Bowman Consulting : 2026 Q1 Earnings Deck

Published: 2026-05-06 09:10:22 ET BWMN

Published on 05/06/2026 at 09:10 am EDT

TRANSPORTATION

NATURAL RESOURCES

BUILDING INFRAS TRU CT U R E

POWER, UTILITIES & ENERGY

Q1 2026 EARNINGS | MAY 6, 2026 | NASDAQ: BWMN

Recent Acquisition(s) Quarterly Highlights

LAND SURVEYING & MAPPING | LAS VEGAS, NV

Acquired May 1, 2026

12% YoY Growth in Gross Contract Revenue

14% YoY Growth in Net Revenue

16% YoY Growth in Adjusted EBITDA

14.7% Adjusted EBITDA Margin, net

6% YoY Organic Growth of Net Revenue

56% YoY, 36% QoQ Increase in Backlog

$652.7 MM backlog is largest in our history

Q1 2026 Compared to Q1 2025

For the Three Months Ended March 31

(Dollars in Millions, except per share data)

2026

2025

Change

Gross Revenue

$126.5

$112.9

+12.0%

Net Service Billing1

$114.2

$100.1

+14.1%

Gross Margin

52.1%

51.4%

+70 bps

SG&A % of GCR

57.8%

50.5%

+730 bps

2026

2025

Change

Net Income (Loss)

$(3,7)

$(1.7)

N/A

Adjusted EBITDA1

$16.8

$14.5

+15.8%

Adjusted EBITDA Margin, Net1

14.7%

14.5%

+ 20 bps

Basic Adjusted EPS1

$0.14

$0.07

+ 100.0%

1 Non-GAAP financial metrics - See Non-GAAP tables in the corresponding press release for reconciliations

Growth Across Diversified Markets

12.0% Gross Revenue Growth

4.4% Growth of Organic Gross Revenue

14.1% Net Revenue Growth

6.0% Growth of Organic Net Revenue

1 Natural Resources includes Mining, Water, Environmental, Mapping & Imaging

5 DE L I V E RI N G INNOVATIVE E NGINE E RING S OLU T I ON S

Q1 2026

29%

10%

42% 44% 46% 48% 50% 52% 54% 56%

52.5%

53.7%

54.5%

46.6%

Transportation Natural Resources Power, Utilities & Energy

Building Infrastructure

Gross Margin by Vertical - Q1 2026

6.0% Organic Growth of Net Revenue - Q1 2026

Transportation Natural Resources Power, Utilities & Energy

Building Infrastructure

13.2%

16.4%

5.1%

1.5%

10%

15%

20%

$106.1

43%

Organic Net Service Revenue by Market

Q1 2025

23%

18%

$100.1

48%

20%

(in Millions)

$653

$479

$438$448

$419

$399

$380

$352

$330

$295$299$306

$230$243$252

$206

$167$173

$116$124$139

33%

25%

Q1 2026

$653 MM

21%

20%

Q1 2025

$419 MM

39%

21%

33%

Gross Backlog Mix

Building Infrastructure2 Transportation

Power, Utilities & Energy2

Gross Backlog Growth Story1

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

Note: Backlog represents the total dollar amount of future revenues expected from work under contracts we have been awarded. There is no assurance that backlog will be realized as revenues in the amounts reported or, if realized, will result in profits.

1 Gross backlog growth is defined as the difference between the backlog balance at the end of a specific period and the backlog balance at the beginning of the same period

Cash, Leverage

and

$250 MM Facility Revolver / $141 MM Available1

$12.0 MM Cash on Hand

$186.8 MM Net Debt

Net Leverage Ratio of 2.49x T4Q_AE & 2.02x Forward mid-point AE

New Orders

Backlog Growth

Organic

Liquidity

Buybacks

and

$11.6 MM Cash from Operating Activities / $9.1 MM Free Cash Flow

69% Cash Conversion and 54% Free Cash Flow Conversion

17.15 MM Shares Outstanding down from 17.19 MM

Debt Capital

M&A Activity

Revenue Growth

Capital Allocation

Organic Growth & Margin Expansion through Innovation Investment

Capital Priorities Remain Intact - Organic Growth, Acquisition and Liquidity

Cash Flow from Operations

1 Revolver increased from $210 MM to $250 MM on March 3, 2026

Issued

Net Revenue1

Adjusted EBITDA Margin1

November 2025

$465 - $480 MM

17.0% - 17.5%

March 2026

$495 - $510 MM

17.0% - 17.5%

May 2026

$520 - $540 MM

17.2% - 17.7%

1 Guidance includes acquisitions completed to date only

Backlog to Full-Year Guidance

Growth Emanates From:

