Bowman Consulting Group posted GAAP net income of $2.5 million, down from $6 million in the year-ago quarter; basic EPS fell to $0.15.
Gross contract revenue rose 19.7% to $146.1 million, while gross backlog climbed 50.3% to $658.7 million.
Non-GAAP adjusted EBITDA increased 19.2% to $24.1 million; adjusted EBITDA margin (net) held at 18.7%.
Cash flow, outlook and transaction
Cash used in operations totaled $7.9 million, due to an additional payroll, bonuses, share repurchases, tax settlement, and investments in geospatial and AI-compute.
The company reaffirmed 2026 net revenue guidance of $520 million to $540 million.
Bowman also said it has agreed to be acquired by Bernhard Capital Partners for $43 per share in cash.
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