Orion Group(NYSE) ORN

Orion Group Holdings, Inc. builds structures on land and in water. The company helps ports, bridges, and buildings stay safe and functional. Its services support essential transportation projects across the Americas.

Building on Water and Land

• Marine Construction: Build and repair ports, cruise terminals, and navy terminals; segment revenue was $130.8 million for the three months ended June 30, 2026.
• Dredging Services: Remove soil and rock to keep waterways navigable or protect shorelines; this work supports the marine segment.
• Specialty Marine Services: Provide diving, salvage, and underwater inspections; includes installing and removing buried transmission lines.
• Concrete Construction: Offer turnkey services like site preparation and rebar placement; segment revenue was $91.0 million for the three months ended June 30, 2026.

Expanding the Fleet and Footprint

• Completed the acquisition of J.E. McAmis on Feb. 3, 2026, for $44.9 million in cash and a $12.0 million promissory note.
• Gained expertise in jetty construction and environmental restoration through the purchase of the JEM business.
• Entered a five-year $120.0 million credit agreement in Dec. 2025 to fund growth and equipment needs.
• Expanded concrete operations into site civil services to meet robust demand in the commercial sector.

How Orion Navigates the Market

Orion manages projects across the United States, Canada, and the Caribbean. The company maintains a specialized fleet of equipment to handle complex underwater tasks.

A Look at the Numbers

• Contract revenues were $221.9 million for the three months ended June 30, 2026, up 8% year over year.
• Total contract backlog grew to $722 million at June 30, 2026, compared to $640 million at the end of 2025.
• The company reported a net loss of $4.1 million for the three months ended June 30, 2026.
• Working capital increased to $92.0 million as of June 30, 2026, from $74.3 million at the end of 2025.

Bottom Line

Orion has transitioned from a marine-focused firm to a diversified specialty construction provider. Its recent acquisition and growing backlog reflect a strategy of expanding capacity in both land and water environments.