Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 35

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 35
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39,236 9.2 %36,553 10.6 %Gross contract revenue$426,564 100.0 %$346,256 100.0 %

The Company recognized $3.6 million of revenue for the year ended December 31, 2024, which was 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): December 31, 2024December 31, 2023Costs incurred on uncompleted contracts$388,531 $359,509 Estimated contract earnings in excess of costs600,147 541,851 Estimated contract earnings to date988,678 901,360 Less: billed to date(953,214)(875,321)Net contract assets$35,464 $26,039 

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 maturity dates for certain notes from officers, employees and affiliated entities have been extended until December 2027. The following is a summary of these notes receivable (in thousands): December 31, 2024December 31, 2023Officers, employees and affiliated entities - Interest accrues annually at rates ranging from 0.0% - 5.5%. The notes receivable mature through Dec. 31, 2027.$2,527 $2,318 Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in Dec. 31, 2025.1903 903 Total:3,430 3,221 Less: current portion  Officers, employees and affiliates(1,889)(1,199)Non-current portion$1,541 $2,022 1Notes initiated prior to the Company's initial public offering.Each borrower may prepay all or part of the outstanding balance at any time prior to the date of maturity. No interest was accrued on the notes receivable for the year ended December 31, 2024.

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Table of Content

8. Property and Equipment, Net 

Property and equipment for fixed assets are as follows (in thousands): December 31, 2024December