Limbach Holdings Stock Earnings Reports

Limbach reported Q1 2026 revenue of $138.9M, roughly in line with expectations, with total revenue up 4.3% year-over-year but organic revenue down 13.4% due to lower bookings in mid-2025 and normal seasonality. Bookings were very strong at $209M (book-to-bill 1.5x), with ~27% of bookings from data centers. ODR represented 71.9% of revenue and grew 10.4% (ODR organic down 5.4%); GCR declined. Consolidated gross margin compressed to 22.4% (Q1 2025: 27.6%), driven by lower fixed cost absorption, fewer project write-ups, and Pioneer Power’s lower margin profile; excluding Pioneer, margin would have been ~25%. Adjusted EBITDA was $8.7M (down materially vs. prior year) and adjusted EPS declined; the quarter generated a cash outflow (operating cash -$7.8M) driven by lower net income and higher working capital items. Balance sheet: $15.8M cash, $57M total debt, $76.4M total liquidity. Management reiterated 2026 guidance: revenue $730–760M, adjusted EBITDA $90–94M, with ODR organic growth and margin expansion as strategic priorities. Key strategic themes: prioritize ODR growth (while selectively pursuing high-quality GCR/data center work), scale via targeted acquisitions, expand margins through bundled customer solutions, and integrate Pioneer Power (expecting Pioneer margin improvement over 2–3 years). Management highlighted accelerating demand in data centers and confidence that recent sales investments and national account efforts will drive revenue momentum through 2026.