BOWMAN CONSULTING GROUP LTD., 10-Q filed on 8/7/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Aug. 02, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-40371  
Entity Registrant Name BOWMAN CONSULTING GROUP LTD.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 54-1762351  
Entity Address, Address Line One 12355 Sunrise Valley Drive  
Entity Address, Address Line Two Suite 520  
Entity Address, City or Town Reston  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 20191  
City Area Code 703  
Local Phone Number 464-1000  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol BWMN  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   17,250,737
Entity Central Index Key 0001847590  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 15,540 $ 6,698
Accounts receivable, net 113,131 105,105
Contract assets 52,468 43,369
Notes receivable, current portion 903 0
Notes receivable - officers, employees, affiliates, current portion 443 1,889
Prepaid and other current assets 14,240 19,560
Total current assets 196,725 176,621
Non-Current Assets    
Property and equipment, net 45,163 42,011
Operating lease, right-of-use assets 42,122 42,085
Goodwill 135,929 134,653
Notes receivable, less current portion 0 903
Notes receivable - officers, employees, affiliates, less current portion 1,108 638
Other intangible assets, net 61,403 65,409
Deferred tax asset, net 54,225 42,040
Other assets 1,570 1,521
Total Assets 538,245 505,881
Current Liabilities    
Revolving credit facility 59,516 37,000
Accounts payable and accrued liabilities, current portion 42,954 51,626
Contract liabilities 13,522 7,905
Notes payable, current portion 15,316 17,075
Operating lease obligation, current portion 11,142 10,979
Finance lease obligation, current portion 13,113 10,394
Total current liabilities 155,563 134,979
Non-Current Liabilities    
Other non-current obligations 55,705 45,079
Notes payable, less current portion 16,003 19,992
Operating lease obligation, less current portion 36,936 37,058
Finance lease obligation, less current portion 19,721 17,940
Pension and post-retirement obligation, less current portion 4,674 4,718
Total liabilities 288,602 259,766
Shareholders' Equity    
Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding as of June 30, 2025 and December 31, 2024. 0 0
Common stock, $0.01 par value; 30,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 21,706,804 shares issued and 17,240,980 outstanding, and 21,281,247 shares issued and 17,382,138 outstanding as of June 30, 2025 and December 31, 2024, respectively 217 213
Additional paid-in-capital 341,727 329,073
Accumulated other comprehensive income 1,082 1,146
Treasury stock, at cost; 4,465,824 and 3,899,109 shares, respectively (74,253) (60,901)
Stock subscription notes receivable (9) (30)
Accumulated deficit (19,121) (23,386)
Total shareholders' equity 249,643 246,115
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 538,245 $ 505,881
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 30,000,000 30,000,000
Common stock, shares issued (in shares) 21,706,804 21,281,247
Common stock, shares outstanding (in shares) 17,240,980 17,382,138
Treasury stock, at cost shares (in shares) 4,465,824 3,899,109
v3.25.2
Condensed Consolidated Income Statements - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Gross Contract Revenue $ 122,090 $ 104,501 $ 235,021 $ 199,409
Contract costs: (exclusive of depreciation and amortization below)        
Direct payroll costs 42,425 39,096 84,390 76,776
Sub-consultants and expenses 14,093 10,520 26,971 19,738
Total contract costs 56,518 49,616 111,361 96,514
Operating Expenses:        
Selling, general and administrative 49,759 49,154 100,239 93,874
Depreciation and amortization 6,544 7,181 13,065 13,177
Loss (gain) on sale of assets, net 225 (215) 176 (311)
Total operating expenses 56,528 56,120 113,480 106,740
Income (loss) from operations 9,044 (1,235) 10,180 (3,845)
Other expense 1,636 2,027 3,746 4,428
Income (loss) before tax benefit 7,408 (3,262) 6,434 (8,273)
Income tax expense (benefit) 1,399 (1,180) 2,169 (4,633)
Net income (loss) 6,009 (2,082) 4,265 (3,640)
Earnings allocated to non-vested shares 307 0 218 0
Net income (loss) attributable to common shareholders $ 5,702 $ (2,082) $ 4,047 $ (3,640)
Earnings (loss) per share        
Basic (in dollars per share) $ 0.35 $ (0.13) $ 0.25 $ (0.24)
Diluted (in dollars per share) $ 0.34 $ (0.13) $ 0.24 $ (0.24)
Weighted average shares outstanding:        
Basic (in shares) 16,331,964 16,301,926 16,344,173 15,064,827
Diluted (in shares) 16,583,034 16,301,926 16,589,787 15,064,827
v3.25.2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 6,009 $ (2,082) $ 4,265 $ (3,640)
Other comprehensive loss        
Pension and post-retirement adjustments (32) (10) (64) (21)
Other comprehensive loss (32) (10) (64) (21)
Income tax provision related to items of other comprehensive loss 0 0 0 0
Other comprehensive loss, net of tax (32) (10) (64) (21)
Comprehensive income (loss), net of tax $ 5,977 $ (2,092) $ 4,201 $ (3,661)
v3.25.2
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Total
IPO
Common Stock
Common Stock
IPO
Additional Paid-in Capital
Additional Paid-in Capital
IPO
Treasury Stock
Accumulated Other Comprehensive Income
Stock Subscription Notes Receivable
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023     17,694,495              
Beginning balance at Dec. 31, 2023 $ 163,281   $ 177   $ 215,420   $ (26,410) $ 590 $ (76) $ (26,420)
Beginning balance (in shares) at Dec. 31, 2023             (2,600,217)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Issuance of new common shares (in shares)     677,727 1,502,942            
Issuance of new common shares 22,218 $ 47,151 $ 7 $ 15 22,211 $ 47,136        
Purchase of treasury stock (in shares)             (304,757)      
Purchase of treasury stock (10,037)           $ (10,037)      
Issuance of common shares under stock compensation plan (in shares)     539,059              
Issuance of new common shares under stock compensation plan 0   $ 5   (5)          
Cancellation of common shares under stock compensation plan (in shares)     (27,206)              
Issuance of new common shares under employee stock purchase plan (in shares)     32,346              
Issuance of new common shares under employee stock purchase plan 932       932          
Stock based compensation 14,781       14,781          
Collections on stock subscription notes receivable 23               23  
Exercises of conversion feature of convertible note (in shares)     151,553              
Exercises of conversion feature of convertible note 2,980   $ 2   2,978          
Other comprehensive loss, net of tax (21)             (21)    
Repurchases of common stock (in shares)             (66,893)      
Repurchases of common stock (2,084)           $ (2,084)      
Net income (loss) (3,640)                 (3,640)
Ending balance (in shares) at Jun. 30, 2024     20,570,916              
Ending balance at Jun. 30, 2024 235,584   $ 206   303,453   $ (38,531) 569 (53) (30,060)
Ending balance (in shares) at Jun. 30, 2024             (2,971,867)      
Beginning balance (in shares) at Mar. 31, 2024     18,191,818              
Beginning balance at Mar. 31, 2024 167,256   $ 182   226,681   $ (32,142) 579 (66) (27,978)
Beginning balance (in shares) at Mar. 31, 2024             (2,763,299)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Issuance of new common shares (in shares)     569,800 1,502,942            
Issuance of new common shares 18,515 $ 47,151 $ 6 $ 15 18,509 $ 47,136        
Purchase of treasury stock (in shares)             (141,675)      
Purchase of treasury stock (4,305)           $ (4,305)      
Issuance of common shares under stock compensation plan (in shares)     189,908              
Issuance of new common shares under stock compensation plan 0   $ 2   (2)          
Cancellation of common shares under stock compensation plan (in shares)     (4,351)              
Issuance of new common shares under employee stock purchase plan (in shares)     17,247              
Issuance of new common shares under employee stock purchase plan 466       466          
Stock based compensation 8,356       8,356          
Collections on stock subscription notes receivable 13               13  
Exercises of conversion feature of convertible note (in shares)     103,552              
Exercises of conversion feature of convertible note 2,308   $ 1   2,307          
Other comprehensive loss, net of tax (10)             (10)    
Repurchases of common stock (in shares)             (66,893)      
Repurchases of common stock (2,084)           $ (2,084)      
Net income (loss) (2,082)                 (2,082)
Ending balance (in shares) at Jun. 30, 2024     20,570,916              
Ending balance at Jun. 30, 2024 $ 235,584   $ 206   303,453   $ (38,531) 569 (53) (30,060)
Ending balance (in shares) at Jun. 30, 2024             (2,971,867)      
Beginning balance (in shares) at Dec. 31, 2024 17,382,138   21,281,247              
Beginning balance at Dec. 31, 2024 $ 246,115   $ 213   329,073   $ (60,901) 1,146 (30) (23,386)
Beginning balance (in shares) at Dec. 31, 2024 (3,899,109)           (3,899,109)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Issuance of new common shares (in shares)     48,267              
Issuance of new common shares $ 1,194       1,194          
Purchase of treasury stock (in shares)             (156,152)      
Purchase of treasury stock (3,894)           $ (3,894)      
Issuance of common shares under stock compensation plan (in shares)     317,120              
Issuance of new common shares under stock compensation plan $ 0   $ 3   (3)          
Cancellation of common shares under stock compensation plan (in shares)     (15,830)              
Issuance of new common shares under employee stock purchase plan (in shares) 44,993   44,993              
Issuance of new common shares under employee stock purchase plan $ 912   $ 1   911          
Stock based compensation 10,119       10,119          
Collections on stock subscription notes receivable 21               21  
Exercises of conversion feature of convertible note (in shares)     31,007              
Exercises of conversion feature of convertible note 433       433          
Other comprehensive loss, net of tax (64)             (64)    
Repurchases of common stock (in shares)             (410,563)      
Repurchases of common stock (9,458)           $ (9,458)      
Net income (loss) $ 4,265                 4,265
Ending balance (in shares) at Jun. 30, 2025 17,240,980   21,706,804              
Ending balance at Jun. 30, 2025 $ 249,643   $ 217   341,727   $ (74,253) 1,082 (9) (19,121)
Ending balance (in shares) at Jun. 30, 2025 (4,465,824)           (4,465,824)      
Beginning balance (in shares) at Mar. 31, 2025     21,502,214              
Beginning balance at Mar. 31, 2025 $ 244,115   $ 215   335,514   $ (67,579) 1,114 (19) (25,130)
Beginning balance (in shares) at Mar. 31, 2025             (4,165,124)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Issuance of new common shares (in shares)     8,920              
Issuance of new common shares 225       225          
Purchase of treasury stock (in shares)             (53,066)      
Purchase of treasury stock (1,319)           $ (1,319)      
Issuance of common shares under stock compensation plan (in shares)     185,532              
Issuance of new common shares under stock compensation plan 0   $ 2   (2)          
Cancellation of common shares under stock compensation plan (in shares)     (8,832)              
Issuance of new common shares under employee stock purchase plan (in shares)     18,970              
Issuance of new common shares under employee stock purchase plan 428       428          
Stock based compensation 5,562       5,562          
Collections on stock subscription notes receivable 10               10  
Other comprehensive loss, net of tax (32)             (32)    
Repurchases of common stock (in shares)             (247,634)      
Repurchases of common stock (5,355)           $ (5,355)      
Net income (loss) $ 6,009                 6,009
Ending balance (in shares) at Jun. 30, 2025 17,240,980   21,706,804              
Ending balance at Jun. 30, 2025 $ 249,643   $ 217   $ 341,727   $ (74,253) $ 1,082 $ (9) $ (19,121)
Ending balance (in shares) at Jun. 30, 2025 (4,465,824)           (4,465,824)      
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash Flows from Operating Activities:          
Net income (loss)     $ 4,265 $ (3,640)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities          
Depreciation and amortization - property, plant and equipment     7,932 6,023  
Amortization of intangible assets $ 2,500 $ 3,800 5,133 7,154  
Loss (gain) on sale of assets     176 (311)  
Credit losses     745 656  
Stock based compensation     9,694 13,876  
Deferred taxes     (12,185) 5,348  
Accretion of discounts on notes payable     404 307  
Other     (35) 0  
Changes in operating assets and liabilities, net of acquisition of businesses          
Accounts receivable     (8,112) (6,080)  
Contract assets     (8,656) (4,366)  
Prepaid expenses and other assets     5,945 4,063  
Accounts payable and accrued expenses     5,573 (15,633)  
Contract liabilities     5,414 (1,809)  
Net cash provided by operating activities     16,293 5,588  
Cash Flows from Investing Activities:          
Purchases of property and equipment     (1,119) (600)  
Fixed assets converted to lease financing     0 (29)  
Proceeds from sale of assets and disposal of leases     102 317  
Payments received under loans to shareholders     0 54  
Proceeds from notes receivable     718 0  
Acquisitions of businesses, net of cash acquired     (1,559) (20,347)  
Collections under stock subscription notes receivable     21 23  
Net cash used in investing activities     (1,837) (20,582)  
Cash Flows from Financing Activities:          
Proceeds from common stock offering, net of underwriting discounts and commissions and other offering costs     0 47,151  
Borrowings (repayments) under revolving credit facility     22,515 (17,441)  
Repayments under fixed line of credit     0 (345)  
Proceeds from notes payable     0 6,209  
Repayment under notes payable     (8,919) (7,464)  
Proceeds from finance leases     0 4,567  
Payments on finance leases     (5,600) (4,053)  
Payment of contingent consideration from acquisitions     (1,171) 0  
Payments for purchase of treasury stock     (3,894) (10,037)  
Repurchases of common stock     (9,458) (2,084)  
Proceeds from issuance of common stock     913 947  
Net cash (used in) provided by financing activities     (5,614) 17,450  
Net increase in cash and cash equivalents     8,842 2,456  
Cash and cash equivalents, beginning of period     6,698 20,687 $ 20,687
Cash and cash equivalents, end of period $ 15,540 $ 23,143 15,540 23,143 $ 6,698
Supplemental disclosures of cash flow information:          
Cash paid for interest     3,812 3,457  
Cash paid for income taxes     681 1,552  
Non-cash investing and financing activities:          
Property and equipment acquired under finance lease     (10,144) (6,755)  
Note payable converted to common shares     (434) (2,696)  
Issuance of notes payable for acquisitions     (2,056) (13,636)  
Issuance of contingent considerations     0 (1,504)  
Settlement of contingent consideration     $ 2,338 $ 567  
v3.25.2
Nature of Business and Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Nature Of Business And Basis Of Presentation [Abstract]  
Nature of Business and Basis of Presentation Nature of Business and Basis of Presentation
Nature of Business
Bowman Consulting Group Ltd. (along with its consolidated subsidiaries, “Bowman” or “we” or the “Company”) was incorporated in the Commonwealth of Virginia on June 5, 1995 and reincorporated in the State of Delaware on November 13, 2020. The Company’s headquarters is located in Reston, VA and the Company has over 100 offices throughout the United States and two offices in Mexico. Bowman is a professional services firm delivering innovative solutions to the marketplace of customers who own, develop and maintain the built environment. Within that arena, we provide planning, design, engineering, geospatial, survey, construction management, environmental consulting and land procurement services to markets that encompass the buildings in which people live, work and learn in; as well as the systems that provide water, electricity and other vital services, and the roads, bridges, and transportation systems used to get from place to place. We provide services to customers through fixed-price and time-and-material based contracts containing multiple milestones and independently priced deliverables. Typically, contract awards are on a negotiated basis, ranging in value from a few thousand dollars to multiple millions of dollars and can have varying durations depending on the size, scope, and complexity of the project.
The Company’s workforce typically provides the full scope of engineering and other contract services. However, with respect to certain specialty services or other compliance requirements within a particular contract, we may engage third-party sub-consultants.
Common Stock Offering
On April 1, 2024, the Company closed on an offering of common stock in which it issued and sold 1,323,530 shares at an offering price of $34.00 per share, resulting in net proceeds of $41.5 million after deducting underwriting discounts and commissions, but before expenses of the offering.
On April 1, 2024, the underwriters exercised their option to purchase an additional 179,412 shares of the Company’s common stock at an offering price of $34.00 per share, resulting in additional gross proceeds of approximately $6.1 million. After giving effect to this exercise of the overallotment option, the total number of shares sold by the Company in this common stock offering increased to 1,502,942 shares with total gross proceeds of approximately $51.1 million. The exercise of the over-allotment option closed on April 1, 2024, at which time the Company received net proceeds of $5.7 million after underwriting discounts and commissions, bringing the total net proceeds from the common stock offering to $47.2 million.

