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Exhibit 99.1

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ORION GROUP HOLDINGS REPORTS

FIRST QUARTER 2025 RESULTS

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HOUSTON – April 29, 2025 – Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today reported its financial results for the first quarter ended March 31, 2025.

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Highlights for the quarter ended March 31, 2025:  

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See definitions and reconciliation of non-GAAP measures elsewhere in this release.

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Management Commentary

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“We’re off to a strong start in 2025. On a year-over-year basis, our first quarter revenue increased 17% to $189 million and Adjusted EBITDA doubled. This performance reflects the strength of our operating model and the successful execution of our strategic priorities,” said Travis Boone, Chief Executive Officer of Orion Group Holdings.

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“By consistently delivering top-tier work and prioritizing safety, we have enhanced our current customer relationships while developing new ones. Year-to-date, we have secured $349 million in new contract awards--$161 million in Marine and $188 million in Concrete, which have started or are scheduled to start within the next few months. We continue to see strong demand across our markets and continue to win repeat business with our world-class partners and clients.”

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“The future for Orion is extremely bright and our business and operating model is well positioned for this moment. We believe that many of the new federal policy initiatives will support our long-term growth, especially around defense, shipbuilding, infrastructure, and reshoring of manufacturing. Regardless of the efforts to reduce federal spending, we are seeing no impact on domestic infrastructure projects that we are delivering or pursuing, and there has been no pull back on the U.S. government’s China deterrence policy.”

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“Regarding tariffs, we have been proactively managing tariff risk since last summer and do not expect material impacts to our current projects. Nor do we believe that any actions taken to downsize the federal government will have a material bearing on our business. Therefore, we are reiterating our previous full year 2025 guidance of revenue in the range of $800 million to $850 million with Adjusted EBITDA in the range of $42 million to $46 million. At the same time, we are continuing to prepare for transformational growth in 2026 and beyond,” concluded Boone.

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First Quarter 2025 Results

Contract revenues of $188.7 million increased $28.0 million or 17.4% from $160.7 million in the first quarter last year, primarily due to an increase in revenue from large marine construction contracts and new concrete projects.

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Gross profit increased to $23.0 million or 12.2% of revenue, up from $15.5 million or 9.7% of revenue in the first quarter of 2024. The increases in gross profit dollars and margin were primarily driven by an improvement in indirect expenses in the marine segment as a result of a higher volume of work, partially offset by lower margins in the concrete segment which were primarily driven by seasonally lower productivity, which is normal for the first quarter.

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Selling, general and administrative (“SG&A”) expenses were $22.5 million, up from $19.0 million in the first quarter of 2024. As a percentage of total contract revenues, SG&A expenses increased to 12.0% from 11.8%. The increases in SG&A dollars and percentage reflect an increase in incentive compensation, legal, IT and operating lease expenses.

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GAAP net loss for the first quarter was $1.4 million ($0.04 per diluted share) compared to a net loss of $6.1 million ($0.19 per diluted share) in the first quarter of 2024.

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First quarter 2025 net loss included $1.7 million ($0.05 diluted income per share) of non-recurring items. First quarter 2025 adjusted net income was $0.3 million ($0.01 diluted income per share).

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EBITDA for the first quarter of 2025 was $6.3 million, resulting in a 3.3% EBITDA margin, compared to EBITDA of $3.0 million, and a 1.8% EBITDA margin for the first quarter last year. Adjusted EBITDA for the first quarter increased to $8.2 million, or a 4.3% Adjusted EBITDA margin. This compares to Adjusted EBITDA of $4.1 million, or a 2.5% Adjusted EBITDA margin for the prior year period.

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Backlog

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Total backlog at March 31, 2025 was $839.7 million, compared to $729.1 million at December 31, 2024 and $756.6 million at March 31, 2024. Backlog for the Marine segment was $607.4 million at March 31, 2025, compared to $582.8 million at December 31, 2024 and $569.9 million at March 31, 2024. Backlog for the Concrete segment was $232.3 million at March 31, 2025, compared to $146.3 million at December 31, 2024 and $186.7 million at March 31, 2024.

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Recent Contract Wins

Subsequent to the end of the quarter, the Company has been awarded $51.2 million in new contract wins - $17.1 million in Marine and $34.1 million in Concrete.  The Marine wins include a $6.3 million environmental project for General Recycling of Washington and a $7.5 million dredging project for the U.S. Army Corps of Engineers Galveston District.  In Concrete, wins include a $24.1 million project for Phase 2 of the Costco distribution center in Florida, and a $6.6 million project for a United Airlines catering facility at Houston’s George Bush Intercontinental Airport.

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Balance Sheet Update

As of March 31, 2025, current assets were $267.0 million, including unrestricted cash and cash equivalents of $13.0 million. Total debt outstanding as of March 31, 2025 was $23.3 million. At the end of the quarter, the Company had no outstanding borrowings under its revolving credit facility.

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Conference Call Details

Orion Group Holdings will host a conference call to discuss the first quarter 2025 financial results at 9:00 a.m. Eastern Time/8:00 a.m. Central Time on Wednesday, April 30, 2025. To participate, please call (844) 481-2994 and ask for the Orion Group Holdings Conference Call. A live audio webcast of the call will also be available on the Investor Relations section of Orion’s website at https://www.oriongroupholdingsinc.com/investor/ and will be archived for replay.

