Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 26

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 26
---
 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 at any time prior to the date of maturity. No interest was accrued on the notes receivable for the nine months ended September 30, 2025. 

20

8. Property and Equipment, Net 

Property and equipment for fixed assets are as follows (in thousands):September 30, 2025December 31, 2024Computer equipment$2,982 $2,867 Survey equipment5,939 5,944 Vehicles2,479 2,425 Furniture and fixtures2,746 2,581 Leasehold improvements9,619 9,469 Software414 396 Camera equipment947 891 Aircraft8,345 7,829 Aircraft engine & GPS1,535 1,517 Fixed assets pending lease financing 1712 715 Total:35,718 34,634 Less: accumulated depreciation(21,254)(18,604)Property and equipment, net of finance leased assets