Company: BWMN
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-039001
Chunk: 43

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 months ended June 30, 2025 and 2024 was $6.0 million and ($2.1) million, respectively. Our Adjusted EBITDA for the three months ended June 30, 2025 and 2024 was $20.2 million on net income of $6.0 million and $13.4 million on net loss of ($2.1) million, respectively. (see Adjusted EBITDA – non-GAAP below).

Gross contract revenue for the six months ended June 30, 2025 and 2024 was $235.0 million and $199.4 million, respectively, representing year over year growth of 17.9%. Gross contract revenue derived from our workforce represented 88.6% and 90.1% of gross contract revenue for the six months ended June 30, 2025 and 2024, respectively (see Net service billing – non-GAAP below). Our net (loss) income for the six months ended June 30, 2025 and 2024 was $4.3 million and ($3.6) million, respectively. Our Adjusted EBITDA for the six months ended June 30, 2025 and 2024 was $34.7 million on net income of $4.3 million and $25.5 million on net loss of ($3.6) million, respectively. (see Adjusted EBITDA – non-GAAP below)

Subsequent Events 

Subsequent to June 30, 2025, the Company completed an acquisition, and paid total consideration of $2.7 million, subject to adjustments, through a combination of cash, promissory note, convertible note and assumed liabilities. No cash was acquired with this acquisition. Promissory notes bear a simple interest rate of 5.00% with payments of principal and interest beginning September 2025 and ending in June 2028. The convertible note bears a simple interest rate of 5.00% and may be convertible in whole or in part at any time to Bowman common stock and is subject to a six-month lock-up. The 

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purchase agreement includes a contingent consideration provision that affords the sellers the opportunity to earn up to $2.8 million in additional consideration payable in the form of cash, a convertible note, and a promissory note, based on the achievement of certain financial performance thresholds.

Methods of Evaluation 

We use a variety of financial and other information in monitoring the