NV5 Global, Inc. (NVEE): Business Model Canvas [Dec-2025 Updated]

You're looking past the stock ticker to see the actual engine driving NV5 Global, Inc., and frankly, it's a disciplined, aggressive 'buy-and-build' strategy focused on essential, tech-enabled engineering services that clients can't easily cut. As someone who's spent two decades analyzing these structures, I see a model built on acquiring specialized talent and integrating it fast, pushing 2025 gross revenues toward a guidance range of $1.026 billion and $1.045 billion. But how do they keep the high-margin services flowing while managing the integration costs from all those acquisitions? Dive into the nine blocks of their Business Model Canvas below to see precisely where the value is captured and what keeps their decentralized network humming.

NV5 Global, Inc. (NVEE) - Canvas Business Model: Key Partnerships

You're looking at the relationships that underpin NV5 Global, Inc.'s (now a subsidiary of Acuren Corporation) operations as of late 2025. These aren't just casual contacts; these are strategic alignments driving service delivery and market expansion, especially after the major August transaction.

Strategic Merger with Acuren Corporation (August 2025) for TICC Expansion

The most significant partnership shift was the merger with Acuren Corporation, which closed on August 4, 2025. This move was structured to create a market-leading North American provider of Testing, Inspection, Certification, and Compliance (TICC) services and critical asset integrity solutions. The deal valued NV5 Global, Inc. at an enterprise value of approximately $1.7 billion, which included the full repayment of NV5's outstanding debt at the time. For each share of NV5 common stock, stockholders received $10.00 in cash and 1.1523 shares of Acuren common stock, valuing the total consideration at $23.00 per share. Post-closing, the ownership structure reflects that pre-merger NV5 stockholders hold approximately 40% of the combined company, while Acuren stockholders hold about 60%. The resulting entity now boasts more than $2 billion in revenue, 11,000 employees, and over 230 locations. NV5's common stock stopped trading on Nasdaq immediately before market open on August 4, 2025.

The combined entity's scale is a direct result of this partnership:

Integration of 2025 Acquisitions

NV5 Global, Inc. executed several tuck-in acquisitions in the first quarter of 2025 to bolster specific service lines before the Acuren merger. The integration of these firms is a key partnership strategy for expanding service offerings and realizing revenue synergies. The company had a formal target to generate $40 million in incremental cross-sell revenue over the 12 months following these Q1 2025 deals.

• Herman Cx: Acquired March 12, 2025, to strengthen commissioning expertise for hyperscale data centers.
• CRS Survey PLLC: Acquired March 21, 2025, to expand geospatial surveying capabilities for transportation infrastructure in North Carolina.
• Group Delta: Acquisition agreement announced January 13, 2025, to enhance infrastructure engineering, testing, and environmental PFAS services.

Long-Term Relationships with Government Agencies for Mandated Projects

A core component of the business model relies on long-term, mandated work with public sector clients. Historically, NV5 Global, Inc. has secured over $1.1B in federal contracts. The U.S. Geological Survey (USGS) has historically been the largest awarding agency, responsible for 50% of federal awards. More recently, the company has landed significant, multi-year government work:

• National Oceanic and Atmospheric Administration (NOAA): Selected in June 2025 for a five-year, multiple award contract valued up to $250 million for shoreline mapping.
• New York City Department of Parks and Recreation: Awarded over $20 million in engineering design and construction management contracts by June 2025.
• Florida Department of Transportation (FDOT): Awarded a five-year, $5 million contract in March 2025 for geotechnical engineering.

Technology Vendors for Proprietary Geospatial and AI Software

NV5 Global, Inc. partners with major technology providers to support its geospatial and AI-driven analytics offerings. The company applies sophisticated analytic AI frameworks, including proprietary deep learning and computer vision models. The ENVI Ecosystem software suite integrates seamlessly with ArcGIS. Key infrastructure and data partners include:

Subcontractors for Specialized, Local Project Execution

To execute specialized, local project requirements efficiently, NV5 Global, Inc. relies on a network of external partners. Historically, the company has managed over 1K+ Subcontracts, totaling $162.4M in historical subcontract value. This structure allows for rapid scaling of specialized labor without permanent overhead.

Finance: draft 13-week cash view by Friday.

NV5 Global, Inc. (NVEE) - Canvas Business Model: Key Activities

You're looking at how NV5 Global, Inc. actually makes its money day-to-day, which centers on disciplined growth and service delivery across its verticals. The company's strategy is clearly mapped to essential, non-discretionary spending.

