Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 106

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 106
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%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 %

19

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 following (in thousands): September 30, 2025December 31, 2024Costs incurred on uncompleted contracts$459,979 $388,531 Estimated contract earnings in excess of costs incurred707,931 600,147 Estimated contract earnings to date1,167,910 988,678 Less: billed to date(1,126,108)(953,214)Net contract assets$41,802 $35,464 

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 following is a summary of these notes receivable (in thousands): September 30, 2025December 31, 2024Officers, employees and affiliated entities - Interest accrues annually at rates ranging from 0.0% - 5.5%. The notes receivable mature through January 2027.$1,127 $2,527 Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2025.1903 903 Total:2,030 3,430 Less: current portion  Officers, employees and affiliates(19)(1,889) Unrelated third party(903)– Non-current portion$1,108 $1,541 1Note issued prior to the Company's initial public offering.

Each borrower may prepay all or part of the outstanding balance