Recent Updates — ORN
Orion Group Holdings reported third-quarter 2026 results with contract revenues increasing 14% to $256.2 million, driven by double-digit growth in its Marine and Concrete segments. The company posted a GAAP net income of $5.5 million, or $0.14 per diluted share, compared to $3.3 million in the prior year period. Adjusted EBITDA rose 37% to $17.9 million, reflecting expanding profitability and margin improvement. Backlog stood at $645 million as of September 30, including approximately $179 million in new awards and positions on two additional U.S. Navy Multiple Award Construction Contracts. The company reiterated its full-year 2026 financial guidance, projecting revenue between $900 million and $950 million and adjusted EBITDA between $50 million and $54 million. Orion Group Holdings is a leading specialty construction company serving the infrastructure, industrial, and building sectors through marine and concrete services.
Orion Group Holdings appointed Alison G. Vasquez as Executive Vice President and Chief Financial Officer effective October 12, 2026, replacing her prior offer letter with a formal employment agreement. The deal sets an annual base salary of $480,000 and a target bonus equal to 75% of that salary. Severance provisions include one year of salary continuation for termination without cause or for good reason, escalating to three years plus a lump sum equal to three times the most recent fiscal year's bonus upon a change in control. The agreement includes standard confidentiality and non-compete covenants. Orion Group Holdings operates in the industrial sector, providing engineering, procurement, and construction services.
Orion Group Holdings reported a GAAP net loss of $4.1 million ($0.10 per diluted share) for the second quarter ended June 30, 2026, compared to net income of $0.8 million in the prior year period. Revenue increased 8% to $221.9 million, driven by strong performance in the Concrete segment which posted over 30% revenue growth. Adjusted EBITDA declined to $7.9 million from $11.0 million due to lower Marine contract revenue and equipment utilization caused by client-related delays. The company booked $277 million in new awards, resulting in a book-to-bill ratio of 1.25x. Orion reset its full-year 2026 guidance, lowering the Adjusted EBITDA estimate range to $50–$54 million and Adjusted EPS to $0.23–$0.30 from previous estimates. The firm operates in the specialty construction industry, providing marine and concrete services for infrastructure projects.