TIC Solutions (TIC) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $488 million, up 108% year-over-year, primarily due to the NV5 acquisition, with organic growth of 2.2% on a combined basis.

• Adjusted EBITDA was $57.7 million, up 123% year-over-year, with an adjusted EBITDA margin of 11.8%.

• Adjusted gross profit was $180 million, with an adjusted gross margin of 36.9%.

• Net loss widened to $41.5 million, reflecting higher SG&A, depreciation, and interest expenses post-acquisition.

• Integration of NV5 is ahead of schedule, with significant cost synergies realized and further opportunities identified.

Financial highlights

• Revenue for Q1 2026 was $488 million, up from $468 million in Q1 2025 on a combined basis.

• Adjusted EBITDA margin was 11.8% (vs. 11.0% prior year); adjusted gross margin was 36.9% (vs. 37.1% prior year).

• Operating cash flow was $10 million; capital expenditures were $6 million for the quarter.

• Total liquidity at quarter end was $537 million, with $1.6 billion in term loan debt.

• SG&A expenses rose to $150.3 million (31% of revenue), mainly due to NV5 integration and increased share-based compensation.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: revenue of $2.15–$2.25 billion, adjusted EBITDA of $330–$355 million.

• Q2 2026 guidance: revenue of $570–$582 million, adjusted EBITDA of $90–$96 million, implying margin expansion.

• Expect CE and Geospatial growth to outpace I&M; I&M outlook weighted to the second half due to seasonality.

• Management expects available cash, future operating cash flows, and access to capital markets to be sufficient for liquidity needs and debt service over the next 12 months.

• Plans to announce new long-term financial targets at Investor Day on May 19, 2026.