Executing a disciplined M&A strategy to expand service lines

NV5 Global, Inc. actively uses acquisitions to scale and diversify its platform. In 2024 alone, the company completed eleven acquisitions with a total reported purchase price of $86,852. This activity continued into 2025, with three acquisitions completed in the first quarter, including Herman Cx and CRS Survey, which immediately contributed to cross-selling opportunities. This buy-and-build model is central to achieving the reaffirmed full-year 2025 gross revenue guidance between $1.026 billion and $1.045 billion.

Delivering tech-enabled engineering, testing, and inspection (TIC) solutions

The core activity is providing tech-enabled engineering, testing, inspection, and consulting solutions, which are less sensitive to economic cycles because they support mandated regulatory compliance and essential infrastructure. The first quarter of 2025 showed strong execution in key areas:

• Infrastructure Support segment grew by 12% year-over-year in Q1 2025.
• Buildings & Technology segment expanded by 17% year-over-year in Q1 2025.
• The company is focused on maintaining a strong gross profit margin, which was 52.6% in Q1 2025.

Cross-selling services across Infrastructure and Buildings & Technology segments

A key operational focus is integrating acquired entities to drive incremental revenue from existing clients. Management set a specific target for this activity, aiming for $40 million in cross-selling revenue over the twelve months following the first quarter of 2025. The recent acquisitions in Q1 2025 were noted as already contributing to these cross-selling efforts.

Developing and integrating proprietary geospatial data and software (SaaS)

NV5 Global, Inc. is actively shifting toward technology-driven services, with Geospatial Solutions being a dedicated segment. While the Geospatial segment saw slower growth in Q1 2025 due to temporary federal delays, management expects acceleration, particularly in asset management applications that include recurring revenue from software. This focus on geospatial data applications and software is a major factor in the company's margin health strategy.

Managing a decentralized network of over 100 operating locations

The business operates using a structure designed to maintain local market expertise while leveraging a shared services platform. NV5 Global, Inc. manages a decentralized network of over 100 locations across the U.S. and abroad. This structure supports the delivery of services across its three main segments, which, based on 2024 performance, generated the following gross revenues:

The total gross revenue for the company in 2024 was $941.3 million, with Q1 2025 reaching $234.0 million.

NV5 Global, Inc. (NVEE) - Canvas Business Model: Key Resources

You're looking at the core assets that let NV5 Global, Inc. deliver its tech-enabled engineering and consulting solutions. Honestly, it's a mix of people, physical footprint, and financial muscle that lets them keep growing through acquisition and organic effort.

Specialized human capital: Licensed engineers and certified technical experts

The people are the engine here, bringing the necessary credentials to the table. As of December 28, 2024, NV5 Global, Inc. had a total workforce of 5,024 employees. 4,714 of those were full-time staff, showing a commitment to core, long-term expertise. This headcount represented a year-over-year increase of 918 employees, or 22.36%, largely fueled by their acquisition strategy. While the exact count of licensed engineers isn't public, the company emphasizes that each office is staffed with professionals who understand the local and regional markets they serve.

Extensive network of over 100 accredited laboratories and field offices

The physical reach is significant, supporting local client engagement across diverse geographies. NV5 Global, Inc. operates over 100 locations in the U.S. and abroad. This network supports their service verticals by providing local market expertise backed by centralized corporate functions. Furthermore, their in-house laboratories undergo routine inspection by agencies like the Cement and Concrete Reference Laboratory ("CCRL") of the National Institute of Standards and Measures, showing a commitment to quality assessment standards.

Strong balance sheet and access to capital for strategic acquisitions

Financial flexibility is key to their growth-by-acquisition model. For the full year 2024, NV5 Global, Inc. reported gross revenues of $941.3 million, with a gross profit margin of 51.3%. The company's net leverage remained low at 1.4x as of December 28, 2024, indicating a solid capital structure to support further borrowing. This access to capital was actively used in 2024, where the company completed eleven acquisitions with a total purchase price noted as $86,852. For the first quarter of 2025, cash flows from operations totaled $38 million, a 96% increase over Q1 2024, further bolstering liquidity. They are reaffirming full-year 2025 revenue guidance between $1.026 billion and $1.045 billion.

