Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 85

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 85
---
 highly varied terrain. These discrete images and layered maps are used by private and public entities in connection with multiple infrastructure planning and monitoring initiatives. Going forward, aerial orthoimagery will be combined with other geospatial services and similarly aligned with end-customer markets.

For the years ended December 31, 2024 and 2023, these emerging markets collectively represented 10.4% and 4.2%, respectively, of our gross contract revenue.

Growth Strategies 

We continue to focus our efforts on the goal of growing our revenue to become an ENR Top 50 firm within five years of the completion of our initial public offering in May 2021. Our five-fold growth of revenue over the past ten years is derived from both acquisitive and organic growth, including significant post-integration organic growth in the businesses we have acquired. Two of our bedrock cultural values are growth and entrepreneurial spirit. Our commitment to sustaining our unique culture as we continue to expand has been, and will continue to be, fundamental to maintaining an engaged workforce and delivering organic growth throughout our organization.

We intend to continue to grow through acquisitions. The current outlook is positive for each of the markets we work in and services we provide, and we intend to grow aggressively and opportunistically within each of them. To achieve the 

9

Table of Content

aggressive growth targets we have established, we plan to focus effort and resources on markets and service line expansion opportunities with the following characteristics: 

•High potential for reoccurring revenue and multi-year assignments 

•Engagement with renewable energy, energy transitions, and energy efficiency activities

•Aging and failing infrastructure in need of upgrade and replacement

•Transformational investment paradigms such as privatization

•Economic vitality and attractive growth in population and workforce

•Long-term public sector funding

•Prime for technology advancement with respect to delivery of our services

•Complex regulatory environments

These characteristics of market and service line opportunities are fluid, and we may adapt them from time to time to evolving dynamics. We intend to be opportunistic, responsive to evolving macro-economic trends, and deliberate in our evaluation of attractive and synergistic opportunities in other markets when they present themselves.

In addition to market expansion, we intend to grow by investing in and acquiring skillsets, service lines, technology solutions, production tools, and equipment which deepen our market penetration and provide enhanced revenue capture opportunities with our existing and prospective customers (also referred to as “wallet share”). Such strategic and synergistic service line extensions include,