Limbach Misses Q2, Slashes EBITDA Guidance, Closes CYMCOR Acquisition
LMB is trading near its 52-week low of $65.08 (1.4% above the low).
Summary
Limbach missed Q2 revenue estimates, slashed full-year adjusted EBITDA guidance by $10M-$12M, and closed the $30M CYMCOR acquisition. Gross margins fell sharply, and the stock is near its 52-week low.
Key Events · Earnings and Guidance · LMB
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Q2 Revenue Miss
Revenue of $173.5M missed the $177.3M consensus, with organic revenue flat year-over-year. ODR gross margin fell to 24.0% from 29.0%, and GCR gross margin dropped to 14.5% from 24.7%.
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Full-Year Guidance Cut
Adjusted EBITDA guidance lowered to $78M-$84M from $90M-$94M, a reduction of $10M-$12M. Revenue guidance raised to $760M-$790M, but gross margin guidance cut to 23%-24% from 26%-27%.
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CYMCOR Acquisition Closed
Acquired CYMCOR for $30M, funded with cash and revolver borrowings. Expected to contribute $12M in revenue and $4M in adjusted EBITDA in 2027, with potential pull-through project revenue from $8B+ in customer project budgets.
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Margin Compression
Total gross margin fell to 21.5% from 28.0% a year ago, driven by lower-margin Pioneer Power acquisition, lower net project write-ups, and competitive labor and material costs in data center markets.
Analysis · LMB · Real Estate & Construction
Limbach reported Q2 revenue of $173.5M, missing consensus, and slashed full-year adjusted EBITDA guidance to $78M-$84M from $90M-$94M, citing project timing and price sensitivity. Gross margins compressed sharply to 21.5% from 28.0% a year ago. The company also closed the $30M CYMCOR acquisition, funded with cash and revolver borrowings, which is expected to add $12M in revenue and $4M in adjusted EBITDA in 2027. The stock is trading near its 52-week low, reflecting the market's negative reaction to the guidance cut and margin pressure.
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In the 30 days to Sep 23, 2026, 35.1% of the 1081 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.41%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, LMB was trading at $66.00 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $919.2M. The 52-week trading range was $65.08 to $138.11. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.