Here's a quick look at the recent financial performance supporting this capital base:

Proprietary geospatial data, LiDAR, and remote sensing technology

Technology underpins their service differentiation, especially in the Geospatial Solutions (GEO) segment. NV5 Global, Inc. specializes in engineering design, asset management, and geospatial data analytics to support infrastructure resilience. Their tech-enabled solutions are used to improve the efficiency and capacity of various infrastructure types.

Intellectual property in Lifecycle Commissioning® and conformity assessment

The company has built specific expertise around asset performance and regulatory adherence. NV5 Global, Inc. has expanded its offerings to include proprietary Lifecycle Commissioning® services, which ensures reliable performance throughout a facility's life. This includes providing all five levels of mission-critical testing, from factory acceptance to integrated systems testing. Furthermore, their conformity assessment services span a wide spectrum of regulatory frameworks, including specialized expertise in FERC and NERC compliance monitoring and consulting, ensuring full adherence to federal and state building codes.

You should review the Q2 2025 10-Q filing when it releases to see the updated employee count and the impact of any Q1/Q2 acquisitions on the balance sheet leverage.

NV5 Global, Inc. (NVEE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why NV5 Global, Inc. commands its market position as of late 2025. The value they deliver isn't just in engineering drawings; it's in the stability and technological edge they bring to essential infrastructure projects. This is about de-risking projects for clients by offering services that are both mandated and increasingly tech-driven.

Recession-resilient revenue from mandated, non-discretionary services

NV5 Global, Inc. anchors its model on services that clients, especially government and utilities, simply must procure, regardless of the economic climate. This creates a highly predictable revenue base. For instance, the Infrastructure Support team showed strong resilience, growing 12% year-over-year in Q1 2025, driven by steady demand from utilities and transportation departments. To be fair, this stability is what makes the company an attractive target for consolidation. Approximately half of the Geospatial segment's revenue is tied directly to federal contracts in areas like defense and public safety, which are budget priorities.

Comprehensive, single-source solutions for the built environment

NV5 Global, Inc. aims to be the one-stop shop for planning, designing, building, testing, certifying, and operating critical assets. This reduces vendor management complexity for clients across their six main verticals, including infrastructure, buildings, and geospatial services. The company's backlog entering the second half of 2025 stood strong at $906 million, representing 88% of the low-end of their full-year revenue guidance, showing high project visibility.

Expertise in high-growth sectors like data center commissioning and utility grid hardening

The focus on high-growth, capital-intensive areas provides a significant tailwind. The Buildings & Technology segment, which houses data center and clean energy services, expanded by 17% year-over-year in Q1 2025. This is a clear indicator of capturing demand in the AI and cloud computing build-out. The company secured contracts worth $18 million for data center design and commissioning as recently as March 2025. This strategic pivot away from purely cyclical work is key to their margin story.

High-margin, tech-enabled services, including a digital twin offering

The integration of technology is moving NV5 Global, Inc. up the value chain toward higher-margin, recurring revenue. Their digital twin services, used in building management, are commissioned on a subscription basis. This tech-enabled focus is showing up in the numbers; Q1 2025 saw geospatial software revenues growing at double-digit rates with improved margins. The company is actively targeting a 150 basis point increase in its adjusted EBITDA margin for the full year 2025, building on a Q1 2025 gross margin of 52.6%.

Technical excellence and conformity assessment for regulatory compliance

The Testing, Inspection, and Certification (TIC) services are inherently linked to regulatory mandates, reinforcing the recession resilience. This is the core of their conformity assessment value. The company's overall financial targets for 2025 reflect this focus on high-value, compliance-driven work, projecting full-year gross revenues between $1.026 billion and $1.045 billion.

Here's a quick look at the financial metrics supporting these value propositions as of the first quarter of 2025:

The value proposition is further cemented by the operational efficiency gains NV5 Global, Inc. is realizing:

• Cash flows from operations in Q1 2025 totaled $38.4 million, a 96% increase year-over-year.
• Targeting 60% conversion of adjusted EBITDA into unlevered free cash flow for FY 2025.
• Reduced net leverage to 1.3x as of March 29, 2025.
• Launched a cross-selling program in Q2 2025 with an annual revenue target of $40 million.
• Achieved 129% conversion rate of adjusted EBITDA to cash from operations in Q1 2025.

Honestly, the combination of mandated work and high-growth tech adoption is what separates their value from pure-play engineering firms. Finance: draft Q2 2025 cash flow projection incorporating the backlog conversion rate by Monday.

