Limbach Holdings, Inc.

Listed Company

LMBCIK 0001606163NasdaqLarge AcceleratedConstruction - Special Trade ContractorsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$646.80M

Net Income

$39.06M

Total Assets

$381.13M

Equity

$195.66M

Shares Out

11.68M

Op. Cash Flow

$45.70M

Business

Limbach Holdings, Inc. is a building systems solutions firm that partners with building owners and facilities managers to deliver mission‑critical mechanical, electrical and plumbing infrastructure services. It provides engineering, design, installation, commissioning, retrofit and replacement work, rental equipment, 24/7 maintenance and repairs, energy efficiency and decarbonization consulting. The company operates two segments: Owner Direct Relationships (ODR), focused on full life‑cycle services and recurring maintenance, and General Contractor Relationships (GCR), focused on MEP work for new construction and renovations. Limbach serves healthcare, industrial, data center, life‑science, higher education and cultural markets across the eastern and Midwest United States through direct owner engagements and general contractor partnerships.

Summary from filing dated 2025-03-10

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
Revenue	647	519	516	497	490
Cost of revenue	477	375	397	403	404
Gross profit	169	144	119	94	86
Selling, general and administrative	110	97	87	78	71
Acquisition-related retention expense and contingent consideration	2	4	729,000	—	—
Amortization of intangibles	8	5	2	2	500,000
Total operating expenses	120	106	90	82	72
Operating income	49	39	29	12	14
Interest expense	−3	−2	−2	−2	—
Interest income	815,000	2	1	—	—
Loss on early debt extinguishment	0	0	−311,000	0	−2
(Loss) gain on change in fair value of interest rate swap	−191,000	34,000	−124,000	310,000	0
Gain on disposition of property and equipment	2	950,000	80,000	281,000	2,000
Total other (expenses) income	−825,000	1	−1	−2	—
Income before income taxes	49	40	28	10	9
Income tax provision	10	9	7	3	3
Net income	39	31	21	7	7
Basic (in usd per share)	3.37	2.75	1.93	0.65	0.67
Diluted (in usd per share)	3.23	2.57	1.76	0.64	0.66
Basic (in shares)	12	11	11	10	10
Diluted (in shares)	12	12	12	11	10

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	11	45	60	36	14
Restricted cash	65,000	65,000	65,000	113,000	113,000
Accounts receivable (net of allowance for credit losses of $396 and $387, respectively)	133	120	98	124	89
Contract assets, net	45	48	52	61	84
Advances to and equity in joint ventures, net	5,000	5,000	12,000	12,000	—
Other current assets	5	8	8	4	5
Total current assets	195	220	217	226	193
Property and equipment, net	43	30	21	18	22
Intangible assets, net	49	41	25	15	17
Goodwill	71	33	16	11	11
Operating lease right-of-use assets	20	22	20	18	20
Deferred tax asset	3	6	5	5	4
Other assets	276,000	337,000	330,000	515,000	259,000
Total assets	381	352	304	295	268
Current portion of long-term debt	5	3	3	10	10
Current operating lease liabilities	4	4	4	4	4
Accounts payable, including retainage	74	61	65	75	64
Contract liabilities, net	21	45	42	44	27
Accrued income taxes	1	1	446,000	2	501,000
Accrued expenses and other current liabilities	29	37	31	25	24
Total current liabilities	135	151	145	159	130
Long-term debt	31	24	20	22	30
Long-term operating lease liabilities	16	18	16	16	17
Other long-term liabilities	4	6	3	3	4
Total liabilities	185	199	184	199	180
Commitments and contingencies (Note 13)	—	—	—	—	—
Redeemable convertible preferred stock, net, par value $0.0001, 1,000,000 shares authorized, no shares issued and outstanding ($0 redemption value)	0	0	0	0	0
Common stock, $0.0001 par value; 100,000,000 shares authorized, issued 11,806,466 and 11,452,753, respectively; 11,626,814 and 11,273,101 outstanding, respectively	1,000	1,000	1,000	1,000	1,000
Additional paid-in capital	97	94	93	88	85
Treasury stock, at cost (179,652 shares at both period ends)	−2	−2	−2	−2	0
Retained earnings	100	61	30	10	3
Total stockholders equity	196	153	121	95	88
Total liabilities and stockholders equity	381	352	304	295	268

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
Depreciation and amortization	18	12	8	8	6
Noncash operating lease expense	4	4	4	4	4
Provision for credit losses	404,000	201,000	431,000	292,000	198,000
Non-cash stock-based compensation expense	7	6	5	3	3
Amortization of debt issuance costs	54,000	43,000	79,000	138,000	—
Deferred income tax provision	3	−352,000	−350,000	−499,000	2
Acquisition-related retention expense and contingent consideration	2	4	729,000	—	—
Accounts receivable	4	−11	33	−35	3
Contract assets and contract liabilities, net	−25	6	1	—	—
Other current assets	3	−499,000	−1	1	−555,000
Accounts payable, including retainage	5	−10	−11	11	−6
Income tax receivable	0	0	95,000	19,000	−114,000
Accrued income taxes	−318,000	1	−1	1	−1
Accrued expenses and other current liabilities	−9	3	3	−3	−706,000
Operating lease liabilities	−4	−4	−4	−4	−4
Payment of contingent consideration liability in excess of acquisition-date fair value	−2	−2	−1	0	—
Other long-term liabilities	409,000	−141,000	401,000	−108,000	−4
Net cash provided by operating activities	46	37	57	35	−24
Proceeds from sale of property and equipment	2	2	435,000	498,000	467,000
Purchase of property and equipment	−4	−8	−2	−993,000	−791,000
Advances from joint ventures	0	7,000	0	0	—
Net cash used in investing activities	−68	−43	−17	−495,000	−19
Payments on Wintrust Term Loans	0	0	−21	−13	−5
Proceeds from Wintrust Revolving Loan	74	0	10	15	0
Payments on Wintrust Revolving Loan	−74	0	0	−15	0
Payment of contingent consideration liability up to acquisition-date fair value	−3	−1	−2	0	−1
Payments on finance leases	−4	−3	−3	−3	−3
Proceeds from contributions to employee stock purchase plan	653,000	440,000	368,000	309,000	323,000
Proceeds from the sale of shares to cover employee taxes	6	0	0	—	—
Taxes paid related to net-share settlement of equity awards	−11	−5	−847,000	−417,000	−459,000
Payments of debt issuance costs	−168,000	0	−50,000	−433,000	−643,000
Net cash used in financing activities	−12	−9	−16	−13	16
(Decrease) increase in cash, cash equivalents and restricted cash	−34	−15	24	22	−28
Right of use assets obtained in exchange for new operating lease liabilities	2	5	3	0	5
Right of use assets obtained in exchange for new finance lease liabilities	14	8	5	3	1
Right of use assets disposed or adjusted modifying operating leases liabilities	0	1	1	2	219,000
Right of use assets disposed or adjusted modifying finance leases liabilities	49,000	0	−93,000	−77,000	0
Interest paid	3	2	2	2	3
Cash paid for income taxes	7	9	9	2	2

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