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EX-99.1
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EX-99.1

EX-99.1

 

 Exhibit 99.1 
 

 
 FOR IMMEDIATE RELEASE 

Bowman Reports Strong Results for Second Quarter 2026; 

Reston, VA, August 10, 2026 – Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering and infrastructure asset management firm, today
announced financial results for the second quarter ended June 30, 2026. 
 “We made meaningful advances during the second quarter, with net
service billing increasing by more than 19%, organic growth accelerating to 13%, Adjusted EBITDA margin nearing 19%, and backlog reaching $659 million,” said Gary Bowman, founder and CEO. “The results reflect the strength of our
underlying business and our long-range strategy. The quarter was a pivotal period of project mobilizations and strategic investments for several key initiatives expected to contribute meaningfully in the second half and beyond. 

“During the quarter, we upgraded assets and resources that support our geospatial collection and data processing operations, stood up a significant land
services operation in the southwest, and invested in operating capacity to support future growth and protect margin. Demand remains healthy across our markets. Recent wins entitle us to bigger assignments and accordingly, our pipeline of
opportunities includes several large-scale infrastructure projects. We remain focused on converting backlog, increasing production efficiencies, improving cash generation, and delivering on the benefits our investments afford us.” 

Second Quarter 2026 Compared to Second Quarter 2025 Financial Results: 
  

 
•
 
 Gross contract revenue of $146.1 million compared to $122.1 million, a 19.7% increase

  

 
•
 
 Net service billing1 of $129.0 million compared
to $108.0 million, a 19.4% increase 

  

 
•
 
 Organic net service billing2 growth of 12.7% compared
to 8.4% 

  

 
•
 
 Gross profit of $77.7 million compared to $65.6 million, an 18.6% increase 

 

 
•
 
 Net income of $2.5 million compared to $6.0 million 

 

 
•
 
 Basic and Diluted EPS of $0.15 and $0.14, respectively compared to $0.35 and $0.34, respectively

  

 
•
 
 Adjusted EBITDA1 of $24.1 million compared to
$20.2 million, a 19.2% increase 

  

 
•
 
 Adjusted EBITDA margin, net 1 of 18.7%, unchanged from the prior-year quarter 

  

 
•
 
 Cash used in Operations of $7.9 million as compared to $4.3 million Cash from Operations

  

 
•
 
 Gross backlog of $658.7 million compared to $438.2 million, a 50.3% increase 

First Six Months of 2026 Compared to First Six Months of 2025 Financial Results: 

 

 
•
 
 Gross contract revenue of $272.6 million compared to $235.0 million, a 16.0% increase

  

 
•
 
 Net service billing1 of $243.2 million compared
to $208.1 million, a 16.9% increase 

  

 
•
 
 Organic net service billing2 growth of 9.5% compared
to 9.8% 

  

 
•
 
 Gross profit of $143.6 million compared to $123.7 million, an 16.2% increase 

 

 
•
 
 Net loss of $1.2 million compared to net income of $4.3 million 

 

 
•
 
 Basic and Diluted EPS of ($0.07) compared to $0.25 and $0.24, respectively 

 

 
•
 
 Adjusted EBITDA1 of $40.9 million compared to
$34.7 million, a 17.8% increase 

  

 
•
 
 Adjusted EBITDA margin, net 1 of 16.8% compared to 16.7% 

  

 
•
 
 Cash from Operations of $3.7 million as compared to $16.3 million 

Notable Events: 
  

 
•
 
 During the three months ended June 30, 2026, the Company repurchased 93,838 shares of common stock under the
2025 Repurchase Authorization for $3.0 million, at an average price of approximately $31.99 per share. 

  

 
•
 
 During the six months ended June 30, 2026, the Company repurchased 381,936 shares of common stock for
$12.2 million at an average price of $32.02 per share 

  

 
•
 
 In April 2026, the Company acquired Smith & Associates Land Surveying LLC, a Las Vegas, Nevada-based
land surveying firm to expand its surveying capabilities in the southwest. 

