Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 41

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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4 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 additional 

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consideration payable in the form of a promissory note and shares of common stock, based on the achievement of certain financial performance thresholds.

Methods of Evaluation 

We use a variety of financial and other information in monitoring the financial condition and operating performance of our business. Some of the information we use to evaluate our operations is financial information that is in accordance with generally accepted accounting principles (GAAP), while other information may be financial in nature and either built upon GAAP results or may not be in accordance with GAAP (Non-GAAP). We use all this information together for planning and monitoring our operations, as well as determining certain management and employee compensation. 

The Company operates as a single business segment represented by our core business of providing multi-disciplinary professional engineering solutions to customers. While we evaluate revenue and other key performance indicators relating to various divisions of labor, our leadership neither manages the business nor deliberately allocates resources by service line, geography, or end market. Our financial statements present results as