Orion 10-Q Details $110M Debt Load Behind Q3 Profit Beat
ORN is trading near its 52-week low of $8.15 (3.3% above the low) on elevated volume (3.5× avg).
Summary
Orion's Q3 profit was already reported; the 10-Q shows the cost — total debt up to $110.2M from $7.9M, only $5.7M cash and negative nine-month operating cash flow.
Key Events · Earnings and Guidance · ORN
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Q3 Profit Confirmed at $5.5M
Net income of $5.5M ($0.14/share) on $256.2M revenue, up 14% from $225.1M, matching the 8-K and newswire reports.
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Debt Jumps to $110.2M
Total debt rose from $7.9M at December 31, 2025 to $110.2M, including a $29.0M revolver, $40.0M term loan, $14.9M equipment loan and $10.4M seller note tied to the JEM acquisition.
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Thin Liquidity, Negative Cash Flow
$5.7M cash and ~$28.0M revolver availability; nine-month operating cash flow was negative $10.7M on a $41.3M working-capital outflow.
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Tax Benefit Is Non-Cash
The $6.0M nine-month tax benefit stems from a valuation-allowance release tied to JEM deferred tax liabilities, not operating cash.
Analysis · ORN · Real Estate & Construction
The Q3 headline (net income $5.5M, $0.14/share, revenue up 14%) was already out via the 8-K and newswires, so the profit itself is not new. What the full 10-Q adds is the balance sheet: total debt jumped to $110.2M from $7.9M at year-end to fund the $44.9M JEM acquisition, leaving just $5.7M of cash and about $28.0M of revolver availability. Nine-month operating cash flow was negative $10.7M, and the $6.0M year-to-date tax benefit is a non-cash valuation-allowance release, not operating cash. Marine operating income fell to $26.9M from $45.4M as 2025 close-out benefits did not repeat, with the concrete segment's jump to $21.3M carrying the quarter. With the stock near its 52-week low, the leverage and thin liquidity are the real story behind the earnings beat.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 31.1% of the 1661 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. 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, ORN was trading at $8.42 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $336.1M. The 52-week trading range was $8.15 to $17.40. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.