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ORION GROUP HOLDINGS REPORTS

SECOND QUARTER 2026 RESULTS

HOUSTON – July 28, 2026 – Orion Group Holdings, Inc. (NYSE: ORN) (the “Company” or “Orion”), a leading specialty construction company, today reported its financial results for the second quarter ended

June 30, 2026, and updated its full-year 2026 outlook.

Highlights for the quarter ended June 30, 2026

Revenue of $221.9 million, GAAP net loss of $4.1 million, or $0.10 per diluted share, Adjusted EBITDA of $7.9 million and Adjusted EPS of $0.02 per diluted share
Booked awards and change orders of $277 million; book-to-bill of 1.25X in the quarter
Reset full-year 2026 guidance

“In the quarter, Orion delivered solid year-over-year revenue growth and project bookings, reflecting favorable demand in our end markets. Our confidence in the long-term opportunities across our Marine and Concrete businesses remains robust, and our pipeline of opportunities has grown to approximately $27 billion. Recent awards across both of our businesses reinforce our competitive position in attractive end markets, spanning defense infrastructure, port and transportation infrastructure, data centers, healthcare and advanced manufacturing. With a growing opportunity pipeline, expanded capabilities, and an outstanding team delivering projects that matter, our conviction in Orion's long-term growth trajectory is strong,” said Travis Boone, Chief Executive Officer of Orion.

“Our Concrete business posted excellent results reporting over 30% revenue growth and over 45% adjusted EBITDA growth in the quarter benefitting from expansion of site civil services, favorable utilization and solid execution. Marine contract revenue and adjusted EBITDA were down primarily due to the timing of project start-ups and lower equipment utilization, and we have reset our full year 2026 guidance accordingly.  Today, we have strong visibility into the remainder of the year with nearly 90% of Marine work under contract and strong Concrete momentum to achieve our updated guidance,” concluded Boone.

Second Quarter 2026 Results

Amounts in the table are in millions, except per share information

Quarter Ended

June 30, 

June 30, 

2026

  ​ ​ ​

2025

Revenue

$

221.9

$

205.3

GAAP Net (Loss) Income

$

(4.1)

$

0.8

GAAP Earnings Per Share (“EPS”)

$

(0.10)

$

0.02

Adjusted EBITDA

$

7.9

$

11.0

Adjusted EPS

$

0.02

$

0.07

See definitions and reconciliation of non-GAAP measures elsewhere in this release.

1


Contract revenues of $221.9 million in the second quarter of 2026 increased $16.6 million, or 8%, from $205.3 million in the second quarter of last year. The increase was driven by the Concrete segment, reflecting strong demand, new project awards and higher volumes. This increase was partially offset by a reduction in Marine revenue, primarily attributable to the timing of project start-ups due to client-related issues such as site readiness and timing of delivery of client-provided materials.

Gross profit was $22.9 million in the second quarter of 2026, a decrease of $2.9 million, or 11%, from $25.8 million in the second quarter of 2025. The decrease was primarily driven by lower Marine volume and equipment utilization. The decrease was partially offset by favorable project execution within the Concrete segment.

Selling, general and administrative expenses were $24.4 million for the second quarter of 2026, up from $22.8 million in the second quarter of last year, primarily attributable to costs to support business growth.

GAAP net loss for the quarter ended June 30, 2026 was $4.1 million, or $0.10 per diluted share, compared to net income of $0.8 million, or $0.02 per diluted share, in the second quarter of last year.  

Adjusted EBITDA for the second quarter of 2026 was $7.9 million, compared to $11.0 million in the second quarter of 2025.

Backlog

Amounts in the table are in millions

June 30, 

December 31,

2026

2025

Marine

$

554

$

480

Concrete

168

160

Total

$

722

$

640

Second quarter 2026 backlog included approximately $277 million in new awards. Second quarter Marine awards included a major port terminal expansion project, a large dredging project and a jetty rehabilitation project. Recent Concrete awards included several data centers and expanded site work as well as healthcare and advanced manufacturing.

