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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-07-22 00:00:00",
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  "notes": "Spruce Point Capital Management research note; highlights the discrepancy between reported growth and organic segment performance.",
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      "text": "Assuming the GCR segment continues to decline at a mid-single-digit rate through year-end, this implies the ODR segment is expected to grow nearly 35% y/y through year-end to support the midpoint of FY25 guidance.",
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      "text": "Revenue Growth: 34.5%",
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      "text": "Following the Pioneer Power acquisition, we believe Limbach will need to materially raise its 2025 revenue guidance to avoid multiple compression, as the lack of underlying organic growth would likely become more apparent to investors.",
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      "text": "1) 2025E based on midpoint of management's guidance; assumes GCR segment down mid-single digits balance of year",
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      "kind": "source-note",
      "text": "Source: Spruce Point analysis",
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      "text": "Implied Growth Based On Management's Guidance table showing revenue and Y/Y growth for ODR and GCR segments.",
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      "text": "We Believe Headline Growth Obscures Slowing Organic Trends",
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