$BWMN

Bowman Consulting Group Ltd.

CIK:0001847590|SEC Filings

CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Gross Contract Revenue	$ 146,125	$ 122,090	$ 272,604	$ 235,021
Contract costs: (exclusive of depreciation and amortization below)
Direct payroll costs	51,229	42,425	99,545	84,390
Sub-consultants and expenses	17,156	14,093	29,431	26,971
Total contract costs	68,385	56,518	128,976	111,361
Operating Expenses:
Selling, general and administrative	62,274	49,759	120,052	100,239
Depreciation and amortization	7,813	6,544	16,219	13,065
(Gain) loss on sale of assets, net	(479)	225	(880)	176
Total operating expenses	69,608	56,528	135,391	113,480
Income from operations	8,132	9,044	8,237	10,180
Other expenses	5,796	1,636	9,197	3,746
Income (loss) before tax expense	2,336	7,408	(960)	6,434
Income tax (benefit) expense	(159)	1,399	247	2,169
Net income (loss)	2,495	6,009	(1,207)	4,265
Earnings allocated to non-vested shares	109	307	0	218
Net income (loss) attributable to common shareholders	$ 2,386	$ 5,702	$ (1,207)	$ 4,047
Earnings (loss) per share
Basic (in dollars per share)	$ 0.15	$ 0.35	$ (0.07)	$ 0.25
Diluted (in dollars per share)	$ 0.14	$ 0.34	$ (0.07)	$ 0.24
Weighted average shares outstanding:
Basic (in shares)	16,433,556	16,331,964	16,443,424	16,344,173
Diluted (in shares)	16,604,374	16,583,034	16,443,424	16,589,787

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash Flows from Operating Activities:
Net (loss) income			$ (1,207)	$ 4,265
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Depreciation and amortization - property, plant and equipment			9,978	7,932
Amortization of intangible assets	$ 2,900	$ 2,500	6,241	5,133
(Gain) loss on sale of assets			(880)	141
Credit losses			831	745
Stock based compensation			9,587	9,694
Deferred taxes			223	(12,185)
Accretion of discounts on notes payable			204	404
Changes in operating assets and liabilities, net of acquisition of businesses
Accounts receivable			(10,260)	(8,112)
Contract assets			(13,518)	(8,656)
Prepaid expenses and other assets			120	5,945
Accounts payable and accrued expenses			(778)	5,573
Contract liabilities			3,164	5,414
Net cash provided by operating activities			3,705	16,293
Cash Flows from Investing Activities:
Purchases of property and equipment			(9,406)	(1,119)
Proceeds from sale of assets and disposal of leases			880	102
Capitalized internal-use software development costs			(620)	0
Proceeds from notes receivable			0	718
Acquisitions of businesses, net of cash acquired			(912)	(1,559)
Collections under stock subscription notes receivable			0	21
Net cash used in investing activities			(10,058)	(1,837)
Cash Flows from Financing Activities:
Borrowings under revolving credit facility			40,809	22,515
Repayment under notes payable			(13,309)	(8,919)
Payments on finance leases			(7,943)	(5,600)
Payment of contingent consideration from acquisitions			(225)	(1,171)
Payments for purchase of treasury stock			(2,316)	(3,894)
Repurchases of common stock			(12,229)	(9,458)
Proceeds from issuance of common stock			986	913
Net cash provided by (used in) financing activities			5,773	(5,614)
Net (decrease) increase in cash and cash equivalents			(580)	8,842
Cash and cash equivalents, beginning of period			11,066	6,698	$ 6,698
Cash and cash equivalents, end of period	$ 10,486	$ 15,540	10,486	15,540	$ 11,066
Supplemental disclosures of cash flow information:
Cash paid for interest			6,092	3,812
Net cash paid for income taxes			2,111	681
Non-cash investing and financing activities:
Property and equipment acquired under finance lease			(22,377)	(10,144)
Non-cash additions to property and equipment			(1,044)	0
Note payable converted to common shares			0	(434)
Issuance of notes payable for acquisitions			(600)	(2,056)
Non-cash change in contingent consideration liability			(2,288)	0
Settlement of contingent consideration			$ 525	$ 2,338

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 10,486	$ 11,066
Accounts receivable, net	140,299	130,634
Contract assets	67,055	53,512
Due From Officers Employees And Affiliates Current	256	13
Prepaid and other current assets	17,405	17,730
Total current assets	235,501	212,955
Non-Current Assets
Property and equipment, net	71,684	49,206
Operating lease, right-of-use assets	45,835	45,822
Goodwill	174,519	173,579
Notes receivable, less current portion	903	903
Notes receivable - officers, employees, affiliates, less current portion	868	1,108
Other intangible assets, net	83,340	88,580
Deferred tax asset, net	5,599	5,822
Other assets	1,813	1,707
Total Assets	620,062	579,682
Current Liabilities
Revolving credit facility	136,159	95,350
Accounts payable and accrued liabilities, current portion	59,542	60,035
Contract liabilities	14,178	10,965
Notes payable, current portion	22,039	22,698
Operating lease obligation, current portion	12,557	11,951
Finance lease obligation, current portion	16,602	13,735
Total current liabilities	261,077	214,734
Non-Current Liabilities
Other non-current obligations	359	377
Notes payable, less current portion	22,691	34,313
Operating lease obligation, less current portion	39,842	40,430
Finance lease obligation, less current portion	34,691	23,718
Deferred tax liability, net	279	279
Pension and post-retirement obligation, less current portion	4,631	4,726
Total liabilities	363,570	318,577
Shareholders' Equity
Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value; 30,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 22,462,623 shares issued and 17,232,626 outstanding, and 21,972,432 shares issued and 17,194,091 outstanding as of June 30, 2026 and December 31, 2025, respectively	225	220
Additional paid-in-capital	366,644	355,458
Accumulated other comprehensive income	842	895
Treasury stock, at cost; 5,229,997 and 4,778,341 shares, respectively	(99,475)	(84,931)
Accumulated deficit	(11,744)	(10,537)
Total shareholders' equity	256,492	261,105
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 620,062	$ 579,682