Strong Revenue Growth
Revenue for the first quarter was $211.9 million, representing a 28% increase compared to $165.6 million in the first quarter of fiscal 2025. This growth was driven by larger construction projects in the Storage and Terminal Solutions and Utility and Power Infrastructure segments.
Record Gross Margin
The company achieved its highest quarterly gross margin in over two years, improving to 6.7% versus 4.7% in the first quarter of fiscal 2025. This was driven by strong project execution and improved construction overhead recovery.
SG&A Efficiency Improvements
SG&A expenses decreased to 7.7% of revenue from 11.3% in the same quarter last year, primarily due to efficiency improvements over the last two quarters.
Robust Opportunity Pipeline
The total opportunity pipeline is currently at $6.7 billion, with significant opportunities in storage and related facilities for LNG, NGLs, and ammonia.