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Red Flags Detected

  • Surety Takeover Of Debt And Operations (new) — Surety payable is $228.3M ($139.2M advances + $89.1M judgment, additive). Sureties also purchased the $110M Credit Agreement and waived payments/covenants until maturity — ~$338M total exposure and loss of financial independence. Advances rose +$125.1M in Q1 as a distinct funding stream; the judgment was already in payable at YE2025.
  • Valuation Allowance Spike (new) — Allowance on deferred tax assets jumped from $3.1M to $123.8M, signaling management no longer expects to generate sufficient taxable income to utilize tax assets.
  • Backlog Collapse And Award Drought (worsened) — New contract awards fell 86% year-over-year to $18.9M while backlog declined 24%, threatening future revenue visibility.
NYSE: SLND Southland Holdings, Inc. 10-Q

Q1 loss widens to $28M as surety payable hits $228M after WSCC judgment and $125M advances

Filed May 12, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 13, 2025 · ~2 min read

Key Changes

  • high

    Surety payable rose to$$353.4M ($139.2M advances + $89.1M WSCC judgment, additive — the judgment was already on the YE2025 balance sheet; the +$125.1M advance surge is a separate bonded-project funding stream). Sureties also hold the $110M assigned term loan → ~$338M total surety exposure; forbearance through May 13, 2027.

    MD&A / Notes — surety payable view on EDGAR →
  • high

    Gross profit swung from $21.5M profit to $4.8M loss; Note 4 aggregate estimate reversals cut GP by $39.7M this quarter (vs $11.8M prior year), spanning the named Transportation and Civil project hits.

    MD&A / Note 4 view on EDGAR →
  • high

    Revenue fell 28% to $172.4M; backlog declined 24% to $1.88B with only $18.9M in new awards vs. $136.5M prior year.

    MD&A verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Source-verified from EDGAR · Narrative written by AI · Jul 10, 2026 · How we verify