Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 35

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 or through joint ventures, and therefore have no related exposure. We are not a partner in any design-build construction projects. We carry no heavy equipment inventory, and our risk of contract loss is generally limited to time associated with fixed fee professional services assignments. 

Gross contract revenue for the three months ended March 31, 2025 and 2024 was $112.9 million and $94.9 million, respectively, representing year over year growth of 19.0%. Gross contract revenue derived from our workforce represented 88.6% and 90.3% of gross contract revenue for the three months ended March 31, 2025 and 2024, respectively (see Net service billing – non-GAAP below). Our net loss for the three months ended March 31, 2025 and 2024 was ($1.7) million and ($1.6) million, respectively. Our Adjusted EBITDA for the three months ended March 31, 2025 and 2024 was $14.5 million on net loss of ($1.7) million and $12.1 million on net loss of ($1.6) million, respectively. (see Adjusted EBITDA – non-GAAP below).

Methods of Evaluation 

We use a variety of financial and other information in monitoring the financial condition and operating performance of our business. Some of the information we use to evaluate our operations is financial information that is in accordance with generally accepted accounting principles (GAAP), while other information may be financial in nature and either built upon GAAP results or may not be in accordance with GAAP (Non-GAAP). We use all this information together for planning and monitoring our operations, as well as determining certain management and employee compensation. 

The Company operates as a single business segment represented by our core business of providing multi-disciplinary professional engineering solutions to customers. While we evaluate revenue and other key performance indicators relating to various divisions of labor, our leadership neither manages the business nor deliberately allocates resources by service line, geography, or end market. Our financial statements present results as a single operating segment.

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Components of Income and Expense

Revenue

We generate revenue from services performed by our employees, pass-through fees from sub-consultants, and reimbursable contract costs. On our condensed consolidated financial statements, we report gross revenue, which represents total revenue billed to customers excluding taxes collected from customers. Gross revenue less revenue derived from pass-through sub-consultant fees, reimbursable expenses and other