Deferred offering costs consist primarily of accounting, legal and other fees associated with the common stock offering, and were netted against the proceeds. No deferred offering costs were capitalized in the condensed consolidated balance sheet as of June 30, 2025.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements and footnotes of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, changes in shareholders’ equity and cash flows. The results of operations for the current period are not necessarily indicative of the results for the full year or the results for any future periods.
The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 12, 2025.
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
v3.25.2
Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
The following is a summary of the significant accounting policies and principles used in the preparation of the condensed consolidated financial statements:
Emerging Growth Company
Section 102(b)(1) of the Jumpstart Our Business Startups Act (“JOBS Act”) exempts emerging growth companies (“EGC”) from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-EGC but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an EGC, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is either not an EGC or, an EGC that has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting standards used.
The Company will no longer be classified as an EGC at December 31, 2026, which is the end of the fiscal year following the fifth anniversary of the completion of its initial public offering. As a result, we will be required to comply with all public company reporting requirements applicable to non-EGC registrants.
Revenue Recognition
As discussed in Note 1, the Company provides a variety of engineering and related professional services to customers located throughout the United States. The Company enters into agreements with customers that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services transfer to the customer. It is customary practice for the Company to have written agreements with its customers and revenue on oral or implied arrangements is generally not recognized. The Company recognizes revenue based on the consideration specified in the applicable agreement. Excluded from the transaction price are amounts collected on behalf of third parties for sales and similar taxes.
Long-term contracts typically contain billing terms that provide for invoicing once a month and payment on a net 30-day basis. Exceptions to monthly billing are to ensure that the Company performs satisfactorily rather than representing a significant financing component. For example, certain fixed price contracts may provide for milestone billings based upon the attainment of specific project objectives to ensure the Company meets its contractual requirements rather than having billing monthly. Additionally, contracts may include retentions or holdbacks paid at the end of a project to ensure that the Company meets the contract requirements. The Company does not assess whether a contract contains a significant financing component if the Company expects, at contract inception, that the period between payment by the customer and the transfer of promised services to the customer will be less than one year.
As a professional services engineering firm, the Company generally recognizes revenue over time as control transfers to a customer based upon the extent of progress towards satisfaction of the performance obligation.
For services delivered under fixed price contracts, the Company uses the ratio of actual costs incurred to total estimated costs, since costs incurred (an input method) represents a reasonable measure of progress towards the satisfaction of a performance obligation in order to estimate the portion of revenue earned. This method faithfully depicts the transfer of value to the customer when the Company is satisfying a performance obligation that entails a number of interrelated tasks or activities for a combined output that requires the Company to coordinate the work of employees and sub-consultants. Contract costs typically include direct labor, subcontract and consultant costs, materials and indirect costs related to contract performance. Changes in estimated costs to complete these obligations result in adjustments to revenue on a cumulative catch-up basis, so that revised estimates are recognized in the current period. Changes in estimates can routinely occur over the contract term for a variety of reasons including, changes in scope, unanticipated costs, delays or favorable or unfavorable progress that differ from original expectations. In situations where the remaining estimated costs to perform exceed the consideration to be received, the Company accrues the entire estimated loss during the period the loss becomes known.
When a performance obligation is billed using a time-and-material type contract, the Company measures its progress to complete based upon the hours incurred for the period times contractually agreed upon billing rates plus any materials
delivered or consumed in the project. When applicable, the Company will recognize revenue under these contracts as invoiced under the practical expedient.
In certain situations, it is possible that two or more contracts should be combined and accounted for as a single contract, or a single contract should be accounted for as multiple performance obligations. This requires judgment and could impact the amount and timing of revenue recognition. Such determinations are made using management’s best estimate and knowledge of contracts and related performance obligations.
The Company’s contracts may contain variable consideration in the form of unpriced or pending change orders or claims that either increase or decrease the contract price. Variable consideration is generally estimated using the expected value method but may from time to time be estimated using the most likely amount method depending on the circumstance. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration are based upon historical experience and known trends.
The Company recognizes claims against vendors, sub-consultants, and others as a reduction in costs when the contract establishes enforceability, and the amounts of recovery are reasonably estimable and probable. Reduction in costs are recognized at the lesser of the amount management expects to recover or costs incurred.
Contract related assets and liabilities are classified as current assets and current liabilities. Significant balance sheet accounts related to the revenue cycle are as follows:
Contract Assets:
Contract Assets are recorded when progress to completion revenue earned on contracts exceeds amounts billed under the contract. It may also include contract retainages that can be billed once contract stipulations are satisfied.
Contract Liabilities:
Contract Liabilities are recorded when amounts billed under a contract exceeds the progress to completion revenue earned under the contract.

Accounts Receivable, net and Expected Credit Losses
Accounts receivable, net (contract receivables), include amounts billed in accordance with the terms of customer contracts and are stated at their net realizable value. The Company maintains an allowance for expected credit losses for the estimated portion of receivables that may not be collected. Expected credit losses are determined based on management’s assessment of the collectability of specific accounts, taking into consideration factors such as customer type, creditworthiness, and financial condition, as well as accounts receivable aging trends for billed receivables. The allowance also includes a general provision based on the Company’s historical loss experience and prevailing economic conditions.
Upon determination that a specific receivable is uncollectible, the receivable is written off against the allowance for expected credit losses. As of June 30, 2025 and December 31, 2024, the balance in the allowance for expected credit losses was $3.2 million and $2.9 million, respectively. No single customer accounted for more than 10% of the Company's outstanding receivables as of either date.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from the estimates and assumptions that were used.
Concentration of Credit Risk and other Concentrations
The Company’s financial instruments that are exposed to concentrations of credit risk consist of cash and accounts receivable.
Cash balances at various times during the year may exceed the amount insured by the Federal Deposit Insurance Corporation. The Company’s cash deposits are held in institutions whose credit ratings are monitored by management, and the Company has not incurred any losses related to such deposits.
The Company can, at times, be subject to a concentration of credit risk with respect to outstanding accounts receivable. However, the Company believes no such concentration existed during the six months ended June 30, 2025, or for the year ended December 31, 2024. The Company’s customers are located throughout the United States across diverse market sectors. Although the Company generally grants credit without collateral, management believes that its contract acceptance, billing, and collection policies are adequate to minimize material credit risk. Also, for non-governmental customers, the Company can often place mechanics liens against the real property associated with the contract in the event of non-payment.
Variable Interest Entities
We have an economic interest in an entity that is a variable interest entity. Variable interest entities (“VIEs”) are entities in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. On April 2, 2024, the Company through a newly created, wholly owned subsidiary, acquired 100% of the outstanding stock of Surdex Corporation ("Surdex"). The wholly owned subsidiary was then merged into Surdex, with Surdex being the surviving entity. Concurrently, Hoffman Aviation Services, Inc. ("HAS") was established and is wholly owned by the former shareholders of Surdex Corporation. HAS was established for the purpose of providing services exclusively to Surdex. The Company was determined to be the primary beneficiary; therefore, HAS has been consolidated into the Company's financial results, with all intercompany transactions eliminated during the consolidation process.
To determine if we are the primary beneficiary, we assess whether we possess the power to direct the activities that most significantly influence the VIE's economic performance, as well as the obligation to absorb losses or the right to receive benefits that could be materially significant to the VIE. Our evaluation includes identification of significant activities and an assessment of our ability to direct those activities based on governance provisions and arrangements to provide services to the VIE. Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary.
Fair Value Measurements
Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”) provides the framework for measuring and reporting financial assets and liabilities at fair value. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
The codification establishes a three-level disclosure hierarchy to indicate the level of judgment used to estimate fair value measurements:
Level 1:    Quoted prices in active markets for identical assets or liabilities as of the reporting date;
Level 2:    Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices (such as interest rate and yield curves);
Level 3:    Uses inputs that are unobservable, supported by little or no market activity and reflect significant management judgment.
As of June 30, 2025 and December 31, 2024:
•The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the relatively short duration of these instruments;
•The carrying amounts of debt obligations approximate their fair values as the terms are comparable to terms currently offered by local financial institutions for arrangements with similar terms to industry peers with comparable credit characteristics. Accordingly, the debt obligations involve Level 3 fair value inputs;

Fair value measurements relating to our business combinations are made primarily using Level 3 inputs including discounted cash flow and to the extent applicable, Monte Carlo simulation techniques. Fair value for the identified
intangible assets is generally estimated using inputs primarily for the income approach using the multiple period excess earnings method. The significant assumptions used in estimating fair value include (i) revenue projections of the business, including profitability, (ii) attrition rates and (iii) the estimated discount rate that reflects the level of risk associated with receiving future cash flows. Other personal property assets, such as property, plant and equipment, are valued using the cost approach, which is based on replacement or reproduction costs of the asset less depreciation. The fair value of the contingent consideration is estimated using published treasury rates in the Wall St. Journal and discounting the present value along with other significant assumptions which include projections of revenue, and probabilities of meeting those projections, as well as Monte Carlo simulation techniques.
The following is a summary of change in contingent consideration:
(in thousands)
For the Six Months Ended June 30, 2025
For the Year Ended December 31, 2024
Balance at beginning of period$6,652 $10,567 
Fair value of contingent consideration issuances– 2,030 
Change in fair value of contingent consideration(708)(1,559)
Settlement of contingent consideration(3,569)(4,386)
Balance at end of period$2,375 $6,652 
The change in fair value consideration is included in Other Expense in the Condensed Consolidated Income Statement.
Income Taxes
The Company recognizes deferred income tax assets or liabilities for expected future tax consequences of events recognized in the condensed consolidated financial statements or tax returns. Under this method, deferred income tax assets or liabilities are determined based upon the difference between the financial statement and income tax bases of assets and liabilities using enacted tax rates expected to apply when the differences settle or become realized. Valuation allowances are provided when it is more likely than not that a deferred tax asset is not realizable or recoverable in the future. As of June 30, 2025, no valuation allowances are required, and all deferred tax assets are realizable.
The Company assesses uncertain tax positions to determine whether income tax positions will more likely than not be sustained upon examination by the Internal Revenue Service or other taxing authorities. If the Company cannot reach a more-likely-than-not determination, no benefit is recorded. If the Company determines that the tax position is more likely than not to be sustained, the Company records the largest amount of benefit that is more likely than not to be realized when the tax position is settled. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Beginning January 1, 2022, the Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the option to deduct research and development expenditures in the current year and required taxpayers to capitalize and amortize research and development costs pursuant to Internal Revenue Code Section 174. The capitalized expenses were to be amortized over a 5-year period for domestic expenses and a 15-year period for foreign expenses. As a result of this provision of the TCJA, we have established a $60.4 million uncertain tax position related to capitalized and amortizable research and development ("R&D") costs as of the six-month period ended June 30, 2025.
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law in the U.S. The OBBBA contains a broad range of tax reform provisions affecting businesses including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. The Company is evaluating the future impact of these tax law changes on its financial statements.
The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in income in the period that includes the enactment date. The Company’s effective tax rate for the six months ended June 30, 2025 and June 30, 2024 was 33.7% and 56.0%, respectively. The change in the Company’s effective tax rate is predominantly due to certain non-recurring discrete events in addition to changes in the estimated annual effective tax rate, as discussed below.
The most prominent factors impacting the estimated annual effective tax rate include an increase in the projected limitation of the deductible executive compensation for 2025, an increase in projected R&D credits generated for 2025, and an overall increase in forecasted pre-tax book income for 2025 relative to a pre-tax loss for 2024. Further, the Company also recognized a net discrete expense of $1.4 million for the six months ended June 30, 2025, compared to a net discrete
benefit of $7.6 million for the six months ended June 30, 2024. The net discrete expense is predominantly the result of increase in the windfall tax benefit for restricted stock awards, increase in penalties and interest recorded for uncertain tax positions as a function of pre-tax income for 2025 compared to pre-tax loss for 2024. More specifically, the windfall tax benefit for restricted stock awards recognized at a value higher than the grant date fair value is $0.3 million for the six months ended June 30, 2025 compared to $4.3 million for the six months ended June 30, 2024. Penalties and interest accrued for uncertain tax positions are $1.5 million for the six months ended June 30, 2025, compared to a net reversal of $3.3 million for the six months ended June 30, 2024. These factors as a function of pre-tax book income of $6.4 million for the six months ended June 30, 2025, compared to pre-tax book loss of $8.3 million for the six months ended June 30, 2024 increased the rate by 21.3% for the six months ended June 30, 2025, and by 91.9% for the six months ended June 30, 2024.
The Company files income tax returns in the U.S. federal jurisdiction and certain states in which it operates. Based on the timing of the filing of certain tax returns, the Company’s federal income tax returns for tax years 2021 and thereafter remain subject to examination by the U.S. Internal Revenue Service. The statute of limitations on the Company’s state income tax returns generally conforms to the federal three-year statute of limitations.
Segments
The Company operates in one segment based upon the financial information used by its chief operating decision maker in evaluating the financial performance of its business and allocating resources. The single segment represents the Company’s core business of providing engineering and related professional services to its customers. See Note 16 Segment Information for further information on the Company's reportable segment.
Recently Issued Accounting Guidance
Accounting guidance recently adopted
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and should be applied prospectively. Retrospective application is permitted. ASU 2023-09 will be reflected in the Company's annual report on Form 10-K for the 2025 fiscal year.
Accounting guidance not yet adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company’s annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on our related disclosures.
The Company continues to monitor new accounting pronouncements issued by the FASB and does not believe any accounting pronouncements issued through the date of this report will have a material impact on the Company’s Condensed Consolidated Financial Statements
v3.25.2
Earnings (Loss) Per Share and Certain Related Information
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share and Certain Related Information Earnings (Loss) Per Share and Certain Related Information
Basic earnings (loss) per share is calculated by dividing net income (loss) attributable to the Company available to common stockholders by the weighted average number of common shares outstanding for the three and six months ended June 30, 2025 and 2024. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were either exercised or converted into common stock or resulted in the issuance of common stock that would share in the earnings (loss) of the Company. The dilutive effect of options is reflected in diluted earnings (loss) per share by application of the treasury stock method. The dilutive effect of shares to be purchased under the Company’s Employee Stock Purchase Plan is reflected in diluted earnings (loss) per share by the weighted-average number of shares outstanding that would have been outstanding during the period. The dilutive effect of convertible debt is reflected in diluted earnings (loss) per share by application of the if-converted method. The Company uses the two-class method to determine earnings (loss) per share.
For calculating basic earnings per share, for the three and six months ended June 30, 2025, the weighted average number of shares outstanding exclude 878,909 and 882,018 non-vested restricted shares and 148 and 232 unexercised substantive options. For the three and six months ended June 30, 2025, the computation of diluted earnings per share did not include the effect of non-vested restricted shares or substantive options, as their effect was antidilutive.
For calculating basic loss per share, for the three and six months ended June 30, 2024, the weighted average number of shares outstanding exclude 1,331,046 and 1,381,326 non-vested restricted shares and 3,616 and 4,204 unexercised substantive options. For the three and six months ended June 30, 2024, the computation of diluted loss per share did not include the effect of all potential dilutive common stock equivalents, as their impact would have been antidilutive due to the net loss for the period.
The following table represents a reconciliation of the net income (loss) and weighted average shares outstanding for the calculation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2025 and 2024 (in thousands, except share data):
 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2025202420252024
Numerator
Net income (loss)$6,009 $(2,082)$4,265 $(3,640)
Earnings allocated to non-vested shares307 – 218 – 
Total
$5,702 $(2,082)$4,047 $(3,640)
Denominator
Weighted average common shares outstanding16,331,96416,301,92616,344,17315,064,827
Effect of dilutive nominal options––––
Effect of dilutive contingently earned shares251,070–245,614–
Dilutive average shares outstanding16,583,03416,301,92616,589,78715,064,827
Basic earnings (loss) per share$0.35 $(0.13)$0.25 $(0.24)
Dilutive earnings (loss) per share$0.34 $(0.13)$0.24 $(0.24)

Share Repurchases
On June 6, 2025, the board of directors authorized a new share repurchase program under which the Company may repurchase up to $25 million of its common stock ("2025 Repurchase Authorization") over a 12-month period beginning on June 9, 2025. The 2025 Repurchase Authorization replaced the Company's prior share repurchase program, which was scheduled to expire on July 31, 2025. The execution of the repurchase program is expected to be consistent with the Company’s strategic initiatives which prioritize investments in organic and acquisitive growth. The timing and amount of any share repurchases will be determined by management at its discretion based on several factors including share price, market conditions and capital allocation priorities. Shares may be repurchased from time to time through open market purchases, in privately negotiated transactions or by other means, including the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, in accordance with applicable securities laws and other restrictions. The share repurchase program does not obligate Bowman to acquire a specific number of shares of common stock and may be suspended, modified, or discontinued at any time without notice.
Previously, on August 15, 2024, the board of directors authorized a $25 million share repurchase program ("2024 Repurchase Authorization"), which was subsequently increased to $35 million on November 29, 2024. The 2024 Repurchase Authorization was scheduled to expire on July 31, 2025, but was terminated on June 6, 2025, upon approval of the 2025 Repurchase Authorization.
Under the 2024 Repurchase Authorization, the Company repurchased 1,368,576 shares of common stock at an average price of $23.97 per share. As of June 30, 2025, no repurchases have been made under the 2025 Repurchase Authorization, and the full $25 million remains available.
v3.25.2
Acquisitions
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Business Combinations
2025 Acquisitions
During the six months ended June 30, 2025, the Company completed two acquisitions in diverse geographic regions and service lines. The Company paid total consideration of $3.6 million, which was comprised of cash, promissory note, convertible note and assumed liabilities. No cash was acquired with these acquisitions. The promissory note has a 5.00% interest rate with equal quarterly payments beginning on May 2025 and ending February 2028.
The purchase price allocation consists primarily of Goodwill and is based upon preliminary information that is subject to change when additional information is obtained.
2024 Acquisitions
Surdex Corporation
On April 2, 2024, the Company entered into a merger agreement with Surdex Corporation (“Surdex”), a St. Louis-based geospatial and engineering services firm providing low, medium and high-altitude digital orthoimagery, advanced high-resolution LiDAR, intelligent digital mapping, 3D hydrography, and disaster mapping. The Company paid total consideration of $43.3 million, which was comprised of cash, promissory note, common stock and assumed liabilities. The shares are subject to a six-month lock up. The promissory note bears a simple interest rate fixed at 6.50%, and is payable in equal quarterly payments of principal and interest beginning July 2024 and ending July 2027. The merger agreement contains a contingent consideration feature which affords the sellers the opportunity to earn additional consideration in the form of the Company's common stock, depending on the average trading price of the Company's common stock for the 90 trading days post-acquisition. For tax purposes, the Surdex transaction is considered a tax-free merger, in which the assets have been recorded at their respective carrying values. As a result, there is no corresponding tax goodwill, and therefore no tax goodwill to be amortized or otherwise deductible.
The following summarizes the calculations of the fair values of Surdex assets acquired and liabilities assumed as of the acquisition date (in thousands):
(in thousands)Surdex
Assets:
Accounts receivable, net$4,052 
Contract assets3,210 
Prepaid and other current assets1,956 
Property and equipment, net15,085 
Operating lease, right-of-use assets1,030 
Goodwill17,685 
Other intangible assets12,810 
Total assets acquired:$55,828 
Liabilities:
Accounts payable and accrued liabilities, current portion$3,937 
Contract liabilities685 
Other non-current obligations10,689 
Operating lease obligation, less current portion1,030 
Deferred tax liability7,067 
Total liabilities assumed:$23,408 
Net assets acquired:$32,420 
Cash flow reconciling items:
Issuance of common stock as partial consideration$(16,536)
Cash paid for acquisitions, net of cash acquired$15,884 
The amounts in the tables above represent the final purchase allocation for the Surdex acquisition. The purchase price allocation has been completed and the amounts identified above are deemed final.

