Orion Group Holdings, Inc. (ORN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de la infraestructura marina e ingeniería con Orion Group Holdings, Inc. (ORN), una potencia que transforma paisajes costeros a través de soluciones de construcción innovadoras. Esta compañía dinámica navega por desafíos marítimos complejos con experiencia incomparable, brindando servicios integrales que abarcan la infraestructura gubernamental, la energía en alta mar y los proyectos de restauración ambiental. Desde entornos marinos sofisticados de dragado hasta apoyar las instalaciones de parques eólicos en alta mar, el lienzo de modelo de negocio de Orion Group revela un plan estratégico de destreza tecnológica, asociaciones estratégicas y capacidades críticas de misión que los posicionan como un líder en la ingeniería marina y el desarrollo de infraestructuras.

Orion Group Holdings, Inc. (ORN) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con empresas de construcción marítima e infraestructura

Orion Group Holdings mantiene asociaciones estratégicas con varias empresas de construcción marítima clave para expandir las capacidades del proyecto y el alcance geográfico.

Empresa asociada	Enfoque de asociación	Año establecido
Weeks Marine, Inc.	Proyectos de infraestructura marina	2019
Grandes lagos Drak & Compañía de muelles	Proyectos de restauración costera	2020

Asociaciones con agencias gubernamentales y contratistas militares

Orion Group Holdings ha establecido asociaciones críticas con el gobierno y las entidades relacionadas con la defensa.

• Cuerpo de Ingenieros del Ejército de EE. UU. - Contratos de rehabilitación de infraestructura
• Departamento de Defensa - Proyectos de construcción de la base marina
• Comando de ingeniería de instalaciones navales - Desarrollo de infraestructura marítima

Colaboración con empresas de ingeniería marina y servicios ambientales

La compañía colabora con empresas especializadas de ingeniería marina para mejorar las capacidades técnicas.

Socio de ingeniería	Alcance de colaboración	Valor de contrato
Tetra Tech, Inc.	Servicios de evaluación ambiental	$ 4.2 millones (2023)
CH2M Hill	Diseño de infraestructura marina	$ 3.7 millones (2023)

Empresas conjuntas en proyectos de infraestructura costera y marina

Orion Group Holdings se involucra en empresas conjuntas estratégicas para expandir las capacidades del proyecto y el alcance del mercado.

• Gulf Coast Infraestructure Joint Venture - Proyecto de restauración costera de $ 42.5 millones
• Asociación de construcción marina del sureste - Desarrollo de infraestructura marina de $ 35.6 millones
• Colaboración de expansión del puerto de la costa oeste - Iniciativa de modernización portuaria de $ 56.3 millones

Orion Group Holdings, Inc. (ORN) - Modelo de negocio: actividades clave

Servicios de construcción marina y dragado

Orion Group Holdings reportó $ 311.4 millones en ingresos de construcción marina para el año fiscal 2022. Los servicios clave de construcción marina incluyen:

• Proyectos de restauración costera
• Rehabilitación de infraestructura marina
• Construcción y reparación submarina

Categoría de servicio	Ingresos anuales (2022)	Tipos de proyectos
Dragado costero	$ 142.6 millones	Mantenimiento del canal de navegación
Infraestructura marina	$ 89.3 millones	Mejoras de puerto y puerto

Desarrollo y reparación de infraestructura

Orion Group completó 87 proyectos de infraestructura en 2022, con un valor total del proyecto de $ 456.2 millones.

• Rehabilitación del puente
• Construcción
• Actualizaciones de la terminal marina

Soporte de instalación del parque eólico en alta mar

Orion Group invirtió $ 23.7 millones en capacidades de infraestructura eólica offshore en 2022.

Servicios de apoyo al parque eólico	Inversión	Alcance del proyecto
Instalación de la Fundación	$ 12.4 millones	Construcción de la base de turbinas eólicas en alta mar
Colocación de cable	$ 8.3 millones	Infraestructura eléctrica submarina

Proyectos de remediación ambiental

El segmento de remediación ambiental generó $ 67.5 millones en ingresos durante 2022.

• Eliminación de sedimentos contaminados
• Restauración ecológica
• Gestión de residuos peligrosos

Construcción civil pesada en ambientes marinos

El segmento de construcción marina civil pesada logró $ 178.9 millones en ingresos del proyecto para 2022.

