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- **Record Growth**: Q3 net revenue $95M (+26% YoY), Adjusted EBITDA $23.1M (+53% YoY). Full-year targets raised to $360-365M net revenue.
- **Data Center Dominance**: 15% of work tied to AI-driven data center load growth. APG acquisition won $14M project within months of integration.
- **Financial Strength**: 12-month free cash flow $65M, 0.2x leverage ratio, and $183M liquidity.
- **Strategic Wins**: $97M Alameda County project, $21.7M Oregon/Georgia substations, and $14M Texas solar storage project.
- **Pipeline Confidence**: 2026 outlook supported by cross-selling efficiency and $100M+ acquisition readiness.

**【Management Opening Remarks】**
- CEO Mike Bieber and CFO Kim Early presented Q3 2025 results, highlighting record revenue growth and margin expansion. The call emphasized organic growth, strategic acquisitions (e.g., APG), and strong free cash flow conversion.

**【CEO Commentary】**
- **Revenue Growth**: Net revenue up 26% YoY to $95M, with 20% organic growth driven by utility programs and commercial data center projects. APG acquisition contributed 6% of growth.
- **Market Position**: 85% of revenue from Energy segment, 15% from Engineering/Consulting. Data center load growth (AI-driven) is a key demand driver, with Willdan helping hyperscalers navigate energy constraints.
- **Utility & Government Work**: 41% of revenue from long-term utility contracts (3-5 years), 44% from government projects funded by user fees and bonds.
- **Strategic Wins**: Q3 wins include $97M Alameda County project, $21.7M Oregon/Georgia substations, and $14M Texas solar storage project. APG-led projects accounted for 4/5 of new wins.
- **Future Outlook**: 2026 pipeline remains strong, with focus on cross-selling capabilities and strategic acquisitions. CEO raised full-year targets to $360-365M net revenue and $77-78M EBITDA.

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP EPS $0.90 (+77%), Adjusted EPS $1.21 (+66%). Adjusted EBITDA $23.1M (24% margin, +53% YoY). Free cash flow $34M for 9 months.
- **Year-to-Date Performance**: Net revenue $275M (+27%), Adjusted EBITDA $59.5M (+52%). 12-month free cash flow $65M ($4.34/share). Leverage ratio 0.2x, with $183M liquidity.
- **Full-Year Guidance Update**: Raised 2025 targets to $360-365M net revenue, $77-78M EBITDA, and $4.10-4.20 EPS.

**【Q&A Highlights】**
- **Demand Drivers**: Rising electricity prices, data center load growth (AI/hyperscalers), and utility infrastructure modernization. Willdan's upfront consulting work informs project pipeline.
- **Workforce Management**: 1,800+ employees with 0 senior management turnover. Cross-selling efficiency mitigates risks of rapid growth. Fixed-price contracts are planned months in advance to ensure staffing.
- **Acquisition Strategy**: Open to $100M+ acquisitions with strategic fit. APG integration exemplifies successful cross-collaboration (e.g., $14M Texas project won post-acquisition).
- **New York Contract**: Multiple large opportunities in negotiation, expected to drive 2026 growth.


Willdan Group, Inc. (WLDN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

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Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

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Interest Income

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Net Income from Continuing Operations

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Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

WLDN

WLDN fundamentals

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