Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 121

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 121
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, 2025 and 2024 was $126.0 million and $113.9 million, respectively, representing year over year growth of 10.6%. Gross contract revenue derived from our workforce represented 89.0% of gross contract revenue for each of the three months ended September 30, 2025 and 2024, respectively (see Net service billing – non-GAAP below). Our net income for the three months ended September 30, 2025 and 2024 was $6.6 million and $0.8 million, respectively. Our Adjusted EBITDA for the three months ended September 30, 2025 and 2024 was $18.3 million on net income of $6.6 million and $17.0 million on net income of $0.8 million, respectively. (see Adjusted EBITDA – non-GAAP below).

Gross contract revenue for the nine months ended September 30, 2025 and 2024 was $361.1 million and $313.3 million, respectively, representing year over year growth of 15.3%. Gross contract revenue derived from our workforce represented 88.6% and 89.7% of gross contract revenue for the nine months ended September 30, 2025 and 2024, respectively (see Net service billing – non-GAAP below). Our net income (loss) for the nine months ended September 30, 2025 and 2024 was $10.9 million and ($2.9) million, respectively. Our Adjusted EBITDA for the nine months ended September 30, 2025 and 2024 was $53.0 million on net income of $10.9 million and $42.5 million on net loss of ($2.9) million, respectively. (see Adjusted EBITDA – non-GAAP below)

Subsequent Events

Subsequent to September 30, 2025, the Company completed three acquisitions, and paid total consideration of $7.4 million, subject to adjustments, through a combination of cash, promissory note, shares of common stock, and assumed liabilities. No cash was acquired with these acquisitions. Promissory notes bear a simple interest rate of 5.00% with payments of principal and interest beginning January 2026 and ending in October 2028. The purchase agreement includes a contingent consideration provision that affords the sellers the opportunity to earn up to $1.8 million in