Tipo de construcción	Ganancia	Proyectos clave
Infraestructura base militar	$ 62.4 millones	Actualizaciones de la base naval
Sistemas de defensa costera	$ 45.6 millones	Infraestructura de protección contra inundaciones

Orion Group Holdings, Inc. (ORN) - Modelo de negocio: recursos clave

Equipo de construcción marina especializada

A partir del año fiscal 2023, Orion Group Holdings mantuvo una cartera especializada de equipos de construcción marina valorada en aproximadamente $ 127.3 millones. El inventario de equipos de la compañía incluye:

Tipo de equipo	Cantidad	Valor estimado
Barcazas de grúa	12	$ 42.5 millones
Embarcaciones de construcción marina	8	$ 35.7 millones
Equipo de dragado especializado	6	$ 24.1 millones

Fuerza laboral técnica y de ingeniería experimentada

Orion Group Holdings emplea a 723 profesionales a tiempo completo al 31 de diciembre de 2023, con la siguiente composición de la fuerza laboral:

• Personal de ingeniería: 187 profesionales
• Trabajadores técnicos: 342 técnicos calificados
• Equipo de gestión de proyectos: 94 especialistas
• Apoyo y personal administrativo: 100 empleados

Extensa flota de embarcaciones marinas y maquinaria especializada

La flota y maquinaria marina de la compañía representan un valor de activo total de $ 156.8 millones en 2023, que incluyen:

Categoría de embarcación/maquinaria	Número de unidades	Valor total del activo
Buques de construcción en alta mar	5	$ 67.3 millones
Equipo marino especializado	22	$ 59.5 millones
Recipientes de soporte	9	$ 30 millones

Capacidades tecnológicas avanzadas en ingeniería marina

Orion Group Holdings invierte $ 4.2 millones anuales en tecnología e innovación, con recursos tecnológicos clave que incluyen:

• Software de modelado 3D avanzado
• Equipo de topografía hidrográfica
• Plataformas de gestión de proyectos en tiempo real
• Tecnologías de robótica e inspección submarina

Gestión de proyectos sólidos y experiencia técnica

Las capacidades de gestión de proyectos de la compañía se demuestran a través de:

• Tasa de finalización promedio del proyecto: 94.6%
• Valor total de la cartera de proyectos en 2023: $ 312.5 millones
• Experiencia promedio de gestión de proyectos: 14.3 años por gerente senior

Orion Group Holdings, Inc. (ORN) - Modelo de negocio: propuestas de valor

Soluciones integrales de construcción marina e infraestructura

Orion Group Holdings ofrece servicios de construcción marina las siguientes métricas clave del proyecto:

Categoría de proyecto	Ingresos anuales	Tasa de finalización del proyecto
Infraestructura marina	$ 382.4 millones	94%
Ingeniería costera	$ 156.7 millones	91%
Construcción en alta mar	$ 215.3 millones	89%

Servicios de ingeniería marina confiables de alta calidad

Las métricas de calidad de servicio incluyen:

• ISO 9001: Gestión de calidad certificada 2015
• Calificación promedio de seguridad del proyecto: 98.6%
• Puntuación de satisfacción del cliente: 4.7/5

Experiencia en proyectos complejos costeros y en alta mar

Complejidad del proyecto	Número de proyectos	Valor total del proyecto
Altamente complejo	37	$ 612.5 millones
Moderadamente complejo	52	$ 287.6 millones

Ejecución de proyectos sostenibles y ambientalmente conscientes

Métricas de sostenibilidad ambiental:

• Reducción de emisiones de carbono: 22% desde 2019
• Inversión en tecnología verde: $ 14.3 millones
• Tasa de cumplimiento ambiental: 100%

Capacidades rentables de desarrollo de infraestructura

Métrica de rentabilidad	Valor
Ahorro de costos promedio del proyecto	17.5%
Reducción de costos operativos	$ 23.6 millones
Tasa de mejora de la eficiencia	12.3%

Orion Group Holdings, Inc. (ORN) - Modelo de negocios: relaciones con los clientes

Relaciones a largo plazo basadas en contratos

A partir del informe anual de 2023, Orion Group Holdings mantiene 87 contratos activos de construcción e infraestructura marina a largo plazo con una cartera de contratos total de $ 384.7 millones.

Tipo de contrato	Duración promedio	Rango de valor anual
Proyectos de infraestructura marina	18-36 meses	$ 75- $ 250 millones
Contratos de infraestructura gubernamental	24-48 meses	$ 100- $ 350 millones

Compromiso directo del cliente específico del proyecto

En 2023, Orion Group Holdings atendió a 62 proyectos de clientes únicos en los sectores marinos e infraestructura con estrategias de participación directa.

• Tasa de retención del cliente repetida: 73%
• Valor promedio del proyecto: $ 4.2 millones
• Cobertura geográfica: 14 estados dentro de los Estados Unidos

Servicios de consulta técnica y asesoramiento

Los ingresos de consulta técnica para 2023 alcanzaron los $ 42.6 millones, lo que representa el 17% de los ingresos totales de la compañía.

