Company: BWMN
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-039001
Chunk: 32

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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olving Credit Facility. The Company must maintain, on a combined basis, certain financial covenants defined in the Revolving Credit Facility. The Company was in compliance with covenants as of June 30, 2025.Interest expense on the credit facilities totaled $1.0 million and $1.8 million during the three and six months ended June 30, 2025, respectively. Interest expense on the credit facilities totaled $0.4 million and $1.5 million during the three and six months ended June 30, 2024, respectively.

12. Notes Payable

Notes payable consist of the following (in thousands): June 30, 2025December 31, 2024Related parties:1Shareholders and Owners of Acquired Entities - Interest accrues at rates ranging from 3.25% - 11.00% annually. The notes payable mature on various dates through February 2028.19,758 25,498 Convertible Notes Payable - Interest accrues at rates ranging from 4.75% - 8.00% annually. The convertible notes payable mature on various dates through November 2028.5,181 5,047 Unrelated third parties:Note payable for purchase of tangible asset5,019 5,522 Note payable for purchase of intangible asset2,075 2,075 Discounts on notes payable issued as consideration in acquisitions:1Shareholders and Owners of acquired entities(639)(915)Other(75)(160)Total31,319 37,067 Less: current portion(15,316)(17,075)Non-current portion$16,003 $19,992 

23

1Includes notes payable to all owners irrespective of current relationship with the CompanyInterest expense attributable to the notes payable totaled $0.8 million and $1.6 million for the three and six months ended June 30, 2025, respectively. Interest expense attributable to the notes payable totaled $0.9 million and $1.5 million for the three and six months ended June 30, 2024, respectively.Future principal payments on notes payable for remainder of 2025 and succeeding years are as follows (in thousands): 2025$9,435 202611,484 20278,067 20282,514 2029533 Total$32,033 Convertible Notes PayableThe Company issued unsubordinated convertible notes as partial consideration for multiple acquisitions