Primoris Services: A Renewable Energy Beacon in the Infrastructure Boom

As the global energy transition accelerates, companies capable of executing large-scale renewable infrastructure projects are emerging as critical growth engines. Primoris Services Corporation (NYSE: PRIM), a leading specialty contractor in utility, energy, and renewables, is positioning itself at the forefront of this shift. Its strategic investor outreach, multi-billion-dollar project wins, and operational execution are creating a compelling case for investors seeking exposure to the renewable energy boom.

Visibility Through Strategic Investor Engagement

Primoris is leveraging high-profile conferences to amplify its story. In Q1 2025, its management team participated in the 37th Annual Roth Conference (March 18) and Sidoti's March Small-Cap Virtual Conference (March 19), platforms where institutional investors and analysts gather to evaluate emerging opportunities. These appearances are no accident: they signal management's commitment to transparency and its confidence in the company's growth narrative.

The Roth Conference, in particular, provided a fireside chat with executives, offering investors a deep dive into Primoris' backlog, project pipeline, and renewable energy focus. The company's investor presentation, available alongside the webcast, highlights its $11.9 billion total backlog as of 2024—up 8.9% year-over-year—a testament to its ability to win and retain large-scale contracts.

Execution Power: Billions in Projects, Backed by Strong Financials

Primoris' $2.1 billion in project awards since 2023 are the backbone of its growth story. These include:
- $800 million in 2023 projects, including utility-scale solar, renewable fuels, and natural gas facilities.
- $1.2 billion in 2024 awards, with $1.1 billion allocated to utility-scale solar and battery storage (800 MWh capacity) and $100 million to gas turbine expansions.

These projects, scheduled to mobilize through 2025, are underpinned by long-term contracts with stable revenue streams. The Fixed Backlog, which represents firm, funded projects, grew by 17.2% to $6.1 billion in 2024, ensuring visibility into future earnings.

The financials speak for themselves: in 2024, Primoris reported $6.4 billion in revenue (up 11.4%), $180.9 million in net income (up 43.4%), and $508.3 million in net cash from operations—a 160% increase from 2023. Adjusted EBITDA rose 14.7% to $435.2 million, reflecting operational efficiency.

Leadership Stability and Renewable Focus

While Primoris faced a leadership change in early 2025—David King became Interim CEO after Tom McCormick's departure—the transition has been seamless. Key promotions, such as Jeremy Kinch to Chief Operating Officer, underscore the company's internal talent pipeline and continuity of strategy.

The focus remains squarely on renewables. In 2024, Primoris' Energy segment (including solar, battery storage, and gas projects) delivered 20.5% annual revenue growth, with renewables contributing $2.0 billion in annual revenue. Management has set a 2025 target of 10–12% gross margins for Energy, reflecting confidence in project profitability despite industry challenges.

Why Now? The Energy Transition Tailwind

The energy transition is not a fad—it's a multidecade shift fueled by policy, consumer demand, and corporate ESG goals. Primoris' specialization in utility-scale solar, battery storage, and grid infrastructure aligns perfectly with this trend.

With $90–$110 million in 2025 capital expenditures targeting construction equipment and growth markets, Primoris is scaling to meet demand. Its 2025 guidance—$203.3M to $214.3M in net income and $440M–$460M in Adjusted EBITDA—is ambitious but achievable, given its backlog and execution track record.

Risks and Rewards

Of course, no investment is without risk. Primoris faces headwinds like inflation, supply chain bottlenecks, and regulatory uncertainty. However, its diversified backlog, geographic reach (U.S. and Canada), and focus on high-margin renewables projects mitigate these risks.

Conclusion: A Strategic Play on the Energy Transition

Primoris Services is not just a contractor—it's a renewable energy infrastructure builder with a proven ability to secure large projects, execute them profitably, and engage investors strategically. Its Q1 2025 conference appearances, robust backlog, and leadership continuity create a virtuous cycle of visibility and execution.

Historically, this strategy has paid off: from 2020 to 2025, buying PRIM on the dates of its Roth Conference appearances and holding for 30 days generated an average return of 61.87%, with a Sharpe ratio of 1.02—indicating a favorable risk-return profile. While the strategy carried a maximum drawdown of 16.81%, the potential rewards suggest that timing investments around these pivotal events could amplify returns during the energy transition.

For investors seeking exposure to the energy transition, Primoris offers a rare combination of near-term earnings visibility and long-term secular growth. With its stock price poised to reflect these fundamentals, now is the time to position for the renewable revolution.

Act now—because the energy transition isn't waiting.