Categoría de consulta	Contribución de ingresos	Tarifa promedio por hora
Ingeniería marina	$ 21.3 millones	$ 375/hora
Planificación de infraestructura	$ 15.7 millones	$ 425/hora

Soluciones personalizadas para necesidades específicas del cliente

El desarrollo de soluciones personalizadas generó $ 67.4 millones en ingresos de proyectos especializados durante 2023.

• Tasa de éxito de personalización: 89%
• Complejidad promedio del proyecto: medio a alto
• Calificación de satisfacción del cliente: 4.6/5

Reputación de fiabilidad y excelencia técnica

Las métricas de fideicomiso del cliente demuestran un sólido posicionamiento del mercado con un 92% de comentarios positivos de los clientes y cero fallas importantes del proyecto en 2023.

Reflexión	Puntaje de rendimiento	Punto de referencia de la industria
Entrega de proyecto a tiempo	94%	87%
Adherencia al presupuesto	96%	89%

Orion Group Holdings, Inc. (ORN) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, Orion Group Holdings mantiene un equipo de ventas directo centrado en la construcción marina y los servicios de infraestructura. Se dirige al equipo de ventas:

• Proyectos de infraestructura gubernamental
• Contratos de construcción marina comercial
• Desarrollos de infraestructura marina industrial

Métricas de canales de ventas	2024 datos
Tamaño del equipo de ventas directas	37 representantes de ventas profesionales
Cobertura de ventas anual	$ 456.2 millones en valor de contrato potencial
Alcance geográfico	Regiones de la costa continental y del Golfo de los Estados Unidos

Conferencias de la industria y ferias comerciales

Orion Group Holdings participa activamente en eventos de la industria de la construcción marina y la infraestructura.

Participación de la conferencia	2024 Detalles
Conferencias anuales a las que asistió	8 Conferencias nacionales de infraestructura marítima
Representación de la feria comercial	5 exhibiciones de la industria importantes

Sitio web corporativo en línea

La compañía mantiene una presencia digital integral para la participación del cliente.

Métricas del canal del sitio web	2024 estadísticas
Visitantes mensuales del sitio web	24,500 visitantes únicos
Envíos de solicitudes en línea	342 consultas de proyecto por trimestre

Procesos de solicitud de propuesta (RFP)

Orion Group Holdings responde sistemáticamente a las solicitudes complejas del proyecto de infraestructura.

Rendimiento del canal de RFP	2024 datos
Presentaciones anuales de RFP	127 propuestas integrales
Tasa de victorias de RFP	42.3% adquisiciones de contratos exitosas

Plataformas de redes profesionales

Compromiso estratégico a través de canales profesionales de redes digitales.

Plataforma de redes	2024 Métricas de compromiso
Seguidores de la empresa de LinkedIn	7.892 conexiones profesionales
Leades anuales de redes profesionales	86 contactos calificados de desarrollo empresarial

Orion Group Holdings, Inc. (ORN) - Modelo de negocios: segmentos de clientes

Agencias de infraestructura gubernamental

En 2023, Orion Group Holdings obtuvo $ 187.4 millones en contratos de infraestructura gubernamental. Los proyectos de infraestructura federal y estatal representaban el 42% de los ingresos totales de la compañía.

Tipo de agencia	Valor de contrato	Porcentaje de ingresos
Agencias federales de infraestructura	$ 124.6 millones	28%
Agencias estatales de infraestructura	$ 62.8 millones	14%

Contratistas militares y de defensa

Los contratos militares y de defensa generaron $ 93.2 millones en ingresos para Orion Group Holdings en 2023.

• Proyectos del Departamento de Defensa: $ 67.5 millones
• Contratos de construcción naval: $ 25.7 millones

Compañías de energía en alta mar

El sector energético offshore representaba $ 156.9 millones en ingresos por proyectos para 2023.

Segmento de energía	Valor de contrato
Plataformas de petróleo en alta mar	$ 98.3 millones
Instalaciones de energía renovable en alta mar	$ 58.6 millones

Organizaciones de desarrollo costero

Los proyectos de desarrollo costero representaron $ 74.5 millones en ingresos de la compañía durante 2023.

• Infraestructura costera municipal: $ 42.3 millones
• Desarrollo costero privado: $ 32.2 millones

Proyectos de restauración ambiental

Los contratos de restauración ambiental totalizaron $ 45.8 millones en 2023.