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About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design and specialty services. Its concrete segment provides turnkey concrete construction services including place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas. The Company’s website is located at: https://www.oriongroupholdingsinc.com.

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Backlog Definition

Backlog consists of projects under contract that have either (a) not been started, or (b) are in progress but are not yet complete. The Company cannot guarantee that the revenue implied by its backlog will be realized, or, if realized, will result in earnings. Backlog can fluctuate from period to period due to the timing and execution of contracts. The typical duration of the Company’s projects ranges from three to nine months on shorter projects to multiple years on larger projects. The Company's backlog at any point in time includes both revenue it expects to realize during the next twelve-month period as well as revenue it expects to realize in future years.

Non-GAAP Financial Measures

This press release includes the financial measures “adjusted net income/loss,” “adjusted earnings/loss per share,” “EBITDA,” "Adjusted EBITDA" and “Adjusted EBITDA margin."  These measurements are “non-GAAP financial measures” under rules of the Securities and Exchange Commission, including Regulation G. The non-GAAP financial information may be determined or calculated differently by other companies that use similarly titled measures. By reporting such non-GAAP financial information, the Company does not intend to give such information greater prominence than comparable GAAP financial information. Investors are urged to consider these non-GAAP measures in addition to and not in substitute for measures prepared in accordance with GAAP.

Adjusted net income/loss and adjusted earnings/loss per share should not be viewed as an equivalent financial measure to net income/loss or earnings/loss per share. Adjusted net income/loss and adjusted earnings/loss per share exclude certain items that management believes are one-time items or items whose timing or amount cannot be reasonably estimated. The Company believes these adjusted financial measures are a useful supplement to earnings/loss calculated in accordance with GAAP.

Orion Group Holdings defines EBITDA as net income/loss before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by adjusting EBITDA for certain items that management believes are one-time items or items whose timing or amount cannot be reasonably estimated. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA for the period by contract revenues for the period. The GAAP financial measure that is most directly comparable to EBITDA and Adjusted EBITDA is net income, while the GAAP financial measure that is most directly comparable to Adjusted EBITDA margin is operating margin, which represents operating income divided by contract revenues. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are used internally to evaluate current operating expense, operating efficiency, and operating profitability on a variable cost basis, by excluding the depreciation and amortization expenses, primarily related to capital expenditures and acquisitions, and net interest and tax expenses. Additionally, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin provide useful information regarding the Company's ability to meet future debt service and working capital requirements while providing an overall evaluation of the Company's financial condition. In addition, EBITDA is used internally for incentive compensation purposes. The Company includes EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to provide transparency to investors as they are commonly used by investors and others in assessing performance. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin have certain limitations as analytical tools and should not be used as a substitute for operating margin, net income, cash flows, or other data prepared in accordance with GAAP, or as a measure of the Company's profitability or liquidity.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, of which provisions the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as 'believes', 'expects', 'may', 'will', 'could', 'should', 'seeks', 'approximately', 'intends', 'plans', 'estimates', or 'anticipates', or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, guidance, outlook, assumptions, or goals. In particular, statements regarding our pipeline of opportunities, financial guidance and future operations or results, including those set forth in this press release, and any other statement, express or implied, concerning financial guidance or future operating results or the future generation of or ability to generate revenues, income, net income, gross profit, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, or cash flow, including to service debt or maintain compliance with debt covenants, and including any estimates, guidance, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward-looking statements also include project award announcements, estimated project start dates, ramp-up of contract activity and contract options, which may or may not be awarded in the future. Forward-looking statements involve risks, including those associated with the Company's fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints, and any potential contract options which may or may not be awarded in the future, and are at the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. Considering these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company's plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise, except as required by law.

Please refer to the Company's 2024 Annual Report on Form 10-K, filed on March 5, 2025 which is available on its website at www.oriongroupholdingsinc.com or at the SEC's website at www.sec.gov, and filings and press releases subsequent to such Annual Report on Form 10-K for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

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Contacts:

Financial Profiles, Inc.

Margaret Boyce 310-622-8247

[email protected]

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Orion Group Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In Thousands, Except Share and Per Share Information)

(Unaudited)

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Orion Group Holdings, Inc. and Subsidiaries

Selected Results of Operations

(In Thousands)

(Unaudited)

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Orion Group Holdings, Inc. and Subsidiaries

Reconciliation of Adjusted Net Income (Loss)

(In thousands except per share information)

(Unaudited)

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Orion Group Holdings, Inc. and Subsidiaries

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations

(In Thousands, Except Margin Data)

(Unaudited)

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Orion Group Holdings, Inc. and Subsidiaries

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations by Segment

(In Thousands, Except Margin Data)

(Unaudited)

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Orion Group Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows Summarized

(In Thousands)

(Unaudited)

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Orion Group Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)

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Orion Group Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Information)

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Orion Group Holdings, Inc. and Subsidiaries

Guidance – Adjusted EBITDA Reconciliation

(In Thousands)

(Unaudited)

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Orion Group Holdings, Inc. and Subsidiaries

Guidance – Adjusted EPS Reconciliation

(In thousands except per share information)

(Unaudited)

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