Company: BWMN
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-039001
Chunk: 106

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 106
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 and material contracts, respectively. For the three and six months ended June 30, 2024, the Company derived 89.9% and 89.8% of its revenue from contracts classified as lump sum, and 10.1% and 10.2% of its revenue from time and material contracts, respectively.The Company had approximately $317.7 million in remaining performance obligations as of June 30, 2025 of which it expects to recognize approximately 88.2% within the next twelve months and the remaining 11.8% in the next twelve to twenty-four months.Disaggregated revenues by contract type were as follows (in thousands):For the Three Months Ended June 30,For the Six Months Ended June 30,2025202420252024Fixed fee$111,837 91.6 %$93,958 89.9 %$214,442 91.2 %$179,082 89.8 %Time-and-materials10,253 8.4 %10,543 10.1 %20,579 8.8 %20,327 10.2 %Gross contract revenue$122,090 100.0 %$104,501 100.0 %$235,021 100.0 %$199,409 100.0 %

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The Company recognized $0.7 million and $4.2 million of revenue for the three and six months ended June 30, 2025, respectively, which was included in the contract liabilities balance as of December 31, 2024, and $0.5 million and $3.1 million of revenue for the three and six months ended June 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): June 30, 2025December 31, 2024Costs incurred on uncompleted contracts$434,394 $388,531 Estimated contract earnings in excess of costs incurred666,112 600,147 Estimated contract earnings to date1,100,506 988,678 Less: billed to date(1,061,560)(953,214)Net contract assets