Tipo de restauración	Valor de contrato
Restauración de humedales	$ 23.4 millones
Rehabilitación del ecosistema costero	$ 22.4 millones

Orion Group Holdings, Inc. (ORN) - Modelo de negocio: Estructura de costos

Altos costos de mantenimiento y adquisición de equipos

A partir del año fiscal 2023, Orion Group Holdings reportó equipos totales y costos de activos fijos de $ 184.3 millones. Los gastos de capital de la compañía para equipos de construcción marina fueron de aproximadamente $ 12.5 millones en el período de informes anuales.

Categoría de equipo	Costo de mantenimiento anual	Valor de reemplazo
Embarcaciones de construcción marina	$ 7.2 millones	$ 45.6 millones
Equipo de construcción especializado	$ 4.8 millones	$ 32.3 millones
Maquinaria pesada	$ 3.5 millones	$ 26.7 millones

Gastos de la fuerza laboral laboral intensiva

En 2023, Orion Group Holdings incurrió en gastos laborales totales de $ 128.6 millones, con una fuerza laboral promedio de 1,200 empleados.

• Salario anual promedio para trabajadores técnicos: $ 85,500
• Beneficios totales y costos de compensación: $ 42.3 millones
• Gastos de capacitación y desarrollo profesional: $ 2.1 millones

Inversiones de investigación y desarrollo

La compañía invirtió $ 3.7 millones en actividades de investigación y desarrollo durante el año fiscal 2023, centrándose en la tecnología de la construcción marina y las innovaciones de ingeniería.

Gastos operativos específicos del proyecto

Tipo de proyecto	Costo operativo promedio	Total anual
Infraestructura marina	$ 22.6 millones por proyecto	$ 135.6 millones
Construcción en alta mar	$ 18.3 millones por proyecto	$ 109.8 millones
Remediación ambiental	$ 15.4 millones por proyecto	$ 92.4 millones

Inversiones de actualización de tecnología y equipo

Los gastos de actualización de la tecnología totalizaron $ 5.2 millones en 2023, con un enfoque en los sistemas de gestión de proyectos digitales y las tecnologías avanzadas de construcción marina.

• Inversiones de software e infraestructura digital: $ 2.3 millones
• Tecnología de detección y monitoreo avanzado: $ 1.7 millones
• Sistemas de ciberseguridad y protección de datos: $ 1.2 millones

Orion Group Holdings, Inc. (ORN) - Modelo de negocio: flujos de ingresos

Contratos del proyecto de construcción marina

Ingresos totales de construcción marina para el año fiscal 2022: $ 330.4 millones

Tipo de contrato	Porcentaje de ingresos	Valor de contrato promedio
Infraestructura costera	42%	$ 7.2 millones
Instalaciones de transporte marino	28%	$ 5.6 millones
Desarrollo portuario	30%	$ 6.9 millones

Servicios de desarrollo de infraestructura

Ingresos de desarrollo de infraestructura en 2022: $ 87.6 millones

• Proyectos de infraestructura comercial: $ 52.3 millones
• Proyectos de infraestructura gubernamental: $ 35.3 millones

Ingresos de la instalación del parque eólico en alta mar

Ingresos de instalación de viento en alta mar para 2022: $ 45.2 millones

Ubicación del proyecto	Ganancia	Porcentaje de ingresos totales
Nordeste de los Estados Unidos	$ 28.7 millones	63.5%
Región del Atlántico medio	$ 16.5 millones	36.5%

Tarifas del proyecto de remediación ambiental

Ingresos de remediación ambiental total en 2022: $ 22.8 millones

• Proyectos de limpieza costera: $ 12.4 millones
• Restauración ambiental submarina: $ 10.4 millones

Servicios de consultoría de ingeniería marina especializada

Ingresos de servicios de consultoría para 2022: $ 15.6 millones

Tipo de servicio de consultoría	Ganancia	Rango de tarifas por hora
Evaluaciones técnicas	$ 6.2 millones	$ 250- $ 450/hora
Consultas de diseño	$ 5.4 millones	$ 300- $ 500/hora
Aviso de gestión de proyectos	$ 4.0 millones	$ 275- $ 425/hora

Orion Group Holdings, Inc. (ORN) - Canvas Business Model: Value Propositions

You're looking at what Orion Group Holdings, Inc. offers to its customers-the tangible reasons they choose ORN over the competition, especially when the project is mission-critical or requires specialized skill.

Single-source, turnkey concrete solutions for hyperscale data centers

Orion Group Holdings, Inc. positions its Concrete segment as a key provider for the booming data center market, which management noted is a growing tailwind. The demand is clear in their pipeline; data centers represented about 27% of their pipeline as of late 2025. You can see this focus reflected in recent contract wins, such as securing a data center project in Iowa and another multi-story project in Houston during the first half of 2025. By the end of February 2025, the company highlighted strength in data centers with 33 projects to date. The turnkey nature means they handle everything from site prep to rebar placement, simplifying the process for data center developers.

