Limbach (LMB) Q1 2026

Q1 2026 Q4 2025 Q3 2025 Q2 2025

Earnings

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 an… Read more 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.