 CFO Commentary 

“Second quarter results reflect continued growth in net service billing and Adjusted EBITDA with margins that provide increased visibility to our
full-year objectives,” said Bruce Labovitz, CFO. “The quarter included an unusual concentration of cash uses including an additional payroll, payment of annual bonuses, share repurchases, the final settlement of the 174 R&E tax
filing, and several strategic investments in geospatial equipment and AI-compute infrastructure. 
 Improving cash
conversion and reducing leverage remain important execution priorities, and we expect to make meaningful improvements to both in the second half of the year. Our acquisition pipeline remains active, with continued opportunities progressing through
diligence toward closing. At this time, we are reaffirming our 2026 guidance for net revenue and Adjusted EBITDA margin, net.” 
 Full Year 2026
Guidance 
 Bowman reaffirmed net revenue and Adjusted EBITDA margin guidance for full year 2026: 

 

 Date Issued

  
 Net Revenue

 
  

Adjusted EBITDAMargin

 

 March 2026

  
$
495 -$510 MM
 
  
 
17.0% -17.5%
 

 May 2026

  
$
520 -$540 MM
 
  
 
17.2% -17.7%
 

 August 2026

  
$
520 -$540 MM
 
  
 
17.2% -17.7%
 

 The current outlook for 2026 is based on completed acquisitions as of the date of this release and does not include
contributions from future acquisitions. 
 Pending Transaction with Bernhard Capital Partners 

In a separate press release issued today, Bowman announced that it has entered into a definitive agreement to be acquired by Bernhard Capital Partners for
$43.00 per share in cash. The transaction is expected to close in the fourth quarter of calendar year 2026 or the first quarter of calendar year 2027, subject to the receipt of required regulatory approvals and the satisfaction or waiver of other
customary closing conditions. Additional information is available in the transaction press release. 
 In light of the transaction announcement,
Bowman’s previously scheduled second quarter 2026 earnings call on August 11, 2026, at 9:00 a.m. EDT, has been canceled. 

 

 About Bowman Consulting Group Ltd. 

Headquartered in Reston, Virginia, Bowman is a national engineering services firm offering infrastructure engineering, technical services and project
management solutions to owners and operators of the built environment. With over 2,500 employees and 100 locations throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning,
environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.

 1 Non-GAAP financial metric the Company believes offers
valuable perspective on results of operations (see non-GAAP tables below for reconciliations). 
 2 Organic net service billing growth (also a non-GAAP financial metric) for the three months ended 6/30/26 excludes revenue from acquisitions of e3i and RPT.

 3 Basic Adjusted EPS and Diluted Adjusted EPS are all
non-GAAP financial metrics the Company believes offer valuable perspectives on results of operations (see non-GAAP tables below for reconciliations). Adjusted EPS (Basic
and Diluted) include addbacks for non-reoccurring expenses specific to acquisitions, non-cash stock compensation expense associated with
pre-IPO grants, and other expenses not in the ordinary course of business. With respect to the elimination of any non-cash stock compensation expense, the Company
computes an adjusted tax expense or benefit which accounts for the elimination of any periodic windfall or shortfall tax effects resulting from the difference between grant date fair value and vest date value. With respect to all other eliminations,
the Company applies its average marginal statutory tax rate, currently 25.8%, to derive the tax adjustment associated with the elimination of expenses. A reconciliation of non-GAAP Adjusted EPS to GAAP EPS,
both basic and diluted, is included with this press release for reference. 
 Forward-Looking Statements 

This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and
objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” “believe,” “continue,” “estimate,”
“expect,” “intend,” “may,” “will,” “goal” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current
expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs.
These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. The Company cautions that these
statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local
and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to
successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. Considering these risks, uncertainties and
assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are
under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. 

Important Information and Where to Find It 
 The merger
transaction described in this communication (the “Merger”) will be submitted to the Company’s stockholders for their consideration and approval at a special meeting. In connection with the Merger, the Company intends to file with
the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement on Schedule 14A. Once the SEC completes its review of the preliminary proxy statement, a definitive proxy statement and a form of proxy card will be filed
with the SEC and mailed or otherwise furnished to the Company’s stockholders. BEFORE MAKING ANY VOTING DECISION, THE COMPANY’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT IN ITS ENTIRETY, WHEN IT BECOMES AVAILABLE, AND ANY OTHER
DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN 

 

 
THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS), IF ANY, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES TO THE MERGER. This
communication is not a substitute for the proxy statement or any other document that may be filed by the Company with the SEC or sent to its stockholders in connection with the Merger. 

