Bowman Consulting Group Ltd. reported significant financial developments in its latest 10-Q filing for the third quarter and nine months ended September 30, 2024. The company achieved gross contract revenue of $113.9 million for Q3 2024, marking a 20.6% increase from $94.4 million in Q3 2023. For the nine months, gross contract revenue rose to $313.3 million, up 23.7% from $253.3 million in the same period last year. This growth was largely attributed to acquisitions, which contributed approximately $49.8 million to the revenue increase.
Despite the revenue growth, Bowman reported a net income of $771,000 for Q3 2024, down from $1.2 million in Q3 2023. The nine-month results showed a net loss of $2.9 million, a decline from a net income of $1.1 million in the prior year. The decrease in profitability was influenced by rising operating expenses, which increased by 28.4% to $59.2 million in Q3 2024, compared to $46.1 million in Q3 2023. Total contract costs also rose, reflecting a 18.8% increase to $54.3 million in Q3 2024.
The company’s total assets grew to $496.9 million as of September 30, 2024, up from $402.8 million at the end of 2023. Total shareholders' equity increased significantly to $243.2 million, compared to $163.3 million at the end of the previous fiscal year. This growth was supported by a common stock offering in April 2024, which raised approximately $51.1 million.
Strategically, Bowman completed several acquisitions, including Surdex Corporation, which contributed to a substantial increase in revenue from emerging markets, up 280.5% year-over-year. The company also entered into a new $100 million revolving credit facility in May 2024, replacing a previous $70 million facility, with an outstanding balance of $32.3 million as of September 30, 2024.
The company’s cash and cash equivalents decreased to $11.7 million from $14.4 million year-over-year, reflecting a net cash outflow of $9 million for the nine months ended September 30, 2024. Net cash provided by operating activities remained stable at $12.4 million, slightly up from $12.3 million in the same period of 2023.
Overall, while Bowman Consulting Group Ltd. experienced notable revenue growth and strategic expansion through acquisitions, it faced challenges in profitability and cash flow management during the reported periods.
About Bowman Consulting Group Ltd.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.