The condensed consolidated financial statements of the Company include the results of operations since the date Surdex was acquired. The following table presents the results of operations of Surdex since the date of acquisition for the three and six months ended June 30, 2025 (in thousands):

For the Three Months EndedFor the Six Months Ended
June 30, 2025June 30, 2025
Gross Contract Revenue1
$7,752 $15,231 
Pre-tax Net Income2
$340 $613 

1 Gross contract revenue includes adjustments as required by ASC 606, Revenue from Contracts with Customers based on opening balance sheet provided by the acquired companies. There is no assurance these adjustments will be consistent in future periods. Opening balance sheet balances are subject to adjustment prior to being finalized.

2 Pre-tax Net Income excludes corporate overhead allocation.
The following table presents the unaudited pro forma condensed consolidated results of operations for the three and six months ended June 30, 2025 and 2024, assuming that the Surdex acquisition, discussed above, occurred on January 1, 2024. The pro forma information provided below is compiled from pre-acquisition information and includes pro forma adjustments for amortization and depreciation. The unaudited pro forma results are presented for informational purposes only and are not meant to represent actual operating results that would have been achieved had the related events occurred on such date (in thousands):
For the Three Months Ended
For the Six Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Gross Contract Revenue3
$122,090 $104,582 $235,021 $205,426 
Pre-tax Net Income (Loss)
$5,470 $(2,742)$3,490 $(5,778)

3Gross contract revenue in these pro forma financials does not conform to GAAP as required by ASC 606, Revenue from Contracts with Customers, as it is impracticable to obtain the historical information necessary to apply this accounting standard. The historical estimates required to be able to accurately determine the percent complete accounting on the contracts that comprise the revenue is not available for the required periods.

Other 2024 Acquisitions
During the year ended December 31, 2024, the Company completed seven additional acquisitions in diverse geographic regions and service lines. The Company paid total consideration of $36.2 million through combinations of cash, promissory notes, shares of common stock and assumed liabilities. No cash was acquired with these acquisitions. Shares of common stock issued in connection with the acquisitions are subject to a six-month lock-up. Promissory notes bear a simple interest rate ranging from 5.00% to 6.75% and are payable in quarterly payments of principal and interest beginning May 2024 and ending in November 2028. For tax purposes, depending on the transaction, the acquisitions were treated either as an asset acquisition, in which case the assets have been stepped up and recorded at their respective fair values, or a tax-free merger, in which case the assets have been recorded at their respective carrying values. Goodwill results from an assembled workforce, which does not qualify for separate recognition, as well as expected future synergies from combining operations. For asset acquisitions, all the goodwill recognized is expected to be deductible for tax purposes. For three of the acquisitions, the purchase agreement includes a contingent consideration feature, which affords the sellers the opportunity to earn additional consideration in the form of the Company's common stock, cash and non-negotiable promissory notes, based on certain financial performance thresholds. The final settlement amount will depend on ongoing operations of the acquired company. The payout amounts range between $0 and $1.0 million and for the six months ended June 30, 2025,
the Company paid $1.2 million in cash as settlement of contingent consideration. See Note 2 Fair Value Measurements for additional information regarding the fair value of contingent consideration.
The following summarizes the preliminary calculations of the fair values of the other 2024 acquisition assets acquired and liabilities assumed as of the acquisition date (in thousands):
(in thousands)2024
Assets:
Accounts receivable, net$5,685 
Contract assets2,468 
Prepaid and other current assets201 
Property and equipment, net685 
Operating lease, right-of-use assets2,681 
Goodwill20,603 
Other intangible assets13,531 
Other assets
118 
Total assets acquired:$45,972 
Liabilities:
Accounts payable and accrued liabilities, current portion$1,373 
Contract liabilities2,705 
Other non-current obligations9,859 
Operating lease obligation, less current portion2,681 
Deferred tax liability3,126 
Total liabilities assumed:$19,744 
Net assets acquired:$26,228 
Cash flow reconciling items:
Issuance of common stock as partial consideration$(17,780)
Cash paid for acquisitions, net of cash acquired$8,448 

For the six months ended June 30, 2025, the Company recorded measurement period adjustments of $0.1 million decrease to accounts receivable, net, and $0.1 million decrease in other non-current obligations. If the change in provisional amounts had been recorded at the acquisition date, it would not have resulted in a change in operating income in the prior periods.
The condensed consolidated financial statements of the Company include the results of operations from any business acquired from their respective dates of acquisitions (excluding Surdex). The following table presents the results of operations of the other companies acquired during 2024 (excluding Surdex) from their respective dates of acquisition for the three and six months ended June 30, 2025 (in thousands):

For the Three Months EndedFor the Six Months Ended
June 30, 2025June 30, 2025
Gross Contract Revenue1
$14,952 $21,690 
Pre-tax Net Income2
$5,263 $8,828 
1 Gross contract revenue includes adjustments as required by ASC 606, Revenue from Contracts with Customers based on opening balance sheet provided by the acquired companies. There is no assurance these adjustments will be consistent in future periods. Opening balance sheet balances are subject to adjustment prior to being finalized.
2Pre-tax Net Income excludes corporate overhead allocation.
The following table presents the unaudited pro forma condensed consolidated results of operations for the three and six months ended June 30, 2025 and 2024, assuming that the companies acquired in 2024 (excluding Surdex), discussed above, occurred on January 1, 2024. The pro forma information provided below is compiled from pre-acquisition information and includes pro forma adjustments for amortization and depreciation. The unaudited pro forma results are presented for informational purposes only and are not meant to represent actual operating results that would have been achieved had the related events occurred on such date (in thousands):
For the Three Months Ended
For the Six Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Gross Contract Revenue3
$122,090 $111,390 $236,189 $214,258 
Pre-tax Net Income (Loss)
$5,926 $(2,326)$4,728 $(4,690)

3Gross contract revenue in these pro forma financials does not conform to GAAP as required by ASC 606, Revenue from Contracts with Customers, as it is impracticable to obtain the historical information necessary to apply this accounting standard. The historical estimates required to be able to accurately determine the percent complete accounting on the contracts that comprise the revenue is not available for the required periods.
In connection with all of the 2024 acquisitions, the Company recognized $0.1 million and $0.3 million of acquisition related expenses within Other Income and Expenses in the condensed consolidated statement of income for each of the three and six months ended June 30, 2025, respectively, including legal fees, consulting fees, and other miscellaneous expenses associated with acquisitions.
The following table summarizes the purchase price allocation at fair value for identifiable intangible assets acquired in 2025 and 2024 (in thousands):
2025Weighted-Average Life2024Weighted-Average Life
Customer relationships$498 5.78$20,540 12.51
Contract rights629 0.905,790 1.42
Favorable leaseholds- n/a101 5.50
Total$1,127 $26,431 
v3.25.2
Disaggregation of Revenue and Contract Balances
 6 Months Ended
Jun. 30, 2025
Disaggregation of Revenue [Abstract]  
Disaggregation of Revenue and Contract Balances Disaggregation of Revenue and Contract Balances
The Company disaggregates revenues by contract type, see Revenue Recognition in Note 2 for further details. For the three and six months ended June 30, 2025, the Company derived 91.6% and 91.2% of its revenue from contracts classified as lump sum, and 8.4% and 8.8% of its revenue from time and material contracts, respectively. For the three and six months ended June 30, 2024, the Company derived 89.9% and 89.8% of its revenue from contracts classified as lump sum, and 10.1% and 10.2% of its revenue from time and material contracts, respectively.
The Company had approximately $317.7 million in remaining performance obligations as of June 30, 2025 of which it expects to recognize approximately 88.2% within the next twelve months and the remaining 11.8% in the next twelve to twenty-four months.
Disaggregated revenues by contract type were as follows (in thousands):
For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Fixed fee$111,837 91.6 %$93,958 89.9 %$214,442 91.2 %$179,082 89.8 %
Time-and-materials10,253 8.4 %10,543 10.1 %20,579 8.8 %20,327 10.2 %
Gross contract revenue$122,090 100.0 %$104,501 100.0 %$235,021 100.0 %$199,409 100.0 %
The Company recognized $0.7 million and $4.2 million of revenue for the three and six months ended June 30, 2025, respectively, which was included in the contract liabilities balance as of December 31, 2024, and $0.5 million and $3.1 million of revenue for the three and six months ended June 30, 2024, respectively, which were included in the contract liabilities balance as of December 31, 2023.
v3.25.2
Contracts in Progress
 6 Months Ended
Jun. 30, 2025
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Contracts in Progress Contracts in Progress
The following table reflects the calculation of the net balance of contract assets and contract liabilities. Costs and estimated earnings on contracts in progress consist of the following (in thousands):
June 30, 2025December 31, 2024
Costs incurred on uncompleted contracts$434,394 $388,531 
Estimated contract earnings in excess of costs incurred
666,112 600,147 
Estimated contract earnings to date1,100,506 988,678 
Less: billed to date(1,061,560)(953,214)
Net contract assets$38,946 $35,464 
v3.25.2
Notes Receivable
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Notes Receivable Notes Receivable
The Company has unsecured notes receivable from related parties, certain non-executive officers of the Company and an unrelated third party. The following is a summary of these notes receivable (in thousands):
June 30, 2025December 31, 2024
Officers, employees and affiliated entities - Interest accrues annually at rates ranging from 0.0% - 5.5%. The notes receivable mature through December 2027.
$1,551 $2,527 
Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2025.1
903 903 
Total:2,454 3,430 
Less: current portion  
Officers, employees and affiliates(443)(1,889)
 Unrelated third party
(903)– 
Non-current portion$1,108 $1,541 
1Note issued prior to the Company's initial public offering.
Each borrower may prepay all or part of the outstanding balance at any time prior to the date of maturity. No interest was accrued on the notes receivable for the six months ended June 30, 2025.
v3.25.2
Property and Equipment, Net
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment for fixed assets are as follows (in thousands):
June 30, 2025December 31, 2024
Computer equipment$2,931 $2,867 
Survey equipment5,943 5,944 
Vehicles2,479 2,425 
Furniture and fixtures2,740 2,581 
Leasehold improvements9,589 9,469 
Software414 396 
Camera equipment
861 891 
Aircraft8,345 7,829 
Aircraft engine & GPS1,512 1,517 
Fixed assets pending lease financing 1
783 715 
Total:35,597 34,634 
Less: accumulated depreciation(20,386)(18,604)
Property and equipment, net of finance leased assets
$15,211 $16,030 
1Assets acquired which will be re-financed under the Company's finance lease facilities
Depreciation expense for fixed assets for the three and six months ended June 30, 2025 was $0.9 million and $1.9 million, respectively. Depreciation expense for fixed assets for the three and six months ended June 30, 2024 was $1.1 million and $1.8 million, respectively.
Property and equipment for finance leased assets are as follows (in thousands):
June 30, 2025December 31, 2024
Equipment$41,326 $33,654 
Vehicles12,442 10,287 
Total:53,768 43,941 
Less: accumulated amortization on leased assets(23,816)(17,960)
Finance leased assets, net
$29,952 $25,981 
Amortization expense for finance leased assets for the three and six months ended June 30, 2025 was $3.1 million and $6.1 million, respectively. Amortization expense for finance leased assets for the three and six months ended June 30, 2024 was $2.3 million and $4.3 million, respectively.
v3.25.2
Goodwill
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
Changes in the carrying amount of goodwill were as follows (in thousands):
Goodwill
Balance as of December 31, 2024$134,653 
2025 Acquisitions - additions1,296 
2024 Acquisitions - adjustments(20)
Balance as of June 30, 2025$135,929 
There were no impairments of goodwill during the periods presented.
v3.25.2
Intangible Assets
 6 Months Ended
Jun. 30, 2025
Intangible Assets [Abstract]  
Intangible Assets Intangible Assets
Total intangible assets consisted of the following at June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025December 31, 2024
Gross AmountAccumulated
Amortization 		Net BalanceGross AmountAccumulated
Amortization 		Net Balance
Customer relationships$64,662 $(14,246)$50,416 $64,164 $(11,172)$52,992 
Contract rights20,680 (18,409)2,271 20,051 (16,393)3,658 
Leasehold619 (225)394 619 (182)437 
Domain name281 – 281 281 – 281 
Licensing rights8,041 – 8,041 8,041 – 8,041 
Total$94,283 $(32,880)$61,403 $93,156 $(27,747)$65,409 
The following table summarizes the weighted average useful lives (in years) of intangible assets by asset class used for straight-line amortization expense purposes:
June 30, 2025December 31, 2024
Customer relationships11.3111.35
Contract rights1.721.75
Leasehold7.487.48
Amortization expense for the three and six months ended June 30, 2025 was $2.5 million and $5.1 million, respectively. Amortization expense for the three and six months ended June 30, 2024 was $3.8 million and $7.2 million respectively.    
Future amortization for the remainder of 2025 and for the succeeding years for intangible assets with definite useful lives is as follows (in thousands):
20254,512 
20267,017 
20276,147 
20285,618 
20295,522 
Thereafter24,265 
Total$53,081 
v3.25.2
Revolving Credit Facilities
 6 Months Ended
Jun. 30, 2025
Line of Credit Facility [Abstract]  
Revolving Credit Facilities Revolving Credit Facilities
On March 12, 2025, the Company and certain of its subsidiaries acting as guarantors, entered into a First Amendment to the Credit Agreement (defined below) which increased the maximum principal amount of the Revolving Credit Facility from $100.0 million to $140.0 million. There were no other changes to the terms of the Revolving Credit Facility.
On May 2, 2024, the Company and certain of its subsidiaries as guarantors entered into a new credit agreement (the “Credit Agreement”) with lenders, Bank of America N.A., as Administrative Agent, the Swingline Lender and L/C Issuer, and TD Bank, N.A. as syndication agent for a new $100 million revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility replaced the Company’s previous $70 million revolving credit facility, and its non-revolving fixed line of credit ("Fixed Line #2") with Bank of America, N.A. In connection with the Revolving Credit Facility, the Company and certain of its subsidiaries entered into a Security and Pledge Agreement dated May 2, 2024 with Bank of America, N.A., in its capacity as Administrative Agent. Under the Revolving Credit Facility, the Company is required to comply with certain covenants, including covenants on indebtedness, investments, liens and restricted payments, as well as maintain certain financial covenants, including a fixed charge coverage ratio and leverage ratio of debt to EBITDA (as defined in the Revolving Credit Facility). The Company recorded $0.3 million of deferred financing costs which will be amortized over the term outlined in the Revolving Credit Facility.
On June 30, 2025, the interest rates on the Revolving Credit Facility ranged from 6.77% to 8.70%. All outstanding principal on the Revolving Credit Facility is due on May 2, 2029. As of June 30, 2025 and December 31, 2024, the outstanding balance on the Revolving Credit Facility was $59.5 million and $37.0 million, respectively.
The Company secures its obligations under the Revolving Credit Facility with substantially all assets of the Company. Obligations of the Company to certain other shareholders of the Company are subordinated to the Company’s obligations under the Revolving Credit Facility. The Company must maintain, on a combined basis, certain financial covenants defined in the Revolving Credit Facility. The Company was in compliance with covenants as of June 30, 2025.
Interest expense on the credit facilities totaled $1.0 million and $1.8 million during the three and six months ended June 30, 2025, respectively. Interest expense on the credit facilities totaled $0.4 million and $1.5 million during the three and six months ended June 30, 2024, respectively.
v3.25.2
Notes Payable
 6 Months Ended
Jun. 30, 2025
Debt Instruments [Abstract]  
Notes Payable Notes Payable
Notes payable consist of the following (in thousands):
June 30, 2025December 31, 2024
Related parties:
1Shareholders and Owners of Acquired Entities - Interest accrues at rates ranging from 3.25% - 11.00% annually. The notes payable mature on various dates through February 2028.
19,758 25,498 
Convertible Notes Payable - Interest accrues at rates ranging from 4.75% - 8.00% annually. The convertible notes payable mature on various dates through November 2028.
5,181 5,047 
Unrelated third parties:
Note payable for purchase of tangible asset5,019 5,522 
Note payable for purchase of intangible asset2,075 2,075 
Discounts on notes payable issued as consideration in acquisitions:
1Shareholders and Owners of acquired entities
(639)(915)
Other(75)(160)
Total31,319 37,067 
Less: current portion(15,316)(17,075)
Non-current portion$16,003 $19,992 
1Includes notes payable to all owners irrespective of current relationship with the Company
Interest expense attributable to the notes payable totaled $0.8 million and $1.6 million for the three and six months ended June 30, 2025, respectively. Interest expense attributable to the notes payable totaled $0.9 million and $1.5 million for the three and six months ended June 30, 2024, respectively.
Future principal payments on notes payable for remainder of 2025 and succeeding years are as follows (in thousands):
2025$9,435 
202611,484 
20278,067 
20282,514 
2029533 
Total$32,033 
Convertible Notes Payable
The Company issued unsubordinated convertible notes as partial consideration for multiple acquisitions (See Note 4 Acquisitions). The convertible notes are convertible into shares of common stock at the option of the holders, at any time, at a predetermined conversion price. Subject to conversion, the convertible notes are payable through quarterly installments of principal, interest or both from October 2022 through November 2028. At any time, upon ten (10) business days’ notice to the Company, the holders may request that a prepayment of the principal or all or part of a regularly scheduled quarterly payment of the principal be made in the form of common stock of the Company, with the number of shares of common stock equal to the amount of the requested prepayment divided by the stock conversion price. If the request is made with respect to a regularly scheduled quarterly payment of principal, then the accrued interest shall be paid in cash. As of June 30, 2025, the holders of the Project Design Consultants, LLC convertible note had converted a total of $3.8 million into 271,014 shares of common stock at $14.00 per share. The remaining balance of the note, consisting of $0.2 million in principal, was settled in cash along with all the accrued interest, resulting in the full repayment of the note with no outstanding obligations. No additional elections or conversions had been made as of June 30, 2025.