The Company’s investors and stockholders may obtain a free copy of the proxy statement (when available) and other documents filed by the Company with
the SEC at the SEC’s website at www.sec.gov. In addition, the Company’s investors and stockholders may obtain a free copy of the documents filed with the SEC by the Company from the Company’s website at investors.bowman.com or by
directing a request to the Company by e-mail to [email protected], or by telephone to (703) 464-1000. 

Participants in the Solicitation 
 The Company and
certain of its directors, executive officers and other members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies from the Company’s stockholders in connection with the
Merger and other matters to be voted on at the special meeting of the stockholders. Information regarding the Company’s directors and executive officers, including a description of their direct or indirect interests, by security holdings or
otherwise, is contained in the Company’s proxy statement on Schedule 14A for the Company’s 2026 Annual Meeting of Stockholders, which was filed with the SEC on April 28, 2026 (the “2026 Annual Meeting Proxy Statement”),
including under the headings “Executive and Director Compensation,” “Security Ownership of Certain Beneficial Owners and Management” and “Certain Relationships and Related Transactions.” To the extent holdings of
the Company’s securities by such directors or executive officers (or the identity of such directors or executive officers) change from the amounts set forth in the 2026 Annual Meeting Proxy Statement, such information has been or will be
reflected on the Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of the Company’s directors and executive officers in the
Merger will be included in the proxy statement relating to the Merger when it is filed with the SEC. You may obtain free copies of these documents using the sources indicated above. 

Cautionary Statement Regarding Forward-Looking Statements 

This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this communication that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation,
statements regarding the Merger, including the expected timing of the closing of the Merger, the ability of the parties to complete the Merger considering the various closing conditions, the expected synergies, impacts and benefits of the Merger,
the plans, strategies and prospects, both business and financial, of the Company, and any assumptions underlying any of the foregoing. 
 In some
cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,”
“due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,”
“seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other
comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are not guarantees of future performance. These forward-looking statements
are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from the Company’s current expectations. 

These risks and uncertainties include risks and developments related to, among other things, (i) the completion of the proposed Merger on the
anticipated terms and timing, or at all, including the parties’ ability to obtain required stockholder approval, regulatory approvals and satisfy the other conditions to the completion of the Merger, or the failure to satisfy such conditions,
(ii) the effect of the announcement or pendency of the Merger on the Company’s business, operating results, financial performance, ability to retain and hire key personnel, and relationships with customers, suppliers, competitors and
others, (iii) the effect of the restrictions imposed by the definitive merger agreement (the “Merger Agreement”) during the pendency of the Merger, which may (x) disrupt the Company’s current plans and business
operations, (y) impact the Company’s ability to pursue certain business opportunities or strategic transactions or (z) divert management’s attention from ongoing business operations, (iv) the ability of Bernhard to procure
the financing required to complete the Merger, (v) the possibility that competing offers may be made, and the effect of such competing offers on the Merger and the parties’ respective rights under the Merger Agreement, (vi) the
occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (vii) the fact that the Company may be required to pay a termination fee to Bernhard if the Merger Agreement is terminated
in certain circumstances, (viii) litigation being instituted against the Company, 

 

 
Bernhard or other parties, including their respective directors, managers or officers, in connection with the Merger, which may have an unfavorable outcome, (ix) the uncertainty of the
outcome of any such litigation and its effects on the parties to the Merger Agreement, (x) changes in laws, regulations, or policies, (xi) general economic conditions, nationally and globally, and their effect on the market for the
Company’s services, (xii) competitive pressures and trends in the Company’s industry and its ability to successfully compete with its competitors, (xiii) the effect on the Company’s stock price if the Merger is not
completed, which may decline significantly following a termination of the Merger Agreement, (xiv) potential business uncertainty during the pendency of the Merger, including changes to existing business relationships; (xv) the significant
costs, fees and expenses the Company may incur in connection with the Merger, and (xvi) the effects of unknown liabilities related to the Merger on the Company. 

For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements,
please refer to the Company’s periodic reports and other filings with the SEC, including risks described under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2025, filed with the SEC, and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Company’s Investor Relations page at investors.bowman.com. The
forward-looking statements included in this communication are made only as of the date hereof, and the Company disclaims any obligation to update the forward-looking statements in the future, except as required by applicable law. Forward-looking
statements should be considered in light of these risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements. 

