Record Q4 revenue growth of 35% was primarily organic, driven by robust demand for direct liquid-to-chip technical cooling systems within the data center and technology sectors.

The 49% year-over-year increase in total backlog reflects an elongation of project timelines as hyperscale clients engage in planning cycles extending into 2029.

Strategic acquisition of the Bowers Group provides a critical mechanical contracting foothold in the Northern Virginia data center hub while expanding fabrication footprint by approximately 50%.

Management attributes successful execution to a scaled unionized workforce of 6,600 craftspeople, which has mitigated labor constraints common in high-demand markets.

Installation and Maintenance segment margin expansion was driven by strong project execution within the installation and fabrication service line, which more than offset a headwind from a higher revenue mix of lower-margin installation and fabrication work.

Engineering and Consulting growth was supported by state and local government projects, though margins faced pressure from a mix shift toward program management services.

Full-year 2026 revenue guidance was raised to $3.7 billion–$3.9 billion to reflect the accelerated burn of a record $3.7 billion year-end backlog.

Management expects to burn slightly over half of the current backlog during 2026, with significant visibility now extending into 2028 and 2029.

Capital expenditure of $65 million is planned for 2026, with two-thirds allocated to growth initiatives including fabrication capacity expansion in Colorado.

Guidance assumes a full-year contribution from the Bowers Group and partial contribution from the Metrix engineering acquisition closed in March 2026.

The company anticipates a normalized effective tax rate gravitating toward 30% beyond 2026, following a transitional period of higher rates due to non-deductible expenses.

A $27.4 million non-cash goodwill impairment was recorded for a small engineering unit due to uncertainty in commercial renewables and solar project forecasting.

The early regulatory approval and closing of the Bowers acquisition on January 2, 2026, allowed for an earlier-than-expected start to operational integration.

A $3.8 million non-cash expense was recognized for an expired tax indemnity receivable, though it was offset by a corresponding reduction in tax liability.

Leverage was reduced to 2.0x net debt-to-EBITDA at year-end 2025, though pro forma leverage for the Bowers acquisition is approximately 2.4x.