Specialized expertise in complex marine infrastructure and deep-water dredging

The Marine segment consistently delivers strong results, showing operational execution that drives profitability. For instance, in the third quarter of 2025, Marine segment revenues rose to $143 million, and its adjusted EBITDA grew over 50% to $18 million, achieving a 12% margin. Value here comes from handling complex, specialized work like maintenance dredging for the U.S. Army Corp of Engineers and major replacement projects. A recent example is the $113.7 million contract award from the Texas Department of Transportation to replace the State Highway 6 bridge over Lake Waco, anticipated to take approximately 24 months starting in the first quarter of 2025. Furthermore, they are involved in potentially massive environmental work, like the Deschutes Estuary Restoration project in Washington state, which the client estimated at approximately $350 million.

Proven track record of safety and execution on mission-critical projects

The company emphasizes its commitment to safety and timely delivery as a core value, which is critical for infrastructure and data center clients. This execution capability is reflected in their financial performance and ability to secure future work. For the third quarter of 2025, Orion Group Holdings, Inc. generated robust cash flow from operations of $23 million and free cash flow of $14 million, showing they manage the working capital on these large projects effectively. The total backlog as of September 30, 2025, stood at $679 million, indicating a substantial amount of committed, ongoing work that relies on this proven execution.

The ability to secure and execute on large, complex contracts is demonstrated by their recent booking success:

• Total new awards and change orders in Q3 2025 were $160 million.
• Total new contract wins announced in February 2025 reached approximately $211.7 million.
• Total new contract wins announced in June 2025 were approximately $100 million.
• Total new contract awards announced in September 2025 were over $120 million.

This consistent flow of large awards underscores client trust in their execution.

Ability to bid on and execute large-scale, federally-funded public works

Orion Group Holdings, Inc. is positioned to capture large public works opportunities, supported by recent strategic moves. In October 2025, the company expanded its aggregate bonding capacity by $400 million. This increase directly enables the company to bid on and capture larger projects, which often include significant federally-funded infrastructure spending. The Marine segment frequently secures work from federal entities, such as maintenance dredging for the U.S. Army Corp of Engineers. Management also noted that legislative tailwinds, like the One Big Beautiful Bill Act, are expected to positively impact their Marine and Concrete businesses through earmarked funds for infrastructure.

The scale of their current operational capacity and financial health supports this value proposition:

Metric	Value (As of Q3 2025 or Latest Guidance)
Updated Full Year 2025 Revenue Guidance	$825 million to $860 million
Updated Full Year 2025 Adjusted EBITDA Guidance	$44 million to $46 million
Q3 2025 Revenue	$225.1 million
Q3 2025 Adjusted EBITDA	$13.1 million
Total Submitted and Awaiting Award Pipeline	$1.2 billion

They are definitely building capacity to handle bigger government contracts.

Geographic reach across the continental U.S., Alaska, Hawaii, and the Caribbean

Orion Group Holdings, Inc. offers a broad geographic reach through its Marine and Concrete segments, serving clients across diverse and sometimes remote locations. The company explicitly states its services cover the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin. This wide footprint allows them to service national clients with infrastructure needs across their entire operational footprint. For example, recent contract wins have spanned Texas, the Pacific Northwest (Washington state), and Iowa, demonstrating their ability to mobilize across the country for both private and public sector work.

The company is actively managing its asset base to support this reach, for instance, by closing on the sale of its East and West Jones property in October 2025 for an aggregate purchase price of $23.5 million, which aids in debt reduction and focuses capital deployment.

Finance: draft 13-week cash view by Friday.

Orion Group Holdings, Inc. (ORN) - Canvas Business Model: Customer Relationships

You're looking at how Orion Group Holdings, Inc. (ORN) keeps its revenue flowing by managing its client interactions, which is critical given their focus on large, complex infrastructure work. The strategy centers on deep, established relationships rather than transactional sales, which makes sense when you're dealing with projects that can span multiple years.

Dedicated business development for securing large, competitive bids

Orion Group Holdings has clearly been investing in its ability to compete for the biggest contracts. A key action supporting this was the October 2025 increase in aggregate bonding capacity by $400 million. This move directly enables the Company to bid on and capture larger projects, accelerating their long-term growth trajectory. Furthermore, the overall opportunity pipeline has grown significantly, reaching $18 billion over the past two years, showing that business development efforts are identifying substantial potential work. Management is also highlighting that they are on the shortlist for major MAC (Military Construction) contracts, which are inherently large and competitive bids.

