10-K · April 30, 2026
TIC Solutions experienced a significant EPS miss in Q4 2025, reporting an actual EPS of -0.25 against an estimate of 0.10, and a slight revenue decline compared to expectations. Strategic initiatives are focused on…
Earnings analysis · 10-Q
TIC earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
TIC Solutions reported Q1 2026 revenue of $488 million, a significant 108% increase from $234.2 million in Q1 2025, primarily due to the NV5 Acquisition. However, the company experienced a net loss of $41.5 million,…
Read full summary
TIC Solutions reported Q1 2026 revenue of $488 million, a significant 108% increase from $234.2 million in Q1 2025, primarily due to the NV5 Acquisition. However, the company experienced a net loss of $41.5 million, worsening from a loss of $25.8 million in the prior year.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
Reported figures
- Earnings per share
- $-0.19
- Gross margin
- 33.1%
What stood out
-
Revenue Surge Driven by Acquisition
Revenue reached $488.0 million, up $253.8 million or 108% year-over-year, mostly attributed to the NV5 Acquisition.
-
Gross Profit Increase
Gross profit grew by $117.6 million to $161.3 million, resulting in a gross margin improvement from 19% to 33%.
-
New Segments Added
The Consulting Engineering and Geospatial segments generated $187.3 million and $65.9 million in revenue, respectively, reflecting the impact of the NV5 Acquisition.
-
Significant SG&A Increase
SG&A expenses increased 277% year-over-year to $150.3 million, largely due to costs associated with the NV5 Acquisition.
-
Lower Operating Cash Flow
Operating cash flow fell to $9.9 million, a decrease of $22.9 million compared to $32.8 million in Q1 2025.
-
Improved Liquidity Outlook
Despite losses, management stated available cash and credit facilities are sufficient for operations and debt servicing.
What to watch
-
Increasing Net Loss
Net loss in Q1 2026 grew to $41.5 million from $25.8 million a year earlier, highlighting ongoing financial challenges.
-
High Indebtedness Level
Total indebtedness was reported at $1.6 billion, significantly increasing financial risk.
-
Weak Internal Controls
Management acknowledged material weaknesses in internal controls over financial reporting, raising concerns about financial integrity.
Management's outlook
Full-year 2026 revenue guidance reaffirmed at $2.15 to $2.25 billion.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.