SLND

EX-99.1

2 southland_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces Second Quarter 2026 Results

GRAPEVINE, Texas, August 12, 2026 -- Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter ended June 30, 2026.

● Revenue of $113.3 million for the quarter ended June 30, 2026, compared to $215.4 million for the quarter ended June 30, 2025.

● Gross loss of $71.2 million for the quarter ended June 30, 2026, compared to $13.0 million in gross profit for the quarter ended June 30, 2025.

● Gross profit margin of (62.9)% for the quarter ended June 30, 2026, compared to 6.0% gross profit margin for the quarter ended June 30, 2025.

● Net loss attributable to stockholders of $84.3 million, or $(1.55) per share for the quarter ended June 30, 2026, compared to a net loss attributable to stockholders of $10.3 million, or $(0.19) per share for the quarter ended June 30, 2025.

● EBITDA of $(73.4) million for the quarter ended June 30, 2026, compared to $4.2 million for the quarter ended June 30, 2025.(1)

● Backlog of $1.68 billion.(1)

“Our results this quarter were largely impacted by unfavorable non-cash adjustments related to legacy disputes,” said Frank Renda, Southland’s President & Chief Executive Officer. “Despite that impact, we continue to work toward finalizing a comprehensive financing agreement and credit amendment with our surety partners, and we’re encouraged by their continued support and the confidence they’ve shown in our strategic plan. At the same time, we remain focused on capturing new opportunities in our core markets — most recently reflected in the Winnipeg North End Sewage Treatment Plant award we announced in July, which reinforces the strength of our core business as we work through this transition.”

(1) Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “EBITDA” and “Backlog”

2026 Second Quarter Results

Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended

(Amounts in thousands)

June 30, 2026

June 30, 2025

Revenue

$ 113,306

$ 215,382

Cost of construction

184,539

202,414

Gross profit (loss)

(71,233 )

12,968

Selling, general, and administrative expenses

16,705

13,572

Operating loss

(87,938 )

(604 )

Gain on investments, net

67

59

Other income, net

6,447

577

Interest expense

(7,336 )

(9,983 )

Losses before income taxes

(88,760 )

(9,951 )

Income tax expense (benefit)

(1,612 )

(61 )

Net loss

(87,148 )

(9,890 )

Net income (loss) attributable to noncontrolling interests

(2,881 )

416

Net loss attributable to Southland Stockholders

$ (84,267 )

$ (10,306 )

Net loss per share attributable to common stockholders

Basic(1)

$ (1.55 )

$ (0.19 )

Diluted(1)

$ (1.55 )

$ (0.19 )

Weighted average shares outstanding

Basic(1)

54,248,867

54,008,088

Diluted(1)

54,248,867

54,008,088

(1) Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended June 30, 2026, and June 30, 2025, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented.

Revenue for the three months ended June 30, 2026, was $113.3 million, a decrease of $102.1 million, or 47.4%, compared to the three months ended June 30, 2025. Materials & Paving business contributed $11.7 million to revenue in the three months ended June 30, 2026. The decrease in revenue is primarily due to unfavorable changes in estimates related to certain unresolved contract modifications and claims. During the three months ended June 30, 2026, we performed a comprehensive reassessment of expected recoverability of claims on several projects, including substantially completed projects, in light of recent developments and updated information available regarding the timing and amount of potential recoveries. As a result of this reassessment, we reduced the estimated value of certain claims and recorded cumulative catch-up adjustment that negatively impacted revenue and gross profit for the quarter of $102.3 million and $93.6 million, respectively.

Gross loss for the three months ended June 30, 2026, was $71.2 million compared to gross profit of $13.0 million for the three months ended June 30, 2025. Gross margin decreased from 6.0% to (62.9)% for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Materials & Paving business negatively impacted gross profit by $16.3 million in the three months ended June 30, 2026.

Selling, general, and administrative costs for the three months ended June 30, 2026, were $16.7 million, an increase of $3.1 million, or 23.1%, compared to the three months ended June 30, 2025. Selling, general, and administrative costs as a percent of revenue were 14.7% for the three months ended June 30, 2026, compared to 6.

EX-99.1

2 southland_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces First Quarter 2026 Results

GRAPEVINE, Texas, May 12, 2026 – Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter ended March 31, 2026.

● Revenue of $172.4 million for the quarter ended March 31, 2026, compared to $239.5 million for the quarter ended March 31, 2025.

● Gross loss of $4.8 million for the quarter ended March 31, 2026, compared to $21.5 million in gross profit for the quarter ended March 31, 2025.

● Gross profit margin of (2.8)% for the quarter ended March 31, 2026, compared to 9.0% gross profit margin for the quarter ended March 31, 2025.

● Net loss attributable to stockholders of $28.4 million, or $(0.52) per share for the quarter ended March 31, 2026, compared to a net loss attributable to stockholders of $4.6 million, or $(0.08) per share for the quarter ended March 31, 2025.

● EBITDA of $(14.1) million for the quarter ended March 31, 2026, compared to $10.1 million for the quarter ended March 31, 2025.(1)

● Backlog of $1.88 billion.(1)

“We are encouraged by the early progress made toward our strategic plan announced in March. Our strengthened capital position has improved operations, further evidenced by our Civil segment’s 14% gross margin this quarter. While consolidated results reflect non-cash adjustments from certain legacy disputes, our core project portfolio continues to perform on plan,” said Frank Renda, Southland’s President & Chief Executive Officer. “As we continue to execute our plan, we remain focused on optimizing our asset base, maintaining strict bidding discipline and prioritizing the high-margin opportunities in our core end markets.”

