NASDAQ: ITG
ITG, Inc./DE/CIK 0002110117 · SIC 1623 · Water, Sewer, Pipeline, Comm & Power Line Construction
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ITG: revenue $404.6M, net income $1.8M. ITG posts first 10-Q after IPO; net income falls 85% on debt costs despite 38% revenue growth
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ITG, Inc. S-1/A Amendment No. 2: No material changes to offering terms or business
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Latest financial statements
From 10-Q filed Aug 12, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per unit amount)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | 404,633 | 292,405 | 738,555 | 517,792 |
| Cost of revenue, excluding depreciation and amortization | 332,581 | 237,091 | 613,647 | 423,696 |
| Selling, general and administrative | 28,141 | 15,765 | 53,713 | 30,546 |
| Depreciation and amortization | 21,014 | 13,988 | 41,439 | 27,245 |
| Change in fair value of contingent liabilities | 300 | 170 | 2,186 | 337 |
| Total | 382,036 | 267,014 | 710,985 | 481,824 |
| Interest expense | (19,534) | (6,919) | (37,759) | (13,745) |
| Other expense, net | (1,008) | (1,042) | (1,927) | (2,030) |
| Income (loss) before provision for income taxes | 2,055 | 17,430 | (12,116) | 20,193 |
| Provision (benefit) for income taxes | 267 | 5,829 | (746) | 7,013 |
| Net income (loss) | 1,788 | 11,601 | (11,370) | 13,180 |
| Earnings (loss) per unit – Class A | ||||
| Basic and diluted | 0.01 | 0.07 | (0.07) | 0.08 |
| Weighted average number of units – Class A | ||||
| Basic and Diluted | 160,000 | 160,000 | 160,000 | 160,000 |
Balance Sheets (Unaudited)
(in thousands)
| Description | June 30, 2026 | January 15, 2026 |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash | — | — |
| Total Assets | — | — |
| Commitments and Contingencies | ||
| Stockholder’s Equity | ||
| Common stock, $0.001 par value, 100 shares authorized, issued and outstanding | — | — |
| Total Stockholder’s Equity | — | — |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net (loss) income | (11,370) | 13,180 |
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
| Depreciation | 24,944 | 12,942 |
| Amortization of intangible assets | 16,495 | 14,303 |
| Amortization of debt issuance costs | 2,429 | 605 |
| Amortization of operating right of use assets | 8,672 | 3,955 |
| Deferred income taxes | (779) | (2,823) |
| Loss (gain) on sale of assets | 85 | (66) |
| Change in fair value of contingent liabilities | 2,186 | 337 |
| Equity-based compensation | 2,339 | 1,270 |
| Changes in assets and liabilities, net of business acquisitions: | ||
| Accounts receivable | (6,228) | (12,940) |
| Contract assets | (87,731) | (7,297) |
| Prepaid expenses and other current assets | (7,019) | 428 |
| Accounts payable and accrued expenses | 19,979 | (8,293) |
| Operating lease liabilities | (8,022) | (3,856) |
| Payments of contingent liabilities | (3,022) | — |
| Net cash (used in) provided by operating activities | (47,042) | 11,745 |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (15,969) | (28,627) |
| Proceeds from sale of property and equipment | 1,225 | 1,239 |
| Acquisitions, net of cash acquired | (3,440) | (8,448) |
| Net cash used in investing activities | (18,184) | (35,836) |
| Cash flows from financing activities: | ||
| Payments of acquisition amounts due to sellers | (5,891) | — |
| Payments of contingent liabilities | (1,416) | — |
| Payments made on term loans | (8,251) | (11,812) |
| Proceeds from line of credit | 373,000 | 67,000 |
| Payments made on line of credit | (291,000) | (53,500) |
| Payments on finance leases | (612) | — |
| Distributions to members | (338) | — |
| Proceeds from equipment loans | 11,332 | 22,279 |
| Payments made on equipment loans | (12,831) | (6,135) |
| Payments of debt costs | — | (262) |
| Net cash provided by financing activities | 63,993 | 17,570 |
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (1,233) | (6,521) |
| Cash and cash equivalents beginning of period | 3,719 | 7,367 |
| Cash and cash equivalents end of period | 2,486 | 846 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | 44,152 | 13,039 |
| Cash paid for taxes, net of refunds | 1,295 | 4,454 |
| Supplemental disclosures of noncash investing and financing activity: | ||
| Accrued capital expenditures | 575 | — |
| ROU liabilities from ROU asset acquisition | 8,209 | 6,552 |
| Property and equity acquired through equipment loans | 11,536 | — |
| Other long-term assets accrual | 4,894 | — |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per unit amount); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