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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-07-22 00:00:00",
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  "notes": "The slide uses a calculation to derive the implied fixed-price revenue in the ODR segment and contrasts it with the company's stated segment definitions.",
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      "kind": "callout",
      "text": "Assuming 100% of the GCR segment was booked under fixed-price construction contracts, that implies over $256 million or nearly 75% of the ODR segment's revenue was also booked under fixed-price construction contracts.",
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      "kind": "callout",
      "text": "While ODR has been positioned as a higher-margin, lower-risk growth driver, the heavy reliance on fixed-price contract work undermines that narrative and increases the risk of margin volatility.",
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      "text": "Fixed-Price Revenue: 74.1%",
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      "text": "The Company operates in two segments, (i) Owner Direct Relationships (\"ODR\")... and (ii) General Contractor Relationships (\"GCR\")...",
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      "text": "Source: Limbach financial statements, Spruce Point analysis, Red line emphasis by Spruce Point",
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      "text": "Estimated % of Total ODR From Fixed Price Contracts",
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