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Get filing alertsLimbach reports Q2 revenue up 21.9% but cuts EBITDA guidance 13-16%; closes $30M CYMCOR deal
Filed August 4, 2026 · Period ending August 4, 2026 · ~2 min read
Key Changes
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high
Q2 revenue rose 21.9% to $173.5M (driven by Pioneer Power acquisition), but Adjusted EBITDA fell 22.3% to $13.9M as gross margin compressed from 28.0% to 21.5% due to Pioneer's lower margin profile and data center market pricing pressure.
Exhibit 99.1 view on EDGAR → -
high
Raised FY 2026 revenue guidance to $760-790M (from $730-760M) but cut Adjusted EBITDA guidance to $78-84M (from $90-94M), reflecting margin headwinds and project timing; lowered gross margin outlook to 23-24% (from 26-27%).
Exhibit 99.1 view on EDGAR → -
high
Closed acquisition of CYMCOR, a data center program management firm, for $30M (funded by cash and revolver); expects $12M revenue and $4M EBITDA contribution in 2027, with CYMCOR overseeing $8B+ in customer project budgets.
Item 7.01 — Regulation FD Disclosure verify on EDGAR → -
medium
Expanded revolving credit facility from $100M to $125M on July 24, 2026, providing capacity for the CYMCOR acquisition and additional financial flexibility.
Exhibit 99.1 view on EDGAR → -
medium
Q2 bookings of $182.0M produced a 1.1x book-to-bill ratio, indicating healthy demand despite execution challenges; management attributes profitability shortfall to project timing and pricing rather than demand deterioration.
Exhibit 99.1 view on EDGAR →
Summary
Limbach reported mixed Q2 2026 results and revised full-year guidance, reflecting both growth momentum and near-term margin pressure. Revenue increased 21.9% to $173.5 million, driven primarily by the July 2025 Pioneer Power acquisition ($30.9 million contribution), while organic growth remained modest.
However, profitability declined sharply: net income fell 38.8% to $4.7 million ($0.39 per diluted share), Adjusted EBITDA dropped 22.3% to $13.9 million, and gross margin compressed from 28.0% to 21.5%. Management attributed the margin contraction to Pioneer's lower-margin profile, reduced project write-ups, and intensified labor and materials competition in data center markets.
The company raised its FY 2026 revenue guidance to $760-790 million but cut Adjusted EBITDA guidance to $78-84 million (down 13-16% from prior guidance), signaling that margin headwinds will persist through year-end. On August 4, 2026, Limbach closed the $30 million acquisition of CYMCOR, a data center program management and commissioning firm operating in Dallas/Fort Worth, Atlanta, Charlotte, and Northern Virginia. CYMCOR currently oversees $8+ billion in customer project budgets and is expected to contribute $12 million in revenue and $4 million in EBITDA in 2027, excluding potential synergies. Management plans to replicate its healthcare platform pull-through model (which generated a 20x multiple over the last twelve months) in the data center vertical through CYMCOR's early owner engagement. The company expanded its revolving credit facility from $100 million to $125 million on July 24, 2026, to fund the acquisition and maintain financial flexibility. Retail holders should monitor whether the CYMCOR integration delivers the projected pull-through economics and whether margin pressure in the core business stabilizes in the second half of 2026.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Limbach announced Q2 2026 financial results via press release.
Added in current filing · verify on EDGAR →
On August 4, 2026, Limbach Holdings, Inc. (the “Company”) issued a press release dated the same date announcing its financial results for the quarter ended June 30, 2026.
The company disclosed its financial results for the second quarter ended June 30, 2026 through a press release. The 8-K body does not contain the actual financial figures; those appear in the attached Exhibit 99.1 press release.
Event · Item 7.01 — Regulation FD Disclosure
Item 7.01 — Regulation FD Disclosure filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
the Company issued a press release announcing the closing of its acquisition of Frisco, Texas-based professional services firm, CYMCOR, Inc., for an initial purchase price at closing of $30.0 million to be paid through a combination of available cash and the Company’s revolving credit facility.
Limbach completed the acquisition of CYMCOR, Inc., a Frisco, Texas-based professional services firm, for $30.0 million. The purchase was funded using a combination of available cash and borrowings under the company's revolving credit facility. This represents a bolt-on acquisition expanding Limbach's service capabilities.