Balance Sheet Update

As of June 30, 2026, working capital was $92 million, including unrestricted cash and cash equivalents of $2.5 million. Total debt outstanding was $99 million, with $76 million of outstanding borrowings under the UMB Credit Facility.

2


Guidance

The following forward-looking guidance reflects the Company’s current expectations and beliefs as of July 28, 2026, and is subject to change. The following statements apply only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included elsewhere in this press release.

The Company provided the following revised guidance for the full year 2026:

In millions, except per share amounts and percentages

Revised Estimated Range for Full-Year Ended

December 31, 2026

Low

High

Annual Growth

Previous

Estimate

Estimate

at Midpoint

Guidance

Revenue

$

900

$

950

9

%

No Change

Adjusted EBITDA

$

50

$

54

15

%

$54-$58

Adjusted EPS

$

0.23

$

0.30

6

%

$0.36-$0.42

Capital Expenditures

$

25

$

35

No Change

Conference Call Details

Orion Group Holdings will host a conference call to discuss the second quarter 2026 financial results at 9:00 a.m. Eastern Time/8:00 a.m. Central Time on Wednesday, July 29, 2026. To participate, please call (844) 481-2994 and ask for the Orion Group Holdings conference call. A live audio webcast of the call will also be available on the Investor Relations section of Orion’s website at https://www.oriongroupholdingsinc.com/investor/ and will be archived for replay.

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s Marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design and specialty services. Its Concrete segment provides turnkey concrete construction services including place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas. The Company’s website is located at: https://www.oriongroupholdingsinc.com.

Backlog Definition

Backlog consists of projects under contract that have either (a) not been started, or (b) are in progress but are not yet complete. The Company cannot guarantee that the revenue implied by its backlog will be realized, or, if realized, will result in earnings or profitability. Backlog can fluctuate from period to period due to the timing and execution of contracts. The typical duration of the Company’s Concrete projects ranges from six to twelve months and Marine projects range from 18 to 24 months. The Company's backlog at any point in time includes both revenue it expects to realize during the next twelve-month period as well as revenue it expects to realize in future years.

3


Non-GAAP Financial Measures

This press release includes the financial measures “adjusted net income/loss,” “adjusted earnings/loss per share,” “EBITDA,” “Adjusted EBITDA,” and “Adjusted EBITDA margin.”  These measurements are determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”) and are “non-GAAP financial measures” under rules of the U.S. Securities and Exchange Commission, including Regulation G. The non-GAAP financial information may be determined or calculated differently by other companies that use similarly titled measures. By reporting such non-GAAP financial information, the Company does not intend to give such information greater prominence than comparable GAAP financial information. Investors are urged to consider these non-GAAP measures in addition to and not in substitute for measures prepared in accordance with GAAP.

Adjusted net income/loss and adjusted earnings/loss per share should not be viewed as an equivalent financial measure to net income/loss or earnings/loss per share. Adjusted net income/loss and adjusted earnings/loss per share exclude certain items that management believes are one-time items or items whose timing or amount cannot be reasonably estimated. The Company believes these adjusted financial measures are a useful supplement to earnings/loss calculated in accordance with GAAP.

Orion defines EBITDA as net income/loss before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by adjusting EBITDA for certain items that management believes are one-time items or items whose timing or amount cannot be reasonably estimated, such as non-cash share-based compensation, enterprise resource planning implementation, severance, process improvement initiatives and acquisition and integration costs. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA for the period by contract revenues for the period. The GAAP financial measure that is most directly comparable to EBITDA and Adjusted EBITDA is net income, while the GAAP financial measure that is most directly comparable to Adjusted EBITDA margin is operating margin, which represents operating income divided by contract revenues. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are used internally to evaluate current operating expense, operating efficiency, and operating profitability on a variable cost basis, by excluding the depreciation and amortization expenses, primarily related to capital expenditures and acquisitions, and net interest and tax expenses. Additionally, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin provide useful information regarding the Company's ability to meet future debt service and working capital requirements while providing an overall evaluation of the Company’s financial condition. In addition, EBITDA is used internally for incentive compensation purposes. The Company includes EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to provide transparency to investors as they are commonly used by investors and others in assessing performance. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin have certain limitations as analytical tools and should not be used as a substitute for operating margin, net income, cash flows, or other data prepared in accordance with GAAP, or as a measure of the Company’s profitability or liquidity.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, of which provisions the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” ”expects,” “may,” ”will,” ”could,” ”should,” ”seeks,” ”approximately,” ”intends,” “plans,” ”estimates,” or “anticipates,” or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, guidance, outlook, assumptions, or goals. In particular, statements regarding our pipeline of opportunities, achievement of strategic priorities, position for growth, financial guidance and future operations or results, including those set forth in this press release, and any other statement, express or implied, concerning financial guidance or future operating

