Williams Industrial Services released certain preliminary financial results for its full year ended December 31, 2022. The following performance metrics have not yet been audited: Revenue of between $235M-$240M; Gross margin of approximately 2.75%-3.00%, including approximately $11.6M of losses relating to the Company’s Florida water business and $5.7M of net start-up expenses associated with the Company’s entry into the transmission and distribution market. Negative adjusted EBITDA of between $4.5M-$3.8M, including two legal settlements that in aggregate comprise $10.8M of "other income" in the Company’s statement of operations. Year-end backlog of approximately $330M, including a recent contract win with a nuclear utility customer, primarily for maintenance services during an upcoming outage period of approximately 60 days, valued at approximately $35M. "Based on our preliminary results, Williams ended the year underperforming our most recent guidance parameters," said Tracy Pagliara, President and CEO of Williams. "This was largely because an additional $6 million write-down in the fourth quarter was deemed necessary for our two largest remaining Florida water contracts, which we have discussed in the past. These two projects are scheduled to be completed in the second and third quarter of 2023, respectively. The Company is no longer pursuing large fixed price water projects. "
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