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

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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aggregation of Revenue and Contract Balances

The Company disaggregates revenues by contract type, see Revenue Recognition in Note 2 for further details. For the three and nine months ended September 30, 2025, the Company derived 91.1% and 91.2% of its revenue from contracts classified as lump sum, and 8.9% and 8.8% of its revenue from time and material contracts, respectively. For the three and nine months ended September 30, 2024, the Company derived 91.4% and 90.4% of its revenue from contracts classified as lump sum, and 8.6% and 9.6% of its revenue from time and material contracts, respectively.The Company had approximately $334.0 million in remaining performance obligations as of September 30, 2025 of which it expects to recognize approximately 89.1% within the next twelve months and the remaining 10.9% in the next twelve to twenty-four months.Disaggregated revenues by contract type were as follows (in thousands):For the Three Months Ended September 30,For the Nine Months Ended September 30,2025202420252024Fixed fee$114,775 91.1 %$104,091 91.4 %$329,217 91.2 %$283,174 90.4 %Time-and-materials11,258 8.9 %9,841 8.6 %31,837 8.8 %30,167 9.6 %Gross contract revenue$126,033 100.0 %$113,932 100.0 %$361,054 100.0 %$313,341 100.0 %

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The Company recognized $0.3 million and $4.5 million of revenue for the three and nine months ended September 30, 2025, respectively, which was included in the contract liabilities balance as of December 31, 2024, and $0.3 million and $3.4 million of revenue for the three and nine months ended September 30, 2024, respectively, which were 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