Backlog Decline2Q25 backlog declined quarter-over-quarter on 0.75x book-to-bill in 2Q25, leading to lowered 2025 revenue guidance.
Policy UncertaintyCustomers and regulators have recently slowed activity due to policy uncertainty and increased decision complexity.
Revenue OutlookRevenue outlook was lowered due to timing delays in backlog deliveries caused by trade/tariff uncertainty, inflation, and labor constraints.