Long-term, relationship-based contracting with repeat public and private clients

The foundation of Orion Group Holdings' customer relationship strategy is securing repeat business, which provides revenue stability. The CEO noted in Q1 2025 that they continue to win repeat business with their world-class partners and clients. This is evidenced by the consistent flow of work from major public entities and large private sector players. For instance, recent Marine segment awards included maintenance dredging for the U.S. Army Corp of Engineers. The Concrete segment has also been busy with multiple data centers, cold storage facilities, and manufacturing projects. Here's a quick look at the types of awards booked recently:

Segment	Client/Project Type Example	Recent Award Context
Marine	U.S. Army Corp of Engineers	Maintenance dredging awards
Marine	Port of Tampa Bay	3-year maintenance dredging contract and infrastructure improvement
Concrete	Data Centers	Multiple awards, fueled by AI investment tailwinds
Concrete	Manufacturing/Healthcare	Several projects awarded in Q3 2025

The typical duration for their projects ranges from three to nine months for shorter jobs, extending to multiple years for the larger, more complex ones, which speaks directly to the long-term nature of these relationships.

Direct, high-touch engagement with major hyperscalers and port authorities

Orion Group Holdings maintains direct engagement with key decision-makers in high-growth sectors. The focus on data centers, driven by AI applications, shows a high-touch approach with hyperscalers; they have completed or are working on over 35 separate data center projects. On the marine side, direct engagement with port authorities is evident through specific contract wins. For example, the Marine segment secured two projects with the Port of Tampa Bay, including a 3-year maintenance dredging contract. This level of specificity in contract type suggests deep, ongoing dialogue with these authorities about their long-term infrastructure needs.

Formal joint venture structures for large, complex projects

For the most complex and largest undertakings, Orion Group Holdings utilizes formal structures to manage risk and execution. While specific financial details of joint ventures aren't always public, the strategic focus on large projects implies this structure is active. The Q3 2025 commentary noted Orion is on the shortlist for major MAC contracts, which often require teaming arrangements or joint ventures to meet bonding and capacity requirements. This approach helps Orion participate in projects where the scale exceeds what one entity might typically undertake alone. The recent addition of Robert Ledford to the Board of Directors, with his experience driving strategic growth through mergers and acquisitions, suggests continued focus on structuring for large-scale execution.

• Enhanced bonding capacity by $400 million in October 2025.
• Opportunity pipeline grew to $18 billion over two years.
• Marine segment revenue for Q3 2025 was $143 million.
• Concrete segment revenue for Q3 2025 was $82 million.

Finance: draft 13-week cash view by Friday.

Orion Group Holdings, Inc. (ORN) - Canvas Business Model: Channels

You're looking at how Orion Group Holdings, Inc. (ORN) gets its work done and delivers its value propositions across different client types. It's not just one door they knock on; it's a mix of government tenders, direct deals with big industry players, and teaming up with other large contractors. This mix is key to hitting their updated full-year 2025 revenue guidance of $825 million to $860 million.

The company's channel strategy clearly favors direct engagement, especially in the Marine segment, which brought in $143 million in revenue during the third quarter of 2025, compared to the Concrete segment's $82 million for the same period, totaling $225.1 million in Q3 2025 revenue.

Direct bidding process for public sector contracts (e.g., Texas DOT)

This channel is vital, particularly for the Marine segment, where public work dominates. For the first quarter of 2025, Marine segment revenue showed that public sector work accounted for $100,222 thousand, which was $78.8\%$ of that segment's total revenue of $127,163 thousand.

• The Texas Department of Transportation awarded Orion Group Holdings, Inc. a $113.7 million contract to replace the State Highway 6 bridge over Lake Waco, anticipated to start in the first quarter of 2025 over approximately 24 months.
• Recent Marine awards in Q3 2025 included maintenance dredging for the U.S. Army Corp of Engineers.
• The company is actively positioning for massive federal work, having been shortlisted on the $15 billion Pacific Deterrence Initiative and the $8 billion Hawaii Wake Island MACs.

Direct negotiation and contracting with large private industrial clients

Orion Group Holdings, Inc. secures significant private work through direct relationships, which is evident across both segments. The company noted strength in data centers, having secured 33 projects to date as of February 2025.

Client/Sector Type	Segment	Example Value/Count (2025 Data)	Context
Private Industrial/Ports	Marine	$29.8 million	Three separate contracts for repair work at Port Houston and Port of Galveston, expected completion in 2025.
Data Centers/Manufacturing	Concrete	Multiple awards in Q3 2025	Q3 2025 Concrete segment awards included multiple data centers, a cold storage facility, and several manufacturing projects.
Hyperscalers	Concrete	High demand	Deep partnerships position Orion to capture growth in data center construction.

