Bird Construction (6LT) Q2 2026 Earnings Report

The call communicated strong, broad-based operational and financial momentum: record quarterly revenue (> $1.0B), double-digit revenue growth (22.6% YoY), meaningful backlog expansion (~$12B combined), improved margins (Q2 adj. EBITDA margin 7.1%, TTM 6.7%), strong cash generation and enhanced access to capital (investment-grade rating and $250M notes). Most risks cited are timing and execution-related (industrial ramp timing, early-stage Ring of Fire work, data center ramp), and there remain modest gaps to the 2027 margin target. Overall the positives substantially outweigh the near-term operational timing uncertainties.

Management guided that full‑year revenue growth may exceed 20% vs. 2025 and that adjusted EBITDA margin should continue to accrete in H2 as industrial programs return to full capacity, moving the company toward its 2027 target of an 8% adjusted EBITDA margin, with Q3 and Q4 expected to be roughly equal and “very strong.” The guidance is supported by Q2 results—revenue $1.043B (+22.6% YoY), gross profit $109.8M (10.5% GP%), adjusted EBITDA $73.9M (+34.6%) and a 7.1% adj. EBITDA margin (TTM adj. EBITDA margin 6.7% vs. 6.5% prior)—H1 revenue $1.83B (+16.5%) and H1 adjusted EBITDA $111M (6.1% margin); record backlog of ~ $12B (contracted $6.1B, +30.6%; pending $6.0B, +57.5%), ~ $1.8B of securements in the quarter (exceeding work executed by $707M) and > $1.4B of MSA/recurring revenue over the next four years; plus strong liquidity (cash $264.3M, $446.5M available on the facility), a $250M senior unsecured notes issuance and DBRS BBB (low) rating, trailing‑12‑month free cash flow $262M ($4.73/sh), adjusted net debt/TTM adj. EBITDA 0.96x and a current ratio of 1.32x.