TIC Solutions, Inc. reported third‑quarter 2025 results that included $473.9 million in revenue, a net loss of $13.9 million, and adjusted EBITDA of $77.3 million. The company posted an earnings per share of –$0.08, missing the consensus estimate of $0.035 to $0.17, while revenue surpassed the consensus forecast of $468.7 million.
Revenue growth was driven by the full integration of NV5 Global, which added 55% of the company’s revenue from inspection and mitigation, 30% from consulting engineering, and 15% from geospatial services. The combined entity also benefited from strong demand in infrastructure, power, utilities, and data‑center markets, which helped offset the impact of integration costs.
The EPS miss was largely attributable to one‑time integration expenses and higher operating costs associated with merging the two businesses. Despite these costs, the net loss narrowed dramatically from a combined $98.8 million in Q3 2024 to $13.9 million in Q3 2025, an 86% improvement that reflects disciplined cost management and the early realization of revenue synergies.
Revenue rose 56% year‑over‑year, while adjusted EBITDA increased from $48.5 million in Q3 2024 to $77.3 million in Q3 2025, indicating that the company is scaling its operations and improving operating leverage. The adjusted EBITDA margin fell slightly to 16.3% from 16.9% in the prior year, a modest compression driven by higher integration spend and a shift toward higher‑margin geospatial services.
Management reaffirmed its full‑year 2025 guidance, maintaining revenue expectations of $1.530 billion to $1.565 billion and adjusted EBITDA guidance of $240 million to $250 million. The company also raised its identified cost‑synergy target from $20 million to $25 million, signaling confidence that the merger will deliver additional savings in 2026 and beyond.
CEO Tal Pizzey said the quarter “demonstrates the strength of our platform and the strategic, operational, and financial benefits of combining the legacy Acuren and NV5 businesses.” He added that the company’s “early integration momentum gives us confidence to unlock savings and growth.”
Investors reacted negatively to the earnings miss, focusing on the company’s profitability trajectory. The EPS shortfall outweighed the revenue beat, leading to a cautious market stance despite the company’s positive adjusted EBITDA and reaffirmed guidance.
Segment analysis shows that inspection and mitigation remain the largest revenue driver at 55%, followed by consulting engineering at 30% and geospatial services at 15%. The geospatial segment’s higher margin contributed to the overall margin expansion, while the integration of NV5’s engineering capabilities helped diversify the company’s service mix.
Headwinds include ongoing integration costs and the need to manage one‑time charges, while tailwinds are strong demand in infrastructure and data‑center markets and the anticipated cost savings from the merger. The company’s focus on achieving the $25 million synergy target and maintaining disciplined cost control positions it for long‑term growth in the asset‑integrity services market.
Overall, TIC Solutions’ Q3 2025 results illustrate a company in transition that is successfully scaling revenue while managing integration expenses, with a clear path toward profitability as the merger matures.
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