(1)Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “EBITDA” and “Backlog”

2026 First Quarter Results

Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended

(Amounts in thousands)

March 31, 2026

March 31, 2025

Revenue

$ 172,405

$ 239,486

Cost of construction

177,161

218,006

Gross profit (loss)

(4,756 )

21,480

Selling, general, and administrative expenses

14,943

16,465

Operating income (loss)

(19,699 )

5,015

Gain on investments, net

147

17

Other income, net

74

743

Interest expense

(8,681 )

(8,874 )

Losses before income taxes

(28,159 )

(3,099 )

Income tax expense (benefit)

19

(313 )

Net loss

(28,178 )

(2,786 )

Net income attributable to noncontrolling interests

174

1,766

Net loss attributable to Southland Stockholders

$ (28,352 )

$ (4,552 )

Net loss per share attributable to common stockholders

Basic (1)

$ (0.52 )

$ (0.08 )

Diluted (1)

$ (0.52 )

$ (0.08 )

Weighted average shares outstanding

Basic (1)

54,119,661

53,961,744

Diluted (1)

54,119,661

53,961,744

(1) Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended March 31, 2026, and March 31, 2025, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented.

Revenue for the three months ended March 31, 2026, was $172.4 million, a decrease of $67.1 million, or 28.0%, compared to the three months ended March 31, 2025. Materials & Paving business contributed $11.0 million to revenue in the three months ended March 31, 2026.

Gross loss for the three months ended March 31, 2026, was $4.8 million compared to gross profit of $21.5 million for the three months ended March 31, 2025. Gross margin decreased from 9.0% to (2.8)% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Materials & Paving business negatively impacted gross profit by $13.1 million in the three months ended March 31, 2026.

Selling, general, and administrative costs for the three months ended March 31, 2026, were $14.9 million, a decrease of $1.5 million, or 9.2%, compared to the three months ended March 31, 2025. Selling, general, and administrative costs as a percent of revenue were 8.7% for the three months ended March 31, 2026, compared to 6.9% for the three months ended March 31, 2025.

2

Segment Revenue

Three Months Ended

(Amounts in thousands)

March 31, 2026

March 31, 2025

% of Total

% of Total

Segment

Revenue

Revenue

Revenue

Revenue

Civil

$ 103,792

60.2 %

$ 102,916

43.0 %

Transportation

68,613

39.8 %

136,570

57.0 %

Total revenue

$ 172,405

100.0 %

$ 239,486

100.0 %

Segment Gross Profit (Loss)

Three Months Ended

(Amounts in thousands)

March 31, 2026

March 31, 2025

% of Segment

% of Segment

Segment

Gross Profit

Revenue

Gross Profit

Revenue

Civil

$ 14,652

14.1 %

$ 22,631

22.0 %

Transportation

(19,408 )

(28.3 )%

(1,151 )

(0.8 )%

Gross profit (loss)

$ (4,756 )

(2.8 )%

$ 21,480

9.0 %

EBITDA Reconciliation

Three Months Ended

(Amounts in thousan

EX-99.1

2 southland_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces Fourth Quarter & Full Year 2025 Results

GRAPEVINE, Texas, March 26, 2026 -- Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Results Include:

● Revenue of $104.0 million for the quarter ended December 31, 2025, compared to $267.3 million for the quarter ended December 31, 2024.

● Gross loss of $193.4 million for the quarter ended December 31, 2025, compared to $7.7 million in gross profit for the quarter ended December 31, 2024.

● Net loss attributable to stockholders of $216.4 million, or $(4.00) per share for the quarter ended December 31, 2025, compared to a net loss attributable to stockholders of $4.2 million, or $(0.09) per share for the quarter ended December 31, 2024.

● EBITDA of $(202.2) million for the quarter ended December 31, 2025, compared to $(2.7) million for the quarter ended December 31, 2024. (1)

● Backlog of $2.03 billion.(1)

Full Year 2025 Results Include:

● Revenue of $772.2 million for the year ended December 31, 2025, compared to $980.2 million for the year ended December 31, 2024.

● Gross loss of $155.3 million for the year ended December 31, 2025, compared to $63.0 million in gross loss for the year ended December 31, 2024.

● Income tax expense of $56.5 million for the year ended December 31, 2025, primarily driven by a non-cash charge related to the establishment of a valuation allowance on deferred taxes, compared to income tax benefit of $46.9 million for the year ended December 31, 2024. (2)

● Net loss attributable to stockholders of $306.5 million, or $(5.67) per share for the year ended December 31, 2025, compared to a net loss attributable to stockholders of $105.4 million, or $(2.19) per share for the year ended December 31, 2024.

● EBITDA of $(191.4) million for the year ended December 31, 2025, compared to $(100.4) million for the year ended December 31, 2024. (1)

Frank Renda, Southland’s President & CEO said, “While I am disappointed in this quarter’s results, I am fully accountable for our results and am committed to the strategic plan we have launched to move Southland forward. The capital support provided by our sureties, including replacing our senior lender, is a significant vote of confidence in our team and provides us additional financial flexibility to focus on the project execution of our $2 billion backlog. As part of our plan, we continue to focus on core market opportunities with higher margins, as evidenced by the recently announced $118 million of project awards, led by a data center project. We are also taking decisive action to right-size our asset base and pay down debt, positioning Southland to emerge from this period as a leaner, more disciplined, and more profitable organization.”

