Southland Holdings, Inc. announced its fourth quarter and full year 2024 financial results on March 4, 2025. For the full year 2024, revenue was $980.2 million, a 15.5% decrease from $1,160.4 million in 2023. The Materials & Paving (M&P) business contributed $100.6 million to revenue.
The company reported a full-year gross loss of $63.0 million, compared to a gross profit of $35.8 million in 2023, resulting in a gross margin of (6.4)%. The M&P business negatively impacted the full-year gross loss by $83.1 million.
Net loss attributable to Southland stockholders for the full year was $(105.4) million, or $(2.19) per share, compared to a net loss of $(19.3) million, or $(0.41) per share, in 2023. For Q4 2024, revenue was $267.3 million, and gross profit was $7.7 million, with a net loss of $(4.2) million.
As of December 31, 2024, the company's backlog stood at $2.57 billion. CEO Frank Renda acknowledged the challenges faced in 2024 but emphasized the company's focus on executing new core work, winding down legacy projects, and capitalizing on strong market demand in 2025.
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