May 6th, 2026

The call presented a predominantly positive operational and strategic picture: strong revenue growth (+31% YoY), large improvements in gross profit and adjusted EBITDA, meaningful bookings and backlog momentum, improving leverage, and a clear multi-year strategy with specific targets. Short-term weaknesses include a Q1 negative free cash flow position (timing-driven), a remaining net loss, some segment margin pressure (non-union electric) and investor concern about conservative guidance and pipeline conversion timing. Overall, the company shows tangible improvement and a credible plan for growth and margin expansion, with manageable near-term cash and margin variability.

Company Guidance

Management reiterated full‑year 2026 guidance with base revenue of $3.15–$3.45B and base gross profit of $255–$285M, total revenue of $3.24–$3.54B (including storm restoration using a 3‑year average of $88M revenue / $28M gross profit), adjusted EBITDA of $280–$310M, adjusted net income of $55–$75M, and net CapEx of $75–$90M, while expecting free cash flow to exceed $60M for 2026. They forecast net debt / adjusted EBITDA of ~2.0x by year‑end (down from 2.7x at quarter‑end and 3.5x a year ago), target 10–15% base revenue CAGR to 2029 with 70–170 bps of base gross profit margin expansion, adjusted EPS CAGR of 30–45% through 2029, and 40–50% free cash flow conversion by 2029; SG&A is expected to be ~4% of revenue and the fleet funding plan is ~50/50 lease vs. buy. Near‑term commercial metrics highlighted were a 2026 book‑to‑bill target of 1.1–1.2x (Q1 was 1.8x), $1.3B of Q1 bookings, a record backlog of about $6.5B, a $13B pipeline and roughly $2B of pending bids (including nearly $200M of data‑center work).