(1)Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “EBITDA” and “Backlog”

(2)This allowance is required under GAAP. This does not limit utilization of the respective tax assets in the future.

Business Update:

Washington State Convention Center Adverse Ruling

The fourth quarter and full year 2025 financial results were impacted by a $135.8 million unfavorable adjustment related to an adverse trial court ruling involving the construction of the Washington State Convention Center (“WSCC”). This was a legacy project that Southland acquired through the 2020 acquisition of American Bridge. The unfavorable adjustment reflects the reversal of Southland’s expected recovery of American Bridge’s initial claims for damages and the recognition of a long-term liability as a result of the counterclaim by the counterparty awarded to the counterparty in the trial court ruling. On January 15, 2026, the trial court entered a judgment against American Bridge and certain of its sureties, jointly and severally, in the principal amount of $57.1 million. Interest and fees were assessed by the court at a later date. Because the adverse ruling makes the likelihood of recovering the claimed amount and collectability no longer probable, the Company derecognized contract assets as of December 31, 2025, on its consolidated balance sheet, resulting in a $40.3 million non-cash charge to revenue on its consolidated statement of operations for the quarter and year ended December 31, 2025.

While the Company intended to appeal as of December 31, 2025, certain of its sureties entered into negotiations with the counterparty on behalf of the Company subsequent to December 31, 2025, in accordance with certain rights available to the sureties included in certain General Indemnity Agreements (“GIAs”). Any settlement that is agreed upon will be paid by certain of Southland’s sureties under the respective GIAs with the sureties. The sureties agreed to forbear on

EX-99.1

2 southland_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces Third Quarter 2025 Results

GRAPEVINE, Texas, November 12, 2025 — Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter ended September 30, 2025.

● Revenue of $213.3 million for the quarter ended September 30, 2025, compared to $173.3 million for the quarter ended September 30, 2024.

● Gross profit of $3.3 million for the quarter ended September 30, 2025, compared to gross loss of $51.1 million for the quarter ended September 30, 2024.

● Gross profit margin of 1.5% for the quarter ended September 30, 2025, compared to (29.5)% for the quarter ended September 30, 2024.

● Income tax expense of $57.2 million for the quarter ended September 30, 2025, primarily driven by a non-cash charge related to the establishment of a valuation allowance on deferred tax assets, compared to income tax benefit of $17.1 million for the quarter ended September 30, 2024. (1)

● Net loss attributable to stockholders of $75.3 million, or $(1.39) per share for the quarter ended September 30, 2025, compared to a net loss attributable to stockholders of $54.7 million, or $(1.14) per share for the quarter ended September 30, 2024.

● EBITDA of $(3.5) million for the quarter ended September 30, 2025, compared to $(58.7) million for the quarter ended September 30, 2024. (2)

● Backlog of $2.26 billion. (2)

(1)This allowance is required under GAAP. This does not limit utilization of the respective tax assets in the future.

(2) Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “EBITDA” and “Backlog”.

“Our core business continues to perform well, evidenced by the strength in our civil segment and the continued execution of our new core work,” said Frank Renda, Southland’s President & Chief Executive Officer. “While this quarter’s results reflect a one-time non-cash tax charge and unfavorable adjustments related to certain legacy projects and dispute resolutions, these items do not impact the momentum we are seeing across our core business. We remain focused on winding down legacy backlog and capitalizing on robust demand for critical infrastructure in our core markets.”

2025 Third Quarter Results

Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended

(Amounts in thousands)

September 30, 2025

September 30, 2024

Revenue

$ 213,343

$ 173,320

Cost of construction

210,068

224,425

Gross profit (loss)

3,275

(51,105 )

Selling, general, and administrative expenses

14,587

17,492

Operating loss

(11,312 )

(68,597 )

Gain on investments, net

50

5

Other income, net

639

841

Interest expense

(9,166 )

(7,520 )

Losses before income taxes

(19,789 )

(75,271 )

Income tax expense (benefit)

57,194

(17,142 )

Net loss

(76,983 )

(58,129 )

Net loss attributable to noncontrolling interests

(1,714 )

(3,402 )

Net loss attributable to Southland Stockholders

$ (75,269 )

$ (54,727 )

Net loss per share attributable to common stockholders

Basic(1)

$ (1.39 )

$ (1.14 )

Diluted(1)

$ (1.39 )

$ (1.14 )

Weighted average shares outstanding

Basic(1)

54,113,036

48,105,512

Diluted(1)

54,113,036

48,105,512

(1) Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended September 30, 2025, and September 30, 2024, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented.

Revenue for the three months ended September 30, 2025, was $213.3 million, an increase of $40.0 million, or 23.1%, compared to the three months ended September 30, 2024. Materials & Paving business contributed $22.9 million to revenue in the three months ended September 30, 2025.

Gross profit for the three months ended September 30, 2025, was $3.3 million compared to gross loss of $51.1 million for the three months ended September 30, 2024. Gross margin was 1.5% for the three months ended September 30, 2025, compared to (29.5)% for the three months ended September 30, 2024. Materials & Paving business negatively impacted gross profit by $3.0 million in the three months ended September 30, 2025.

Selling, general, and administrative costs for the three months ended September 30, 2025, were $14.6 million, a decrease of $2.9 million, or 16.6%, compared to the three months ended September 30, 2024. Selling, general, and administrative costs as a percent of revenue were 6.8% for the three months ended September 30, 2025, compared to 10.1% for the three months ended September 30, 2024.