No Offer or Solicitation 
 This communication is for
informational purposes only and is not intended to, and does not, constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any issuance or sale of securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 

Investor Relations Contact: 
 Betsy Patterson 

[email protected] 

 

 BOWMAN CONSULTING GROUP LTD. 

CONDENSED CONSOLIDATED BALANCE SHEETS 

(Amounts in thousands except per share data) 
  

 
  
June 30,2026
 
 
December 31,2025
 

 
  
(Unaudited)
 
 
 
 

 ASSETS

  

 

 Current Assets

  

 

 Cash and cash equivalents

  
$
10,486
 
 
$
11,066
 

 Accounts receivable, net

  
 
140,299
 
 
 
130,634
 

 Contract assets

  
 
67,055
 
 
 
53,512
 

 Notes receivable - officers, employees, affiliates, current portion

  
 
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
 

  
  

  

 
 
  

  

 

 LIABILITIES AND SHAREHOLDERS’ EQUITY

  

 

 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

  
 
— 
 
 
 
— 
 

 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
 

  
  

  

 
 
  

  

 

 

 BOWMAN CONSULTING GROUP LTD. 

CONDENSED CONSOLIDATED INCOME STATEMENTS 

(Amounts in thousands except per share data) 

(unaudited) 
  

 
  
For the Three MonthsEnded June 30,
 
  
For the Six MonthsEnded June 30,
 

 
  
2026
 
 
2025
 
  
2026
 
 
2025
 

 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
 
  
 
– 
 
 
 
218
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Net income (loss) attributable to common shareholders

  
$
2,386
 
 
$
5,702
 
  
$
(1,207
) 
 
$
4,047
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Earnings (loss) per share

  

 

  

 

 Basic

  
$
0.15
 
 
$
0.35
 
  
$
(0.07
) 
 
$
0.25
 

 Diluted

  
$
0.14
 
 
$
0.34
 
  
$
(0.07
) 
 
$
0.24
 

 Weighted average shares outstanding:

  

 

  

 

 Basic

  
 
16,433,556
 
 
 
16,331,964
 
  
 
16,443,424
 
 
 
16,344,173
 

 Diluted

  
 
16,604,374
 
 
 
16,583,034
 
  
 
16,443,424
 
 
 
16,589,787
 

 

 BOWMAN CONSULTING GROUP LTD. 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(Amounts in thousands) 

(unaudited) 
  

 
  
For the Six Months Ended June 30,
 

 
  
  2026  
 
 
  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

  
 
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
) 
 
 
— 
 

 Proceeds from notes receivable

  
 
— 
 
 
 
718
 

 Acquisitions of businesses, net of cash acquired

  
 
(912
) 
 
 
(1,559
) 

 Collections under stock subscription notes receivable

  
 
— 
 
 
 
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
 

  
  

  

 
 
  

  

 

 Cash and cash equivalents, end of period

  
$
10,486
 
 
$
15,540
 

  
  

  

 
 
  

  

 

 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
) 
 
$
 — 
 

  
  

  

 
 
  

  

 

 Note payable converted to common shares

  
$
 — 
 
 
$
(434
) 

  
  

  

 
 
  

  

 

 Issuance of notes payable for acquisitions

  
$
(600
) 
 
$
(2,056
) 

  
  

  

 
 
  

  

 

 Non-cash change in contingent consideration
liability

  
$
(2,288
) 
 
$
 — 
 

  
  

  

 
 
  

  

 

 Settlement of contingent consideration

  
$
525
 
 
$
2,338
 

  
  

  

 
 
  

  

 

 

 BOWMAN CONSULTING GROUP LTD. 

RECONCILIATION OF EPS TO ADJUSTED EPS 

(Amounts in thousands except per share data) 
  

 
  
For the Three MonthsEnded June 30,
 
  
For the Six MonthsEnded June 30,
 

 
  
2026
 
 
2025
 
  
2026
 
 
2025
 

 Net income (loss) (GAAP)

  
$
2,495
 
 
$
6,009
 
  
$
(1,207
) 
 
$
4,265
 

 + tax (benefit) expense (GAAP)

  
 
(159
) 
 
 
1,399
 
  
 
247
 
 
 
2,169
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Income (loss) before tax expense (GAAP)

  
$
2,336
 
 
$
7,408
 
  
$
(960
) 
 