This direct private work helps balance the public sector focus, contributing to the $21.2\%$ private sector share of Marine revenue in Q1 2025 ($26,941 thousand).

Subcontracting arrangements with major general contractors

The Concrete segment frequently utilizes subcontracting roles, often with established partners. This channel allows Orion Group Holdings, Inc. to participate in larger, complex builds where a general contractor leads the primary contract.

• Orion Concrete secured a multi-story project award as a subcontractor for Hanover Development Company in Houston, Texas, following the successful completion of a 43-story high-rise project for the same client.
• The Concrete segment secured work in collaboration with partners Corvus and Harvey for industrial warehouses and a food processing building in Houston.

Joint venture agreements for specific, large-scale project execution

For projects requiring specialized expertise or scale beyond a single contractor's capacity, Orion Group Holdings, Inc. enters into joint ventures. This expands the size of projects they can pursue, supported by their recent $400 million expansion in aggregate bonding capacity in October 2025.

Orion's Washington-based marine segment entered a general contractor/construction management contract as a joint venture partner with Kraemer North America (KOJV) for the Deschutes Estuary Restoration project.

The client currently estimates the value of the Deschutes Estuary Restoration project at approximately $350 million.

This JV work is critical for capturing very large, complex infrastructure opportunities.

Orion Group Holdings, Inc. (ORN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Orion Group Holdings, Inc. (ORN) as of late 2025, which is clearly split between their Marine and Concrete segments, serving a mix of public and private entities. The overall financial context is set by the updated Fiscal Year 2025 revenue guidance, which management raised to a range of $825 million to $860 million.

The total backlog, a key indicator of future work from these segments, stood at $679 million as of September 30, 2025, following $160 million in new awards and change orders during the third quarter of 2025.

Here's a look at how the revenue was split across the two main operating segments in the third quarter of 2025:

Segment	Q3 2025 Revenue (in millions)	Q3 2025 Adjusted EBITDA (in millions)
Marine	$143 million	$18 million
Concrete	$82 million	-$4 million (Loss)

Federal and state government agencies (e.g., Army Corps, DOTs)

This group forms a significant portion of the Marine segment's work, often involving critical infrastructure maintenance and upgrades. For the first quarter of 2025, the Marine segment's public sector revenue accounted for 78.8% of its total segment revenue, equating to $100,222 thousand.

• Recent Marine awards included maintenance dredging for the U.S. Army Corp of Engineers.
• A major state award was the Texas Department of Transportation contract, approved in February 2025, valued at $113.7 million to replace the State Highway 6 bridge over Lake Waco, with an anticipated construction duration of approximately 24 months starting in Q1 2025.

Port and maritime authorities focused on trade and defense infrastructure

These authorities are key clients for both dredging and marine construction services, helping to maintain and expand trade capacity. The Marine segment's private sector revenue was 21.2% of its total in Q1 2025, which was $26,941 thousand.

• Orion Marine secured multiple projects with the Port of Tampa Bay, including a 3-year maintenance dredging contract expected to start in September 2025.
• Other port work included repair of Wharves 20 and 21 for the Port of Houston and improvements to Cruise Terminal 16 for the Port of Galveston, valued in total at $29.8 million for projects expected to complete in 2025.

Large commercial and industrial developers, especially data center clients

Demand from data center developers is a major tailwind, particularly for the Concrete segment. Management noted in Q3 2025 earnings calls that data centers represented about 27% of the Company's revenue for that quarter.

• Orion Group Holdings had secured 33 data center projects to date as of February 2025.
• In June 2025, the Concrete segment won a contract award valued at $33 million that specifically included a data center project in Iowa.
• The overall opportunity pipeline for Orion was reported as a very robust $1.2 billion awaiting award as of late October 2025.

Energy and manufacturing companies requiring specialized concrete foundations

The Concrete segment serves industrial clients needing robust foundations for large facilities. Recent contract wins reflect this diversification beyond just data centers.

• Recent Concrete awards mentioned in Q3 2025 included several manufacturing and healthcare projects.
• In June 2025, the Concrete segment secured a contract for the foundation of a cold storage facility for U.S. Foods.
• New projects commencing early in 2025, announced in February, included industrial warehouses and a food processing building in Houston, part of over $68.2 million in new Concrete awards.

Private owners of marine transportation facilities (e.g., Weyerhaeuser Company)

This category involves private sector marine infrastructure replacement and upgrade work, often for major industrial shippers. The Marine segment secured a notable project from a private owner in mid-2025.

