Q2 2026 Limbach Holdings Inc Earnings Call Transcript
Key Points
- Limbach Holdings Inc (LMB) reported strong bookings of $182 million in Q2 2026, marking the third consecutive quarter of robust bookings, totaling $669 million over the past three quarters.
- The acquisition of CYMCOR expands Limbach Holdings Inc (LMB)'s geographic footprint into high-growth regions like Texas, Atlanta, and Northern Virginia, and enhances its data center capabilities with early customer engagement.
- Limbach Holdings Inc (LMB) generated strong operating cash flow of $18.7 million in Q2 2026, its second-highest second-quarter operating cash flow since becoming a public company.
- The company's healthcare program management platform has proven successful, generating approximately $3 million in professional service revenue and pulling through $60 million in project bookings, a 20 times pull-through multiple.
- Limbach Holdings Inc (LMB) increased its revolving credit facility from $100 million to $125 million, providing additional liquidity to support its disciplined acquisition strategy and growth initiatives.
- Limbach Holdings Inc (LMB)'s Q2 2026 results fell short of expectations due to project timing and ongoing softness in healthcare and institutional markets, with elevated price sensitivity pressuring gross margins.
- Total gross margin decreased significantly to 21.5% in Q2 2026, down from 28% in the prior year quarter, driven by lower margins from Pioneer Power and reduced net project write-ups.
- Adjusted EBITDA decreased 22.3% to $13.9 million in Q2 2026, with adjusted EBITDA margin falling to 8% from 12.6% in the prior year period.
- The company lowered its fiscal 2026 adjusted EBITDA guidance to $78 million to $84 million, reflecting near-term margin and execution headwinds, despite increasing its revenue outlook.
- ODR organic revenue decreased 3.4% in Q2 2026, reflecting continued softness in healthcare and institutional markets, with customers delaying decision-making and showing increased price sensitivity.
Good morning and welcome to the Limbach Holdings second-quarter 2026 earnings conference call and webcast. (Operator Instructions) I will now turn the conference over to your host, Lisa Fortuna of Financial Profiles. You may begin.
Good morning and thank you for joining us today to discuss Limbach Holdings financial results for the second quarter of 2026. Yesterday, Limbach issued its earnings release and filed its Form 10-Q for the period ended June 30, 2026. Both documents, as well as the updated investor presentation, are available on the Industrial Relations section of the company's website at limbachinc.com.
Management may refer to select slides during today's call and encourages investors to review the presentation in its entirety. On today's call are Michael McCann, President and Chief Executive Officer; and Jayme Brooks, Executive Vice President and Chief Financial Officer. We will begin with prepared remarks and then open the call to questions.
Before we
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