Orion delivers strong second quarter

Orion Group Holdings (ORN) yesterday reported its financial results for the second quarter ended June 30, 2025.

According to the report, ORN delivered another strong performance in the second quarter with revenue increasing 7% to $205 million and Adjusted EBITDA doubling to $11 million from the second quarter last year.

“We continue to see strong demand across the markets we serve. For the first six months of the year, we grew our backlog over the first half of 2024 with high-quality, mission critical projects. Our opportunity pipeline grew from $16 billion last quarter to $18 billion today,” said Travis Boone, Chief Executive Officer of Orion Group Holdings.

Second quarter 2025 backlog included over $100 million in new awards. The Marine segment won an export dock replacement project and two projects with the Port of Tampa Bay—a 3-year maintenance dredging contract and a critical infrastructure improvement project. The Concrete segment was awarded multiple new projects spanning data centers, energy, consumer goods, and transportation.

“As we enter the second half of the year, we are optimistic about our outlook. With the majority of our 2025 work under contract as of the end of the quarter, we are pleased to reaffirm our full year 2025 financial guidance,” added Boone.

Highlights for the quarter ended June 30, 2025:

• Revenue grew 7% to $205 million;
• GAAP Net Income grew $7.4 million to $0.8 million;
• Adjusted EBITDA doubled to $11 million and margins increased 240 bps to 5.3%;
• Contracted backlog at the end of 2Q2025 was $750 million with 1H’25 new contract wins of over $450 million;
• Management reaffirmed full year 2025 guidance;
• Strengthened management team by adding Alison Vasquez, CFO, to help execute the next phase of the Company’s growth strategy.

Second Quarter 2025 Results