• Orion Marine was awarded the Longview Export Dock Replacement project for Weyerhaeuser Company.
• This project, valued in the Marine segment's June 2025 wins, involves replacing an existing timber structure with a new concrete structure supported by steel pipe piles, with an expected duration of 12 months starting in Q3 2025.

You should review the Q1 2025 Marine segment revenue split to see the split between public and private work for that period:

Marine Customer Type (Q1 2025)	Revenue (in thousands)	Percentage of Marine Revenue
Public sector	$100,222	78.8%
Private sector	$26,941	21.2%
Total Marine Segment Revenue	$127,163	100.0%

Finance: draft 13-week cash view by Friday.

Orion Group Holdings, Inc. (ORN) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Orion Group Holdings, Inc.'s operational spending. For a specialty construction company like Orion Group Holdings, Inc., the costs tied directly to getting work done are the biggest factor, followed closely by keeping the heavy machinery running.

The cost of contract revenues-which includes direct labor, materials, and subcontractors-is substantial. Based on the third quarter of 2025 performance, the total cost was approximately $195.3 million, calculated by taking the reported revenue of $225.1 million and subtracting the gross profit of $29.8 million for that period.

This naturally leads to the significant capital expenditures Orion Group Holdings, Inc. must budget for its fleet and equipment. The company reaffirmed its guidance for these necessary investments for the full fiscal year 2025.

You'll also see overhead costs reflected in the Selling, General, and Administrative (SG&A) expenses. These expenses were reported at $25.1 million for the third quarter of 2025, which was an increase from the $20.8 million reported in the third quarter of 2024, primarily due to investments supporting business growth.

Here's a quick look at the key cost-related and related financial metrics from the latest reports:

Cost/Financial Metric	Amount/Range (USD)	Period/Context
Inferred Cost of Contract Revenues	$195.3 million	Q3 2025 (Calculated)
Selling, General, and Administrative (SG&A) Expenses	$25.1 million	Q3 2025
Capital Expenditures Guidance	$25 million to $35 million	FY 2025 Guidance (Reaffirmed)
Gross Profit	$29.8 million	Q3 2025
Revenue (for context)	$225.1 million	Q3 2025

The specialized nature of the Marine segment means costs for maintaining and insuring those assets are a constant drain, though specific figures aren't broken out in the guidance. Similarly, project-specific bonding and insurance costs fluctuate based on the size and risk profile of the contracts Orion Group Holdings, Inc. secures. To support bidding on larger work, the company expanded its aggregate bonding capacity by $400 million in October 2025.

The operational costs are managed against the backdrop of the full-year outlook. The updated FY 2025 revenue guidance is now $825 million to $860 million, while the Adjusted EBITDA guidance is set between $44 million to $46 million.

You should keep an eye on these key operational cash flows, as they reflect how efficiently working capital is managed against these costs:

• Cash flow from operations: $23 million in Q3 2025.
• Free cash flow: $14 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Orion Group Holdings, Inc. (ORN) - Canvas Business Model: Revenue Streams

Contract revenues from the Marine segment, which includes dredging and port construction, reached $143 million in the third quarter of 2025. This segment's Adjusted EBITDA margin for Q3 2025 was 12%.

Contract revenues from the Concrete segment, covering foundations and structures, were the remainder of the third quarter 2025 revenue, following the Marine segment's $143 million. The Concrete segment's contribution EBITDA margin in the third quarter of 2025 was 2%.

Orion Group Holdings, Inc. increased its full-year 2025 revenue guidance to a range of $825 million to $860 million, up from prior guidance of $800 million to $850 million.

The revenue streams are heavily supported by large, fixed-price contracts. A notable example is the contract from the Texas Department of Transportation for the replacement of the State Highway 6 bridge over Lake Waco, valued at $113.7 million.

Fees from long-term maintenance and repair contracts contribute to stability. Orion Marine secured a 3-year maintenance dredging contract with Port Tampa Bay, set to begin in September 2025.

Here's a quick look at recent segment revenue performance:

Period End Date	Marine Segment Revenue	Concrete Segment Revenue	Total Contract Revenues
June 30, 2025 (Q2 2025)	$135 million	$70 million	$205.3 million
September 30, 2025 (Q3 2025)	$143 million	Implied $82.1 million	$225.1 million

New contract awards announced in early 2025 further bolster the revenue pipeline:

• Total new Marine and Concrete awards announced February 2025: approximately $211.7 million.
• New Marine awards announced February 2025: approximately $143.5 million.
• New Concrete awards announced February 2025: over $68.2 million.
• New Marine and Concrete awards announced June 2025: approximately $100 million.
• The 3-year maintenance dredging contract with Port Tampa Bay is part of the Marine division's $67 million in new wins announced in June 2025.