4


results or the future generation of or ability to generate revenues, income, net income, gross profit, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, or cash flow, including to service debt or maintain compliance with debt covenants, and including any estimates, guidance, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward-looking statements also include project award announcements, estimated project start dates, ramp-up of contract activity and contract options, which may or may not be awarded in the future. Forward-looking statements involve risks, including those associated with the Company's fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints, and any potential contract options that may or may not be awarded in the future, and are at the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. Considering these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company's plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise, except as required by law.

Please refer to the Company's 2025 Annual Report on Form 10-K, filed on March 4, 2026 which is available on its website at www.oriongroupholdingsinc.com or at the SEC's website at www.sec.gov, and filings and press releases subsequent to such Annual Report on Form 10-K for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

Contact:

Margaret Boyce

346-278-3762

mboyce@orn.net

Source: Orion Group Holdings, Inc.

5


Orion Group Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In Thousands, Except Share and Per Share Information)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Contract revenues

 

$

221,878

 

$

205,286

 

$

438,179

 

$

393,939

Costs of contract revenues

 

198,951

 

179,489

 

389,373

 

345,127

Gross profit

 

22,927

 

25,797

 

48,806

 

48,812

Selling, general and administrative expenses

 

24,395

 

22,774

 

51,104

 

45,319

Gain on disposal of assets, net

(153)

 

(409)

 

(188)

 

(772)

Operating (loss) income

 

(1,315)

 

3,432

 

(2,110)

 

4,265

Other (expense) income:

 

  ​

 

  ​

 

  ​

 

  ​

Interest expense

 

(2,505)

 

(2,920)

 

(4,036)

 

(5,254)

Other income

 

149

 

117

 

310

 

344

Other expense, net

 

(2,356)

 

(2,803)

 

(3,726)

 

(4,910)

(Loss) income before income taxes

 

(3,671)

 

629

 

(5,836)

 

(645)

Income tax expense (benefit)

 

474

 

(212)

 

(6,378)

 

(72)

Net (loss) income

$

(4,145)

$

841

$

542

$

(573)

Basic (loss) income per share

$

(0.10)

$

0.02

$

0.01

$

(0.01)

Diluted (loss) income per share

$

(0.10)

$

0.02

$

0.01

$

(0.01)

Shares used to compute (loss) income per share

 

  ​

 

  ​

 

  ​

 

  ​

Basic

 

40,479,053

39,765,051

 

40,295,569

39,412,681

Diluted

 

40,479,053

39,791,164

 

40,325,118

39,412,681

6


Orion Group Holdings, Inc. and Subsidiaries

Reconciliation of Adjusted Net (Loss) Income

(In Thousands, Except Per Share Information)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Net (loss) income

$

(4,145)

$

841

$

542

$

(573)

Adjusting items and the tax effects:

Non-cash share-based compensation

2,006

1,519

3,393

2,642

Enterprise resource planning (“ERP”) implementation

54

225

 

135

 

830

Severance

 

 

547

 

 

577

Process improvement initiatives

138

Acquisition and integration costs

21

1,634

Amortization of purchased intangibles

395

785

Tax rate of 23% applied to adjusting items(1)

 

(570)

 

(527)

 

(1,368)

 

(963)

Reversal of the impact of valuation allowances

 

3,208

 

76

 

(2,187)

 

290

Adjusted net income

$

969

$

2,681

$

2,934

$

2,941

Adjusted EPS

$

0.02

$

0.07

$

0.07

$

0.07


(1)Items are taxed discretely using the Company's blended tax rate.