$
6,434
 

 + acquisition related expenses

  
 
2,992
 
 
 
1,149
 
  
 
4,531
 
 
 
1,744
 

 + amortization of intangibles

  
 
2,949
 
 
 
2,517
 
  
 
6,241
 
 
 
5,133
 

 + non-cash stock comp related to pre-IPO

  
 
75
 
 
 
330
 
  
 
241
 
 
 
824
 

 + other non-core expenses

  
 
2,539
 
 
 
188
 
  
 
5,808
 
 
 
331
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Adjusted income before tax expense

  
$
10,891
 
 
$
11,592
 
  
$
15,861
 
 
$
14,466
 

 Adjusted income tax expense

  
 
141
 
 
 
1,981
 
  
 
2,705
 
 
 
3,657
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Adjusted net income

  
$
10,750
 
 
$
9,611
 
  
$
13,156
 
 
$
10,809
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Adjusted earnings allocated to non-vested
shares

  
 
468
 
 
 
491
 
  
 
559
 
 
 
553
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Adjusted net income attributable to common shareholders

  
 
10,282
 
 
 
9,120
 
  
 
12,597
 
 
 
10,256
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Earnings (loss) per share (GAAP)

  

 

  

 

 Basic

  
$
0.15
 
 
$
0.35
 
  
$
(0.07
) 
 
$
0.25
 

 Diluted

  
$
0.14
 
 
$
0.34
 
  
$
(0.07
) 
 
$
0.24
 

 Adjusted earnings per share (Non-GAAP)

  

 

  

 

 Basic

  
$
0.63
 
 
$
0.56
 
  
$
0.77
 
 
$
0.63
 

 Diluted

  
$
0.62
 
 
$
0.55
 
  
$
0.76
 
 
$
0.62
 

 Weighted average shares outstanding

  

 

  

 

 Basic

  
 
16,433,556
 
 
 
16,331,964
 
  
 
16,443,424
 
 
 
16,344,173
 

 Diluted

  
 
16,604,374
 
 
 
16,583,034
 
  
 
16,607,542
 
 
 
16,589,787
 

Basic Adjusted Earnings (Loss) Per Share Summary - Non-GAAP
  
For the Three MonthsEnded June 30,
 
  
For the Six MonthsEnded June 30,
 

 
  
2026
 
 
2025
 
  
2026
 
 
2025
 

 Earnings (loss) per share (GAAP)

  
$
0.15
 
 
$
0.35
 
  
$
(0.07
) 
 
$
0.25
 

 Pre-tax basic per share adjustments

  
$
0.51
 
 
$
0.36
 
  
$
1.03
 
 
$
0.64
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Adjusted earnings per share before tax expense

  
$
0.66
 
 
$
0.71
 
  
$
0.96
 
 
$
0.89
 

 Tax expense per share adjustment

  
$
0.01
 
 
$
0.12
 
  
$
0.16
 
 
$
0.22
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Adjusted earnings per share - adjusted net income

  
$
0.65
 
 
$
0.59
 
  
$
0.80
 
 
$
0.67
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Adjusted earnings per share allocated to non-vested
shares

  
$
0.02
 
 
$
0.03
 
  
$
0.03
 
 
$
0.04
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Adjusted earnings per share attributable to common shareholders

  
$
0.63
 
 
$
0.56
 
  
$
0.77
 
 
$
0.63
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

Diluted Adjusted Earnings (Loss) Per Share Summary - Non-GAAP
  
For the Three MonthsEnded June 30,
 
  
For the Six MonthsEnded June 30,
 

 
  
2026
 
 
2025
 
  
2026
 
 
2025
 

 Earnings (loss) per share (GAAP)

  
$
0.14
 
 
$
0.34
 
  
$
(0.07
) 
 
$
0.24
 

 Pre-tax diluted per share adjustments

  
$
0.52
 
 
$
0.36
 
  
$
1.03
 
 
$
0.63
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Adjusted earnings per share before tax expense

  
$
0.66
 
 
$
0.70
 
  
$
0.96
 
 
$
0.87
 

 Tax expense per share adjustment

  
$
0.01
 
 
$
0.12
 
  
$
0.16
 
 
$
0.22
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Adjusted earnings per share - adjusted net income

  
$
0.65
 
 
$
0.58
 
  
$
0.80
 
 
$
0.65
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Adjusted earnings per share allocated to non-vested
shares

  
$
0.03
 
 
$
0.03
 
  
$
0.04
 
 
$
0.03
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 Adjusted earnings per share attributable to common shareholders

  
$
0.62
 
 
$
0.55
 
  
$
0.76
 
 
$
0.62
 

  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 

 

 BOWMAN CONSULTING GROUP LTD. 

