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Limbach

Limbach (LMB) Q2 2025 Earnings

Reported Aug 5, 2025 at 5:02 PM ET · SEC Source

Q2 25 EPS

$0.93

BEAT +20.39%

Est. $0.77

Q2 25 Revenue

$142.2M

MISS 1.37%

Est. $144.2M

vs S&P Since Q2 25

-56.3%

TRAILING MARKET

LMB -37.6% vs S&P +18.7%

Market Reaction

Did LMB Beat Earnings? Q2 2025 Results

Limbach Holdings posted a mixed but largely encouraging second quarter for 2025, beating earnings expectations handily while falling just short on revenue, a combination that sent shares lower even as the underlying business story remained compelling… Read more Limbach Holdings posted a mixed but largely encouraging second quarter for 2025, beating earnings expectations handily while falling just short on revenue, a combination that sent shares lower even as the underlying business story remained compelling. Adjusted diluted EPS came in at $0.93, clearing the $0.77 consensus estimate by 20.39%, while revenue of $142.24 million trailed forecasts by 1.37% despite rising 16.4% year over year. The primary engine behind the earnings strength was Limbach's deliberate pivot toward Owner Direct Relationships, where segment revenue surged 31.7% to $108.95 million and now accounts for 76.6% of total sales, lifting total gross margin to 28.0% from 27.4% a year ago. GAAP net income grew 30.2% to $7.76 million, and adjusted EBITDA expanded 30.0% to $17.95 million. Management responded to the momentum by raising full-year 2025 revenue guidance to $650 million to $680 million and adjusted EBITDA guidance to $80 million to $86 million, with the July 1 acquisition of Pioneer Power expected to add roughly $120 million in annualized revenue beginning in 2026.

Key Takeaways

  • • ODR revenue grew 31.7% year over year, representing 76.6% of total revenue
  • • ODR gross profit grew 24.6%, representing 79.3% of total gross profit
  • • Total gross margin expanded to 28.0% from 27.4% driven by higher-margin ODR mix
  • • Adjusted EBITDA margin improved to 12.6% from 11.3%
  • • GCR gross margins improved to 24.7% from 20.6% due to project selectivity
  • • Contributions from Consolidated Mechanical and Kent Island acquisitions
24/7 Wall St

LMB YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

LMB Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“We delivered strong second quarter performance, with improvement in key metrics year over year — clear evidence that our strategic shift to higher margin ODR business is driving meaningful results. During the quarter, ODR revenue grew 31.7%, representing 76.6% of total revenue, up from approximately 21% of total revenue during the second quarter of 2019 which was the year that we started the transition. In addition, ODR gross profit grew 24.6%, representing 79.3% of total gross profit. Our strategic focus on the ODR segment is yielding measurable value as we expand margins, reduce risk, and generate more predictable revenue and profits. This momentum continues to build, reinforcing our confidence in our growth strategy and Limbach's position as a leading provider of essential building systems solutions for existing critical infrastructure.”

— Michael McCann, Q2 2025 Earnings Press Release

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