7


Orion Group Holdings, Inc. and Subsidiaries

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations

(In Thousands, Except Margin Data)

(Unaudited)

Three Months Ended

Six Months Ended

 

June 30, 

June 30, 

 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

 

Net (loss) income

$

(4,145)

$

841

$

542

$

(573)

Income tax expense (benefit)

 

474

 

(212)

 

(6,378)

 

(72)

Interest expense, net

 

2,449

 

2,827

 

3,893

 

4,968

Depreciation and amortization

 

7,004

 

5,231

 

13,391

 

10,634

EBITDA(1)

 

5,782

 

8,687

 

11,448

 

14,957

Non-cash share-based compensation

2,006

1,519

3,393

2,642

ERP implementation

54

225

135

830

Severance

 

 

547

 

 

577

Process improvement initiatives

138

Acquisition and integration costs

21

1,634

Adjusted EBITDA(2)

$

7,863

$

10,978

$

16,610

$

19,144

Adjusted EBITDA margin(2)

 

3.5

%  

 

5.3

%  

 

3.8

%  

 

4.9

%


(1)EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.
(2)Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for non-cash share-based compensation, ERP implementation, severance, process improvement initiatives and acquisition and integration costs. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.

8


Orion Group Holdings, Inc. and Subsidiaries

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations by Segment

(In Thousands, Except Margin Data)

(Unaudited)

For the Three Months Ended June 30, 2026

Marine

Concrete

General Corporate

Consolidated

Contract revenues

$

130,842

$

91,036

$

$

221,878

Operating income (loss)

7,701

4,199

(13,215)

(1,315)

Other income

74

19

93

Depreciation and amortization

5,525

767

712

7,004

EBITDA(1)

13,300

4,966

(12,484)

5,782

Non-cash share-based compensation

509

258

1,239

2,006

ERP implementation

54

54

Acquisition and integration costs

21

21

Adjusted EBITDA(2)

$

13,809

$

5,224

$

(11,170)

$

7,863

Adjusted EBITDA margin(2)

10.6

%

5.7

%

3.5

%

For the Three Months Ended June 30, 2025

Marine

Concrete

General Corporate

Consolidated

Contract revenues

$

135,302

$

69,984

$

$

205,286

Operating income (loss)

13,661

2,593

(12,822)

3,432

Other income

1

23

24

Depreciation and amortization

4,226

858

147

5,231

EBITDA(1)

17,887

3,452

(12,652)

8,687

Non-cash share-based compensation

242

133

1,144

1,519

ERP implementation

225

225

Severance

547

547

Adjusted EBITDA(2)

$

18,129

$

3,585

$

(10,736)

$

10,978

Adjusted EBITDA margin(2)

13.4

%

5.1

%

5.3

%


(1)EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.
(2)Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for non-cash share-based compensation, ERP implementation, severance, process improvement initiatives and acquisition and integration costs. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.

9


Orion Group Holdings, Inc. and Subsidiaries

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations by Segment

(In Thousands, Except Margin Data)

(Unaudited)

For the Six Months Ended June 30, 2026

Marine

Concrete

General Corporate

Consolidated

Contract revenues

$

240,971

$

197,208

$

$

438,179

Operating income (loss)

14,281

11,935

(28,326)

(2,110)

Other income

96

71

167

Depreciation and amortization

10,506

1,467

1,418

13,391

EBITDA(1)

24,883

13,402

(26,837)

11,448

Non-cash share-based compensation

844

434

2,115

3,393

ERP implementation

135

135

Acquisition and integration costs

1,634

1,634

Adjusted EBITDA(2)

$

25,727

$

13,836

$

(22,953)

$

16,610

Adjusted EBITDA margin(2)