The following table summarizes the convertible notes as of June 30, 2025 (in thousands, except conversion price):

Convertible Notes:Date Issued
Principal Amount
Interest RateConversion Price
Remaining Balance1
Project Design Consultants, LLC07/22$4,000 4.75%$14.00 $– 
Anchor Consultants, LLC08/22$1,100 5.50%$18.00 $700 
H2H Geoscience Engineering, PLLC12/22$1,600 7.00%$18.00 $1,219 
Exeltech Consulting, Inc.11/24$2,200 5.00%$32.32 $1,950 
UP Engineering, LLC02/25$1,200 5.00%$32.50 $1,264 
1Includes discounts, and reflects the net remaining balance on convertible notes.
v3.25.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Bowman Lansdowne Development, LLC (“BLD”) is an entity in which Mr. Bowman has an ownership interest. On each of June 30, 2025 and December 31, 2024, the Company’s notes receivable included $0.5 million from BLD, with a
maturity date of December 31, 2027. Mr. Bowman has executed a Guaranty of Collection for the amount of the current unpaid principal balance.
Lansdowne Development Group, LLC (“LDG”) is an entity in which BLD has a minority ownership interest. On June 30, 2025 and December 31, 2024, our notes receivable included $0.4 million and $0.4 million, respectively from LDG, with a maturity date of December 31, 2027. Mr. Bowman has executed a Guaranty of Collection for the amount of the current unpaid principal balance.
Bowman Realty Investments 2010, LLC (“BR10”) is an entity in which Mr. Bowman has an ownership interest. On June 30, 2025 and December 31, 2024, the Company’s notes receivable included $0.2 million, from BR10, with a maturity date of January 31, 2027. BR10 executed a Pledge and Assignment Agreement as security for its obligations to the Company.
Alwington Farm Developers, LLC (“AFD”) is an entity in which BR10 has a minority ownership interest. On June 30, 2025 and December 31, 2024, our notes receivable included $0.4 million and $1.2 million respectively, from AFD, with a maturity date of February 15, 2026.
MREC Shenandoah VA, LLC (“MREC Shenandoah”) is an entity in which Lake Frederick Holdings, LLC (“Lake Frederick Holdings”) owns a 92% interest and Shenandoah Station Partners LLC, an entity owned in part by BLD and in part by Bowman Realty Investments 2013 LLC "Bowman Realty" (BR13), owns an 8% interest. Mr. Bowman owns a 100% interest in, and is the manager of, Lake Frederick Holdings. Mr. Bowman is the sole member of Bowman Realty 2013 (BR13). Since 2020, the Company has provided engineering services to MREC Shenandoah in exchange for cash payments. During the six months ended June 30, 2025, the Company invoiced $0.1 million, and received payments of $0.1 million. During the six months ended June 30, 2024, the Company invoiced $0.2 million, and received payments of $0.1 million.
During the six months ended June 30, 2025 and 2024, the Company provided administrative, accounting and project management services to certain of the related party entities. The cost of these services was $0.1 million and $27,000, respectively. These entities were billed $0.1 million and $33,000, respectively.
In August 2022, the Company agreed to reimburse Mr. Bowman at a fixed hourly rate for the business use of an aircraft owned by Sunrise Asset Management, a company owned 100% by Mr. Bowman. No costs were incurred for aircraft services as of June 30, 2025, as service was not utilized during the period. For the six months ended June 30, 2024, $0.3 million was incurred for aircraft services.
v3.25.2
Employee Stock Purchase and Stock Incentive Plans
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Employee Stock Purchase and Stock Incentive Plans Employee Stock Purchase and Stock Incentive Plans
Employee Stock Purchase Plan
Effective April 30, 2021, the Company established the Bowman Consulting Group Ltd. 2021 Employee Stock Purchase Plan (“ESPP”). Under the ESPP, eligible employees who elect to participate are granted the right to purchase shares of common stock at a 15% discount of the weighted average selling price of the Company stock for the 30 days prior to the last day of the offering period.
The following table summarizes the stock issuance activity under the ESPP for the six months ended June 30, 2025 (in thousands, except share data):
June 30, 2025
Total purchase price paid by employees for shares sold$912 
Number of shares sold44,993
Stock Options
Effective May 11, 2021 the Company established the Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan (“the Plan”). The plan is administered by the board of directors (the “Board”), who on its own action or
through its designee may make grants of restricted stock options, including Incentive Stock Options (“ISO”), and non-qualified stock options (“NQSO”). The purpose of the Plan is to grant equity incentive awards to eligible participants to attract, motivate and retain key personnel. The Plan supersedes and replaces any prior plan for stock options except that the prior plan shall remain in effect with respect to options granted under such prior plan until such options have been exercised, expired or canceled.
The number of shares for which each option shall be granted, whether the option is an ISO or NQSO, the option price, the exercisability of the option, and all other terms and conditions of the option are determined by the Board at the time the option is granted. The options generally vest over a period between two and five years. A summary status of substantive stock options exercised are discussed in Note 3 - Earnings (Loss) Per Share and Certain Related Information.
For the six months ended June 30, 2025, no new options were granted and 118 shares were outstanding at a weighted average exercise price of $5.85. The intrinsic value of these options on June 30, 2025 was $22.47.
As of June 30, 2025, there is no unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Stock Option Plan. The remaining unexercised shares are from substantive options in which the non-recourse notes may be pre-paid, therefore the Company recognized the total calculated compensation expense at the time of issuance.
Stock Bonus Plan
Effective May 11, 2021, the Company established the Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan (“the Plan”). The Plan is administered by the Board through which they can issue restricted stock awards. As of June 30, 2025, 5,752,375 shares of common stock are authorized and reserved for issuance under the Plan. This reserve automatically increases on each January 1, for the duration of the Plan, in an amount equal to 5% of the total number of shares outstanding on December 31st of the preceding calendar year. The Plan supersedes and replaces any prior plan for stock bonus grants to employees of the Company except that the prior plan shall remain in effect with respect to awards granted under such prior plan until such awards have been forfeited or fully vested.
During the six months ended June 30, 2025, the Board granted 234,865 shares of restricted stock under the Plan. The shares have a vesting period of up to five years during which there are certain restrictions as defined by the Plan and Stock Bonus Agreements. The grant date fair value of the award is the closing price of the shares on such date, or if there are no sales on such date, on the next preceding day on which there were sales.
Effective April 2003, the Company adopted the Bowman Consulting Group Ltd. Stock Bonus Plan (“the Stock Bonus Plan”), which allowed for the awarding of restricted stock to employees. The Stock Bonus Plan was superseded by the Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan except that the Stock Bonus Plan shall remain in effect with respect to awards granted under it until such awards have been forfeited or fully vested.
During the six months ended June 30, 2025, no new restricted stock awards were granted under the Stock Bonus Plan.
The following table summarizes the activity of restricted shares subject to forfeiture:
Number of
Shares
Weighted
Average
Grant Price
Outstanding at January 1, 20251,113,153$24.34 
Granted234,86523.15 
Vested(496,908)20.73 
Cancelled(15,830)27.07 
Outstanding at June 30, 2025835,280$26.08 
On November 10, 2021 the Company’s Board adopted the 2021 Executive Officers Long Term Incentive Plan (the “Officers LTIP”). The Officers LTIP is established under the Plan and is subject to the terms and conditions thereof. The purpose of this plan is to attract, retain and motivate key officers and employees through the grant of equity-based awards
that reward Company performance over a period greater than one year and align their interests with long-term stockholder value.
During the six months ended June 30, 2025, the compensation committee approved the grants of 116,669 performance-based stock units to certain executive officers of the Company under the Officers LTIP. The performance based restricted stock units are subject to a market condition, with vesting periods ranging from 2.91 years to 4.00 years. The number of units earned is based on total shareholder return (“TSR”) of the Company’s common stock relative to the TSR of the components of a custom peer group during the performance period ranging from February 9, 2025 to June 30, 2028. The performance stock units are valued using a Monte Carlo simulation with model inputs of opening average share value, valuation date stock price, expected volatilities, correlation coefficient, risk-free interest rate, and expected dividend yield for the Company and the custom peer group.
The following table summarizes the activity of performance stock units subject to forfeiture:
Number of
Shares
Weighted
Average
Grant Price
Outstanding at January 1, 2025669,718$20.35 
Granted116,66917.18 
Vested(85,181)11.76 
Cancelled(101,406)11.76 
Outstanding at June 30, 2025599,800$19.73 
The Company recognizes forfeitures as they occur.
As of June 30, 2025, the Company had 1,435,080 shares underlying unvested stock awards that vest between July 1, 2025 and December 31, 2028.
The future expense of the unvested awards for the remainder of 2025 and succeeding years is as follows (in thousands):
2025$7,255 
20268,246 
20273,636 
2028959 
Total$20,096 
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
We lease certain office space, equipment and vehicles. These leases are either non-cancelable, cancellable only by the payment of penalties or cancellable upon notice provided. All lease payments are based on the lapse of time and certain leases are subject to annual escalations for increases in base rents. The Company's lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised.
The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Company's incremental borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Company's borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease.
Operating and Finance Leases
The Company's operating leases primarily include material leases of buildings (consisting primarily of office lease commitments) and equipment. These leases are classified as operating leases and are recognized as right-of-use assets and operating lease liabilities on the condensed consolidated balance sheets.
The Company's finance leases primarily include equipment and vehicles in certain contracts with payment terms on the lease agreements that range between 30 and 50 months.
The following tables present our balance sheet information related to leases:
As ofAs of
(Amounts in thousands)Balance Sheet ClassificationJune 30, 2025December 31, 2024
Assets:
Operating lease assetsOperating lease, right-of-use assets$42,122 $42,085 
Finance lease assetsProperty and equipment, net$29,952 $25,981 
Total lease assets$72,074 $68,066 
Liabilities:
Current:
Operating lease liabilitiesOperating lease obligation, current portion$(11,142)$(10,979)
Finance lease liabilitiesFinance lease obligation, current portion$(13,113)$(10,394)
Total current lease liabilities$(24,255)$(21,373)
Non-current:
Operating lease liabilitiesOperating lease obligation, less current portion$(36,936)$(37,058)
Finance lease liabilitiesFinance lease obligation, less current portion$(19,721)$(17,940)
Total non-current lease liabilities$(56,657)$(54,998)

The following tables present selected financial information:
Three Months EndedSix Months Ended
(Amounts in thousands)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Operating lease cost
Amortization of right-of-use assets$3,613 $3,230 $7,154 $6,316 
Finance lease cost:
Amortization of right-of-use assets3,128 2,323 6,124 4,287 
Interest on lease liabilities443 411 891 775 
Sublease income
(31)(27)(58)(53)
Total lease cost$7,153 $5,937 14,111 11,325 
Six Months Ended
(Amounts in thousands)June 30, 2025June 30, 2024
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases
$7,221 $6,207 
Operating cash flows from finance leases891 775 
Financing cash flows from finance leases5,600 4,053 
Right-of-use assets obtained in exchange for new operating leases5,835 4,316 
Right-of-use assets obtained in exchange for new finance leases10,166 10,775 
As ofAs of
June 30, 2025December 31, 2024
Weighted average remaining lease term (in years):
Operating leases4.564.71
Finance leases2.612.48
Weighted average discount rates:
Operating leases6.9 %6.7 %
Finance leases6.7 %6.7 %
Future minimum commitments under leases for the remainder of 2025 and succeeding years are as follows (in thousands):
(Amounts in thousands)
Operating LeaseFinance Lease
2025$7,172 $7,057 
202613,017 10,733 
202711,431 6,522 
202810,286 3,798 
20297,481 1,032 
Thereafter6,770 9 
Total lease payments$56,157 $29,150 
Less: Amounts representing interest$(8,115)$(3,353)
Total lease liabilities$48,042 $25,797 
The above table is exclusive of $0.1 million sub-lease income associated with the $48.1 million total liability of operating leases as presented on the condensed consolidated balance sheet.
The above table is exclusive of the $7.0 million purchase price associated with the $32.8 million total liability of finance leases as presented on the condensed consolidated balance sheet.
Leases Leases
We lease certain office space, equipment and vehicles. These leases are either non-cancelable, cancellable only by the payment of penalties or cancellable upon notice provided. All lease payments are based on the lapse of time and certain leases are subject to annual escalations for increases in base rents. The Company's lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised.
The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Company's incremental borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Company's borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease.
Operating and Finance Leases
The Company's operating leases primarily include material leases of buildings (consisting primarily of office lease commitments) and equipment. These leases are classified as operating leases and are recognized as right-of-use assets and operating lease liabilities on the condensed consolidated balance sheets.
The Company's finance leases primarily include equipment and vehicles in certain contracts with payment terms on the lease agreements that range between 30 and 50 months.
The following tables present our balance sheet information related to leases:
As ofAs of
(Amounts in thousands)Balance Sheet ClassificationJune 30, 2025December 31, 2024
Assets:
Operating lease assetsOperating lease, right-of-use assets$42,122 $42,085 
Finance lease assetsProperty and equipment, net$29,952 $25,981 
Total lease assets$72,074 $68,066 
Liabilities:
Current:
Operating lease liabilitiesOperating lease obligation, current portion$(11,142)$(10,979)
Finance lease liabilitiesFinance lease obligation, current portion$(13,113)$(10,394)
Total current lease liabilities$(24,255)$(21,373)
Non-current:
Operating lease liabilitiesOperating lease obligation, less current portion$(36,936)$(37,058)
Finance lease liabilitiesFinance lease obligation, less current portion$(19,721)$(17,940)
Total non-current lease liabilities$(56,657)$(54,998)

