Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 132

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 132
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, 2025, was (102.1)% compared to 167.7% for the three months ended September 30, 2024.

Income (Loss) Before Tax and Net Income (Loss)

Income (loss) before tax increased by $4.4 million for the three months ended September 30, 2025, to $3.3 million of income compared to ($1.1) million of loss for the three months ended September 30, 2024. Net income increased by $5.8 million to $6.6 million of net income for the three months ended September 30, 2025, as compared to $0.8 million of net income for the three months ended September 30, 2024. 

Other financial information and Non-GAAP key performance indicators 

Net service billing (non-GAAP)

Net service billing increased $10.7 million or 10.6% to $112.1 million for the three months ended September 30, 2025, as compared to $101.4 million for the three months ended September 30, 2024. Net service billing reconciles to gross contract revenue as follows (in thousands):

For the Three Months Ended September 30,20252024Gross contract revenue$126,033 $113,932 Less: sub-consultants and other direct expenses13,946 12,569 Net service billing$112,087 $101,363 

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Because sub-consultants and reimbursable expenses are most often pass-through items with little or no mark-up, they generally have a dilutive effect on gross, operating, and net margins while having little accretive effect on profitability. As such, where possible, we focus our resources and business development efforts principally on increasing revenue derived from our own workforce. Management primarily focuses its internal performance metrics on net service billing. 

Adjusted EBITDA (non-GAAP)

Adjusted EBITDA increased $1.3 million or 7.8% to $18.3 million for the three months ended September 30, 2025 as compared to $17.0 million for the three months ended September 30, 2024. Adjusted EBITDA reconciles to net income as follows (in thousands): 

For the Three Months Ended      September 30, 20252024$ Change % Change Net Service Billing$112,087 $101,363 $10,724 10.