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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-07-22 00:00:00",
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      "text": "Total revenue for the year ended December 31, 2024 increased by $2.4 million compared to the year ended December 31, 2023... The Kent Island and Consolidated Mechanical transactions did not have a material impact on revenue for the year ended December 31, 2024 due to timing of when these entities were acquired.",
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      "text": "We hardly consider that to be an immaterial impact.",
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      "text": "Consolidated Mechanical is expected to contribute annualized revenue of approximately $23 million beginning in 2025, and EBITDA of $4 million per annum. Limbach Kent Island expects to contribute on average $30 million in revenue and $4 million in EBITDA on a full year basis.",
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      "text": "revenue: $11.6",
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      "text": "Limbach characterized its acquisitions of Kent Island and Consolidated Mechanical as immaterial to 2024 revenue but based on their acquisition dates and their projected forward run-rate revenue, we estimate the two businesses contributed approximately $12 million in 2024. Excluding their impact, we believe Limbach may have missed its initial revenue guidance and posted a ~2% year-over-year revenue decline. We hardly consider that to be an immaterial impact.",
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      "text": "The Kent Island and Consolidated Mechanical transactions did not have a material impact on revenue for the year ended December 31, 2024 due to timing of when these entities were acquired. — Limbach FY24 10-K",
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      "text": "Source: Limbach FY24 10-K, Limbach March 2025 presentation, Red line emphasis by Spruce Point",
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      "text": "Limbach Called Acquisitions Immaterial To 2024 Despite Our Analysis Suggesting Otherwise",
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