NV5 Global, Inc. reported financial results for the fourth quarter and full year ended December 28, 2024, on February 20, 2025. For Q4 2024, gross revenues increased 15% to $246.5 million from $214.9 million in Q4 2023, with gross profit rising 13% to $122.2 million. Net income for Q4 2024 was $5.4 million, down from $10.1 million in Q4 2023, impacted by $3.9 million in acquisition-related costs and $2.3 million in intangible amortization expense. GAAP EPS was $0.09 per share, compared to $0.16 per share in Q4 2023. Adjusted EBITDA was $36.3 million, consistent with $36.7 million in Q4 2023 when adjusted for a one-time benefit in the prior year. Adjusted EPS was $0.28 per share in both periods.
For the full year 2024, gross revenues were $941.3 million, a 10% increase from $857.2 million in 2023, and gross profit increased 13% to $483.2 million, expanding gross margin by 160 basis points to 51.3%. Net income for 2024 was $28.0 million, down from $43.7 million in 2023, primarily due to increased amortization expense ($9.6 million), interest expense ($4.2 million), and acquisition-related costs ($11.2 million, including $9.9 million in earn-out fair value adjustments). GAAP EPS was $0.44 per share, compared to $0.71 per share in 2023. Adjusted EBITDA increased 7% to $143.5 million from $133.8 million, and Adjusted EPS was $1.14 per share, compared to $1.15 per share in 2023.
NV5 issued its full-year 2025 guidance, expecting gross revenues to range from $1.026 billion to $1.045 billion. GAAP earnings per share are projected between $0.52 and $0.62, and adjusted earnings per share between $1.27 and $1.37. The company noted a 4-for-1 forward stock split announced on September 25, 2024, with trading on a split-adjusted basis commencing October 11, 2024, and all current and prior year data in the release reflecting this split.
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