$CTRI

Centuri Holdings, Inc.

CIK:0001981599|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Total revenue	$ 961,986	$ 724,052	$ 1,685,160	$ 1,274,133
Total cost of revenue	892,844	656,251	1,580,260	1,186,004
Gross profit	69,142	67,801	104,900	88,129
Selling, general and administrative expenses	37,236	28,959	69,934	55,334
Amortization of intangible assets	7,757	6,683	15,559	13,349
Operating income	24,149	32,159	19,407	19,446
Interest expense, net	12,107	18,247	24,542	36,109
Other (income) expense, net	(261)	(353)	(181)	127
Income (loss) before income taxes	12,303	14,265	(4,954)	(16,790)
Income tax expense (benefit)	6,155	6,186	(1,617)	(6,945)
Net income (loss)	6,148	8,079	(3,337)	(9,845)
Net income attributable to noncontrolling interests	49	26	91	39
Net income (loss) attributable to common stock	$ 6,099	$ 8,053	$ (3,428)	$ (9,884)
Earnings (loss) per share attributable to common stock:
Basic (in USD per share)	$ 0.06	$ 0.09	$ (0.03)	$ (0.11)
Diluted (in USD per share)	$ 0.06	$ 0.09	$ (0.03)	$ (0.11)
Shares used in computing earnings (loss) per share:
Weighted average basic shares outstanding (in shares)	100,935	88,588	100,862	88,553
Weighted average diluted shares outstanding (in shares)	101,476	88,823	100,862	88,553
Nonrelated Party
Total revenue	$ 932,021	$ 697,952	$ 1,631,957	$ 1,226,924
Total cost of revenue	863,791	633,039	1,529,042	1,142,416
Related Party
Total revenue	29,965	26,100	53,203	47,209
Total cost of revenue	29,053	23,212	51,218	43,588
Gross profit	$ 912	$ 2,888	$ 1,985	$ 3,621

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025
Cash flows from operating activities:
Net loss	$ (3,337)	$ (9,845)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	54,747	55,096
Amortization of intangible assets	15,559	13,349
Amortization of debt issuance costs	1,146	2,452
Non-cash loss on debt extinguishment	0	404
Non-cash stock-based compensation expense	6,311	3,750
Gain on sale of equipment	(276)	(585)
Amortization of right-of-use assets	16,478	10,153
Deferred income taxes	229	(8,445)
Changes in assets and liabilities, net of non-cash transactions	(105,869)	(77,312)
Net cash used in operating activities	(15,012)	(10,983)
Cash flows from investing activities:
Capital expenditures	(48,147)	(45,162)
Proceeds from sale of property and equipment	2,632	2,521
Acquisition of business, net of cash acquired	(1,362)	0
Purchase of equity method investment	(2,000)	0
Net cash used in investing activities	(48,877)	(42,641)
Cash flows from financing activities:
Proceeds from line of credit borrowings	16,436	113,931
Payment of line of credit borrowings	(18,614)	(59,317)
Principal payments on long-term debt	(15,205)	(15,808)
Principal payments on finance lease liabilities	(3,861)	(5,188)
Other	(685)	(931)
Net cash (used in) provided by financing activities	(21,929)	32,687
Effects of foreign exchange translation	(405)	250
Net decrease in cash and cash equivalents	(86,223)	(20,687)
Cash, cash equivalents, and restricted cash, beginning of period	128,059	49,019
Cash, cash equivalents, and restricted cash, end of period	$ 41,836	$ 28,332

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 28, 2026	Dec. 28, 2025
Current assets:
Cash and cash equivalents	$ 40,458	$ 126,630
Accounts receivable, net	391,924	314,665
Contract assets	379,564	395,126
Prepaid expenses and other current assets	78,073	44,954
Total current assets	890,019	881,375
Property and equipment, net	465,370	466,842
Intangible assets, net	326,256	343,243
Goodwill, net	393,321	395,671
Right-of-use assets under finance leases	22,143	24,446
Right-of-use assets under operating leases	189,612	176,449
Other assets	116,494	119,680
Total assets	2,403,215	2,407,706
Current liabilities:
Current portion of long-term debt	22,915	29,543
Current portion of finance lease liabilities	7,126	7,459
Current portion of operating lease liabilities	35,530	30,345
Accounts payable	162,338	193,572
Accrued expenses and other current liabilities	195,450	184,964
Contract liabilities	66,799	50,510
Total current liabilities	490,158	496,393
Long-term debt, net of current portion	608,972	616,871
Line of credit	85,855	91,201
Finance lease liabilities, net of current portion	6,873	9,150
Operating lease liabilities, net of current portion	161,949	153,540
Deferred income taxes	79,214	78,365
Other long-term liabilities	94,670	83,793
Total liabilities	1,527,691	1,529,313
Commitments and contingencies (Note 14)
Temporary equity:
Redeemable noncontrolling interests	6,578	5,424
Equity:
Common stock	1,010	1,007
Additional paid-in capital	1,012,285	1,007,746
Accumulated other comprehensive loss	(12,510)	(7,373)
Accumulated deficit	(131,839)	(128,411)
Total equity	868,946	872,969
Total liabilities, temporary equity and equity	$ 2,403,215	$ 2,407,706