19
Deferred income tax liability	80,000	28,000	64,000	211,000	169,000
Total liabilities	256	267	295	229	204
Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued	—	—	—	—	—
Common stock -- $0.01 par value, 50,000,000 authorized, 40,612,139 and 39,681,597 issued; 39,900,908 and 38,970,366 outstanding at December 31, 2025 and December 31, 2024, respectively	406,000	397,000	333,000	328,000	317,000
Treasury stock, 711,231 shares, at cost, as of December 31, 2025 and December 31, 2024, respectively	−7	−7	−7	−7	−7
Additional paid-in capital	226	221	190	188	186
Retained Loss	−61	−64	−62	−44	−32
Total stockholders' equity	159	151	121	138	148
Total liabilities and stockholders' equity	415	417	417	367	352

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)	2	−2	−18	−13	−15
Depreciation and amortization	14	16	19	21	23
Amortization of ROU operating leases	8	10	7	5	5
Amortization of ROU finance leases	9	7	5	3	3
Write-off of debt issuance costs upon debt modification	—	—	119,000	—	790,000
Amortization of deferred debt issuance costs	1	2	2	424,000	430,000
Deferred income taxes	52,000	−27,000	−103,000	13,000	−9,000
Share-based compensation	5	4	2	3	2
Gain on disposal of assets, net	−2	−3	−8	−5	−11
Allowance for credit losses	3	194,000	−109,000	322,000	—
Accounts receivable	−86	2	14	−29	5
Income tax receivable	227,000	143,000	−224,000	3,000	14,000
Inventory	787,000	−554,000	−729,000	−1	371,000
Prepaid expenses and other	−4	41,000	−55,000	2	143,000
Contract assets	53	−3	−38	−15	4
Accounts payable	11	16	−5	39	589,000
Accrued liabilities	8	−11	12	−7	−7
Operating lease liabilities	−7	−9	−7	−5	−5
Landlord lease inventive received	7	—	—	—	—
Income tax payable	−310,000	−63,000	48,000	−79,000	−38,000
Contract liabilities	2	−17	26	11	−6
Net cash provided by operating activities	28	13	17	10	69,000
Proceeds from sale of property and equipment	25	3	11	5	27
Purchase of property and equipment	−39	−14	−9	−15	−17
Net cash (used in) provided by investing activities	−14	−11	2	−10	11
Borrowings on credit facilities	185	73	107	24	53
Payments on credit facilities	−185	−73	−104	−28	—
Payments made on term loan	−23	−15	—	—	—
Payment of make-whole on debt extinguishment	−1	—	—	—	—
Proceeds from deemed financing obligation	4	—	17	—	—
Principal payments on deemed financing obligation	−8	−6	—	—	—
Loan costs related to credit facilities	−2	−393,000	−7	−664,000	—
Payments of finance lease liabilities	−10	−9	−5	−3	−3
Proceeds from issuance of common stock	—	26	—	—	—
Employee stock plans, net activity	415,000	418,000	−492,000	—	—
Net cash (used in) provided by financing activities	−39	−4	8	−8	6,000
Net change in cash, cash equivalents and restricted cash	−25	−3	27	−9	11
Interest, net of amounts capitalized	9	12	12	3	2
Taxes, net of refunds	565,000	797,000	618,000	533,000	568,000
Capital expenditures included in accounts payable and accrued liabilities	1	—	—	—	—
Write-off of deferred financing costs upon debt extinguishment	3	—	—	—	—

Filings

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