Knife River Corporation reported consolidated revenue of $353.5 million for the first quarter ended March 31, 2025, a 7% increase year-over-year. The company posted a net loss of $(68.7) million and an adjusted EBITDA of $(38.0) million, reflecting typical seasonal losses and increased SG&A expenses related to acquisitions and corporate development.
The company updated its full-year 2025 guidance, projecting revenue between $3.25 billion and $3.45 billion, and adjusted EBITDA between $530 million and $580 million. Strata Corporation is expected to contribute $45 million in EBITDA for the full year, with margins accretive to Knife River.
Knife River also announced an increase in its revolving credit facility from $350 million to $500 million and extended its maturity to 2030. The company's net leverage stood at 2.5x at March 31, 2025, aligning with its long-term target, following the financing of the Strata acquisition with a new $500 million Term Loan B.
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