NV5 Global, Inc. (NVEE) - Canvas Business Model: Customer Relationships

You're looking at how NV5 Global, Inc. keeps its clients close and growing that revenue stream. It's about embedding themselves into essential, non-discretionary work, which is why they call themselves a safe port in a storm of uncertainty.

Dedicated account managers for long-term public sector contracts

NV5 Global, Inc. structures its relationships to secure long-term, mandated work, especially with government entities. This approach is evidenced by securing multi-year agreements, such as the five-year, $5 million contract with the Florida Department of Transportation (FDOT) for geotechnical engineering and materials testing services. The stability from these government and utility relationships is what underpins their overall financial health, reflected in a strong project backlog of $906 million as of the first quarter of 2025.

Proactive cross-selling to achieve a $40 million cross-selling revenue target

A major focus for 2025 is actively selling across service lines to existing clients. NV5 Global, Inc. introduced a new cross-selling program in the second quarter of 2025 with a specific annual revenue target of $40 million. This initiative is a direct result of their vertically-structured model, designed to prevent clients from being siloed by geography. Success in this area helps drive the overall organic growth target for 2025, which management reaffirmed to be between 5% and 9%.

Direct, high-touch relationships with key utility and federal clients

The firm cultivates deep relationships with clients in high-growth, essential sectors. For instance, NV5 Global, Inc. has been awarded $18 million in recent design and commissioning contracts for data centers across the U.S. and Asia in the first quarter of 2025, indicating high-touch engagement with key technology infrastructure players. Furthermore, the Infrastructure segment is seeing robust activity from investments in utilities, transportation, and water infrastructure, particularly in the Northeast and Southeast regions.

The types of high-value client engagements include:

• Direct work with major utility clients for wildfire mitigation, securing $9 million in recent contracts.
• Serving U.S. Federal, state, and local governments.
• Engaging with private sector clients like universities and hospitals.

Maintaining entrepreneurial culture within acquired firms for client continuity

Client continuity is supported by integrating new firms while preserving their operational spirit. NV5 Global, Inc. executed three acquisitions in the first quarter of 2025 alone-Herman Cx, CRS Survey, and Group Delta-to expand capabilities in areas like data center commissioning and geospatial services. This 'buy-and-build' strategy is intended to scale the platform while keeping the specialized, entrepreneurial culture intact, which helps retain the client base of the acquired entities.

Providing expert witness and forensic engineering services

NV5 Global, Inc. provides specialized, high-value consulting that goes beyond standard design. This includes offering clarity and confidence through engineering judgments in complex fire safety situations, which is critical when real-world scenarios don't fit standard codes. This type of specialized, expert service is part of the technology-enabled solutions that are key drivers for the company's projected 2025 gross revenues between $1.026 billion and $1.045 billion.

Here's a quick look at the financial context supporting these relationship-driven growth initiatives as of the first half of 2025:

Finance: draft 13-week cash view by Friday.

NV5 Global, Inc. (NVEE) - Canvas Business Model: Channels

You're looking at how NV5 Global, Inc. gets its services-from massive federal mapping projects to local engineering reviews-into the hands of clients. It's a multi-pronged approach that mixes boots-on-the-ground presence with specialized digital delivery.

Direct sales teams for large-scale infrastructure and government contracts

The direct sales channel focuses on securing substantial, multi-year government work. This is where you see the big contract wins that provide revenue stability. For instance, NV5 Global, Inc. was selected by the National Oceanic and Atmospheric Administration (NOAA) in June 2025 for a five-year, multiple award contract valued at up to $250 million to advance national shoreline mapping. Also, in January 2025, the company was selected by the National Geospatial-Intelligence Agency as one of the vendors for the $200 million Luno B commercial data indefinite delivery, indefinite quantity contract. These large government contracts are key to securing the projected full-year 2025 gross revenues between $1.26 billion and $1.45 billion.

Network of over 100 local and regional offices for service delivery

Service delivery relies heavily on a broad physical footprint. NV5 Global, Inc. operates out of more than 100 offices nationwide and abroad. This local presence helps them serve state and local government clients, as well as private sector clients needing on-site testing, inspection, and engineering support. The strategy is to use local market expertise to win and execute regional projects, which feeds into the overall revenue picture, with TTM revenue reported around $0.98 Billion USD as of November 2025.

