The massive adjusted EPS beat and record bookings provide a bullish narrative, but the sharp decline in net income and organic revenue raises concerns about underlying business health. Traders should watch the May 6 earnings call for margin improvement timelines and bookings conversion rates. The reaffirmed guidance suggests management expects H2 improvement, but Q1 cash burn and debt increase warrant caution.
Price Chart
Executive Summary
Limbach Holdings reported Q1 2026 adjusted diluted EPS of $0.64, beating consensus of $0.21 by 205%, and revenue of $138.9M (beat by 3.6%). However, GAAP net income fell 57.1% to $4.4M, adjusted EBITDA dropped 41.7% to $8.7M, and organic revenue declined 13.4%. The company reaffirmed full-year 2026 guidance and highlighted record bookings of $209.1M (1.5x book-to-bill). The mixed results reflect strong booking momentum and an EPS beat weighed by declining profitability and organic contraction.
Key Financial Metrics
Key Facts
- Q1 2026 adjusted diluted EPS of $0.64 vs consensus $0.21 (beat 205%)
- Revenue $138.9M vs consensus $134.1M (beat 3.6%), up 4.3% YoY but organic revenue down 13.4%
- GAAP net income $4.4M vs $10.2M a year ago, down 57.1%
- Adjusted EBITDA $8.7M vs $14.9M, down 41.7%
- Bookings of $209.1M, book-to-bill ratio of 1.5x
- Full-year 2026 guidance reaffirmed: revenue $730M-$760M, adjusted EBITDA $90M-$94M
- Gross margin compressed to 22.4% from 27.6% due to lower fixed cost absorption and Pioneer Power mix
- Net cash used in operations of $7.8M vs $2.2M provided a year ago
Financial Impact
Adjusted EPS beat of $0.43 (205%) is significant; net income decline of $5.8M is material. Bookings strength may partially offset profitability concerns.
Risk Factors
- Organic revenue decline of 13.4% signals potential market share loss or project delays
- Gross margin compression from 27.6% to 22.4% may persist if Pioneer Power integration lags
- Net debt increased significantly (revolver borrowings $32.4M at quarter end)
- Negative operating cash flow of $7.8M vs positive $2.2M a year ago
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-030701 |
| Document: lmb-20260505.htm | 0001628280-26-030701 |
| Document: 0001628280-26-030701-index-headers.html | 0001628280-26-030701 |
| Document: 0001628280-26-030701-index.html | 0001628280-26-030701 |
| Document: 0001628280-26-030701.txt | 0001628280-26-030701 |
| 8-K Data (Synthetic) | 0001628280-26-030701 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 17, 2026 5w ago | Insider Cluster | $51.74 $51.48 | ▼ −0.50% | ▼ −1.77% | $49.23 (−4.85%) |
Sep 16, 2026 5w ago | Insider Cluster | $50.05 $51.33 | ▲ +2.56% | ▲ +1.71% | $49.23 (−1.64%) |
Sep 1, 2026 8w ago | 8-K | $44.79 $48.81 | ▲ +8.98% | ▲ +8.89% | $49.23 (+9.91%) |
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Apr 24, 2026 26w ago | 144 | $93.14 $102.29 | ▲ +9.82% | ▲ +9.42% | $49.23 (−47.14%) |
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Mar 3, 2026 34w ago | 8-K | $87.53 $80.44 | ▼ −8.10% | ▼ −7.62% | $49.23 (−43.76%) |
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