2

Condensed Consolidated Statements of Operations (unaudited)

Nine Months Ended

(Amounts in thousands)

September 30, 2025

September 30, 2024

Revenue

$ 668,211

$ 712,929

Cost of construction

630,093

783,635

Gross profit (loss)

38,118

(70,706 )

Selli

EX-99.1

2 southland_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces Second Quarter 2025 Results

GRAPEVINE, Texas, August 12, 2025 -- Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter ended June 30, 2025.

● Revenue of $215.4 million for the quarter ended June 30, 2025, compared to $251.5 million for the quarter ended June 30, 2024.

● Gross profit of $13.4 million for the quarter ended June 30, 2025, compared to $40.0 million in gross loss for the quarter ended June 30, 2024.

● Gross profit margin of 6.2% for the quarter ended June 30, 2025, compared to (15.9)% gross profit margin for the quarter ended June 30, 2024.

● Net loss attributable to stockholders of $10.3 million, or $(0.19) per share for the quarter ended June 30, 2025, compared to a net loss attributable to stockholders of $46.1 million, or $(0.96) per share for the quarter ended June 30, 2024.

● EBITDA of $4.2 million for the quarter ended June 30, 2025, compared to $(49.9) million for the quarter ended June 30, 2024. (1)

● Backlog of $2.32 billion. (1)

(1) Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “EBITDA” and “Backlog”

“We continue to be encouraged by the sustained margin improvement in our core business resulting from our disciplined approach to bidding and operations,” said Frank Renda, Southland’s President & Chief Executive Officer. “As we move into the second half of the year, our outlook remains positive. With IIJA and other government spending initiatives in full swing, we are well-positioned to win our fair-share of the opportunities ahead of us.”

2025 Second Quarter Results

Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended

(Amounts in thousands)

June 30,

2025

June 30,

2024

Revenue

$ 215,382

$ 251,512

Cost of construction

202,019

291,534

Gross profit (loss)

13,363

(40,022 )

Selling, general, and administrative expenses

13,572

15,680

Operating loss

(209 )

(55,702 )

Gain on investments, net

59

53

Other income, net

182

1,053

Interest expense

(9,983 )

(6,720 )

Losses before income taxes

(9,951 )

(61,316 )

Income tax benefit

(61 )

(15,961 )

Net loss

(9,890 )

(45,355 )

Net income attributable to noncontrolling interests

416

722

Net loss attributable to Southland Stockholders

$ (10,306 )

$ (46,077 )

Net loss per share attributable to common stockholders

Basic (1)

$ (0.19 )

$ (0.96 )

Diluted (1)

$ (0.19 )

$ (0.96 )

Weighted average shares outstanding

Basic (1)

54,008,088

48,030,951

Diluted (1)

54,008,088

48,030,951

(1) Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended June 30, 2025, and June 30, 2024, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented.

Revenue for the three months ended June 30, 2025, was $215.4 million, a decrease of $36.1 million, or 14.4%, compared to the three months ended June 30, 2024. Materials & Paving business contributed $21.7 million to revenue in the three months ended June 30, 2025.

Gross profit for the three months ended June 30, 2025, was $13.4 million compared to gross loss of $40.0 million for the three months ended June 30, 2024. Gross margin increased from (15.9)% to 6.2% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Materials & Paving business negatively impacted gross profit by $3.8 million in the three months ended June 30, 2025.

Selling, general, and administrative costs for the three months ended June 30, 2025, were $13.6 million, a decrease of $2.1 million, or 13.4%, compared to the three months ended June 30, 2024. Selling, general, and administrative costs as a percent of revenue were 6.3% for the three months ended June 30, 2025, compared to 6.2% for the three months ended June 30, 2024.

Condensed Consolidated Statements of Operations (unaudited)

Six Months Ended

(Amounts in thousands)

June 30, 2025

June 30, 2024

Revenue

$ 454,868

$ 539,609

Cost of construction

420,025

559,210

Gross profit (loss)

34,843

(19,601 )

Selling, general, and administrative expenses

30,037

30,074

Operating income (loss)

4,806

(49,675 )

Gain (loss) on investments, net

76

(23 )

Other income, net

925

1,589

Interest expense

(18,857 )

(12,375 )

Losses before income taxes

(13,050 )

(60,484 )

Income tax benefit

(374 )

(15,654 )

Net loss

(12,676 )

(44,830 )

Net income attributable to noncontrolling interests

2,182

1,653

Net loss attributable to Southland Stockholders

$ (14,858 )

$ (46,483 )

Net loss per share attributable to common stockholders

Basic (1)

$ (0.28 )

(0.97 )

Diluted (1)

$ (0.28 )

(0.97 )

Weighted average shares outstanding

Basic (1)

53,985,325

47,978,012

Diluted (

EX-99.1

2 southlandhold_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces First Quarter 2025 Results

GRAPEVINE, Texas, May 13, 2025 -- Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter ended March 31, 2025.

● Revenue of $239.5 million for the quarter ended March 31, 2025, compared to $288.1 million for the quarter ended March 31, 2024.

● Gross profit of $21.5 million for the quarter ended March 31, 2025, compared to $20.4 million in gross profit for the quarter ended March 31, 2024.

● Gross profit margin of 9.0% for the quarter ended March 31, 2025, compared to 7.1% gross profit margin for the quarter ended March 31, 2024.