10.7

%

7.0

%

3.8

%

For the Six Months Ended June 30, 2025

Marine

Concrete

General Corporate

Consolidated

Contract revenues

$

262,465

$

131,474

$

$

393,939

Operating income (loss)

25,983

4,402

(26,120)

4,265

Other income

11

47

58

Depreciation and amortization

8,604

1,730

300

10,634

EBITDA(1)

34,587

6,143

(25,773)

14,957

Non-cash share-based compensation

522

224

1,896

2,642

ERP implementation

830

830

Severance

16

561

577

Process improvement initiatives

138

138

Adjusted EBITDA(2)

$

35,109

$

6,383

$

(22,348)

$

19,144

Adjusted EBITDA margin(2)

13.4

%

4.9

%

4.9

%


(1)EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.
(2)Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for non-cash share-based compensation, ERP implementation, severance, process improvement initiatives and acquisition and integration costs. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.

10


Orion Group Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)

Six Months Ended June 30,

  ​ ​ ​

2026

  ​ ​ ​

2025

Cash flows from operating activities

 

  ​

 

  ​

Net income (loss)

$

542

$

(573)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Depreciation and amortization

 

9,834

 

6,886

Amortization of right-of-use (“ROU”) operating leases

 

2,860

 

4,848

Amortization of ROU finance leases

 

3,723

 

4,360

Non-cash interest expense on seller note

630

Deferred income taxes

 

(6,117)

 

2

Share-based compensation

 

3,393

 

2,642

Gain on disposal of assets, net

 

(189)

 

(772)

Allowance for credit losses

(77)

544

Change in operating assets and liabilities:

Accounts receivable

 

55,302

 

(71,339)

Income tax receivable

 

(362)

 

(392)

Inventory

 

(440)

 

819

Prepaid expenses and other

 

2,546

 

312

Contract assets

 

(43,692)

 

33,456

Accounts payable

 

(18,743)

 

13,636

Accrued liabilities

 

(5,829)

 

(1,141)

Operating lease liabilities

 

(3,101)

(3,179)

Income tax payable

 

(43)

 

(505)

Contract liabilities

 

(12,936)

 

1,391

Net cash used in operating activities

 

(12,699)

 

(9,005)

Cash flows from investing activities:

Proceeds from sale of property and equipment

 

683

 

1,189

Purchase of property and equipment

 

(20,108)

 

(16,165)

Business acquisition, net cash acquired

 

(42,871)

 

Net cash used in investing activities

 

(62,296)

 

(14,976)

Cash flows from financing activities:

Borrowings on credit facilities

 

121,000

 

77,007

Payments on credit facilities

 

(85,000)

 

(67,212)

Proceeds from term loan

41,991

 

Proceeds from deemed financing obligation

6,073

Principal payments on deemed financing obligation

 

(1,816)

 

(7,204)

Loan costs related to credit facilities

(419)

(323)

Payments of finance lease liabilities

(4,858)

(5,316)

Employee stock plans, net activity

(1,037)

445

Net cash provided by (used in) financing activities

 

75,934

 

(2,603)

Net change in cash, cash equivalents and restricted cash

 

939

 

(26,584)

Cash, cash equivalents and restricted cash at beginning of period

 

3,285

 

28,316

Cash, cash equivalents and restricted cash at end of period

$

4,224

$

1,732

11


Orion Group Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Information)

  ​ ​ ​

June 30, 

  ​ ​ ​

December 31, 

2026

2025

(Unaudited)

ASSETS

 

  ​

 

  ​

Current assets:

 

  ​

 

  ​

Cash and cash equivalents

$

2,527

$

1,588

Restricted cash

1,697

 

1,697

Accounts receivable:

 

 

Trade, net of allowance for credit losses of $3,146 and $3,461, respectively

 

113,317

 

175,695

Retainage

 

58,370

 

49,194

Income taxes receivable

 

619

 

256

Other current

 

5,049

 

3,531

Inventory

 

2,546

 

2,432

Contract assets

 

75,868

 

