Company: BWMN
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-039001
Chunk: 28

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 Ended June 30,2025202420252024Fixed fee$111,837 91.6 %$93,958 89.9 %$214,442 91.2 %$179,082 89.8 %Time-and-materials10,253 8.4 %10,543 10.1 %20,579 8.8 %20,327 10.2 %Gross contract revenue$122,090 100.0 %$104,501 100.0 %$235,021 100.0 %$199,409 100.0 %

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The Company recognized $0.7 million and $4.2 million of revenue for the three and six months ended June 30, 2025, respectively, which was included in the contract liabilities balance as of December 31, 2024, and $0.5 million and $3.1 million of revenue for the three and six months ended June 30, 2024, respectively, which were included in the contract liabilities balance as of December 31, 2023.

6. Contracts in Progress

The following table reflects the calculation of the net balance of contract assets and contract liabilities. Costs and estimated earnings on contracts in progress consist of the following (in thousands): June 30, 2025December 31, 2024Costs incurred on uncompleted contracts$434,394 $388,531 Estimated contract earnings in excess of costs incurred666,112 600,147 Estimated contract earnings to date1,100,506 988,678 Less: billed to date(1,061,560)(953,214)Net contract assets$38,946 $35,464 

7. Notes Receivable

The Company has unsecured notes receivable from related parties, certain non-executive officers of the Company and an unrelated third party. The following is a summary of these notes receivable (in thousands): June 30, 2025December 31, 2024Officers, employees and affiliated entities - Interest accrues annually at rates ranging from 0.0% - 5.5%. The notes receivable mature through December 2027.$1,551 $2,527 Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2025.1903 903 Total