Strong Start to 2025
Best performing first quarter on record with significant growth in bookings, gross revenue, net service billing, and cash conversion.
Revenue and Backlog Growth
Gross revenue increased by 19% to $112.9 million, net service billing grew by 17% to $100.1 million, and backlog increased 27% year-over-year to almost $419 million.
Improved Financial Performance
Pre-tax net income improved from a $5 million loss to under $1 million loss, and adjusted EBITDA increased by 19.6% to $14.5 million.
Cash Flow and Share Repurchase
Cash flow from operations improved to $12 million with an 83% operational cash flow conversion rate, and $6.7 million of common stock repurchased.
Diversified Revenue Streams
Significant growth in transportation (30%) and emerging markets (118%), with every sector showing year-over-year growth.