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Bowman Consulting Group Ltd. (BWMN+2.23%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The report details a 23.2% increase in gross contract revenue to $426.6 million, compared to $346.3 million in the previous year. This growth was driven by a combination of organic growth and acquisitions.
Net income for the year was $3.0 million, a significant improvement from a net loss of $6.6 million in 2023. The company attributes this turnaround to increased revenue and improved operational efficiencies.
Bowman's backlog increased by 30.5% to approximately $399 million, indicating a strong pipeline of future work. The backlog is diversified across building infrastructure, transportation, power and utilities, and emerging markets.
The company completed eight acquisitions in 2024, which contributed to its revenue growth. These acquisitions expanded Bowman's geographic reach and service offerings.
Bowman reported a net service billing of $379.7 million, representing 89.0% of gross contract revenue, up from 87.8% in 2023. This metric reflects the revenue attributable to services performed by Bowman's employees.
Adjusted EBITDA for the year was $59.5 million, a 26.6% increase from $47.0 million in 2023. The adjusted EBITDA margin, net of service billing, was 15.7%, slightly up from 15.5% in the previous year.
The company continues to focus on strategic acquisitions and organic growth to expand its market presence and service capabilities. Bowman plans to leverage its scalable platform and diversified portfolio to capture opportunities in growing end-markets.
Bowman maintains a $100 million revolving credit facility to support its operations and growth initiatives. The company believes its current liquidity and capital resources are sufficient to meet its projected cash requirements.
The report also highlights Bowman's commitment to technological innovation and investment in advanced technology solutions to enhance service delivery and operational efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bowman Consulting Group Ltd. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.