Record Q1 Bookings and Backlog Growth
The company reported the highest Q1 bookings revenue, gross profit, and EBITDA in the past decade, with bookings of $167 million, an 11% increase compared to the same period of 2024. The backlog reached $526.8 million, a 47% increase from the first quarter of 2024.
Debt Refinancing Success
Approximately 40% of the company's outstanding bonds have been exchanged into new five-year notes at a discount to par, reducing the debt by $31 million and lowering annual interest expense by $1.1 million.
Revenue and Profit Growth
Consolidated revenues for Q1 2025 were $181.2 million, a 10% increase from Q1 2024. Adjusted EBITDA increased to $14.3 million from $11.3 million in Q1 2024.
Strategic Asset Sale
The sale of Denmark-based waste energy subsidiary assets for $20 million will support debt reduction and the BrightLoop project in Massillon, Ohio.