Orion Group Holdings, Inc (ORN)

Orion Group Holdings reported second-quarter 2026 revenue of $221.9 million, up 8 percent from a year earlier, and a net loss of $4.1 million 2.

Concrete revenue grew, while marine revenue fell because projects started late for reasons such as site readiness and the timing of materials the clients were to supply 2.

Backlog, the work under contract that is not yet finished, was $722 million at 30 June 2026, up from $640 million at the end of 2025 2.

On 18 September 2026 the company extended the chief executive's and general counsel's employment agreements to 31 December 2026 4.

On 12 October 2026 the chief financial officer signed an employment agreement to stay in the role 3.

Orion is a specialty construction company in Houston with a marine business and a concrete business 1.

Most of its contracts come from competitive bids by government agencies and private parties, and most are fixed price, so a wrong cost estimate can turn a job into a loss 1.

Revenue was $711.8 million in 2023, $796.4 million in 2024 and $852.3 million in 2025 1.

Revenue rose 11.9 percent in 2024, mainly on the Pearl Harbor dry dock project in the marine segment 1.

Concrete revenue fell 12.9 percent that year because the company bid more selectively for work at better margins 1.

Gross profit, revenue minus the direct cost of the work, climbed from $61.7 million in 2023 to $91.2 million in 2024 and $105.6 million in 2025 1.

The company credits better pricing, higher quality projects and stronger execution 1.

Net income moved from a loss of $17.9 million in 2023 and a loss of $1.6 million in 2024 to a profit of $2.5 million in 2025 1.

In 2025 revenue rose 7 percent on new awards and higher volume 1.

Marine operating income rose to $29.9 million in 2025 from $2.3 million, on stronger execution and better use of equipment 1.

The concrete segment lost $15.3 million at the operating level in 2025, which the company blamed on seasonal weather delays and on 2024 project close-outs that did not repeat 1.

Marine

The marine segment builds and repairs ports, berths, pipelines and bridges, restores shorelines and dredges channels, for government agencies and private owners 1.

It works across the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin 1.

Marine contract revenue was $544.8 million in 2025, of which $401.1 million came from public sector customers 1.

Marine backlog stood at $554 million at 30 June 2026 2.

Concrete

The concrete segment pours foundations, floors and structures for commercial, industrial, multi-family and public projects, including data centers 1.

The company says it has completed over 40 data centers, and it names Texas and, more recently, Florida as the markets it depends on 1.

Concrete revenue was $307.4 million in 2025, of which $270.2 million came from private customers 1.

In the second quarter of 2026 concrete revenue was $91.0 million, against $70.0 million a year earlier, and its operating income was $4.2 million 2.

People and risks

Orion is based in Houston and had a workforce of more than 2,000 employees at the end of 2025 1.

Travis Boone is president and chief executive, and Alison Vasquez is executive vice president and chief financial officer 43.

The annual report lists fixed-price contracts, competition for government work and limits on the bonds that sureties will issue among its risks 1.

The umbrella, in words

Orion works through its marine and concrete segments, and since February 2026 also through JEM, whose shares and membership interests it bought in full 2.

JEM does dredging, jetty and breakwater work, mostly in Washington and Oregon, and leases marine equipment to its operating business 2.

The preliminary price was $44.9 million in cash, a $12.0 million seller note, 182,392 shares of common stock and later payments tied to project profit 2.

Orion's common stock is listed on the New York Stock Exchange and NYSE Texas under the symbol ORN 1.

The company said it would keep executing its strategic plan in 2026, aimed at the infrastructure, industrial and building sectors 1.

The annual report said that from the first quarter of fiscal 2026 corporate expenses would be reported as a separate non-operating segment 1.

For marine work the company expects favorable demand from Navy and other federal marine spending, port expansion and energy-related customers 1.

It says the Navy has outlined about $80 billion of planned investment under the Pacific Deterrence Initiative 1.

For concrete work it expects favorable demand from population growth in Texas and other states and from warehouse, distribution and data center building 1.

Further payments to JEM's sellers depend on the project profit JEM earns on its backlog 2.

No clue on file points to a new direction yet.