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES 

(Amounts in thousands except per share data) 
  

Combined Statement of Operations Reconciliation
  
For the Three MonthsEnded June 30,
 
 
For the Six MonthsEnded June 30,
 

 
  
2026
 
 
2025
 
 
2026
 
 
2025
 

 Gross contract revenue

  
$
146,125
 
 
$
122,090
 
 
$
272,604
 
 
$
235,021
 

 Contract costs (exclusive of depreciation and amortization)

  
 
68,385
 
 
 
56,518
 
 
 
128,976
 
 
 
111,361
 

 Operating expense

  
 
69,608
 
 
 
56,528
 
 
 
135,391
 
 
 
113,480
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Income from operations

  
 
8,132
 
 
 
9,044
 
 
 
8,237
 
 
 
10,180
 

 Other expense

  
 
5,796
 
 
 
1,636
 
 
 
9,197
 
 
 
3,746
 

 Income tax (benefit) expense

  
 
(159
) 
 
 
1,399
 
 
 
247
 
 
 
2,169
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net income (loss)

  
$
2,495
 
 
$
6,009
 
 
$
(1,207
) 
 
$
4,265
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net margin

  
 
1.7
% 
 
 
4.9
% 
 
 
(0.4
)% 
 
 
1.8
% 

 Other financial information 1

  

 

 

 

 Net service billing

  
$
128,969
 
 
$
107,997
 
 
$
243,173
 
 
$
208,050
 

 Adjusted EBITDA

  
 
24,092
 
 
 
20,203
 
 
 
40,891
 
 
 
34,708
 

 Adjusted EBITDA margin, net

  
 
18.7
% 
 
 
18.7
% 
 
 
16.8
% 
 
 
16.7
% 

Gross Contract Revenue to Net Service Billing Reconciliation
  
For the Three MonthsEnded June 30,
 
 
For the Six MonthsEnded June 30,
 

 
  
2026
 
 
2025
 
 
2026
 
 
2025
 

 Gross contract revenue

  
$
146,125
 
 
$
122,090
 
 
$
272,604
 
 
$
235,021
 

 Less: sub-consultants and other direct expenses

  
 
17,156
 
 
 
14,093
 
 
 
29,431
 
 
 
26,971
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net service billing

  
$
128,969
 
 
$
107,997
 
 
$
243,173
 
 
$
208,050
 

 Organic net service billing

  
 
121,712
 
 
 
107,997
 
 
 
227,798
 
 
 
208,049
 

 Acquisition-related net service billing

  
 
7,257
 
 
 
— 
 
 
 
15,375
 
 
 
1
 

Adjusted EBITDA Reconciliation
  
For the Three MonthsEnded June 30,
 
 
For the Six MonthsEnded June 30,
 

 
  
2026
 
 
2025
 
 
2026
 
 
2025
 

 Net service billing

  
$
128,969
 
 
$
107,997
 
 
$
243,173
 
 
$
208,050
 

 Net income (loss)

  
$
2,495
 
 
$
6,009
 
 
$
(1,207
) 
 
$
4,265
 

 + interest expense

  
 
3,532
 
 
 
2,259
 
 
 
6,794
 
 
 
4,372
 

 + depreciation & amortization

  
 
7,813
 
 
 
6,544
 
 
 
16,219
 
 
 
13,065
 

 + income tax (benefit) expense

  
 
(159
) 
 
 
1,399
 
 
 
247
 
 
 
2,169
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 EBITDA

  
$
13,681
 
 
$
16,211
 
 
$
22,053
 
 
$
23,871
 

 + non-cash stock compensation

  
 
5,381
 
 
 
3,093
 
 
 
9,577
 
 
 
9,734
 

 + acquisition and other non-core expenses

  
 
5,030
 
 
 
899
 
 
 
9,261
 
 
 
1,103
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Adjusted EBITDA

  
$
24,092
 
 
$
20,203
 
 
$
40,891
 
 
$
34,708
 

 Adjusted EBITDA margin, net

  
 
18.7
% 
 
 
18.7
% 
 
 
16.8
% 
 
 
16.7
% 

  

1
 Non-GAAP financial metrics the Company believes offer valuable
perspective on results of operations. See Non-GAAP tables below for reconciliations. 