● Net loss attributable to stockholders of $4.6 million, or $(0.08) per share for the quarter ended March 31, 2025, compared to a net loss attributable to stockholders of $0.4 million, or $(0.01) per share for the quarter ended March 31, 2024.

● EBITDA of $10.1 million for the quarter ended March 31, 2025, compared to $10.9 million for the quarter ended March 31, 2024. (1)

● Backlog of $2.47 billion. (1)

(1) Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “EBITDA” and “Backlog”.

“We are off to a strong start in 2025, delivering improved margins and positive operating cash flow in the first quarter,” said Frank Renda, Southland’s President & Chief Executive Officer. “With strong demand across our markets and a robust pipeline of critical infrastructure opportunities, we are confident in our ability to drive long-term value for our clients and stakeholders.”

2025 First Quarter Results

Condensed Consolidated Statements of Operations

Three Months Ended

(Amounts in thousands)

March 31, 2025

March 31, 2024

Revenue

$ 239,486

$ 288,097

Cost of construction

218,006

267,676

Gross profit

21,480

20,421

Selling, general, and administrative expenses

16,465

14,394

Operating income

5,015

6,027

Gain (loss) on investments, net

17

(76 )

Other income, net

743

536

Interest expense

(8,874 )

(5,655 )

Earnings (losses) before income taxes

(3,099 )

832

Income tax expense (benefit)

(313 )

307

Net income (loss)

(2,786 )

525

Net income attributable to noncontrolling interests

1,766

931

Net loss attributable to Southland Stockholders

$ (4,552 )

$ (406 )

Net loss per share attributable to common stockholders

Basic(1)

$ (0.08 )

$ (0.01 )

Diluted(1)

$ (0.08 )

$ (0.01 )

Weighted average shares outstanding

Basic(1)

53,961,744

47,925,072

Diluted(1)

53,961,744

47,925,072

(1) Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended March 31, 2025, and March 31, 2024, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented.

Revenue for the three months ended March 31, 2025, was $239.5 million, a decrease of $48.6 million, or 16.9%, compared to the three months ended March 31, 2024. Materials & Paving business contributed $18.1 million to revenue in the three months ended March 31, 2025.

Gross profit for the three months ended March 31, 2025, was $21.5 million compared to gross profit of $20.4 million for the three months ended March 31, 2024. Gross margin increased from 7.1% to 9.0% for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. Materials & Paving business negatively impacted gross profit by $9.1 million in the three months ended March 31, 2025.

Selling, general, and administrative costs for the three months ended March 31, 2025, were $16.5 million, an increase of $2.1 million, or 14.4%, compared to the three months ended March 31, 2024. Selling, general, and administrative costs as a percent of revenue were 6.9% for the three months ended March 31, 2025, compared to 5.0% for the three months ended March 31, 2024.

2

Segment Revenue

Three Months Ended

(Amounts in thousands)

March 31, 2025

March 31, 2024

% of Total

% of Total

Segment

Revenue

Revenue

Revenue

Revenue

Civil

$ 102,916

43.0 %

$ 84,273

29.3 %

Transportation

136,570

57.0 %

203,824

70.7 %

Total revenue

$ 239,486

100.0 %

$ 288,097

100.0 %

Segment Gross Profit (Loss)

Three Months Ended

(Amounts in thousands)

March 31, 2025

March 31, 2024

Gross Profit

% of Segment

% of Segment

Segment

(Loss)

Revenue

Gross Profit

Revenue

Civil

$ 22,631

22.0 %

$ 17,870

21.2 %

Transportation

(1,151 )

(0.8 )%

2,551

1.3 %

Gross profit

$ 21,480

9.0 %

$ 20,421

7.1 %

EBITDA Reconciliation

Three Months Ended

(Amounts in thousands)

March 31, 2025

March 31, 2024

Net loss attributable to Southland Stockholders

$ (4,552 )

$ (406 )

Depreciation and amortization

6,525

5,577

Income tax expense (benefit)

(313 )

307

Interest expense

8,874

5,655

Interest income

(450 )

(184 )

EBITD

EX-99.1

2 southlandhold_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces Fourth Quarter & Full Year 2024 Results

GRAPEVINE, Texas, March 4, 2025 – Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Results Include:

● Revenue of $267.3 million for the quarter ended December 31, 2024, compared to $316.2 million for the quarter ended December 31, 2023.

● Gross profit of $7.7 million for the quarter ended December 31, 2024, compared to $21.1 million in gross profit for the quarter ended December 31, 2023.

● Net loss attributable to stockholders of $4.2 million, or $(0.09) per share for the quarter ended December 31, 2024, compared to a net loss attributable to stockholders of $5.6 million, or $(0.12) per share for the quarter ended December 31, 2023.

●

EBITDA

of $(2.7) million for the quarter ended December 31, 2024, compared to $9.1 million for the quarter ended December 31, 2023. (1)

● Backlog of $2.57 billion. (1)

Full Year 2024 Results Include:

● Revenue of $980.2 million for the year ended December 31, 2024, compared to $1.2 billion for the year ended December 31, 2023.

● Gross loss of $63.0 million for the year ended December 31, 2024, compared to $35.8 million in gross profit for the year ended December 31, 2023.

● Net loss attributable to stockholders of $105.4 million, or $(2.19) per share for the year ended December 31, 2024, compared to a net loss attributable to stockholders of $19.3 million, or $(0.41) per share for the year ended December 31, 2023.