Added in current filing · verify on EDGAR →
the Company is furnishing its presentation materials (the “Investor Presentation”) that management intends to use, possibly with modifications, in one or more meetings from time to time with current and potential investors. The Investor Presentation includes an update on the Company’s current operations and major projects, as well as information relating to the Company’s strategic plans, goals, growth initiatives and outlook, and forecasts for future performance and industry development.
Limbach furnished investor presentation materials that management will use in meetings with current and potential investors. The presentation includes updates on current operations, major projects, strategic plans, growth initiatives, outlook, and forecasts for future performance and industry development. These materials provide insight into management's strategic direction and expectations.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Total revenue increased 21.9% to $173.5 million from $142.2 million ... Total bookings during the quarter were $182.0 million, generating a book-to-bill ratio of 1.1x
Limbach's Q2 2026 revenue rose 21.9% year-over-year to $173.5 million, driven primarily by the July 2025 Pioneer Power acquisition which contributed $30.9 million. Organic revenue increased only slightly. Bookings of $182.0 million produced a 1.1x book-to-bill ratio, indicating healthy demand despite execution challenges.
Added in current filing · view on EDGAR →
Net income of $4.7 million, or $0.39 per diluted share, compared to $7.8 million, or $0.64 per diluted share ... Adjusted EBITDA of $13.9 million, compared to $17.9 million ... Total gross profit of $37.3 million, compared to $39.8 million ... Total gross margin of 21.5% decreased from 28.0%
Net income fell 38.8% to $4.7 million ($0.39 per diluted share) from $7.8 million ($0.64 per diluted share) in Q2 2025. Adjusted EBITDA declined 22.3% to $13.9 million. Gross margin compressed sharply from 28.0% to 21.5%, driven by Pioneer Power's lower margin profile, reduced project write-ups, and labor/materials competition in data center markets. Management attributes the shortfall to project timing and price sensitivity rather than demand deterioration.
Added in current filing · view on EDGAR →
On August 4, 2026, the Company completed its acquisition of CYMCOR, Inc. (“CYMCOR”), for a purchase price at closing of $30.0 million. The purchase price is subject to customary working capital adjustments. The acquisition was funded through a combination of available cash and borrowing under the Company’s recently expanded revolving credit facility.
Limbach acquired CYMCOR, Inc. on August 4, 2026, for $30.0 million (subject to working capital adjustments), funded with cash and borrowings under its expanded revolving credit facility. The acquisition closed after the quarter ended June 30, 2026, and is excluded from the revised FY 2026 guidance.
Event · Exhibit 99.2
Added in current filing · view on EDGAR →
The acquisition was completed for a purchase price of $30 million (subject to customary post-closing adjustments) and was funded through a combination of cash on hand and borrowings under the Company's recently expanded revolving credit facility.
Limbach completed the acquisition of CYMCOR, Inc., a professional services firm specializing in program management and commissioning for data center clients, for $30 million. The purchase was funded using cash on hand and borrowings under the company's revolving credit facility.
Added in current filing · view on EDGAR →
Through its program management services, CYMCOR currently oversees project budgets for customers that have a cumulative value exceeding $8 billion.
CYMCOR currently oversees project budgets for customers with a cumulative value exceeding $8 billion. Limbach believes this early engagement with owners will create opportunities to provide engineering, construction, commissioning, and maintenance services across the project lifecycle.
Added in current filing · view on EDGAR →
Over the last twelve months, our healthcare program management platform generated approximately $3 million of professional services revenue and pulled through approximately $60 million of project bookings resulting in a 20x pull through multiple.
Limbach's existing healthcare program management platform generated approximately $3 million in professional services revenue and pulled through approximately $60 million of project bookings over the last twelve months, representing a 20x pull-through multiple. Management plans to replicate this model in data centers through CYMCOR.
Added in current filing · view on EDGAR →
With a presence in key data center markets including Dallas/Fort Worth, Atlanta, Charlotte, and Northern Virginia, CYMCOR is recognized for its customer-focused approach, technical expertise, and ability to successfully execute complex mission-critical projects.
CYMCOR operates in key data center markets including Dallas/Fort Worth, Atlanta, Charlotte, and Northern Virginia. The acquisition expands Limbach's geographic reach and strengthens its ability to serve national and multi-site data center customers.
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