Orion Group Holdings Inc (ORN) SEC Filings & Earnings Calls

Marine segment revenue and EBITDA decline due to project start-up delays and lower equipment utilization; guidance cut reflects ongoing uncertainty.

“Marine contract revenue and adjusted EBITDA down; guidance for Adjusted EBITDA cut to $50-54M from $54-58M.”

GAAP net loss of $4.1M vs profit of $0.8M YoY; negative earnings surprise.

“GAAP net loss of $4.1 million, or $0.10 per diluted share, compared to net income of $0.8 million.”

Project Delay Risk

“Marine revenue and operating income were down primarily due to delays in project start-ups and lower equipment utilization.” · word for word

Liquidity Risk

“As of June 30, 2026, we had unrestricted cash on hand of $2.5 million.” · word for word

Input Cost Inflation

“We are subject to the effects of inflation through increases in the cost of raw materials and other items such as fuel, concrete and steel.” · word for word

Debt increased due to acquisition of J.E. McAmis, with $53M outstanding under credit facility.

“Total debt outstanding was $72 million, with $53 million of outstanding borrowings under the UMB Credit Facility, incurred in connection with acquisition of J.E. McAmis.”

SG&A expenses increased to support growth and acquisition, potentially pressuring margins if revenue growth slows.

“Selling, general and administrative expenses were $26.3 million, up from $22.5 million, primarily to support business growth and the acquisition.”

Marine segment revenue decline

“Marine segment total $110,129 vs $127,163.”

Low cash position

“As of March 31, 2026, we had unrestricted cash on hand of $6.3 million.” · word for word

Integration risk from JEM acquisition

“The increase in SG&A was primarily to support business growth and the closing of the JEM Acquisition during the quarter.” · word for word

Potential dilution from LTIP amendment

“If approved by the stockholders, the request to increase the number of shares for future issuance under the 2022 LTIP will result in an additional potential dilution of approximately 4.7%.” · word for word

CEO compensation significantly above median employee

“CEO pay ratio of 50:1, with median employee compensation of $74,579.”

Concentrated ownership by insiders and large institutions

“Brandes Investment Partners owns 12.3%; BlackRock 6.0%; Wasatch Advisors 5.5%; Vanguard 5.0%; Directors and officers as a group own 5.7%.”

Customer decision delays due to tariff uncertainty and government shutdown.

“Customer decisions were delayed primarily due to tariff-related uncertainty in the private sector and a prolonged U.S. government shut-down.” · word for word

Backlog decline in Marine segment may indicate project timing issues.

“Marine backlog decreased from $583M to $480M year-over-year.”

Concrete Segment Profitability Risk

“Operating loss for our concrete segment for the year ended December 31, 2025 was $15.3 million, compared to an operating income of $9.2 million for the year ended December 31, 2024, a decrease of $24.5 million. The decrease was primarily driven by seasonal weather delays and favorable concrete project close-outs in 2024 that did not reoccur in 2025.” · word for word

Backlog Decline Risk

“Backlog as of the periods ended below are as follows (in millions): December 31, 2025: Marine segment $480, Concrete segment $160, Consolidated $640. December 31, 2024: Marine segment $583, Concrete segment $146, Consolidated $729.” · word for word

Low Cash Balance Risk

“As of December 31, 2025, we had unrestricted cash on hand of $1.6 million.” · word for word

Concrete Segment Weakness

“Concrete segment operating loss of $12.4M for 9M 2025 vs income of $6.7M in prior year, driven by weather delays and favorable close-outs not recurring.”

Low Cash Balance

“Unrestricted cash of $4.9 million as of September 30, 2025, though borrowing availability of $41.2 million provides some cushion.”

Backlog Decline

“Consolidated backlog decreased from $729M at December 31, 2024 to $679M at September 30, 2025, primarily due to marine segment decline.”

SG&A expenses increased 20.7% YoY, potentially pressuring margins if revenue growth slows.

“SG&A expenses were $25.1 million for the quarter, up from $20.8 million in the third quarter of 2024 primarily due to increased investment to support business growth.” · word for word

Backlog decreased slightly YoY from $691M to $679M, though new awards remain strong.

“Total backlog $679 million compared to $691 million in 2024.”

Concrete segment loss and weather impact may persist.

“Concrete incurred a $4 million loss in adjusted EBITDA for the quarter compared to a $4 million profit in the third quarter of 2024. Some weather issues in the quarter also impacted chargeability.”

Reliance on defense contract awards for future growth; timing uncertainty.

“Larger opportunities under this MACC are expected to be procured in mid to late 2026.” · word for word