Digital platforms for subscription-based geospatial data and software

The Geospatial segment is a primary channel for digital delivery, often involving recurring revenue from software and data access. In the first quarter of 2025, this segment generated gross revenue of $63 million. Management noted expectations for growth in asset management applications, including recurring revenue from software within this segment. This channel supports clients who need ongoing access to high-quality geospatial data, such as the utility clients receiving support for wildfire mitigation under a recent $9 million contract award.

The breakdown of segment revenue provides context for where these channels are most active, even using the most detailed figures available from the prior year's segment reporting:

Investor relations and public communications for capital market access

While not a client-facing channel, the communication with capital markets is a critical channel for funding growth and acquisitions. As of July 30, 2025, NV5 Global, Inc.'s market capitalization stood at $1.51B, supported by approximately 67M shares outstanding. Public communications reinforce the company's position as a provider of mandated services, which management views as a 'safe port in a storm of uncertainty.' The company is targeting adjusted EPS between $1.27 and $1.37 for the full year 2025.

Integrated business development across all three operating segments

A key channel strategy is forcing integration and cross-selling between the established segments. NV5 Global, Inc. has set a cross-selling revenue target of $40 million over the next 12 months, with the program launching in Q2 2025. This is supported by recent acquisitions that have already contributed to cross-selling opportunities. The Infrastructure and Buildings and Technology segments showed strong Q1 2025 organic growth, with Infrastructure & Buildings growing by 12% and Technology growing by 17% year-over-year. You see this integration in action when new acquisitions contribute to organic growth acceleration.

Finance: draft 13-week cash view by Friday.

NV5 Global, Inc. (NVEE) - Canvas Business Model: Customer Segments

You're looking at the client base for NV5 Global, Inc. as of late 2025. Honestly, the company's structure shows a heavy reliance on stable, mandated work, which is what keeps the lights on, so to speak.

The overall client roster is quite broad, serving approximately 11,300 clients as of the 2024 reporting period. Still, client concentration is a factor you need to watch; the ten largest clients accounted for about 25% of 2024 gross revenues. For context, NV5 Global, Inc. reported gross revenues of $941.3 million for the full year 2024. Management is projecting 2025 gross revenues to fall between $1.026 billion and $1.045 billion. The company operates out of over 100 locations in the U.S. and internationally.

The customer base is best understood through the lens of the company's three operating segments, which give us a clear picture of where the revenue is coming from. Here's the quick math on the 2024 revenue breakdown by segment, which directly reflects the primary customer types:

This table shows that roughly 73% of the 2024 revenue came from segments heavily tied to government and essential infrastructure spending, which management views as resilient.

Public and quasi-public sector clients form a bedrock of the business. This group includes state Department of Transportations (DOTs), municipalities, and utility providers. The Infrastructure Support segment, which generated $101 million in Q1 2025 gross revenue, is driven by this base, focusing on utility, transportation, and water infrastructure services.

Federal defense and intelligence agencies are a key target within the Geospatial Solutions segment. NV5 Global, Inc. has specifically made moves to enhance its in-house capability for LiDAR, topobathy, and sonar services tailored for the federal government and offshore wind applications, which serve these defense and intelligence needs.

Commercial and corporate clients are primarily served through the Buildings & Technology segment. This area is showing the fastest growth, expanding by 17% year-over-year in Q1 2025. Within this segment, the customer mix for revenue is quite specific:

• Building systems engineering makes up 43% of segment revenue.
• Environmental services account for 30% of segment revenue.
• Data centers represent 15% of segment revenue.
• Clean energy conversion accounts for 12% of segment revenue.

Data centers, in particular, are noted as an increasingly important growth driver for NV5 Global, Inc.

Private developers and construction firms are integrated into the client base across multiple segments, particularly through construction quality assurance and building systems engineering services. The company also recently acquired a firm specializing in facility technologies for public safety infrastructure, which suggests an expansion into specific private/public partnership or municipal-adjacent commercial work in the Northeast.

The company's focus on mandated services, like testing, inspection, and certification (TIC), means that a significant portion of the client base requires services that are not easily delayed by economic uncertainty. For instance, in Q1 2025, management noted no delays or cancellations observed in funded projects, which speaks directly to the stability of the public sector customer commitments.

NV5 Global, Inc. (NVEE) - Canvas Business Model: Cost Structure

You're looking at the expense side of NV5 Global, Inc.'s operations as of late 2025, which is heavily influenced by its growth-by-acquisition strategy and its reliance on highly skilled people. Honestly, for a professional services firm, people costs will always dominate, but here, debt service adds another layer of fixed commitment.

