Limbach Holdings Inc. 2025年季度报告

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically everyInteractive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller Large accelerated filer☐Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of May1, 2025, there were11,624,639shares of the registrant’s common stock, $0.0001 par value per share, outstanding. LIMBACH HOLDINGS, INC. TABLE OF CONTENTS Part I. Item 1.Financial Statements (Unaudited)1Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 20241Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 20242Condensed Consolidated Statement of Stockholders’ Equity for the Three Months Ended March 31, 2025 and20243Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 20244 Part II. Item 1.Legal Proceedings42Item 1A.Risk Factors42 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, including all documents incorporated by reference, contains forward-looking statementsregarding Limbach Holdings, Inc. (the “Company,” “Limbach” “we” or “our”) and represents our expectations and beliefs concerningfuture events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statementsprovided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks anduncertainties. The forward-looking statements included herein or incorporated herein by reference include or may include, but are notlimited to, (and you should read carefully) statements that are predictive in nature, depend upon or refer to future events or conditions,or use or contain words, terms, phrases, or expressions such as “achieve,” “forecast,”, “plan,” “propose,” “strategy,” “envision,” These forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q and theCompany management’s current expectations, forecasts and assumptions, and involve a number of judgments, known and unknownrisks and uncertainties and other factors, many of which are outside the control of the Company and its directors, officers andaffiliates. Accordingly, forward-looking statements should not be relied upon as representing the Company's views as of any As a result of a number of known and unknown risks and uncertainties, the Company's results or performance may be materiallydifferent from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differinclude (i) intense competition in our industry; (ii) ineffective management of the size and cost of our operations; (iii) our dependenceon a limited number of customers; (iv) unexpected adjustments to our backlog or cancellations of orders in our backlog; (v) cost ofoverruns under our contracts; (vi) timing of the award and performance of new contracts; (vii) significant costs in excess of theoriginal project scope and contract amount without having an approved change order; (viii) our failure to adequately recover on claimsbrought by us against contractors, project owners or other project participants for additional contract costs; (ix) risks associated withplacing significant decision making powers with our subsidiaries' management; (x) acquisitions, divestitures, and other strategictransactions could fail to achieve financial or strategic objectives, disrupt our ongoing business, and adversely impact our results ofoperations; (xi) design errors and omissions in connection with Design/Build and Design/Assist contracts; (xii) delays and/or defaultsin customer payments; (xiii) unsatisfactory safety performance; (xiv) labor disputes with unions representing our employees; (xv)strikes or work stoppages; (xvi) misconduct by our employees, subcontractors or partners, or our overall failure to comply with