● Adjusted Net loss attributable to stockholders of $105.4 million, or $(2.19) per share for the year ended December 31, 2024, compared to an adjusted net loss attributable to stockholders of $38.7 million, or $(0.82) per share for the year ended December 31, 2023. (1)

(1) Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “Adjusted Net Loss,” “Adjusted Net Loss Per Share,” “EBITDA” and “Backlog”

“Despite the challenges we faced in 2024, I am proud of how our teams performed operationally under difficult conditions,” said Frank Renda, Southland’s President & Chief Executive Officer. “As we move into 2025, we remain focused on executing our new core work with precision, winding down legacy work, and capitalizing on the great opportunities in our core markets. Sustained strong demand for Southland’s services positions us for long-term success.”

2024 Fourth Quarter & Full Year Results

Condensed Consolidated Statements of Operations

Three Months Ended

(Amounts in thousands)

December 31, 2024

December 31, 2023

Revenue

$ 267,250

$ 316,189

Cost of construction

259,584

295,053

Gross profit

7,666

21,136

Selling, general, and administrative expenses

15,708

19,929

Operating income (loss)

(8,042 )

1,207

Gain (loss) on investments, net

(207 )

33

Other income, net

1,201

21

Interest expense

(9,617 )

(5,681 )

Losses before income taxes

(16,665 )

(4,420 )

Income tax expense (benefit)

(14,096 )

2,919

Net loss

(2,569 )

(7,339 )

Net income (loss) attributable to noncontrolling interests

1,586

(1,776 )

Net loss attributable to Southland Stockholders

$ (4,155 )

$ (5,563 )

Net loss per share attributable to common stockholders

Basic(1)

$ (0.09 )

$ (0.12 )

Diluted(1)

$ (0.09 )

$ (0.12 )

Weighted average shares outstanding

Basic(1)

47,877,558

47,877,558

Diluted(1)

47,877,558

47,877,558

(1) Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended December 31, 2024, and December 31, 2023, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented.

Revenue for the three months ended December 31, 2024, was $267.3 million, a decrease of $48.9 million, or 15.5%, compared to the three months ended December 31, 2023. Materials & Paving business contributed $35.6 million to revenue in the three months ended December 31, 2024.

Gross profit for the three months ended December 31, 2024, was $7.7 million compared to gross profit of $21.1 million for the three months ended December 31, 2023. Gross margin decreased from 6.7% to 2.9% for the three months ended December 31, 2024, compared to the three months ended December 31, 2023. Materials & Paving business negatively impacted gross loss by $7.6 million in the three months ended December 31, 2024.

Selling, general, and administrative costs for the three months ended December 31, 2024, were $15.7 million, a decrease of $4.2 million, or 21.2%, compared to the three months ended December 31, 2023. Selling, general, and administrative costs as a percent of revenue were 5.9% for the three months ended December 31, 2024, compared to 6.3% for the three months ended December 31, 2023.

2

EX-99.1

2 southlandhold_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces Third Quarter 2024 Results

GRAPEVINE,

Texas, November 12, 2024 – Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter ended September 30, 2024.

●Revenue of $173.3 for the quarter ended September 30, 2024, compared to $312.5 million for the quarter ended September 30, 2023.

●Gross loss of $51.1 million for the quarter ended September 30, 2024, compared to $29.5 million in gross profit for the quarter ended September 30, 2023.

●Net loss attributable to stockholders of $54.7 million, or $(1.14) per share for the quarter ended September 30, 2024, compared to a net income attributable to stockholders of $3.8 million, or $0.08 per share for the quarter ended September 30, 2023.

●EBITDA

of $(58.7) million for the quarter ended September 30, 2024, compared to $22.3 million for the quarter ended September 30, 2023.(1)

●Backlog of $2.74 billion, compared to $2.54 billion as of September 30, 2023.(1)

(1)Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “EBITDA” and “Backlog”

Southland’s President & Chief Executive Officer, Frank Renda, said, “While this quarter was disappointing due to legacy project impacts, I remain very confident in Southland’s long-term outlook. We finished the quarter with the highest quarter end cash balance we have had since becoming a public company and backlog of $2.7 billion. This positions us to capitalize on a promising pipeline of opportunities as demand for our services continues to be robust.”

2024 Third Quarter Results

Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended

(Amounts in thousands) September 30,

2024 September 30,

2023

Revenue $173,320 $312,472

Cost of construction 224,425 282,943

Gross profit (loss) (51,105) 29,529

Selling, general, and administrative expenses 17,492 15,247

Operating income (loss) (68,597) 14,282

Gain (loss) on investments, net 5 (21)

Other income, net 841 2,151

Interest expense (7,520) (6,231)

Earnings (losses) before income taxes (75,271) 10,181

Income tax expense (benefit) (17,142) 5,390

Net income (loss) (58,129) 4,791

Net income (loss) attributable to noncontrolling interests (3,402) 991

Net income (loss) attributable to Southland Stockholders $(54,727) $3,800

Net income (loss) per share attributable to common stockholders

Basic(1) $(1.14) $0.08

Diluted(1) $(1.14) $0.08

Weighted average shares outstanding

Basic(1) 48,105,512 47,856,114

Diluted(1) 48,105,512 47,872,042

(1)Basic net income (loss) per share is the same as diluted net loss per share attributable to common stockholders for the three months ended September 30, 2024, because the inclusion of potential shares of common stock would have been anti-dilutive.