Transportation

Strong backlog coverage

Energy

Expanding wallet share, higher velocity work

Natural Resources

Government & geospatial demand

Geospatial

Early & extended engagement

NET SERVICE REVENUE BRIDGE

$250

$114

$170

$534

$540

$520

Dollars in Millions

BACKLOG- SUPPORTED REVENUE

Q 1 NSR NEW BOOKINGS

REQUIRED

2026 NSR TOTAL 2026 NSR GUIDE

Superior Cash Efficiency - We convert Adjusted EBITDA to free cash flow more efficiently through an asset-light model

Execution Control - Self-performing work leads to more predictable margins, fewer project delays & stronger client satisfaction

Scalable Business Model - Built to scale without large capital investments creates long runway for profitable growth

Deliberate Automation and AI Strategy - Value-driven approach to improved efficiency, extended client engagement and margin enhancement

High-Margin Revenue Structure - No pass-throughs - our revenue is a true indicator of performance over volume

Aligned with National Policy Tailwinds - U.S. policy favors domestic infrastructure, energy & industrial investment

Focused, Not Fragmented - Pure U.S. domestic infrastructure investment with no construction exposure

B O W M A N C O N S U L T I N G G R O U P L T D .

Gross Revenue to Net Service Billing Reconciliation

For the Three Months Ended March 31

(Dollars in thousands)

2026

2025

Gross Contract Revenue

$126,479

$112,931

Less: Sub-Consultants & Other Direct Expenses

$12,275

$12,878

Net Service Billing

$114,204

$100,053

Adjusted EBITDA Reconciliation

For the Three Months Ended March 31

(Dollars in thousands)

2026

2025

Net (Loss) Income (GAAP)

$(3,702)

$(1,744)

+Interest Expense

3,262

2,113

+Depreciation & Amortization

8,406

6,521

+Tax (Benefit) Expense

405

769

EBITDA

$8,371

$7,659

+Non-Cash Stock Compensation

4,196

6,642

+Acquisition Expenses

4,230

204

Adjusted EBITDA

$16,797

$14,505

Adjusted EBITDA Margin, Net

14.7%

14.5%

EPS to Adjusted EPS Reconciliation

For the Three Months Ended March 31

(Dollars in thousands)

2026

2025

Net (Loss) Income (GAAP)

$(3,702)

$(1,744)

+Tax Expense (Benefit) (GAAP)

405

769

Income (Loss) Before Tax Expense (GAAP)

$(3,297)

$(975)

+Acquisition Related Expenses

1,540

594

+Amortization Of Intangibles

3,292

2,617

+Non-Cash Stock Comp Related To Pre-IPO

165

493

+Other Non-Core Expenses

3,268

143

Adjusted Income Before Tax Expense

$4,968

$2,872

Adjusted Income Tax (Benefit) Expense

2,564

1,676

Adjusted Net Income

$2,404

$1,196

Adjusted Earnings Allocated To Non-Vested Shares

Adjusted Net Income Attributable To Common Shareholders

$2,313

$1,135

DILUTIVE ADJUSTED EPS

For the Three Months Ended March 31

2026

2025

(Loss) Earnings Per Share (GAAP)

$(0.22)

$(0.11)

Pre-Tax Basic Per Share Adjustments

$0.52

$0.28

Adjusted EPS Before Tax Expense

$0.30

$0.17

Tax Expense (Benefit) Per Share Adjustment

$0.15

$0.10

Adjusted EPS - Adjusted Net Income

$0.15

$0.07

Adjusted EPS Allocated to Non-Vested Shares

$0.01

Adjusted EPS Attributable to Common Shares

$0.14

$0.07

BASIC ADJUSTED EPS

For the Three Months Ended March 31

2026

2025

(Loss) Earnings Per Share (GAAP)

$(0.22)

$(0.11)

Pre-Tax Basic Per Share Adjustments

$0.52

$0.29

Adjusted EPS Before Tax Expense

$0.30

$0.18

Tax Expense (Benefit) Per Share Adjustment

$0.15

$0.11

Adjusted EPS - Adjusted Net Income

$0.15

$0.07

Adjusted EPS Allocated to Non-Vested Shares

$0.01

Adjusted EPS Attributable to Common Shares

$0.14

$0.07

EPS to Adjusted EPS Reconciliation

For the Three Months Ended March 31

(Dollars in thousands)

2026

2025

(Loss) Earnings Per Share (GAAP)

Basic

$(0.22)

$(0.11)

Diluted

$(0.22)

$(0.11)

Adjusted Earnings Per Share (Non-GAAP)

Basic

$0.14

$0.07

Diluted

$0.14

$0.07

Weighted Average Shares Outstanding

Basic

16,453,401

16,356,331

Diluted

16,671,910

16,638,334

DEL IVERING INNOVATIVE ENGINEERING SOLUT IONS

Disclaimer

Bowman Consulting Group Ltd. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 13:09 UTC.