Orion Group(NYSE) ORN

Orion builds and repairs structures near the water. They also provide concrete services for large building projects. The company helps government and private clients finish heavy construction.

Building on Water and Land

• Marine Construction: Services including building port facilities, bridges, and underwater pipelines; generated $110.1 million in contract revenues in Q1 2026.
• Concrete Construction: Turnkey services for site preparation and structural concrete; generated $106.2 million in contract revenues in Q1 2026.
• Dredging Services: Removal or replenishment of soil to maintain waterways and protect shorelines.
• Specialty Services: Technical tasks including underwater inspections, diving, surveying, and marine salvage operations.

New Moves on the West Coast

• On February 3, 2026, the company acquired J.E. McAmis, Inc. and JEM Marine Leasing, LLC to expand its presence in West Coast and Pacific markets.
• Orion entered a $120 million credit agreement with UMB Bank, N.A. in December 2025 to fund growth and acquisitions.
• The company continues work on a major joint venture with Dragados and Hawaiian Dredging to build a dry dock at Pearl Harbor.

Operational Strength Across Borders

Orion maintains a specialized fleet of equipment to serve clients in the continental United States, Alaska, Canada, and the Caribbean. Its dual-segment model allows it to handle complex infrastructure needs both on land and in marine environments.

Key Data for Q1 2026

• Contract revenues reached $216.3 million in Q1 2026, up 14.7% from $188.7 million in Q1 2025.
• Net income turned positive at $4.7 million in Q1 2026, up from a $1.4 million loss in Q1 2025.
• Operating cash flow improved to $4.9 million in Q1 2026, up 243% from a $3.4 million outflow in Q1 2025.
• Free cash flow narrowed to a $3.6 million loss in Q1 2026, an improvement of 70.7% from the previous year.
• Backlog stood at $668 million as of March 31, 2026, with the marine segment representing $494 million of that total.

Bottom Line

Orion has successfully diversified its operations to balance large-scale marine projects with a growing concrete construction business. Its recent acquisition of J.E. McAmis marks a strategic push to deepen its reach in Pacific infrastructure markets.