Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 107

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 107
---
 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$14,464 $16,030 1Assets acquired which will be re-financed under the Company's finance lease facilitiesDepreciation expense for fixed assets for the three and nine months ended September 30, 2025 was $0.9 million and $2.7 million, respectively. Depreciation expense for fixed assets for the three and nine months ended September 30, 2024 was $1.0 million and $2.7 million, respectively. Property and equipment for finance leased assets are as follows (in thousands):September 30, 2025December 31, 2024Equipment$44,559 $33,654 Vehicles13,982 10,287 Total:58,542 43,941 Less: accumulated amortization on leased assets(26,824)(17,960)Finance leased assets, net$31,718 $25,981 Amortization expense for finance leased assets for the three and nine months ended September 30, 2025 was $3.7 million and $9.8 million, respectively. Amortization expense for finance leased assets for the three and nine months ended September 30, 2024 was $2.7 million and $7.0 million, respectively.

21

9. Goodwill 

Changes in the carrying amount of goodwill were as follows (in thousands):GoodwillBalance as of December 31, 2024$134,653 2025 Acquisitions - additions