 

 BOWMAN CONSULTING GROUP LTD. 

GROSS CONTRACT REVENUE COMPOSITION 

(Unaudited) 
  

 
  
For the Three Months Ended June 30,
 

(dollars in thousands)
  
2026
 
  
%
 
 
2025
 
  
%
 
 
Change
 
  
% Change
 

  
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 

 Consolidated Gross Contract Revenue

  

  

 

  

 

  

 Building Infrastructure

  
 
57,174
 
  
 
39.2
% 
 
 
56,561
 
  
 
46.3
% 
 
 
613
 
  
 
1.1
% 

 Transportation

  
 
28,382
 
  
 
19.4
% 
 
 
24,611
 
  
 
20.2
% 
 
 
3,771
 
  
 
15.3
% 

 Power, Utilities & Energy

  
 
37,034
 
  
 
25.3
% 
 
 
26,843
 
  
 
22.0
% 
 
 
10,191
 
  
 
38.0
% 

 Natural Resources1

  
 
23,535
 
  
 
16.1
% 
 
 
14,075
 
  
 
11.5
% 
 
 
9,460
 
  
 
67.2
% 

  
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 

 Total

  
 
146,125
 
  
 
100.0
% 
 
 
122,090
 
  
 
100.0
% 
 
 
24,035
 
  
 
19.7
% 

 Acquired2

  
 
7,534
 
  
 
5.2
% 
 
 
6,459
 
  
 
5.3
% 
 
 
1,075
 
  
 
(6.0
)% 

 
  
For the Six Months Ended June 30,
 

(dollars in thousands)
  
2026
 
  
%
 
 
2025
 
  
%
 
 
Change
 
  
% Change
 

  
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 

 Consolidated Gross Contract Revenue

  

  

 

  

 

  

 Building Infrastructure

  
 
109,521
 
  
 
40.2
% 
 
 
108,593
 
  
 
46.2
% 
 
 
928
 
  
 
0.9
% 

 Transportation

  
 
54,991
 
  
 
20.2
% 
 
 
48,340
 
  
 
20.6
% 
 
 
6,651
 
  
 
13.8
% 

 Power, Utilities & Energy

  
 
71,767
 
  
 
26.3
% 
 
 
52,153
 
  
 
22.2
% 
 
 
19,614
 
  
 
37.6
% 

 Natural Resources1

  
 
36,325
 
  
 
13.3
% 
 
 
25,935
 
  
 
11.0
% 
 
 
10,390
 
  
 
40.1
% 

  
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 

 Total

  
 
272,604
 
  
 
100.0
% 
 
 
235,021
 
  
 
100.0
% 
 
 
37,583
 
  
 
16.0
% 

 Acquired2

  
 
16,097
 
  
 
5.9
% 
 
 
11,476
 
  
 
4.9
% 
 
 
4,621
 
  
 
(17.2
)% 

  

1
 Formerly Emerging Markets which represents environmental, mining, water resources, imaging and mapping, and
other. 

2
 Acquired revenue in prior periods as previously reported; four quarters post-closing, acquired revenue is
thereafter reclassified as organic for the purpose of calculating organic growth rates. 

 

 BOWMAN CONSULTING GROUP LTD. 

ORGANIC GROWTH ANALYSIS 

(Unaudited) 
  

 
  
For the Three Months Ended June 30,
 

(dollars in thousands)
  
2026
 
  
%
 
 
2025
 
  
%
 
 
Change
 
  
Organic +/-
 

  
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 

 Gross Revenue, Organic

  
 
138,591
 
  
 
100.0
% 
 
 
122,091
 
  
 
100.0
% 
 
 
16,500
 
  
 
13.5
% 

  
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 

 Building Infrastructure

  
 
56,900
 
  
 
41.0
% 
 
 
56,561
 
  
 
46.3
% 
 
 
339
 
  
 
0.6
% 

 Transportation

  
 
28,377
 
  
 
20.5
% 
 
 
24,611
 
  
 
