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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The table includes historical data from 2019-2024 and projections for 2025E and 2026E (Low/Base cases).",
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      "text": "For 2025, we estimate the ODR segment will generate low-single digit organic growth combined with over $100 million in incremental revenue between the Pioneer Power, Consolidated Mechanical, and Kent Island acquisitions.",
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      "text": "Adj. EBITDA: $85.4",
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      "text": "For 2025, we estimate the ODR segment will generate low-single digit organic growth combined with over $100 million in incremental revenue... We assume no further acquisitions in our model.",
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      "text": "Source: Spruce Point Analysis",
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      "text": "Financial model table with rows for Revenue Growth, Revenue $, Gross Profit, Gross Margin, and Adj. EBITDA, spanning 2019-2026E.",
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      "text": "Spruce Point's 2026E Model",
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