High personnel costs for specialized engineering and technical staff are the primary driver of the cost base. The company employed 5,024 total employees as of July 30, 2025. This headcount supports their service delivery across all verticals. For the three months ended March 29, 2025, the overall Operating Expenses rose to $118.8 million, a 10.6% increase year-over-year, which the company specifically noted was influenced by higher payroll costs.

The cost structure includes significant amortization and interest expense from acquisition debt. This reflects the capital structure used to fund the ongoing M&A pipeline. For instance, in the first quarter of 2025, Interest Expense was reported at $3.5 million (or $3,545 thousand), down from $4.2 million (or $4,191 thousand) in the prior year period. Furthermore, the drop in Income from Operations for the full year 2024 to $43.4 million (from $60.0 million in 2023) was attributed in part to increased amortization expenses.

General and administrative (G&A) costs for centralized shared services are managed to maintain scalability. NV5 Global, Inc. operates all its offices using a shared services platform covering human resources, marketing, finance, IT, and legal functions. While this structure aims for efficiency, G&A costs contributed to the pressure on profitability, as evidenced by the full-year 2024 Income from Operations decline, which was also cited as being due to increased general and administrative expenses.

Costs related to strategic acquisitions and earn-out fair value adjustments are a recurring feature. In the first quarter of 2025 alone, the company completed three acquisitions with a Total Consideration paid of $9,397 thousand. This purchase price results in the recognition of Goodwill, measured as the excess consideration over the fair value of net assets acquired. The balance sheet also reflects contingent earn-out liabilities, which were $670 thousand as of March 29, 2025.

Finally, there are the operating expenses for maintaining over 100 physical offices and laboratories across the U.S. and abroad. These physical locations house the technical staff and specialized equipment necessary to deliver their engineering and consulting solutions. The company's Gross Revenues for the trailing twelve months (TTM) ending in 2025 were approximately $0.98 Billion USD.

Here's a quick look at the cost-related components from the first quarter of 2025 compared to the same period in 2024 (in thousands):

You should keep an eye on the direct costs, which are primarily personnel-related, as they represent the largest single expense category before overhead. The gross profit margin held steady at 52.6% for both Q1 2025 and Q1 2024, suggesting cost control on direct labor was effective even with rising payrolls.

The components driving the increase in Direct Costs include:

• Direct salaries and wages increased as a percentage of gross revenues.
• Other direct costs decreased as a percentage of gross revenues.
• Sub-consultant services increased as a percentage of gross revenues by 1.9%.

NV5 Global, Inc. (NVEE) - Canvas Business Model: Revenue Streams

You're looking at how NV5 Global, Inc. actually brings in the money, which is key to understanding its valuation. The revenue streams are heavily weighted toward essential, non-discretionary services, which is why management calls the firm a safe port in economic uncertainty.

The full-year 2025 projection for gross revenues is set between $1.026 billion and $1.045 billion. This guidance was reaffirmed after a strong first quarter.

The revenue base is clearly segmented, with the Infrastructure Support category being the largest contributor based on early 2025 performance. Here is the breakdown of the Q1 2025 gross revenue contribution by segment:

The Infrastructure Support segment is projected to be the largest, with its Q1 2025 revenue of $101 million representing 43.2% of the total Q1 gross revenue of $234.0 million. This stream is driven by mandated work like utility, transportation, and water infrastructure services, and it saw a 12% year-over-year growth in Q1 2025.

Fees from Buildings & Technology services accounted for $70 million in Q1 2025, or 29.9% of the total. This segment includes high-growth areas like data center commissioning, which itself grew to represent 15% of the segment's revenue. The segment posted a strong 17% year-over-year growth in Q1 2025.

Geospatial Solutions revenue, which was $63 million in Q1 2025, comes from specialized services. This stream is explicitly tied to:

• Federal contracts, though these experienced temporary delays early in the year.
• Utility asset management applications, including coastal infrastructure work.
• The expectation of accelerated growth later in 2025 as federal awards resolve.

NV5 Global, Inc. is also building out its more predictable income base. You should note the focus on recurring revenue streams, which are essential for smoothing out the lumpiness of large project fees. This recurring component comes from:

• Subscription-based software offerings within the Geospatial segment.
• Conformity assessment services.

The company is actively targeting 5% to 9% organic growth for the full year 2025, on top of the revenue generated by its acquisition strategy. Finance: draft 13-week cash view by Friday.