Orion Group Holdings, Inc.

Second quarter revenue was $222 million, an 8% increase year over year. Gross profit was $23 million, down $3 million from last year. GAAP loss was $4.1 million compared with GAAP net income of $800 thousand in Q2 last year, while adjusted EBITDA was $7.9 million versus $11 million a year ago and adjusted EPS was $0.02 versus $0.07. Management reset full-year 2026 guidance to revenue of $900 million to $950 million, adjusted EBITDA of $50 million to $54 million, adjusted EPS of $0.23 to $0.30, and capex of $25 million to $35 million.

Travis Boone framed the quarter as a timing issue in marine rather than a demand or execution problem, saying the delayed projects are now behind them. He emphasized strong win rates, historic-level concrete performance, a growing pipeline, and confidence in a stronger second half of 2026 and in 2027. His tone was upbeat and assertive, while acknowledging that construction is a lumpy business and awards can slide.

Alison Vasquez highlighted the key financials: revenue of $222 million, gross profit of $23 million, GAAP loss of $4.1 million, adjusted EBITDA of $7.9 million, and adjusted EPS of $0.02. She said marine softness was driven by delayed mobilization, lower volume, and weaker equipment utilization, while concrete partially offset the weakness. She also noted the balance sheet remains solid with net leverage of 2.3x, and that the revised full-year guidance keeps capex unchanged at $25 million to $35 million.

Analysts focused on whether margin improvement in the back half is realistic, and management pointed to roughly 90% of marine backlog and 80% of total business under contract for the second half. They said utilization should improve as delayed projects ramp, which should help marine margins more meaningfully because owned equipment costs can leverage down to the bottom line. Questions also centered on concrete backlog, data center exposure, and McAmis integration; management said concrete backlog is hard to read because the business burns fast, data centers are about 50% of concrete revenue this quarter, and McAmis integration is going well and should contribute more in the back half.