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Orion Group Holdings Inc. has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations in two segments: marine and concrete. The marine segment provides construction and dredging services, while the concrete segment offers turnkey concrete construction services.
Contract revenues for 2024 were $796.4 million, an increase from $711.8 million in 2023. The marine segment contributed $521.3 million to this total, while the concrete segment contributed $275.1 million.
The company reported a gross profit of $91.2 million, up from $61.7 million in the previous year. This increase is attributed to improved project pricing and execution.
Selling, general, and administrative expenses rose to $82.5 million from $69.4 million, largely due to increased IT, compensation, and legal costs.
Net loss for 2024 was $1.6 million, compared to a net loss of $17.9 million in 2023. The improvement is primarily due to higher revenues and gross profit.
Orion's backlog at the end of 2024 was $729.1 million, with the marine segment accounting for $582.8 million and the concrete segment for $146.3 million.
The company completed a public offering of 5,589,000 shares of common stock, raising approximately $26.4 million in net proceeds.
The company's Credit Agreement with White Oak was amended multiple times in 2024 to adjust financial covenants and extend the maturity date.
Orion's operations are subject to various risks, including economic conditions, competition, and regulatory changes. The company continues to focus on strategic growth in its key markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Orion Group Holdings Inc. Common annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.