Limbach Holdings Stock Earnings Reports

Limbach reported strong Q3 2025 results driven by its strategic shift toward owner-direct relationships (ODR). Total revenue was $184.6M (up 37.8% YoY) with ODR revenue up 52% to $141.4M and representing 76.6% of revenue, in line with the company’s 70–80% target. Adjusted EBITDA was $21.8M (11.8% margin), adjusted EPS $1.05, and net income $8.8M. The company reaffirmed 2025 guidance: revenue $650M–$680M and adjusted EBITDA $80M–$86M. Limbach continues to pursue disciplined M&A (six recent acquisitions including Pioneer Power) and is integrating Pioneer with expectations to expand margins over time. Management emphasized recurring, lower‑risk ODR streams (maintenance contracts, work orders, T&M and smaller fixed-price projects), investments in a proactive sales organization, expansion of professional services (MEP engineering, facility assessments, program management) and a goal for long‑term gross margins of 35–40% by layering services and bundling offerings. Cash: $9.8M and total liquidity of $70.3M (availability on the revolver after expanding facility to $100M); total debt $61.9M. Free cash flow conversion remains strong and the company expects to continue using FCF to pay down revolver borrowings. Key investor takeaways: predictable, lower-risk revenue mix via ODR; continued margin expansion opportunity through M&A integration and sales/professional services buildout; reaffirmed full‑year guidance and solid liquidity to support growth and M&A.