$LMB
1347 Capital Corp
CIK:0001606163|SEC Filings
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Income Statement [Abstract] | ||||
| Revenue | $ 173,457 | $ 142,241 | $ 312,316 | $ 275,349 |
| Cost of revenue | 136,164 | 102,415 | 243,853 | 198,804 |
| Gross profit | 37,293 | 39,826 | 68,463 | 76,545 |
| Operating expenses: | ||||
| Selling, general and administrative | 28,116 | 26,632 | 56,230 | 53,150 |
| Acquisition-related retention expense and contingent consideration | 230 | 795 | 379 | 1,222 |
| Amortization of intangibles | 1,695 | 1,757 | 3,469 | 3,620 |
| Total operating expenses | 30,041 | 29,184 | 60,078 | 57,992 |
| Operating income | 7,252 | 10,642 | 8,385 | 18,553 |
| Other (expenses) income: | ||||
| Interest expense | (773) | (563) | (1,474) | (1,089) |
| Interest income | 1 | 334 | 16 | 704 |
| Gain on disposition of property and equipment | 81 | 407 | 319 | 740 |
| Gain (loss) on change in fair value of interest rate swap | 22 | (56) | 60 | (153) |
| Total other (expense) income | (669) | 122 | (1,079) | 202 |
| Income before income taxes | 6,583 | 10,764 | 7,306 | 18,755 |
| Income tax expense (benefit) | 1,836 | 3,002 | (1,821) | 779 |
| Net income | $ 4,747 | $ 7,762 | $ 9,127 | $ 17,976 |
| Earnings per common share: | ||||
| Basic (in usd per share) | $ 0.40 | $ 0.67 | $ 0.77 | $ 1.56 |
| Diluted (in usd per share) | $ 0.39 | $ 0.64 | $ 0.76 | $ 1.48 |
| Weighted average number of shares outstanding: | ||||
| Basic (in shares) | 11,921,067 | 11,624,639 | 11,840,680 | 11,522,614 |
| Diluted (in shares) | 12,040,218 | 12,114,221 | 12,047,368 | 12,106,967 |
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 17,529 | $ 11,345 |
| Restricted cash | 65 | 65 |
| Accounts receivable (net of allowance for credit losses of $462 and $396, respectively) | 149,328 | 133,205 |
| Contract assets, net | 41,587 | 45,467 |
| Income tax receivable | 2,201 | 0 |
| Other current assets | 12,438 | 4,967 |
| Total current assets | 223,148 | 195,049 |
| Property and equipment, net | 39,166 | 43,309 |
| Intangible assets, net | 45,776 | 49,187 |
| Goodwill | 72,644 | 70,600 |
| Operating lease right-of-use assets | 18,220 | 19,792 |
| Deferred tax asset | 4,739 | 2,917 |
| Other assets | 314 | 276 |
| Total assets | 404,007 | 381,130 |
| Current liabilities: | ||
| Current portion of long-term debt | 4,862 | 5,031 |
| Current operating lease liabilities | 4,592 | 4,379 |
| Accounts payable, including retainage | 80,333 | 74,172 |
| Contract liabilities, net | 35,127 | 20,936 |
| Accrued income taxes | 0 | 1,152 |
| Accrued expenses and other current liabilities | 25,332 | 29,416 |
| Total current liabilities | 150,246 | 135,086 |
| Long-term debt | 35,842 | 30,536 |
| Long-term operating lease liabilities | 14,290 | 15,925 |
| Other long-term liabilities | 481 | 3,922 |
| Total liabilities | 200,859 | 185,469 |
| Commitments and contingencies (Note 13) | ||
| STOCKHOLDERS’ EQUITY | ||
| Common stock, $0.0001 par value; 100,000,000 shares authorized, issued 12,100,719 and 11,806,466, respectively, and 11,921,067 and 11,626,814 outstanding, respectively | 1 | 1 |
| Additional paid-in capital | 95,695 | 97,335 |
| Treasury stock, at cost (179,652 shares at both period ends) | (2,000) | (2,000) |
| Retained earnings | 109,452 | 100,325 |
| Total stockholders’ equity | 203,148 | 195,661 |
| Total liabilities and stockholders’ equity | $ 404,007 | $ 381,130 |