Orion Group Holdings Inc (ORN): Results of Operations and Financial Condition
Orion Group Holdings Inc (ORN) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 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 J
How this was made
The 30-second read
Why it matters
Traders can update expectations for ORN’s 2026 revenue, Adjusted EBITDA, and Adjusted EPS using the revised ranges, while monitoring whether Marine start-ups and equipment utilization improve in subsequent quarters.
Market read
Fresh quarterly financials and revised full-year guidance ranges are the primary catalysts for ORN’s near-term valuation and positioning.
What to watch
Backlog increased to $722M with a 1.25x book-to-bill and nearly 90% of Marine work under contract, which could reduce downside risk if execution converts backlog into revenue and margins as projects ramp.
Orion Group Holdings reports second-quarter revenue growth and bookings but a GAAP net loss, lower Adjusted EBITDA, and reset full-year 2026 profitability guidance.
Contract revenue increased 8% and backlog rose to $722 million, but gross profit, Adjusted EBITDA and GAAP net income declined, while full-year Adjusted EBITDA and Adjusted EPS guidance were reduced.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Contract revenuesGAAP | $221.9 million | – | increased $16.6 million, or 8% |
| Gross profitGAAP | $22.9 million | – | decrease of $2.9 million, or 11% |
| Selling, general and administrative expensesGAAP | $24.4 million | – | – |
| GAAP net (loss) incomeGAAP | $(4.1) million | – | – |
| GAAP earnings per shareGAAP | $(0.10) | – | – |
| Adjusted EBITDAnon-GAAP | $7.9 million | – | – |
| Adjusted EPSnon-GAAP | $0.02 | – | – |
| Marine backlogother | $554 million | – | – |
| Concrete backlogother | $168 million | – | – |
| Total backlogother | $722 million | – | – |
| Booked awards and change ordersother | $277 million | – | – |
| Book-to-billother | 1.25X | – | – |
| Working capitalother | $92 million | – | – |
| Unrestricted cash and cash equivalentsother | $2.5 million | – | – |
| Total debt outstandingother | $99 million | – | – |
| Outstanding borrowings under the UMB Credit Facilityother | $76 million | – | – |
Full-Year Ended December 31, 2026 outlook
- Revenue$900 million to $950 million
- NoteAdjusted EBITDA: $50 million to $54 million
- NoteAdjusted EPS: $0.23 to $0.30
- NoteCapital Expenditures: $25 million to $35 million
- NoteRevenue annual growth at midpoint: 9%
- NoteAdjusted EBITDA annual growth at midpoint: 15%
- NoteAdjusted EPS annual growth at midpoint: 6%
What drove it
- Contract-revenue growth was driven by the Concrete segment, reflecting strong demand, new project awards and higher volumes.
- Concrete results benefited from expansion of site civil services, favorable utilization and solid execution.
- Marine revenue declined primarily because of the timing of project start-ups due to client-related issues, including site readiness and timing of delivery of client-provided materials.
- Gross-profit pressure was primarily driven by lower Marine volume and equipment utilization, partly offset by favorable Concrete project execution.
- Selling, general and administrative expense increased primarily because of costs to support business growth.
- 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.
Concerns
- GAAP net income changed to a net loss of $(4.1) million from net income of $0.8 million.
- Gross profit decreased $2.9 million, or 11%, to $22.9 million.
- Adjusted EBITDA declined to $7.9 million from $11.0 million.
- Marine contract revenue and Adjusted EBITDA were down due primarily to project-start-up timing and lower equipment utilization.
- Full-year Adjusted EBITDA guidance was reset to $50 million to $54 million from $54 million to $58 million.
- Full-year Adjusted EPS guidance was reset to $0.23 to $0.30 from $0.36 to $0.42.
- Unrestricted cash and cash equivalents were $2.5 million while total debt outstanding was $99 million.
What to watch
- The timing of Marine project start-ups, including client site readiness and delivery of client-provided materials.
- Marine equipment utilization and Marine volume.
- Execution of the nearly 90% of Marine work that management said was under contract for the remainder of the year.
- Concrete demand, utilization, site civil-services expansion and project execution.
- Conversion of approximately $27 billion in opportunity pipeline and $722 million in backlog into revenue and profitability.
- Progress toward revised full-year Adjusted EBITDA and Adjusted EPS guidance.
Balance sheet and cash flow
- Working capital was $92 million as of June 30, 2026.
- Unrestricted cash and cash equivalents were $2.5 million as of June 30, 2026.
- Total debt outstanding was $99 million as of June 30, 2026.
- Outstanding borrowings under the UMB Credit Facility were $76 million as of June 30, 2026.