31,083

Prepaid expenses and other

 

8,817

 

12,686

Total current assets

 

268,810

 

278,162

Property and equipment, net of accumulated depreciation

 

129,629

 

88,210

Operating lease right-of-use assets, net of accumulated amortization

 

23,270

 

20,397

Financing lease right-of-use assets, net of accumulated amortization

 

22,430

 

18,360

Inventory, non-current

 

6,720

 

6,395

Other non-current

 

3,287

 

3,128

Goodwill

35,139

Intangible assets, net of accumulated amortization

6,955

Total assets

$

496,240

$

414,652

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

  ​

 

  ​

Current liabilities:

 

  ​

 

  ​

Current debt, net of debt issuance costs

$

6,203

$

1,789

Accounts payable:

 

 

Trade

 

92,379

 

107,433

Retainage

 

1,496

 

1,699

Accrued liabilities

 

21,084

 

31,750

Income taxes payable

 

154

 

197

Contract liabilities

 

41,859

 

49,104

Current portion of operating lease liabilities

 

4,293

 

4,418

Current portion of financing lease liabilities

 

9,352

 

7,517

Total current liabilities

 

176,820

 

203,907

Long-term debt, net of debt issuance costs

 

92,959

 

6,085

Operating lease liabilities

 

27,592

 

24,695

Financing lease liabilities

 

8,379

 

5,878

Other long-term liabilities

 

26,033

 

15,055

Total liabilities

 

331,783

 

255,620

Stockholders’ equity:

 

  ​

 

  ​

Accumulated other comprehensive income

129

Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued

 

 

Common stock -- $0.01 par value, 50,000,000 authorized, 41,206,521 and 40,612,139 issued; 40,495,290 and 39,900,908 outstanding at June 30, 2026 and December 31, 2025, respectively

 

412

 

406

Treasury stock, 711,231 shares, at cost, as of June 30, 2026 and December 31, 2025, respectively

 

(6,540)

 

(6,540)

Additional paid-in capital

 

231,117

 

226,369

Retained loss

 

(60,661)

 

(61,203)

Total stockholders’ equity

 

164,457

 

159,032

Total liabilities and stockholders’ equity

$

496,240

$

414,652

12


Orion Group Holdings, Inc. and Subsidiaries

Guidance – Adjusted EBITDA Reconciliation

(In Thousands)

(Unaudited)

Year Ending

December 31, 2026

Low Estimate

High Estimate

Net income

$

6,600

$

10,600

Income tax benefit

 

(5,400)

 

(5,400)

Interest expense, net

 

8,900

 

8,900

Depreciation and amortization

 

29,900

 

29,900

EBITDA(1)

 

40,000

 

44,000

Non-cash share-based compensation

7,300

7,300

ERP implementation

1,100

1,100

Acquisition and integration costs

1,600

1,600

Adjusted EBITDA(2)

$

50,000

$

54,000


(1)EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.
(2)Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for non-cash share-based compensation, ERP implementation, and acquisition and integration costs.

Orion Group Holdings, Inc. and Subsidiaries

Guidance – Adjusted EPS Reconciliation

(In Thousands except per share information)

(Unaudited)

Year Ending

December 31, 2026

Low Estimate

High Estimate

Net income

$

6,600

$

10,600

Adjusting items and the tax effects:

Non-cash share-based compensation

7,300

7,300

ERP implementation

1,100

1,100

Acquisition and integration costs

1,600

1,600

Amortization of purchased intangibles

2,000

2,000

Tax rate of 23% applied to adjusting items(1)

 

(2,800)

 

(2,800)

Reversal of the impact of valuation allowances

 

(6,700)

 

(7,600)

Adjusted net income(2)

$

9,100

$

12,200

Adjusted EPS(2)

$

0.23

$

0.30


(1)Items are taxed discretely using the Company's blended tax rate.
(2)Adjusted net income and Adjusted EPS are non-GAAP measures that represent net income adjusted for non-cash share-based compensation, ERP implementation, acquisition and integration costs and amortization of purchased intangibles.

13