Revenue for the three months ended September 30, 2024, was $173.3 million, a decrease of $139.2 million, or 44.5%, compared to the three months ended September 30, 2023. Materials & Paving business contributed $17.5 million to revenue in the three months ended September 30, 2024.

Gross loss for the three months ended September 30, 2024, was $51.1 million, compared to gross profit of $29.5 million for the three months ended September 30, 2023. Gross margin decreased from 9.5% to (29.5)% for the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Materials & Paving business negatively impacted gross loss by $18.3 million in the three months ended September 30, 2024.

Selling, general, and administrative costs for the three months ended September 30, 2024, were $17.5 million, an increase of $2.2 million, or 14.7%, compared to the three months ended September 30, 2023. Selling, general, and administrative costs as a percent of revenue were 10.1% for the three months ended September 30, 2024, compared to 4.9% for the three months ended September 30, 2023.

Condensed Consolidated Statements of Operations (unaudited)

Nine Months Ended

(Amounts in thousands) September 30,

2024 September 30,

2023

Revenue $712,929 $844,228

Cost of construction 783,635 829,550

Gross profit (loss) (70,706) 14,678

Selling, general, and administrative expenses 47,566 47,266

Operating loss (118,272) (32,588)

Loss on investments, net (18) (3)

Other income, net 2,430 23,559

Interest expense (19,895) (13,790)

Losses before income taxes (135,755) (22,822)

Income tax benefit (32,796) (11,446)

Net loss (102,959) (11,376)

Net income (loss) attributable to noncontrolling interests (1,749) 2,314

Net loss attributable to Southland Stockholders $(101,210) $(13,690)

Net loss per share attributable to common stockholders

Basic(1) $(2.11) (0.29)

Diluted(1) $(2.11) (0.29)

Weighted average shares outstanding

Basic(1) 48,020,822 46,771,938

Diluted(1) 48,020,822 46,771,938

(1)Basic net loss

EX-99.1

2 southland_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces Second Quarter 2024 Results

GRAPEVINE, Texas, August 12, 2024 (Business Newswire) -- Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter ended June 30, 2024.

● The Board of Directors has appointed Frank Renda as Interim Chairman of the Board.

● Revenue of $251.5 million for the quarter ended June 30, 2024, compared to $256.9 million for the quarter ended June 30, 2023.

● Gross loss of $40.0 million for the quarter ended June 30, 2024, compared to $33.8 million in gross loss for the quarter ended June 30, 2023.

● Net loss attributable to stockholders of $46.1 million, or $(0.96) per share for the quarter ended June 30, 2024, compared to a net loss attributable to stockholders of $12.8 million, or $(0.27) per share for the quarter ended June 30, 2023.

● Adjusted Net Loss attributable to stockholders of $46.1 million, or $(0.96) per share for the quarter ended June 30, 2024, compared to an Adjusted Net Loss attributable to stockholders of $35.4 million, or $(0.76) per share for the quarter ended June 30, 2023.(1)

● Adjusted EBITDA of $(49.9) million for the quarter ended June 30, 2024, compared to $(42.2) million for the quarter ended June 30, 2023.(1)

● New Awards of $374.8 million for the quarter ended June 30, 2024.

● Backlog of $2.74 billion, compared to $2.64 billion as of March 31, 2024.

● Positive cash flow from operations of $27.4 million for the quarter ended June 30, 2024.

Southland settled several contract disputes that are reflected in the second quarter 2024 income statement. These settlements resulted in approximately $58 million of cash that is expected to be collected in the third quarter 2024. As a result of these specific settlements, an approximate $40 million non-recurring charge was recorded in the second quarter. All of this non-recurring charge, related to dispute settlements, was in the Materials & Paving business.

Southland’s President & Chief Executive Officer, Frank Renda, said, “We continue to make strides in putting our legacy projects behind us and improving our balance sheet and liquidity profile. While we are disappointed about making the decision to settle for less than we believe we were owed in certain circumstances, it was the best decision for Southland’s long-term outlook. We will avoid a lengthy legal process on these disputes that could have tied up our resources for years. In addition to the $58 million of settlements, we closed on a real estate transaction that put approximately $25 million on the balance sheet in the third quarter. I’m also encouraged by the $27 million of positive cash flow from operations our teams generated in the second quarter before taking into consideration the recent dispute settlements. With the recent dispute settlements and other initiatives to strengthen our balance sheet, we are in a much stronger position today to negotiate our remaining legacy disputes and we will continue to vigorously pursue all of the money we are owed. Lastly, we had $375 million of new project awards in our core business in the quarter and continue to see strong demand across our core end markets. I remain extremely confident in our core business and the long-term outlook for Southland, despite the headwinds we face in the legacy business.”

(1) Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “Adjusted Net Loss,” “Adjusted Net Loss Per Share,” and “Adjusted EBITDA”

2024 Second Quarter Results

Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended

(Amounts in thousands)

June 30, 2024

June 30, 2023

Revenue

$ 251,512

$ 256,927

Cost of construction

291,534

290,721

Gross loss

(40,022 )

(33,794 )

Selling, general, and administrative expenses

15,680

16,448

Operating loss

(55,702 )

(50,242 )

Loss on investments, net

53

50

Other income, net

1,053

24,007

Interest expense

(6,720 )

(4,305 )

Losses before income taxes

(61,316 )

(30,490 )

Income tax benefit

(15,961 )

(18,589 )

Net loss

(45,355 )

(11,901 )

Net income attributable to noncontrolling interests

722

925

Net loss attributable to Southland Stockholders

$ (46,077 )

$ (12,826 )

Net loss per share attributable to common stockholders

Basic(1)

$ (0.96 )

$ (0.27 )

Diluted(1)

$ (0.96 )

$ (0.27 )

Weighted average shares outstanding

Basic(1)

48,030,951

46,870,890

Diluted(1)

48,030,951

46,870,890

(1) Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended June 30, 2024, and June 30, 2023, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented.