The following tables present selected financial information:
Three Months EndedSix Months Ended
(Amounts in thousands)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Operating lease cost
Amortization of right-of-use assets$3,613 $3,230 $7,154 $6,316 
Finance lease cost:
Amortization of right-of-use assets3,128 2,323 6,124 4,287 
Interest on lease liabilities443 411 891 775 
Sublease income
(31)(27)(58)(53)
Total lease cost$7,153 $5,937 14,111 11,325 
Six Months Ended
(Amounts in thousands)June 30, 2025June 30, 2024
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases
$7,221 $6,207 
Operating cash flows from finance leases891 775 
Financing cash flows from finance leases5,600 4,053 
Right-of-use assets obtained in exchange for new operating leases5,835 4,316 
Right-of-use assets obtained in exchange for new finance leases10,166 10,775 
As ofAs of
June 30, 2025December 31, 2024
Weighted average remaining lease term (in years):
Operating leases4.564.71
Finance leases2.612.48
Weighted average discount rates:
Operating leases6.9 %6.7 %
Finance leases6.7 %6.7 %
Future minimum commitments under leases for the remainder of 2025 and succeeding years are as follows (in thousands):
(Amounts in thousands)
Operating LeaseFinance Lease
2025$7,172 $7,057 
202613,017 10,733 
202711,431 6,522 
202810,286 3,798 
20297,481 1,032 
Thereafter6,770 9 
Total lease payments$56,157 $29,150 
Less: Amounts representing interest$(8,115)$(3,353)
Total lease liabilities$48,042 $25,797 
The above table is exclusive of $0.1 million sub-lease income associated with the $48.1 million total liability of operating leases as presented on the condensed consolidated balance sheet.
The above table is exclusive of the $7.0 million purchase price associated with the $32.8 million total liability of finance leases as presented on the condensed consolidated balance sheet.
v3.25.2
Segment
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Segment
The Company operates as a single business segment represented by our core business of providing multi-disciplinary professional engineering solutions to customers. The Company primarily derives its revenue from its core business of providing engineering and related professional services to customers. While we evaluate revenue and other key performance indicators relating to various divisions of labor, our leadership neither manages the business nor deliberately allocates resources by service line, geography, or end market. The Company derives the majority of its revenue from domestic customers, and has no significant long-lived assets located outside the United States. No single customer accounted for 10% or more of the Company’s total revenue during the period.
The Chief Operating Decision Maker (“CODM”) assesses performance for the Company and decides how to allocate resources based on significant expense categories that contribute to net income (loss), as outlined below. The CODM uses
these varying results to prioritize the reinvestment of profits within the Company. These results are also used in assessing the Company’s performance and determining management’s compensation. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented.
The following tables provides the operating financial results of the Company for the three and six months ended June 30, 2025 and 2024:

(in thousands)Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Gross contract revenue$122,090 $104,501 $235,021 $199,409 
Less:
Labor and fringe67,026 60,534 132,037 117,536 
Other segment items1
14,093 10,520 26,971 19,738 
General & administrative expenses19,737 18,862 38,178 34,374 
Incentives5,351 8,876 14,297 18,729 
Depreciation and amortization6,544 7,181 13,065 13,177 
Interest expense2,259 1,775 4,372 3,906 
Other (income) expense, net(328)15 (333)222 
Income tax (benefit) expense1,399 (1,180)2,169 (4,633)
Net income (loss)$6,009 $(2,082)$4,265 $(3,640)
1Other segment items included in net income (loss) consists primarily of sub-consultants and other direct expenses.
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsSubsequent to June 30, 2025, the Company completed an acquisition, and paid total consideration of $2.7 million, subject to adjustments, through a combination of cash, promissory note, convertible note and assumed liabilities. No cash was acquired with this acquisition. Promissory notes bear a simple interest rate of 5.00% with payments of principal and interest beginning September 2025 and ending in June 2028. The convertible note bears a simple interest rate of 5.00% and may be convertible in whole or in part at any time to Bowman common stock and is subject to a six-month lock-up.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Gary Bowman [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On June 6, 2025, Gary Bowman, the Company’s Chief Executive Officer and Chair, adopted a 10b5-1 Plan that provides for (i) with respect to Mr. Bowman, the sale of up to 112,500 shares of the Company’s common stock pursuant to the terms of the 10b5-1 Plan from September 2025 through September 2026, and (ii) with respect to Bowman Family Asset Management LLC (“BFAM”), an estate planning vehicle established to manage the investments of Mr. Bowman and his family and of which Mr. Bowman is the manager, the sale of up to 67,500 shares of the Company’s common stock pursuant to the terms of the 10b5-1 Plan from September 2025 through September 2026. Mr. Bowman’s prior 10b5-1 Plan on behalf of himself and BFAM was terminated on June 5, 2025.
Name Gary Bowman
Title Chief Executive Officer and Chair
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 6, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date June 5, 2025
Stephen Riddick [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On June 9, 2025, Stephen Riddick, a Director of the Company, adopted a 10b5-1 Plan that provides for the sale of up to 3,000 shares of the Company’s common stock pursuant to the terms of the 10b5-1 Plan from September 2025 through August 2026. Mr. Riddick’s prior 10b5-1 Plan expired in accordance with its terms in August 2025.
Name Stephen Riddick
Title Director of the Company
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 9, 2025
Expiration Date August 2026
Arrangement Duration 448 days
Aggregate Available 3,000
Bruce Labovitz [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On June 10, 2025, Bruce Labovitz, the Company’s Chief Financial Officer, adopted a 10b5-1 Plan that provides for the sale of up to 20,000 shares of the Company’s common stock pursuant to the terms of the 10b5-1 Plan from September 2025 through October 2025. Mr. Labovitz prior 10b5-1 Plan expired in accordance with its terms in May 2025.
Name Bruce Labovitz
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 10, 2025
Expiration Date October 2025
Arrangement Duration 143 days
Aggregate Available 20,000
Daniel Swayze [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On June 10, 2025, Daniel Swayze, the Company’s Chief Operations Officer, adopted a 10b5-1 Plan that provides for the sale of up to 1,350 shares of the Company’s common stock pursuant to the terms of the 10b5-1 Plan in September 2025.
Name Daniel Swayze
Title Chief Operations Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 10, 2025
Expiration Date September 2025
Arrangement Duration 112 days
Aggregate Available 1,350
Gary Bowman Trading Arrangement, Common Stock [Member] | Gary Bowman [Member]  
Trading Arrangements, by Individual  
Expiration Date September 2026
Arrangement Duration 481 days
Aggregate Available 112,500
Bowman Family Asset Management LLC Trading Arrangement, Common Stock [Member] | Gary Bowman [Member]  
Trading Arrangements, by Individual  
Expiration Date September 2026
Arrangement Duration 481 days
Aggregate Available 67,500
v3.25.2
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements and footnotes of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, changes in shareholders’ equity and cash flows. The results of operations for the current period are not necessarily indicative of the results for the full year or the results for any future periods.
The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 12, 2025.
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Emerging Growth Company
Emerging Growth Company
Section 102(b)(1) of the Jumpstart Our Business Startups Act (“JOBS Act”) exempts emerging growth companies (“EGC”) from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-EGC but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an EGC, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is either not an EGC or, an EGC that has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting standards used.
The Company will no longer be classified as an EGC at December 31, 2026, which is the end of the fiscal year following the fifth anniversary of the completion of its initial public offering. As a result, we will be required to comply with all public company reporting requirements applicable to non-EGC registrants.
Revenue Recognition Revenue Recognition
As discussed in Note 1, the Company provides a variety of engineering and related professional services to customers located throughout the United States. The Company enters into agreements with customers that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services transfer to the customer. It is customary practice for the Company to have written agreements with its customers and revenue on oral or implied arrangements is generally not recognized. The Company recognizes revenue based on the consideration specified in the applicable agreement. Excluded from the transaction price are amounts collected on behalf of third parties for sales and similar taxes.
Long-term contracts typically contain billing terms that provide for invoicing once a month and payment on a net 30-day basis. Exceptions to monthly billing are to ensure that the Company performs satisfactorily rather than representing a significant financing component. For example, certain fixed price contracts may provide for milestone billings based upon the attainment of specific project objectives to ensure the Company meets its contractual requirements rather than having billing monthly. Additionally, contracts may include retentions or holdbacks paid at the end of a project to ensure that the Company meets the contract requirements. The Company does not assess whether a contract contains a significant financing component if the Company expects, at contract inception, that the period between payment by the customer and the transfer of promised services to the customer will be less than one year.
As a professional services engineering firm, the Company generally recognizes revenue over time as control transfers to a customer based upon the extent of progress towards satisfaction of the performance obligation.
For services delivered under fixed price contracts, the Company uses the ratio of actual costs incurred to total estimated costs, since costs incurred (an input method) represents a reasonable measure of progress towards the satisfaction of a performance obligation in order to estimate the portion of revenue earned. This method faithfully depicts the transfer of value to the customer when the Company is satisfying a performance obligation that entails a number of interrelated tasks or activities for a combined output that requires the Company to coordinate the work of employees and sub-consultants. Contract costs typically include direct labor, subcontract and consultant costs, materials and indirect costs related to contract performance. Changes in estimated costs to complete these obligations result in adjustments to revenue on a cumulative catch-up basis, so that revised estimates are recognized in the current period. Changes in estimates can routinely occur over the contract term for a variety of reasons including, changes in scope, unanticipated costs, delays or favorable or unfavorable progress that differ from original expectations. In situations where the remaining estimated costs to perform exceed the consideration to be received, the Company accrues the entire estimated loss during the period the loss becomes known.
When a performance obligation is billed using a time-and-material type contract, the Company measures its progress to complete based upon the hours incurred for the period times contractually agreed upon billing rates plus any materials
delivered or consumed in the project. When applicable, the Company will recognize revenue under these contracts as invoiced under the practical expedient.
In certain situations, it is possible that two or more contracts should be combined and accounted for as a single contract, or a single contract should be accounted for as multiple performance obligations. This requires judgment and could impact the amount and timing of revenue recognition. Such determinations are made using management’s best estimate and knowledge of contracts and related performance obligations.
The Company’s contracts may contain variable consideration in the form of unpriced or pending change orders or claims that either increase or decrease the contract price. Variable consideration is generally estimated using the expected value method but may from time to time be estimated using the most likely amount method depending on the circumstance. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration are based upon historical experience and known trends.
The Company recognizes claims against vendors, sub-consultants, and others as a reduction in costs when the contract establishes enforceability, and the amounts of recovery are reasonably estimable and probable. Reduction in costs are recognized at the lesser of the amount management expects to recover or costs incurred.
Contract related assets and liabilities are classified as current assets and current liabilities. Significant balance sheet accounts related to the revenue cycle are as follows:
Contract Assets:
Contract Assets are recorded when progress to completion revenue earned on contracts exceeds amounts billed under the contract. It may also include contract retainages that can be billed once contract stipulations are satisfied.
Contract Liabilities:
Contract Liabilities are recorded when amounts billed under a contract exceeds the progress to completion revenue earned under the contract.
Accounts Receivable, net and Expected Credit Losses
Accounts Receivable, net and Expected Credit Losses
Accounts receivable, net (contract receivables), include amounts billed in accordance with the terms of customer contracts and are stated at their net realizable value. The Company maintains an allowance for expected credit losses for the estimated portion of receivables that may not be collected. Expected credit losses are determined based on management’s assessment of the collectability of specific accounts, taking into consideration factors such as customer type, creditworthiness, and financial condition, as well as accounts receivable aging trends for billed receivables. The allowance also includes a general provision based on the Company’s historical loss experience and prevailing economic conditions.
Upon determination that a specific receivable is uncollectible, the receivable is written off against the allowance for expected credit losses.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from the estimates and assumptions that were used.
Concentration of Credit Risk and other Concentrations Concentration of Credit Risk and other Concentrations
The Company’s financial instruments that are exposed to concentrations of credit risk consist of cash and accounts receivable.
Cash balances at various times during the year may exceed the amount insured by the Federal Deposit Insurance Corporation. The Company’s cash deposits are held in institutions whose credit ratings are monitored by management, and the Company has not incurred any losses related to such deposits.
The Company can, at times, be subject to a concentration of credit risk with respect to outstanding accounts receivable. However, the Company believes no such concentration existed during the six months ended June 30, 2025, or for the year ended December 31, 2024. The Company’s customers are located throughout the United States across diverse market sectors. Although the Company generally grants credit without collateral, management believes that its contract acceptance, billing, and collection policies are adequate to minimize material credit risk. Also, for non-governmental customers, the Company can often place mechanics liens against the real property associated with the contract in the event of non-payment.
Variable Interest Entities
Variable Interest Entities
We have an economic interest in an entity that is a variable interest entity. Variable interest entities (“VIEs”) are entities in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. On April 2, 2024, the Company through a newly created, wholly owned subsidiary, acquired 100% of the outstanding stock of Surdex Corporation ("Surdex"). The wholly owned subsidiary was then merged into Surdex, with Surdex being the surviving entity. Concurrently, Hoffman Aviation Services, Inc. ("HAS") was established and is wholly owned by the former shareholders of Surdex Corporation. HAS was established for the purpose of providing services exclusively to Surdex. The Company was determined to be the primary beneficiary; therefore, HAS has been consolidated into the Company's financial results, with all intercompany transactions eliminated during the consolidation process.
To determine if we are the primary beneficiary, we assess whether we possess the power to direct the activities that most significantly influence the VIE's economic performance, as well as the obligation to absorb losses or the right to receive benefits that could be materially significant to the VIE. Our evaluation includes identification of significant activities and an assessment of our ability to direct those activities based on governance provisions and arrangements to provide services to the VIE. Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary.
Fair Value Measurements
Fair Value Measurements
Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”) provides the framework for measuring and reporting financial assets and liabilities at fair value. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
The codification establishes a three-level disclosure hierarchy to indicate the level of judgment used to estimate fair value measurements:
Level 1:    Quoted prices in active markets for identical assets or liabilities as of the reporting date;
Level 2:    Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices (such as interest rate and yield curves);
Level 3:    Uses inputs that are unobservable, supported by little or no market activity and reflect significant management judgment.
As of June 30, 2025 and December 31, 2024:
•The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to the relatively short duration of these instruments;
•The carrying amounts of debt obligations approximate their fair values as the terms are comparable to terms currently offered by local financial institutions for arrangements with similar terms to industry peers with comparable credit characteristics. Accordingly, the debt obligations involve Level 3 fair value inputs;