Analysis
Orion delivered $221.9 million of contract revenues in the second quarter of 2026, an increase of $16.6 million, or 8%, from $205.3 million in the second quarter of last year. The increase came from Concrete, where the company cited strong demand, new awards and higher volumes. This was partly offset by lower Marine revenue tied to the timing of project start-ups, client site readiness and the timing of delivery of client-provided materials.
Profitability weakened despite revenue growth. Gross profit declined $2.9 million, or 11%, to $22.9 million, primarily because of lower Marine volume and equipment utilization. Higher selling, general and administrative expenses also weighed on results, rising to $24.4 million from $22.8 million due primarily to costs supporting business growth. Orion reported a GAAP net loss of $(4.1) million, or $(0.10) per diluted share, compared with net income of $0.8 million, or $0.02 per diluted share, in the prior-year quarter.
Non-GAAP earnings measures also declined. Adjusted EBITDA was $7.9 million, compared with $11.0 million in the second quarter of 2025, while Adjusted EPS was $0.02 compared with $0.07. Management attributed Concrete's performance to site civil-services expansion, favorable utilization and execution, while identifying Marine start-up timing and lower equipment utilization as the principal constraints on Marine revenue and Adjusted EBITDA.
Bookings and backlog provide support for future activity. Orion booked approximately $277 million in second-quarter awards and reported a 1.25X book-to-bill ratio. Total backlog was $722 million at June 30, 2026, consisting of $554 million in Marine backlog and $168 million in Concrete backlog. Management also cited approximately $27 billion in opportunity pipeline and said nearly 90% of Marine work was under contract for the remainder of the year.
The company reset its full-year 2026 profitability outlook while maintaining revenue and capital-expenditure guidance. Revenue guidance remains $900 million to $950 million and capital expenditures remain $25 million to $35 million. Adjusted EBITDA guidance was reduced to $50 million to $54 million and Adjusted EPS guidance was reduced to $0.23 to $0.30. Balance-sheet figures reported at quarter end were $92 million of working capital, $2.5 million of unrestricted cash and cash equivalents, and $99 million of total debt outstanding, including $76 million under the UMB Credit Facility.
Management, verbatim
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.
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.
Travis Boone, Chief Executive Officer of Orion
Not in the filing
stated, not guessed- Segment revenue for Marine was not reported.
- Segment revenue for Concrete was not reported.
- Operating income was not reported.
- Operating margin was not reported.
- Gross margin was not reported.
- Adjusted EBITDA margin was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Dividends were not reported.
- Full-year gross-margin guidance was not reported.
- Full-year operating-expense guidance was not reported.
- Full-year tax-rate guidance was not reported.
- A previous-release outlook section was not provided; therefore, no actual-versus-prior-guidance comparisons are included.
- Prior-quarter comparisons were not reported for the listed quarterly financial metrics.
- Prior-year figures were not reported for working capital, cash and cash equivalents, debt, awards, book-to-bill, or backlog on a comparable year-over-year basis. The filing reported backlog comparisons with December 31, 2025, but this is not a prior-year period for the fields in this report.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC 8-K with Exhibit 99.1 covering Orion’s Q2 2026 results and a revised full-year 2026 outlook.
Ticker impact
Orion reported Q2 2026 revenue of $221.9M, GAAP net loss of $4.1M, and reset full-year 2026 guidance for revenue and profitability.
Likely choppy reaction around the guidance reset, with bias toward Concrete-driven optimism but offset by Marine underperformance and lower Adjusted EBITDA.
The filing includes fresh, decision-relevant numbers: Q2 results and revised full-year ranges (Revenue $900M-$950M, Adj. EBITDA $50M-$54M, Adj. EPS $0.23-$0.30). The direction of the reset is not fully specified versus prior, but the narrative explicitly attributes Marine weakness to timing and equipment utilization, which markets often discount until contract start-ups normalize.
Market effects
Provides a datapoint on specialty construction demand and margin sensitivity to project start-up timing across marine and concrete end markets.
Primarily US-focused execution and backlog visibility, relevant to Gulf Coast and coastal infrastructure spending sentiment.
Limited direct global read-through; mostly domestic infrastructure and defense-adjacent capex demand.
Counterpoint
The Marine revenue and EBITDA decline may be largely timing-related (start-ups and equipment utilization), so the guidance reset could be conservative rather than indicative of structural deterioration.
Key entities
- companyOrion Group Holdings, Inc.
Specialty construction company reporting Q2 2026 results and resetting full-year 2026 guidance.
- executiveTravis Boone
CEO quoted on Concrete strength, Marine timing issues, and updated guidance.