20.2
% 
 
 
3,766
 
  
 
15.3
% 

 Power, Utilities & Energy

  
 
29,779
 
  
 
21.5
% 
 
 
26,843
 
  
 
22.0
% 
 
 
2,936
 
  
 
10.9
% 

 Natural Resources

  
 
23,535
 
  
 
17.0
% 
 
 
14,076
 
  
 
11.5
% 
 
 
9,459
 
  
 
67.2
% 
  

 
  
For the Six Months Ended June 30,
 

(dollars in thousands)
  
2026
 
  
%
 
 
2025
 
  
%
 
 
Change
 
  
Organic +/-
 

  
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 

 Gross Revenue, Organic

  
 
256,507
 
  
 
100.0
% 
 
 
235,021
 
  
 
100.0
% 
 
 
21,486
 
  
 
9.1
% 

  
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 

 Building Infrastructure

  
 
109,101
 
  
 
42.5
% 
 
 
108,593
 
  
 
46.2
% 
 
 
508
 
  
 
0.5
% 

 Transportation

  
 
54,986
 
  
 
21.4
% 
 
 
48,340
 
  
 
20.6
% 
 
 
6,646
 
  
 
13.7
% 

 Power, Utilities & Energy

  
 
56,095
 
  
 
21.9
% 
 
 
52,153
 
  
 
22.2
% 
 
 
3,942
 
  
 
7.6
% 

 Natural Resources

  
 
36,325
 
  
 
14.2
% 
 
 
25,935
 
  
 
11.0
% 
 
 
10,390
 
  
 
40.1
% 
  

 
  
For the Three Months Ended June 30,
 

(dollars in thousands)
  
2026
 
  
%
 
 
2025
 
  
%
 
 
Change
 
  
Organic +/-
 

  
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 

 Net Revenue, Organic

  
 
121,712
 
  
 
100.0
% 
 
 
107,997
 
  
 
100.0
% 
 
 
13,715
 
  
 
12.7
% 

  
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 

 Building Infrastructure

  
 
52,374
 
  
 
43.0
% 
 
 
51,382
 
  
 
47.5
% 
 
 
992
 
  
 
1.9
% 

 Transportation

  
 
22,548
 
  
 
18.5
% 
 
 
20,256
 
  
 
18.8
% 
 
 
2,292
 
  
 
11.3
% 

 Power, Utilities & Energy

  
 
27,111
 
  
 
22.3
% 
 
 
24,474
 
  
 
22.7
% 
 
 
2,637
 
  
 
10.8
% 

 Natural Resources

  
 
19,679
 
  
 
16.2
% 
 
 
11,885
 
  
 
11.0
% 
 
 
7,794
 
  
 
65.6
% 
  

 
  
For the Six Months Ended June 30,
 

(dollars in thousands)
  
2026
 
  
%
 
 
2025
 
  
%
 
 
Change
 
  
Organic +/-
 

  
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 

 Net Revenue, Organic

  
 
227,798
 
  
 
100.0
% 
 
 
208,049
 
  
 
100.0
% 
 
 
19,749
 
  
 
9.5
% 

  
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 

 Building Infrastructure

  
 
101,202
 
  
 
44.5
% 
 
 
99,481
 
  
 
47.8
% 
 
 
1,721
 
  
 
1.7
% 

 Transportation

  
 
44,719
 
  
 
19.6
% 
 
 
39,834
 
  
 
19.1
% 
 
 
4,885
 
  
 
12.3
% 

 Power, Utilities & Energy

  
 
51,368
 
  
 
22.5
% 
 
 
47,549
 
  
 
22.9
% 
 
 
3,819
 
  
 
8.0
% 

 Natural Resources

  
 
30,509
 
  
 
13.4
% 
 
 
21,185
 
  
 
10.2
% 
 
 
9,324
 
  
 
44.0
% 

 

 BOWMAN CONSULTING GROUP LTD. 

GROSS BACKLOG BY CATEGORY AT JUNE 30, 2026 

(Unaudited) 
  

 Category

  
Percentage
 

 Building Infrastructure

  
 
25
% 

 Transportation

  
 
21
% 

 Power, Utilities & Energy

  
 
19
% 

 Natural Resources

  
 
35
% 

  
  

  

 

 TOTAL

  
 
100
%