Limbach Holdings Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.73%.
Did LMB Beat Earnings? Q1 2026 Results
Limbach Holdings delivered a standout first quarter for fiscal 2026, posting adjusted earnings of $0.64 per share against a consensus estimate of $0.21, a beat of more than 206%, even as the underlying business navigated meaningful margin pressure and an organic revenue decline. Total revenue rose 4.3% year over year to $138.86 million, topping the $134.14 million consensus by 3.52%, though that growth was driven entirely by the July 2025 acquisition of Pioneer Power, which contributed $23.54 million; organic revenue actually fell 13.4%. The headline profit story was complicated by gross margin compression to 22.4% from 27.6% a year ago, reflecting lower fixed-cost absorption, the absence of favorable project write-ups from the prior-year period, and Pioneer Power's initially lower margin profile. The more forward-looking signal came from bookings, where Limbach recorded $209.10 million in Q1 alone, a 1.5x book-to-bill ratio, with data centers accounting for roughly 27% of that total. Management reaffirmed full-year revenue guidance of $730 million to $760 million and Adjusted EBITDA of $90 million to $94 million, with margin recovery expected as integration and pricing initiatives at Pioneer Power gain traction through the year.
- Pioneer Power acquisition contributed $23.5 million in acquisition-related revenue
- ODR segment represented 71.9% of total revenue, up from 67.9% in prior year
- Organic revenue declined 13.4% due to lower bookings in mid-2025 and seasonal patterns
- Gross margin compression to 22.4% from 27.6% driven by lower fixed cost absorption, absence of prior-year project write-ups, and Pioneer Power's lower margin profile
- Data center vertical represented approximately 27% of Q1 bookings
“We delivered solid first quarter results in line with our expectations and generated an exceptionally strong level of bookings that we view as the clearest indicator of strengthening demand across our end markets. This momentum positions Limbach for accelerating organic revenue growth as orders convert to sales.”
Limbach CEO, on the earnings call
Forward Guidance & Outlook
Limbach reaffirmed its FY 2026 guidance: revenue of $730 million to $760 million, Adjusted EBITDA of $90 million to $94 million. Key assumptions include total organic revenue growth of 4-8%, ODR revenue at 75-80% of total revenue, ODR organic revenue growth of 9-12%, gross margin of 26-27%, SG&A expense at 15-17% of total revenue, and free cash flow at 75% of Adjusted EBITDA. Management expects margin improvement as 2026 progresses through pricing, operational, and integration initiatives at Pioneer Power, with a goal of bringing Pioneer Power gross margins in line with the company average over two to three years. Strong bookings of $209.1 million in Q1 and over $434 million over the past two quarters provide visibility into future revenue conversion.
LMB YoY Financials
LMB Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.