Fair value measurements relating to our business combinations are made primarily using Level 3 inputs including discounted cash flow and to the extent applicable, Monte Carlo simulation techniques. Fair value for the identified
intangible assets is generally estimated using inputs primarily for the income approach using the multiple period excess earnings method. The significant assumptions used in estimating fair value include (i) revenue projections of the business, including profitability, (ii) attrition rates and (iii) the estimated discount rate that reflects the level of risk associated with receiving future cash flows. Other personal property assets, such as property, plant and equipment, are valued using the cost approach, which is based on replacement or reproduction costs of the asset less depreciation. The fair value of the contingent consideration is estimated using published treasury rates in the Wall St. Journal and discounting the present value along with other significant assumptions which include projections of revenue, and probabilities of meeting those projections, as well as Monte Carlo simulation techniques.
Income Taxes
Income Taxes
The Company recognizes deferred income tax assets or liabilities for expected future tax consequences of events recognized in the condensed consolidated financial statements or tax returns. Under this method, deferred income tax assets or liabilities are determined based upon the difference between the financial statement and income tax bases of assets and liabilities using enacted tax rates expected to apply when the differences settle or become realized. Valuation allowances are provided when it is more likely than not that a deferred tax asset is not realizable or recoverable in the future. As of June 30, 2025, no valuation allowances are required, and all deferred tax assets are realizable.
The Company assesses uncertain tax positions to determine whether income tax positions will more likely than not be sustained upon examination by the Internal Revenue Service or other taxing authorities. If the Company cannot reach a more-likely-than-not determination, no benefit is recorded. If the Company determines that the tax position is more likely than not to be sustained, the Company records the largest amount of benefit that is more likely than not to be realized when the tax position is settled. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Beginning January 1, 2022, the Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the option to deduct research and development expenditures in the current year and required taxpayers to capitalize and amortize research and development costs pursuant to Internal Revenue Code Section 174. The capitalized expenses were to be amortized over a 5-year period for domestic expenses and a 15-year period for foreign expenses. As a result of this provision of the TCJA, we have established a $60.4 million uncertain tax position related to capitalized and amortizable research and development ("R&D") costs as of the six-month period ended June 30, 2025.
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law in the U.S. The OBBBA contains a broad range of tax reform provisions affecting businesses including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. The Company is evaluating the future impact of these tax law changes on its financial statements.
The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in income in the period that includes the enactment date. The Company’s effective tax rate for the six months ended June 30, 2025 and June 30, 2024 was 33.7% and 56.0%, respectively. The change in the Company’s effective tax rate is predominantly due to certain non-recurring discrete events in addition to changes in the estimated annual effective tax rate, as discussed below.
The most prominent factors impacting the estimated annual effective tax rate include an increase in the projected limitation of the deductible executive compensation for 2025, an increase in projected R&D credits generated for 2025, and an overall increase in forecasted pre-tax book income for 2025 relative to a pre-tax loss for 2024. Further, the Company also recognized a net discrete expense of $1.4 million for the six months ended June 30, 2025, compared to a net discrete
benefit of $7.6 million for the six months ended June 30, 2024. The net discrete expense is predominantly the result of increase in the windfall tax benefit for restricted stock awards, increase in penalties and interest recorded for uncertain tax positions as a function of pre-tax income for 2025 compared to pre-tax loss for 2024. More specifically, the windfall tax benefit for restricted stock awards recognized at a value higher than the grant date fair value is $0.3 million for the six months ended June 30, 2025 compared to $4.3 million for the six months ended June 30, 2024. Penalties and interest accrued for uncertain tax positions are $1.5 million for the six months ended June 30, 2025, compared to a net reversal of $3.3 million for the six months ended June 30, 2024. These factors as a function of pre-tax book income of $6.4 million for the six months ended June 30, 2025, compared to pre-tax book loss of $8.3 million for the six months ended June 30, 2024 increased the rate by 21.3% for the six months ended June 30, 2025, and by 91.9% for the six months ended June 30, 2024.
The Company files income tax returns in the U.S. federal jurisdiction and certain states in which it operates. Based on the timing of the filing of certain tax returns, the Company’s federal income tax returns for tax years 2021 and thereafter remain subject to examination by the U.S. Internal Revenue Service. The statute of limitations on the Company’s state income tax returns generally conforms to the federal three-year statute of limitations.
Segments
Segments
The Company operates in one segment based upon the financial information used by its chief operating decision maker in evaluating the financial performance of its business and allocating resources. The single segment represents the Company’s core business of providing engineering and related professional services to its customers. See Note 16 Segment Information for further information on the Company's reportable segment.
Recently Issued Accounting Guidance
Recently Issued Accounting Guidance
Accounting guidance recently adopted
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and should be applied prospectively. Retrospective application is permitted. ASU 2023-09 will be reflected in the Company's annual report on Form 10-K for the 2025 fiscal year.
Accounting guidance not yet adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company’s annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on our related disclosures.
The Company continues to monitor new accounting pronouncements issued by the FASB and does not believe any accounting pronouncements issued through the date of this report will have a material impact on the Company’s Condensed Consolidated Financial Statements
v3.25.2
Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Change in Contingent Consideration
The following is a summary of change in contingent consideration:
(in thousands)
For the Six Months Ended June 30, 2025
For the Year Ended December 31, 2024
Balance at beginning of period$6,652 $10,567 
Fair value of contingent consideration issuances– 2,030 
Change in fair value of contingent consideration(708)(1,559)
Settlement of contingent consideration(3,569)(4,386)
Balance at end of period$2,375 $6,652 
v3.25.2
Earnings (Loss) Per Share and Certain Related Information (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Summary of Reconciliation of Net Income and Weighted Average Shares Outstanding for Calculation of Basic and Diluted Earnings per Share
The following table represents a reconciliation of the net income (loss) and weighted average shares outstanding for the calculation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2025 and 2024 (in thousands, except share data):
 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2025202420252024
Numerator
Net income (loss)$6,009 $(2,082)$4,265 $(3,640)
Earnings allocated to non-vested shares307 – 218 – 
Total
$5,702 $(2,082)$4,047 $(3,640)
Denominator
Weighted average common shares outstanding16,331,96416,301,92616,344,17315,064,827
Effect of dilutive nominal options––––
Effect of dilutive contingently earned shares251,070–245,614–
Dilutive average shares outstanding16,583,03416,301,92616,589,78715,064,827
Basic earnings (loss) per share$0.35 $(0.13)$0.25 $(0.24)
Dilutive earnings (loss) per share$0.34 $(0.13)$0.24 $(0.24)
v3.25.2
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Summary of Changes in Preliminary Calculations of the Fair Values of Assets Acquired and Liabilities Assumed
The following summarizes the calculations of the fair values of Surdex assets acquired and liabilities assumed as of the acquisition date (in thousands):
(in thousands)Surdex
Assets:
Accounts receivable, net$4,052 
Contract assets3,210 
Prepaid and other current assets1,956 
Property and equipment, net15,085 
Operating lease, right-of-use assets1,030 
Goodwill17,685 
Other intangible assets12,810 
Total assets acquired:$55,828 
Liabilities:
Accounts payable and accrued liabilities, current portion$3,937 
Contract liabilities685 
Other non-current obligations10,689 
Operating lease obligation, less current portion1,030 
Deferred tax liability7,067 
Total liabilities assumed:$23,408 
Net assets acquired:$32,420 
Cash flow reconciling items:
Issuance of common stock as partial consideration$(16,536)
Cash paid for acquisitions, net of cash acquired$15,884 
The following summarizes the preliminary calculations of the fair values of the other 2024 acquisition assets acquired and liabilities assumed as of the acquisition date (in thousands):
(in thousands)2024
Assets:
Accounts receivable, net$5,685 
Contract assets2,468 
Prepaid and other current assets201 
Property and equipment, net685 
Operating lease, right-of-use assets2,681 
Goodwill20,603 
Other intangible assets13,531 
Other assets
118 
Total assets acquired:$45,972 
Liabilities:
Accounts payable and accrued liabilities, current portion$1,373 
Contract liabilities2,705 
Other non-current obligations9,859 
Operating lease obligation, less current portion2,681 
Deferred tax liability3,126 
Total liabilities assumed:$19,744 
Net assets acquired:$26,228 
Cash flow reconciling items:
Issuance of common stock as partial consideration$(17,780)
Cash paid for acquisitions, net of cash acquired$8,448 
The following table summarizes the purchase price allocation at fair value for identifiable intangible assets acquired in 2025 and 2024 (in thousands):
2025Weighted-Average Life2024Weighted-Average Life
Customer relationships$498 5.78$20,540 12.51
Contract rights629 0.905,790 1.42
Favorable leaseholds- n/a101 5.50
Total$1,127 $26,431 
Summary of Results of Operations of Businesses Acquired From Dates of Acquisitions The following table presents the results of operations of Surdex since the date of acquisition for the three and six months ended June 30, 2025 (in thousands):
For the Three Months EndedFor the Six Months Ended
June 30, 2025June 30, 2025
Gross Contract Revenue1
$7,752 $15,231 
Pre-tax Net Income2
$340 $613 

1 Gross contract revenue includes adjustments as required by ASC 606, Revenue from Contracts with Customers based on opening balance sheet provided by the acquired companies. There is no assurance these adjustments will be consistent in future periods. Opening balance sheet balances are subject to adjustment prior to being finalized.

2 Pre-tax Net Income excludes corporate overhead allocation.
The following table presents the results of operations of the other companies acquired during 2024 (excluding Surdex) from their respective dates of acquisition for the three and six months ended June 30, 2025 (in thousands):
For the Three Months EndedFor the Six Months Ended
June 30, 2025June 30, 2025
Gross Contract Revenue1
$14,952 $21,690 
Pre-tax Net Income2
$5,263 $8,828 
1 Gross contract revenue includes adjustments as required by ASC 606, Revenue from Contracts with Customers based on opening balance sheet provided by the acquired companies. There is no assurance these adjustments will be consistent in future periods. Opening balance sheet balances are subject to adjustment prior to being finalized.
2Pre-tax Net Income excludes corporate overhead allocation.
Summary of Unaudited Pro Forma Results The unaudited pro forma results are presented for informational purposes only and are not meant to represent actual operating results that would have been achieved had the related events occurred on such date (in thousands):
For the Three Months Ended
For the Six Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Gross Contract Revenue3
$122,090 $104,582 $235,021 $205,426 
Pre-tax Net Income (Loss)
$5,470 $(2,742)$3,490 $(5,778)

3Gross contract revenue in these pro forma financials does not conform to GAAP as required by ASC 606, Revenue from Contracts with Customers, as it is impracticable to obtain the historical information necessary to apply this accounting standard. The historical estimates required to be able to accurately determine the percent complete accounting on the contracts that comprise the revenue is not available for the required periods.
The unaudited pro forma results are presented for informational purposes only and are not meant to represent actual operating results that would have been achieved had the related events occurred on such date (in thousands):
For the Three Months Ended
For the Six Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Gross Contract Revenue3
$122,090 $111,390 $236,189 $214,258 
Pre-tax Net Income (Loss)
$5,926 $(2,326)$4,728 $(4,690)

3Gross contract revenue in these pro forma financials does not conform to GAAP as required by ASC 606, Revenue from Contracts with Customers, as it is impracticable to obtain the historical information necessary to apply this accounting standard. The historical estimates required to be able to accurately determine the percent complete accounting on the contracts that comprise the revenue is not available for the required periods.
v3.25.2
Disaggregation of Revenue and Contract Balances (Tables)
 6 Months Ended
Jun. 30, 2025
Disaggregation of Revenue [Abstract]  
Summary of Disaggregated Revenues by Contract Type
Disaggregated revenues by contract type were as follows (in thousands):
For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Fixed fee$111,837 91.6 %$93,958 89.9 %$214,442 91.2 %$179,082 89.8 %
Time-and-materials10,253 8.4 %10,543 10.1 %20,579 8.8 %20,327 10.2 %
Gross contract revenue$122,090 100.0 %$104,501 100.0 %$235,021 100.0 %$199,409 100.0 %
v3.25.2
Contracts in Progress (Tables)
 6 Months Ended
Jun. 30, 2025
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Summary of Costs and Estimated Earnings on Contracts
The following table reflects the calculation of the net balance of contract assets and contract liabilities. Costs and estimated earnings on contracts in progress consist of the following (in thousands):
June 30, 2025December 31, 2024
Costs incurred on uncompleted contracts$434,394 $388,531 
Estimated contract earnings in excess of costs incurred
666,112 600,147 
Estimated contract earnings to date1,100,506 988,678 
Less: billed to date(1,061,560)(953,214)
Net contract assets$38,946 $35,464 
v3.25.2
Notes Receivable (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Summary of Notes Receivable
The Company has unsecured notes receivable from related parties, certain non-executive officers of the Company and an unrelated third party. The following is a summary of these notes receivable (in thousands):
June 30, 2025December 31, 2024
Officers, employees and affiliated entities - Interest accrues annually at rates ranging from 0.0% - 5.5%. The notes receivable mature through December 2027.
$1,551 $2,527 
Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2025.1
903 903 
Total:2,454 3,430 
Less: current portion  
Officers, employees and affiliates(443)(1,889)
 Unrelated third party
(903)– 
Non-current portion$1,108 $1,541 
1Note issued prior to the Company's initial public offering.
v3.25.2
Property and Equipment, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Summary of Property and Equipment for Fixed Assets
Property and equipment for fixed assets are as follows (in thousands):
June 30, 2025December 31, 2024
Computer equipment$2,931 $2,867 
Survey equipment5,943 5,944 
Vehicles2,479 2,425 
Furniture and fixtures2,740 2,581 
Leasehold improvements9,589 9,469 
Software414 396 
Camera equipment
861 891 
Aircraft8,345 7,829 
Aircraft engine & GPS1,512 1,517 
Fixed assets pending lease financing 1
783 715 
Total:35,597 34,634 
Less: accumulated depreciation(20,386)(18,604)
Property and equipment, net of finance leased assets
$15,211 $16,030 
1Assets acquired which will be re-financed under the Company's finance lease facilities
Property and equipment for finance leased assets are as follows (in thousands):
June 30, 2025December 31, 2024
Equipment$41,326 $33,654 
Vehicles12,442 10,287 
Total:53,768 43,941 
Less: accumulated amortization on leased assets(23,816)(17,960)
Finance leased assets, net
$29,952 $25,981 
v3.25.2
Goodwill (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Goodwill Resulting From Business Acquisitions
Changes in the carrying amount of goodwill were as follows (in thousands):
Goodwill
Balance as of December 31, 2024$134,653 
2025 Acquisitions - additions1,296 
2024 Acquisitions - adjustments(20)
Balance as of June 30, 2025$135,929 
v3.25.2
Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Intangible Assets [Abstract]  
Summary of Total Intangible Assets
Total intangible assets consisted of the following at June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025December 31, 2024
Gross AmountAccumulated
Amortization 		Net BalanceGross AmountAccumulated
Amortization 		Net Balance
Customer relationships$64,662 $(14,246)$50,416 $64,164 $(11,172)$52,992 
Contract rights20,680 (18,409)2,271 20,051 (16,393)3,658 
Leasehold619 (225)394 619 (182)437 
Domain name281 – 281 281 – 281 
Licensing rights8,041 – 8,041 8,041 – 8,041 
Total$94,283 $(32,880)$61,403 $93,156 $(27,747)$65,409 
Summary of Weighted Average Useful Lives of Intangible Assets by Asset Class Used for Straight-line Expense Purposes
The following table summarizes the weighted average useful lives (in years) of intangible assets by asset class used for straight-line amortization expense purposes:
June 30, 2025December 31, 2024
Customer relationships11.3111.35
Contract rights1.721.75
Leasehold7.487.48
Summary of Future amortization
Future amortization for the remainder of 2025 and for the succeeding years for intangible assets with definite useful lives is as follows (in thousands):
20254,512 
20267,017 
20276,147 
20285,618 
20295,522 
Thereafter24,265 
Total$53,081 
v3.25.2
Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Instruments [Abstract]  
Schedule of Notes Payable and Convertible Notes
Notes payable consist of the following (in thousands):
June 30, 2025December 31, 2024
Related parties:
1Shareholders and Owners of Acquired Entities - Interest accrues at rates ranging from 3.25% - 11.00% annually. The notes payable mature on various dates through February 2028.
19,758 25,498 
Convertible Notes Payable - Interest accrues at rates ranging from 4.75% - 8.00% annually. The convertible notes payable mature on various dates through November 2028.
5,181 5,047 
Unrelated third parties:
Note payable for purchase of tangible asset5,019 5,522 
Note payable for purchase of intangible asset2,075 2,075 
Discounts on notes payable issued as consideration in acquisitions:
1Shareholders and Owners of acquired entities
(639)(915)
Other(75)(160)
Total31,319 37,067 
Less: current portion(15,316)(17,075)
Non-current portion$16,003 $19,992 
1Includes notes payable to all owners irrespective of current relationship with the Company
The following table summarizes the convertible notes as of June 30, 2025 (in thousands, except conversion price):

Convertible Notes:Date Issued
Principal Amount
Interest RateConversion Price
Remaining Balance1
Project Design Consultants, LLC07/22$4,000 4.75%$14.00 $– 
Anchor Consultants, LLC08/22$1,100 5.50%$18.00 $700 
H2H Geoscience Engineering, PLLC12/22$1,600 7.00%$18.00 $1,219 
Exeltech Consulting, Inc.11/24$2,200 5.00%$32.32 $1,950 
UP Engineering, LLC02/25$1,200 5.00%$32.50 $1,264 
1Includes discounts, and reflects the net remaining balance on convertible notes.
Schedule of Future Principal Payments on Notes Payable
Future principal payments on notes payable for remainder of 2025 and succeeding years are as follows (in thousands):
2025$9,435 
202611,484 
20278,067 
20282,514 
2029533 
Total$32,033 
v3.25.2
Employee Stock Purchase and Stock Incentive Plans (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Issuance Activity Under Employee Stock Purchase Plan
The following table summarizes the stock issuance activity under the ESPP for the six months ended June 30, 2025 (in thousands, except share data):
June 30, 2025
Total purchase price paid by employees for shares sold$912 
Number of shares sold44,993
Summary of Activity of Restricted Shares Subject to Forfeiture
The following table summarizes the activity of restricted shares subject to forfeiture:
Number of
Shares
Weighted
Average
Grant Price
Outstanding at January 1, 20251,113,153$24.34 
Granted234,86523.15 
Vested(496,908)20.73 
Cancelled(15,830)27.07 
Outstanding at June 30, 2025835,280$26.08 
Summary of Activity of Performance Stock Units Subject to Forfeiture
The following table summarizes the activity of performance stock units subject to forfeiture:
Number of
Shares
Weighted
Average
Grant Price
Outstanding at January 1, 2025669,718$20.35 
Granted116,66917.18 
Vested(85,181)11.76 
Cancelled(101,406)11.76 
Outstanding at June 30, 2025599,800$19.73 
Summary of Future Expense of Unvested Awards
The future expense of the unvested awards for the remainder of 2025 and succeeding years is as follows (in thousands):
2025$7,255 
20268,246 
20273,636 
2028959 
Total$20,096 
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Supplemental Balance Sheet Information
The following tables present our balance sheet information related to leases:
As ofAs of
(Amounts in thousands)Balance Sheet ClassificationJune 30, 2025December 31, 2024
Assets:
Operating lease assetsOperating lease, right-of-use assets$42,122 $42,085 
Finance lease assetsProperty and equipment, net$29,952 $25,981 
Total lease assets$72,074 $68,066 
Liabilities:
Current:
Operating lease liabilitiesOperating lease obligation, current portion$(11,142)$(10,979)
Finance lease liabilitiesFinance lease obligation, current portion$(13,113)$(10,394)
Total current lease liabilities$(24,255)$(21,373)
Non-current:
Operating lease liabilitiesOperating lease obligation, less current portion$(36,936)$(37,058)
Finance lease liabilitiesFinance lease obligation, less current portion$(19,721)$(17,940)
Total non-current lease liabilities$(56,657)$(54,998)
Schedule of Selected Financial Information
The following tables present selected financial information:
Three Months EndedSix Months Ended
(Amounts in thousands)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Operating lease cost
Amortization of right-of-use assets$3,613 $3,230 $7,154 $6,316 
Finance lease cost:
Amortization of right-of-use assets3,128 2,323 6,124 4,287 
Interest on lease liabilities443 411 891 775 
Sublease income
(31)(27)(58)(53)
Total lease cost$7,153 $5,937 14,111 11,325 
Six Months Ended
(Amounts in thousands)June 30, 2025June 30, 2024
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases
$7,221 $6,207 
Operating cash flows from finance leases891 775 
Financing cash flows from finance leases5,600 4,053 
Right-of-use assets obtained in exchange for new operating leases5,835 4,316 
Right-of-use assets obtained in exchange for new finance leases10,166 10,775 
As ofAs of
June 30, 2025December 31, 2024
Weighted average remaining lease term (in years):
Operating leases4.564.71
Finance leases2.612.48
Weighted average discount rates:
Operating leases6.9 %6.7 %
Finance leases6.7 %6.7 %
Summary of Future Minimum Lease Payments
Future minimum commitments under leases for the remainder of 2025 and succeeding years are as follows (in thousands):
(Amounts in thousands)
Operating LeaseFinance Lease
2025$7,172 $7,057 
202613,017 10,733 
202711,431 6,522 
202810,286 3,798 
20297,481 1,032 
Thereafter6,770 9 
Total lease payments$56,157 $29,150 
Less: Amounts representing interest$(8,115)$(3,353)
Total lease liabilities$48,042 $25,797 
Summary of Future Minimum Lease Payments
Future minimum commitments under leases for the remainder of 2025 and succeeding years are as follows (in thousands):
(Amounts in thousands)
Operating LeaseFinance Lease
2025$7,172 $7,057 
202613,017 10,733 
202711,431 6,522 
202810,286 3,798 
20297,481 1,032 
Thereafter6,770 9 
Total lease payments$56,157 $29,150 
Less: Amounts representing interest$(8,115)$(3,353)
Total lease liabilities$48,042 $25,797 
v3.25.2
Segment (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Summary of Operating Financial Results
The following tables provides the operating financial results of the Company for the three and six months ended June 30, 2025 and 2024:

(in thousands)Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Gross contract revenue$122,090 $104,501 $235,021 $199,409 
Less:
Labor and fringe67,026 60,534 132,037 117,536 
Other segment items1
14,093 10,520 26,971 19,738 
General & administrative expenses19,737 18,862 38,178 34,374 
Incentives5,351 8,876 14,297 18,729 
Depreciation and amortization6,544 7,181 13,065 13,177 
Interest expense2,259 1,775 4,372 3,906 
Other (income) expense, net(328)15 (333)222 
Income tax (benefit) expense1,399 (1,180)2,169 (4,633)
Net income (loss)$6,009 $(2,082)$4,265 $(3,640)
1Other segment items included in net income (loss) consists primarily of sub-consultants and other direct expenses.
v3.25.2
Nature of Business and Basis of Presentation - Additional Information (Details)
$ / shares in Units, $ in Thousands
 6 Months Ended
Apr. 01, 2024
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
office
Jun. 30, 2024
USD ($)
Nature Of Business And Basis Of Presentation [Line Items]      
Net proceeds from sale of common stock $ 47,200    
Proceeds from issuance of common stock   $ 913 $ 947
Deferred offering costs   $ 0  
Chief Executive Officer And Chief Operating Officer      
Nature Of Business And Basis Of Presentation [Line Items]      
Number of shares issued and sold (in shares) | shares 179,412    
Shares price per share (in dollars per share) | $ / shares $ 34.00    
Proceeds from issuance of common stock $ 6,100    
Common Stock Offering      
Nature Of Business And Basis Of Presentation [Line Items]      
Number of shares issued and sold (in shares) | shares 1,323,530    
Shares price per share (in dollars per share) | $ / shares $ 34.00    
Net proceeds from sale of common stock $ 41,500    
Over-Allotment Option      
Nature Of Business And Basis Of Presentation [Line Items]      
Number of shares issued and sold (in shares) | shares 1,502,942    
Over-Allotment Option | Chief Executive Officer And Chief Operating Officer      
Nature Of Business And Basis Of Presentation [Line Items]      
Net proceeds from sale of common stock $ 5,700    
Proceeds from issuance of common stock $ 51,100    
United States      
Nature Of Business And Basis Of Presentation [Line Items]      
Number of offices | office   100  
MEXICO      
Nature Of Business And Basis Of Presentation [Line Items]      
Number of offices | office   2  
v3.25.2
Significant Accounting Policies - Additional Information (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Apr. 02, 2024
Product Information [Line Items]            
Long term contract billing term     30 days      
Allowance for expected credit losses $ 3,200   $ 3,200   $ 2,900  
Effective tax rate     33.70% 56.00%    
Net discrete expense (benefit)     $ 1,400 $ (7,600)    
Windfall tax adjustment for restricted stock awards     (300) (4,300)    
Penalties and interest accrued for uncertain tax positions 1,500 $ 3,300 1,500 3,300    
Pre-tax book income (loss) 7,408 $ (3,262) $ 6,434 $ (8,273)    
Income tax rate adjustment     21.30% 91.90%    
Number of operating segment | segment     1      
Section 174 Costs            
Product Information [Line Items]            
Uncertain tax position 60,400   $ 60,400      
Surdex Corporation            
Product Information [Line Items]            
Percentage of equity interest           100.00%
Pre-tax book income (loss) $ 340   $ 613      
v3.25.2
Significant Accounting Policies - Summary of Change in Contingent Consideration (Details) - Contingent Consideration - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period $ 6,652 $ 10,567
Fair value of contingent consideration issuances 0 2,030
Change in fair value of contingent consideration (708) (1,559)
Settlement of contingent consideration (3,569) (4,386)
Balance at end of period $ 2,375 $ 6,652
v3.25.2
Earnings (Loss) Per Share and Certain Related Information - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 06, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Nov. 29, 2024
Aug. 15, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]              
Non-vested restricted shares (in shares)   878,909 1,331,046 882,018 1,381,326    
Substantive options shares (in shares)   148 3,616 232 4,204    
Remaining amount authorized   $ 25   $ 25      
2025 Repurchase Authorization              
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]              
Amount authorized $ 25            
Share Repurchase Program, Period in Force 12 months            
2024 Repurchase Authorization              
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]              
Amount authorized           $ 35 $ 25
Total shares repurchased (in shares)       1,368,576      
Average price paid per share (in dollars per share)       $ 23.97      
v3.25.2
Earnings (Loss) Per Share and Certain Related Information - Summary of Reconciliation of Net Income and Weighted Average Shares Outstanding for Calculation of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Net income (loss) $ 6,009 $ (2,082) $ 4,265 $ (3,640)
Earnings allocated to non-vested shares 307 0 218 0
Total $ 5,702 $ (2,082) $ 4,047 $ (3,640)
Weighted average common shares outstanding (in shares) 16,331,964 16,301,926 16,344,173 15,064,827
Effect of dilutive nominal options (in shares) 0 0 0 0
Effect of dilutive contingently earned shares (in shares) 251,070 0 245,614 0
Dilutive average shares outstanding (in shares) 16,583,034 16,301,926 16,589,787 15,064,827
Basic earnings (loss) per share (in dollars per share) $ 0.35 $ (0.13) $ 0.25 $ (0.24)
Dilutive earnings (loss) per share (in dollars per share) $ 0.34 $ (0.13) $ 0.24 $ (0.24)
v3.25.2
Acquisitions - Additional Information (Details)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Apr. 02, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
acquisition
Dec. 31, 2024
USD ($)
acquisition
2025 Acquisitions        
Business Combination [Line Items]        
Number of businesses acquired | acquisition     2  
Total consideration paid     $ 3.6  
2025 Acquisitions | Promissory Note        
Business Combination [Line Items]        
Interest Rate   5.00% 5.00%  
Surdex Corporation        
Business Combination [Line Items]        
Total consideration paid $ 43.3      
Lock-up period 6 months      
Surdex Corporation | Promissory Note        
Business Combination [Line Items]        
Interest Rate 6.50%      
Series of Individually Immaterial Business Acquisitions, 2024        
Business Combination [Line Items]        
Number of businesses acquired | acquisition       7
Total consideration paid       $ 36.2
Lock-up period       6 months
Acquisition including contingent consideration | acquisition       3
Payment for settlement of contingent consideration     $ 1.2  
Measurement period adjustment to accounts receivable, net     (0.1)  
Measurement period adjustment to other non-current obligations     (0.1)  
Acquisition related expenses   $ 0.1 0.3  
Series of Individually Immaterial Business Acquisitions, 2024 | Minimum        
Business Combination [Line Items]        
Liability to contingent consideration   0.0 0.0  
Series of Individually Immaterial Business Acquisitions, 2024 | Maximum        
Business Combination [Line Items]        
Liability to contingent consideration   $ 1.0 $ 1.0  
Series of Individually Immaterial Business Acquisitions, 2024 | Promissory Note | Minimum        
Business Combination [Line Items]        
Interest Rate       5.00%
Series of Individually Immaterial Business Acquisitions, 2024 | Promissory Note | Maximum        
Business Combination [Line Items]        
Interest Rate       6.75%
v3.25.2
Acquisitions - Summary of Changes in Preliminary Calculations of the Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Apr. 02, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Assets:        
Goodwill   $ 135,929   $ 134,653
Cash flow reconciling items:        
Cash paid for acquisitions, net of cash acquired   $ 1,559 $ 20,347  
Surdex Corporation        
Assets:        
Accounts receivable, net $ 4,052      
Contract assets 3,210      
Prepaid and other current assets 1,956      
Property and equipment, net 15,085      
Operating lease, right-of-use assets 1,030      
Goodwill 17,685      
Other intangible assets 12,810      
Total assets acquired: 55,828      
Liabilities:        
Accounts payable and accrued liabilities, current portion 3,937      
Contract liabilities 685      
Other non-current obligations 10,689      
Operating lease obligation, less current portion 1,030      
Deferred tax liability 7,067      
Total liabilities assumed: 23,408      
Net assets acquired: 32,420      
Cash flow reconciling items:        
Issuance of common stock as partial consideration (16,536)      
Cash paid for acquisitions, net of cash acquired $ 15,884      
Series of Individually Immaterial Business Acquisitions, 2024        
Assets:        
Accounts receivable, net       5,685
Contract assets       2,468
Prepaid and other current assets       201
Property and equipment, net       685
Operating lease, right-of-use assets       2,681
Goodwill       20,603
Other intangible assets       13,531
Other assets       118
Total assets acquired:       45,972
Liabilities:        
Accounts payable and accrued liabilities, current portion       1,373
Contract liabilities       2,705
Other non-current obligations       9,859
Operating lease obligation, less current portion       2,681
Deferred tax liability       3,126
Total liabilities assumed:       19,744
Net assets acquired:       26,228
Cash flow reconciling items:        
Issuance of common stock as partial consideration       (17,780)
Cash paid for acquisitions, net of cash acquired       $ 8,448
v3.25.2
Acquisitions - Summary of Results of Operations of Businesses Acquired From Dates of Acquisitions (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Business Combination [Line Items]        
Gross Contract Revenue $ 122,090 $ 104,501 $ 235,021 $ 199,409
Pre-tax Net Income (Loss) 7,408 $ (3,262) 6,434 $ (8,273)
Surdex Corporation        
Business Combination [Line Items]        
Gross Contract Revenue 7,752   15,231  
Pre-tax Net Income (Loss) 340   613  
Series of Individually Immaterial Business Acquisitions, 2024        
Business Combination [Line Items]        
Gross Contract Revenue 14,952   21,690  
Pre-tax Net Income (Loss) $ 5,263   $ 8,828  
v3.25.2
Acquisitions - Unaudited Pro Forma Results (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Surdex Corporation        
Business Combination [Line Items]        
Gross Contract Revenue $ 122,090 $ 104,582 $ 235,021 $ 205,426
Pre-tax Net Income (Loss) 5,470 (2,742) 3,490 (5,778)
Series of Individually Immaterial Business Acquisitions, 2024        
Business Combination [Line Items]        
Gross Contract Revenue 122,090 111,390 236,189 214,258
Pre-tax Net Income (Loss) $ 5,926 $ (2,326) $ 4,728 $ (4,690)
v3.25.2
Acquisitions - Summary of Preliminary Purchase Price Allocation at Fair Value (Details) - Business Combination, Series of Individually Immaterial Business Combinations - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Business Combination [Line Items]    
Fair Value of Intangibles $ 1,127 $ 26,431
Customer relationships    
Business Combination [Line Items]    
Fair Value of Intangibles $ 498 $ 20,540
Weighted-Average Life 5 years 9 months 10 days 12 years 6 months 3 days
Contract rights    
Business Combination [Line Items]    
Fair Value of Intangibles $ 629 $ 5,790
Weighted-Average Life 10 months 24 days 1 year 5 months 1 day
Favorable leaseholds    
Business Combination [Line Items]    
Fair Value of Intangibles $ 0 $ 101
Weighted-Average Life   5 years 6 months
v3.25.2
Disaggregation of Revenue and Contract Balances - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Revenue from contracts classified as lump sum 91.60% 89.90% 91.20% 89.80%
Revenue from exclusively time and material contracts 8.40% 10.10% 8.80% 10.20%
Remaining performance obligations $ 317.7   $ 317.7  
Contract with customer, liability, revenue recognized $ 0.7 $ 0.5 $ 4.2 $ 3.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-07-01        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Remaining performance obligations expects to recognize 88.20%   88.20%  
Remaining performance obligations, expected satisfaction period 12 months   12 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-07-01        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Remaining performance obligations expects to recognize 11.80%   11.80%  
Remaining performance obligations, expected satisfaction period 12 months   12 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-07-01        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Remaining performance obligations, expected satisfaction period 24 months   24 months  
v3.25.2
Disaggregation of Revenue and Contract Balances - Summary of Disaggregated Revenues by Contract Type (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation Of Revenue [Line Items]        
Gross Contract Revenue $ 122,090 $ 104,501 $ 235,021 $ 199,409
Gross contract revenue, Percentage 100.00% 100.00% 100.00% 100.00%
Fixed fee        
Disaggregation Of Revenue [Line Items]        
Gross Contract Revenue $ 111,837 $ 93,958 $ 214,442 $ 179,082
Gross contract revenue, Percentage 91.60% 89.90% 91.20% 89.80%
Time-and-materials        
Disaggregation Of Revenue [Line Items]        
Gross Contract Revenue $ 10,253 $ 10,543 $ 20,579 $ 20,327
Gross contract revenue, Percentage 8.40% 10.10% 8.80% 10.20%
v3.25.2
Contracts in Progress - Summary of Costs and Estimated Earnings on Contracts (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]    
Costs incurred on uncompleted contracts $ 434,394 $ 388,531
Estimated contract earnings in excess of costs incurred 666,112 600,147
Estimated contract earnings to date 1,100,506 988,678
Less: billed to date (1,061,560) (953,214)
Net contract assets $ 38,946 $ 35,464
v3.25.2
Notes Receivable - Summary of Notes Receivable (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Accounts Notes And Loans Receivable [Line Items]    
Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2025 $ 0 $ 903
Less: current portion    
Officers, employees and affiliates (443) (1,889)
Notes receivable, current portion (903) 0
Unsecured Notes Receivable    
Accounts Notes And Loans Receivable [Line Items]    
Officers, employees and affiliated entities - Interest accrues annually at rates ranging from 0.0% - 5.5%. The notes receivable mature through December 2027. 1,551 2,527
Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2025 903 903
Total: 2,454 3,430
Less: current portion    
Officers, employees and affiliates (443) (1,889)
Notes receivable, current portion (903) 0
Non-current portion $ 1,108 $ 1,541
Unsecured Notes Receivable | Minimum    
Less: current portion    
Notes receivable, interest 0.00%  
Unsecured Notes Receivable | Maximum    
Less: current portion    
Notes receivable, interest 5.50%  
Unsecured Notes Receivable, Unrelated Third Party    
Less: current portion    
Notes receivable, interest 0.00%  
v3.25.2
Property and Equipment, Net - Summary of Property and Equipment for Fixed Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property Plant And Equipment [Line Items]    
Total: $ 35,597 $ 34,634
Less: accumulated depreciation (20,386) (18,604)
Property and equipment, net of finance leased assets 15,211 16,030
Computer equipment    
Property Plant And Equipment [Line Items]    
Total: 2,931 2,867
Survey equipment    
Property Plant And Equipment [Line Items]    
Total: 5,943 5,944
Vehicles    
Property Plant And Equipment [Line Items]    
Total: 2,479 2,425
Furniture and fixtures    
Property Plant And Equipment [Line Items]    
Total: 2,740 2,581
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Total: 9,589 9,469
Software    
Property Plant And Equipment [Line Items]    
Total: 414 396
Camera equipment    
Property Plant And Equipment [Line Items]    
Total: 861 891
Aircraft    
Property Plant And Equipment [Line Items]    
Total: 8,345 7,829
Aircraft engine & GPS    
Property Plant And Equipment [Line Items]    
Total: 1,512 1,517
Fixed assets pending lease financing    
Property Plant And Equipment [Line Items]    
Total: $ 783 $ 715
v3.25.2
Property and Equipment, Net - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Abstract]        
Depreciation expense for fixed assets $ 900 $ 1,100 $ 1,900 $ 1,800
Amortization of right-of-use assets $ 3,128 $ 2,323 $ 6,124 $ 4,287
v3.25.2
Property and Equipment, Net - Summary of Property and Equipment for Capital Leased Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property Plant And Equipment [Line Items]    
Total: $ 53,768 $ 43,941
Less: accumulated amortization on leased assets (23,816) (17,960)
Finance lease assets 29,952 25,981
Equipment    
Property Plant And Equipment [Line Items]    
Total: 41,326 33,654
Vehicles    
Property Plant And Equipment [Line Items]    
Total: $ 12,442 $ 10,287
v3.25.2
Goodwill - Summary of Goodwill Resulting From Business Acquisitions (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Beginning balance $ 134,653
Ending balance 135,929
Goodwill [Roll Forward]  
Beginning balance 134,653
Ending balance 135,929
2025 Acquisitions  
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 Acquisitions - additions 1,296
Goodwill [Roll Forward]  
2025 Acquisitions - additions 1,296
