Bowman Consulting Group Ltd. reported significant financial growth in its 2024 fiscal year, with gross contract revenue reaching $426.6 million, a 23.2% increase from $346.3 million in 2023. The company's net income for the year was $3.0 million, a notable recovery from a net loss of $6.6 million in the previous year. This improvement in profitability was supported by a 24.9% rise in net service billing, which amounted to $379.7 million, indicating a strong performance driven by both organic growth and acquisitions.
The company’s operational metrics also reflected positive trends, with a backlog of approximately $399 million as of December 31, 2024, representing a 30.5% increase from $306 million in 2023. This backlog growth was attributed to successful contract awards and the integration of acquired companies, which included eight acquisitions completed in 2024. Notably, acquisitions contributed $42.5 million to the revenue increase, underscoring the strategic importance of this growth avenue for Bowman.
Bowman’s workforce expanded to over 2,200 employees, with approximately 60% of revenue derived from repeat customers, highlighting the company's strong client relationships. The firm operates from more than 95 offices across the United States and two in Mexico, serving a diverse range of public and private sector clients. The company’s strategic focus on markets with recurring revenue opportunities has positioned it well for future growth, particularly in sectors such as transportation and utilities, which accounted for 20.6% and 17.6% of gross contract revenue, respectively.
Looking ahead, Bowman Consulting expressed confidence in its growth trajectory, bolstered by a robust pipeline of projects and a commitment to expanding its service offerings. The company plans to continue leveraging its acquisition strategy to enhance its capabilities and market presence. Additionally, Bowman is well-positioned to capitalize on federal infrastructure funding initiatives, which are expected to drive demand for its services in the coming years. The firm’s leadership remains optimistic about maintaining significant organic growth and improving its margin profile, supported by a strong backlog and ongoing investments in technology and talent.
About Bowman Consulting Group Ltd.
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