Willdan Group, Inc. (WLDN) SEC Filings & Earnings Calls

Integration risk from acquisition of Mantis NewCo.

“Acquisition of Mantis NewCo, LLC via subsidiary; integration may incur costs and distract management.”

Gross Margin Pressure from Mix Shift

“The decrease in our gross margin was primarily driven by the changes in the mix of revenues as described above, including the addition of Burton.” · word for word

Acquisition Integration Risk

“combined with incremental revenues from our acquisition of Burton Energy Group, LLC. (“Burton”) in May 2026.” · word for word

Dependence on subcontractor costs could impact net revenue margins.

“Subcontractor costs and other direct costs were 45.7% of contract revenue for the six months ended July 3, 2026.” · word for word

Acquisition integration risk

“The increase in depreciation and amortization was primarily related to higher amortization of intangible assets from recent acquisitions.” · word for word

Dependence on government and utility clients

“Clients in this segment are investor-owned and municipal utilities, commercial clients including investors and hyperscalers, and state and local governments.” · word for word

Acquisition integration risk for Burton Energy Group.

“Completed acquisition of Burton Energy Group; integration may pose execution risk.”

Dependence on subcontractor costs; variability could impact margins.

“Subcontractor costs were 40.4% of contract revenue in Q1 2026, down from 44.0% in prior year, but can vary significantly.”

One fewer week in Q1 2026 vs Q1 2025; normalized results mitigate but still a timing risk.

“First quarter of fiscal 2026 had one fewer week than the first quarter of fiscal 2025.” · word for word

Client Concentration

“our reliance on work from our top ten clients” · word for word

Government Budget Dependency

“changes in state, local and regional economies and government budgets” · word for word

Backlog Realization

“our ability to realize the full amount of our backlog” · word for word

Customer concentration in Energy segment

“During fiscal year 2025, we derived 27.4% of our Energy segment contract revenues from two customers, Clark County School District and Southern California Edison.” · word for word

Fixed-price contract risk

“Under fixed-price contracts, we receive a fixed price irrespective of the actual costs we incur (which protects clients) and, consequently, we are exposed to a number of risks that are generally not included under time-and-materials and unit-based contracts.” · word for word

Regulatory dependency

“The demand and terms for energy efficiency services and utility programs in general are highly regulated and driven by various state regulatory commissions. Changes in those regulations or the standards and goals imposed by the regulatory commissions could adversely affect the demand for or the terms under which those utility programs may be conducted and ad” · word for word

Backlog cancellation risk

“Our backlog is subject to cancellation, adjustments and changing economic conditions and is an uncertain indicator of future operating results.” · word for word

Acquisition Integration Risk

“Revenue growth partially driven by acquisitions of Enica Engineering, PLCC, Alternative Power Generation, Inc., and Alpha Inspections, Inc.”

Interest Rate Exposure

“Interest expense decreased due to lower debt leverage, but variable rate debt exposes the company to rate changes.”

Dependence on subcontractor services and other direct costs could distort revenue trends

“Subcontractor costs and other direct costs were 45.8% and 48.5% of contract revenue for the nine months ended October 3, 2025 and September 27, 2024, respectively” · word for word