2024 Acquisitions  
Goodwill and Intangible Assets Disclosure [Abstract]  
2024 Acquisitions - adjustments (20)
Goodwill [Roll Forward]  
2024 Acquisitions - adjustments $ (20)
v3.25.2
Intangible Assets - Summary of Total Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]    
Accumulated Amortization $ (32,880) $ (27,747)
Net Balance 53,081  
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]    
Gross Amount 94,283 93,156
Net Balance 61,403 65,409
Domain name    
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]    
Gross Amount 281 281
Licensing rights    
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]    
Gross Amount 8,041 8,041
Customer relationships    
Finite-Lived Intangible Assets, Net [Abstract]    
Gross Amount 64,662 64,164
Accumulated Amortization (14,246) (11,172)
Net Balance 50,416 52,992
Contract rights    
Finite-Lived Intangible Assets, Net [Abstract]    
Gross Amount 20,680 20,051
Accumulated Amortization (18,409) (16,393)
Net Balance 2,271 3,658
Leasehold    
Finite-Lived Intangible Assets, Net [Abstract]    
Gross Amount 619 619
Accumulated Amortization (225) (182)
Net Balance $ 394 $ 437
v3.25.2
Intangible Assets - Summary of Weighted Average Useful Lives of Intangible Assets by Asset Class Used for Straight-line Expense Purposes (Details)
Jun. 30, 2025
Dec. 31, 2024
Customer relationships    
Finite Lived Intangible Assets [Line Items]    
Weighted average useful lives 11 years 3 months 21 days 11 years 4 months 6 days
Contract rights    
Finite Lived Intangible Assets [Line Items]    
Weighted average useful lives 1 year 8 months 19 days 1 year 9 months
Leasehold    
Finite Lived Intangible Assets [Line Items]    
Weighted average useful lives 7 years 5 months 23 days 7 years 5 months 23 days
v3.25.2
Intangible Assets - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Intangible Assets [Abstract]        
Amortization of intangible assets $ 2,500 $ 3,800 $ 5,133 $ 7,154
v3.25.2
Intangible Assets - Summary of Future amortization (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Intangible Assets [Abstract]  
2025 $ 4,512
2026 7,017
2027 6,147
2028 5,618
2029 5,522
Thereafter 24,265
Net Balance $ 53,081
v3.25.2
Revolving Credit Facilities - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Mar. 12, 2025
Dec. 31, 2024
May 02, 2024
Aug. 02, 2023
Revolving Credit Facility | Bank of America                
Line Of Credit Facility [Line Items]                
Line of credit outstanding amount $ 59.5   $ 59.5     $ 37.0    
Interest expense $ 1.0 $ 0.4 $ 1.8 $ 1.5        
Revolving Credit Facility 2024                
Line Of Credit Facility [Line Items]                
Line of credit maximum borrowing capacity         $ 140.0   $ 100.0  
Deferred financing costs             $ 0.3  
Revolving Credit Facility 2024 | Minimum | Bank of America                
Line Of Credit Facility [Line Items]                
Line of credit interest rate 6.77%   6.77%          
Revolving Credit Facility 2024 | Maximum | Bank of America                
Line Of Credit Facility [Line Items]                
Line of credit interest rate 8.70%   8.70%          
Amended And Restated Agreement                
Line Of Credit Facility [Line Items]                
Line of credit maximum borrowing capacity               $ 70.0
v3.25.2
Notes Payable - Schedule of Notes Payable (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Notes payable $ 31,319 $ 37,067
Less: current portion (15,316) (17,075)
Notes payable, less current portion $ 16,003 $ 19,992
Notes Payable | Convertible Notes Payable | Minimum    
Debt Instrument [Line Items]    
Interest rate 4.75% 4.75%
Notes Payable | Convertible Notes Payable | Maximum    
Debt Instrument [Line Items]    
Interest rate 8.00% 8.00%
Notes Payable | Shareholders and Owners of Acquired Entity | Minimum    
Debt Instrument [Line Items]    
Interest rate 3.25% 3.25%
Notes Payable | Shareholders and Owners of Acquired Entity | Maximum    
Debt Instrument [Line Items]    
Interest rate 11.00% 11.00%
Interest Rate 3.25% - 11.00% | Shareholders and Owners of Acquired Entity | Related Party    
Debt Instrument [Line Items]    
Notes payable $ 19,758 $ 25,498
Interest Rate 4.75% - 7.00% | Convertible Notes Payable | Related Party    
Debt Instrument [Line Items]    
Notes payable 5,181 5,047
Unrelated Third Parties | Purchase of Aircraft | Nonrelated Party    
Debt Instrument [Line Items]    
Notes payable 5,019 5,522
Unrelated Third Parties | Purchase Of Intangible Asset | Nonrelated Party    
Debt Instrument [Line Items]    
Notes payable 2,075 2,075
Related Parties | Shareholders and Owners of Acquired Entity    
Debt Instrument [Line Items]    
Discounts on notes payable issued as consideration in acquisitions: (639) (915)
Related Parties | Other    
Debt Instrument [Line Items]    
Discounts on notes payable issued as consideration in acquisitions: $ (75) $ (160)
v3.25.2
Notes Payable - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Notes Payable        
Debt Instrument [Line Items]        
Interest expense $ 0.8 $ 0.9 $ 1.6 $ 1.5
Convertible Notes Payable | Project Design Consultants, LLC        
Debt Instrument [Line Items]        
Number of business days notice to the company 10 days   10 days  
Net proceeds from sale of common stock     $ 3.8  
Number of shares issued and sold (in shares)     271,014  
Price per share (in dollars per share) $ 14.00   $ 14.00  
Consideration paid in cash     $ 0.2  
v3.25.2
Notes Payable - Schedule of Future Principal Payments on Notes Payable (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Debt Instruments [Abstract]  
2025 $ 9,435
2026 11,484
2027 8,067
2028 2,514
2029 533
Total $ 32,033
v3.25.2
Notes Payable - Schedule of Short-Term Debt (Details) - Convertible Notes Payable
$ / shares in Units, $ in Thousands
Jun. 30, 2025
USD ($)
$ / shares
Project Design Consultants, LLC  
Short-Term Debt [Line Items]  
Principal Amount $ 4,000
Interest Rate 4.75%
Conversion Price (in dollars per share) | $ / shares $ 14.00
Remaining Balance $ 0
Anchor Consultants, LLC  
Short-Term Debt [Line Items]  
Principal Amount $ 1,100
Interest Rate 5.50%
Conversion Price (in dollars per share) | $ / shares $ 18.00
Remaining Balance $ 700
H2H Geoscience Engineering, PLLC  
Short-Term Debt [Line Items]  
Principal Amount $ 1,600
Interest Rate 7.00%
Conversion Price (in dollars per share) | $ / shares $ 18.00
Remaining Balance $ 1,219
Exeltech Consulting, Inc.  
Short-Term Debt [Line Items]  
Principal Amount $ 2,200
Interest Rate 5.00%
Conversion Price (in dollars per share) | $ / shares $ 32.32
Remaining Balance $ 1,950
UP Engineering, LLC  
Short-Term Debt [Line Items]  
Principal Amount $ 1,200
Interest Rate 5.00%
Conversion Price (in dollars per share) | $ / shares $ 32.50
Remaining Balance $ 1,264
v3.25.2
Related Party Transactions - Additional Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Aug. 31, 2022
Sunrise Asset Management        
Related Party Transaction [Line Items]        
Ownership percentage       100.00%
Bowman Lansdowne Development L L C | President, Chairman and Chief Executive Officer        
Related Party Transaction [Line Items]        
Notes receivable $ 500   $ 500  
Lansdowne Development Group, LLC | Related Party        
Related Party Transaction [Line Items]        
Notes receivable 400   400  
Bowman Realty Investments2010 L L C | President, Chairman and Chief Executive Officer        
Related Party Transaction [Line Items]        
Notes receivable 200   200  
Alwington Farm Developers, LLC | Related Party        
Related Party Transaction [Line Items]        
Notes receivable $ 400   $ 1,200  
MREC Shenandoah VA, LLC | Lake Frederick Holdings, LLC        
Related Party Transaction [Line Items]        
Ownership percentage 92.00%      
MREC Shenandoah VA, LLC | Bowman Lansdowne Development, LLC and Bowman Realty Investments 2013 LLC        
Related Party Transaction [Line Items]        
Ownership percentage 8.00%      
MREC Shenandoah VA, LLC | Mr. Bowman        
Related Party Transaction [Line Items]        
Ownership percentage 100.00%      
MREC Shenandoah VA, LLC | President, Chairman and Chief Executive Officer        
Related Party Transaction [Line Items]        
Invoices $ 100 $ 200    
Received payments 100 100    
Administrative, Accounting and Project Management Services        
Related Party Transaction [Line Items]        
Related party transactions due 100 33    
Administrative, Accounting and Project Management Services | Related Party        
Related Party Transaction [Line Items]        
General & administrative expenses $ 100 27    
Reimbursement Obligations | President, Chairman and Chief Executive Officer        
Related Party Transaction [Line Items]        
Related party transactions owed   $ 300    
v3.25.2
Employee Stock Purchase and Stock Incentive Plans - Additional Information (Details) - USD ($)
 6 Months Ended
Apr. 30, 2021
Jun. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of shares vested (in shares)   1,435,080
Number of unvested stock awards vesting start date   Jul. 01, 2025
Number of unvested stock awards vesting end date   Dec. 31, 2028
Restricted Shares    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options vesting period   5 years
Number of shares granted (in shares)   234,865
Number of shares vested (in shares)   496,908
Performance Based Stock Units    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of shares granted (in shares)   116,669
Number of shares vested (in shares)   85,181
Two Thousand Twenty One Employee Stock Purchase Plan    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Common stock purchase percentage 15.00%  
Period prior to last day of offering period 30 days  
Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
New option shares granted (in shares)   0
Total Outstanding (in shares)   118
Weighted Average Exercise Price (in dollars per share)   $ 5.85
Intrinsic value per share of options (in dollars per share)   $ 22.47
Unrecognized compensation costs   $ 0
Common stock authorized and reserved for issuance (in shares)   5,752,375
Percentage of common stock reserve automatically increases   5.00%
Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan | Minimum    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options vesting period   2 years
Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan | Maximum    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options vesting period   5 years
Bowman Consulting Group Ltd. Stock Bonus Plan | Restricted Shares    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of shares granted (in shares)   0
2021 Executive Officers Long Term Incentive Plan | Performance Based Stock Units    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of shares granted (in shares)   116,669
2021 Executive Officers Long Term Incentive Plan | Minimum | Performance Based Stock Units    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options vesting period   2 years 10 months 28 days
2021 Executive Officers Long Term Incentive Plan | Maximum | Performance Based Stock Units    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options vesting period   4 years
v3.25.2
Employee Stock Purchase and Stock Incentive Plans - Schedule of Stock Issuance Activity Under Employee Stock Purchase Plan (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]        
Total purchase price paid by employees for shares sold $ 428 $ 466 $ 912 $ 932
Number of shares sold (in shares)     44,993  
v3.25.2
Employee Stock Purchase and Stock Incentive Plans - Summary of Activity of Restricted Shares Subject to Forfeiture (Details)
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Number of Shares  
Vested (in shares) (1,435,080)
Restricted Shares  
Number of Shares  
Beginning balance (in shares) 1,113,153
Granted (in shares) 234,865
Vested (in shares) (496,908)
Cancelled (in shares) (15,830)
Ending balance (in shares) 835,280
Weighted Average Grant Price  
Beginning balance (in dollars per share) | $ / shares $ 24.34
Granted (in dollars per share) | $ / shares 23.15
Vested (in dollars per share) | $ / shares 20.73
Cancelled (in dollars per share) | $ / shares 27.07
Ending balance (in dollars per share) | $ / shares $ 26.08
v3.25.2
Employee Stock Purchase and Stock Incentive Plans - Summary of Activity of Performance Stock Units Subject to Forfeiture (Details)
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Number of Shares  
Vested (in shares) (1,435,080)
Performance Based Stock Units  
Number of Shares  
Beginning balance (in shares) 669,718
Granted (in shares) 116,669
Vested (in shares) (85,181)
Cancelled (in shares) (101,406)
Ending balance (in shares) 599,800
Weighted Average Grant Price  
Beginning balance (in dollars per share) | $ / shares $ 20.35
Granted (in dollars per share) | $ / shares 17.18
Vested (in dollars per share) | $ / shares 11.76
Cancelled (in dollars per share) | $ / shares 11.76
Ending balance (in dollars per share) | $ / shares $ 19.73
v3.25.2
Employee Stock Purchase and Stock Incentive Plans - Summary of Future expense of Unvested Awards (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Share-Based Payment Arrangement [Abstract]  
2025 $ 7,255
2026 8,246
2027 3,636
2028 959
Total $ 20,096
v3.25.2
Leases - Additional Information (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Lessee, Lease, Description [Line Items]  
Operating lease bargain purchase price $ 0.1
Operating lease liability 48.1
Finance lease bargain purchase price 7.0
Finance lease liability $ 32.8
Minimum  
Lessee, Lease, Description [Line Items]  
Capital leases payment terms on lease agreements 30 months
Maximum  
Lessee, Lease, Description [Line Items]  
Capital leases payment terms on lease agreements 50 months
v3.25.2
Leases - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Operating lease assets $ 42,122 $ 42,085
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property and equipment, net Property and equipment, net
Finance lease assets $ 29,952 $ 25,981
Total lease assets 72,074 68,066
Current:    
Operating lease liabilities (11,142) (10,979)
Finance lease liabilities (13,113) (10,394)
Total current lease liabilities (24,255) (21,373)
Non-current:    
Operating lease liabilities (36,936) (37,058)
Finance lease liabilities (19,721) (17,940)
Total non-current lease liabilities $ (56,657) $ (54,998)
v3.25.2
Leases - Selected Financial Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Leases [Abstract]          
Amortization of right-of-use assets $ 3,613 $ 3,230 $ 7,154 $ 6,316  
Finance lease cost:          
Amortization of right-of-use assets 3,128 2,323 6,124 4,287  
Interest on lease liabilities 443 411 891 775  
Sublease income (31) (27) (58) (53)  
Total lease cost $ 7,153 $ 5,937 14,111 11,325  
Cash paid for amounts included in the measurements of lease liabilities          
Operating cash flows from operating leases     7,221 6,207  
Operating cash flows from finance leases     891 775  
Financing cash flows from finance leases     5,600 4,053  
Right-of-use assets obtained in exchange for new operating leases     5,835 4,316  
Right-of-use assets obtained in exchange for new finance leases     $ 10,166 $ 10,775  
Weighted average remaining lease term (in years):          
Operating leases 4 years 6 months 21 days   4 years 6 months 21 days   4 years 8 months 15 days
Finance leases 2 years 7 months 9 days   2 years 7 months 9 days   2 years 5 months 23 days
Weighted average discount rates:          
Operating leases 6.90%   6.90%   6.70%
Finance leases 6.70%   6.70%   6.70%
v3.25.2
Leases - Schedule of Future Minimum Commitments Under Leases (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Operating Lease  
2025 $ 7,172
2026 13,017
2027 11,431
2028 10,286
2029 7,481
Thereafter 6,770
Total lease payments 56,157
Less: Amounts representing interest (8,115)
Total lease liabilities 48,042
Finance Lease  
2025 7,057
2026 10,733
2027 6,522
2028 3,798
2029 1,032
Thereafter 9
Total lease payments 29,150
Less: Amounts representing interest (3,353)
Total lease liabilities $ 25,797
v3.25.2
Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Gross Contract Revenue $ 122,090 $ 104,501 $ 235,021 $ 199,409
Less:        
Depreciation and amortization 6,544 7,181 13,065 13,177
Other (income) expense, net 1,636 2,027 3,746 4,428
Income tax expense (benefit) 1,399 (1,180) 2,169 (4,633)
Net income (loss) 6,009 (2,082) 4,265 (3,640)
Reportable Segment        
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Gross Contract Revenue 122,090 104,501 235,021 199,409
Less:        
Labor and fringe 67,026 60,534 132,037 117,536
Other segment items 14,093 10,520 26,971 19,738
General & administrative expenses 19,737 18,862 38,178 34,374
Incentives 5,351 8,876 14,297 18,729
Depreciation and amortization 6,544 7,181 13,065 13,177
Interest expense 2,259 1,775 4,372 3,906
Other (income) expense, net (328) 15 (333) 222
Income tax expense (benefit) 1,399 (1,180) 2,169 (4,633)
Net income (loss) $ 6,009 $ (2,082) $ 4,265 $ (3,640)
v3.25.2
Subsequent Events - Additional Information (Details) - Subsequent Event
$ in Millions
 1 Months Ended
Aug. 06, 2025
USD ($)
Subsequent Event [Line Items]  
Total consideration paid $ 2.7
Promissory Note  
Subsequent Event [Line Items]  
Interest Rate 5.00%
Convertible Debt  
Subsequent Event [Line Items]  
Interest Rate 5.00%