Revenue for the three months ended June 30, 2024, was $251.5 million, a decrease of $5.4

EX-99.1

2 southlandholdings_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces First Quarter 2024 Results

GRAPEVINE, Texas, May 13, 2024 (Business Newswire) -- Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter ended March 31, 2024.

● Revenue of $288.1 million for the quarter ended March 31, 2024, up 5% from $274.8 million for the quarter ended March 31, 2023.

● Gross profit of $20.4 million for the quarter ended March 31, 2024, compared to $18.9 million for the quarter ended March 31, 2023.

● Net loss attributable to stockholders of $0.4 million, or $(0.01) per share for the quarter ended March 31, 2024, compared to a net loss attributable to stockholders of $4.7 million, or $(0.11) per share for the quarter ended March 31, 2023.

● Adjusted Net Loss attributable to stockholders of $0.4 million, or $(0.01) per share for the year ended March 31, 2024, compared to an Adjusted Net Loss attributable to stockholders of $1.5 million, or $(0.03) per share for the year ended March 31, 2023. (1)

● Adjusted EBITDA of $10.9 million for the quarter ended March 31, 2024, compared to $12.7 million for the quarter ended March 31, 2023. (1)

● Backlog of $2.64 billion, compared to $2.83 billion as of December 31, 2023.

(1) Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “Adjusted Net Loss,” “Adjusted Net Loss Per Share,” and “Adjusted EBITDA”

Southland’s President and Chief Executive Officer, Frank Renda, said, “We had a good start to the year in our seasonally slowest quarter, with revenue increasing by 5% and gross margins improving slightly from the prior year. Demand in our core markets for infrastructure construction services remains extremely healthy driven by significant federal spending and robust state and local programs.”

2024 First Quarter Results

Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended

(Amounts in thousands)

March 31, 2024

March 31, 2023

Revenue

$ 288,097

$ 274,829

Cost of construction

267,676

255,886

Gross profit

20,421

18,943

Selling, general, and administrative expenses

14,394

15,571

Operating income

6,027

3,372

Loss on investments, net

(76 )

(32 )

Other income (loss), net

536

(2,599 )

Interest expense

(5,655 )

(3,254 )

Earnings (losses) before income taxes

832

(2,513 )

Income tax expense

307

1,753

Net income (loss)

525

(4,266 )

Net income attributable to noncontrolling interests

931

398

Net loss attributable to Southland Stockholders

$ (406 )

$ (4,664 )

Net loss per share attributable to common stockholders

Basic(1)

$ (0.01 )

(0.11 )

Diluted(1)

$ (0.01 )

(0.11 )

Weighted average shares outstanding

Basic(1)

47,925,072

44,407,831

Diluted(1)

47,925,072

44,407,831

(1) Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended March 31, 2024, and March 31 2023, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented.

Revenue for the three months ended March 31, 2024, was $288.1 million, an increase of $13.3 million, or 4.8%, compared to the three months ended March 31, 2023. Materials & Paving business contributed $38.6 million to revenue in the three months ended March 31, 2024.

Gross profit for the three months ended March 31, 2024, was $20.4 million, an increase of $1.5 million, or 7.8%, compared to gross profit of $18.9 million for the three months ended March 31, 2023. Gross profit margin increased from 6.9% to 7.1% for the three months ended March 31, 2024, compared to the three months ended March 31, 2023. Materials & Paving business negatively impacted gross profit by $10.4 million in the three months ended March 31, 2024.

Selling, general, and administrative costs for the three months ended March 31, 2024, were $14.4 million, a decrease of $1.2 million, or 7.6%, compared to the three months ended March 31, 2023. Selling, general, and administrative costs as a percent of revenue were 5.0% for the three months ended March 31, 2024, compared to 5.7% for the three months ended March 31, 2023.

Segment Revenue

Three Months Ended

(Amounts in thousands)

March 31, 2024

March 31, 2023

Segment

Revenue

% of Total Revenue

Revenue

% of Total Revenue

Civil

$ 84,273

29.3 %

$ 72,989

26.6 %

Transportation

203,824

70.7 %

201,840

73.4 %

Total revenue

$ 288,097

100.0 %

$ 274,829

100.0 %

Segment Gross Profit

Three Months Ended

(Amounts in thousands)

March 31, 2024

March 31, 2023

Segment

Gross Profit

% of Segment Revenue

Gross Profit

% of Segment Revenue

Civil

$ 17,870

21.2 %

$ 8,766

12.0 %

Transportation

2,551

1.3 %

10,177

5.0 %

Gross profit

$ 20,421

7.1 %

$ 18,943

6.9 %

Adjusted EBITDA Reconciliation

Three Months Ended

(Amounts in th

EX-99.1

2 southlandhold_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces Fourth Quarter & Full Year 2023 Results

GRAPEVINE, Texas, March 4, 2024 (BUSINESS WIRE) -- Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter and full year ended December 31, 2023.

Fourth Quarter 2023 Results Include:

● Revenue of $316.2 million for the quarter ended December 31, 2023, up 7% from $294.8 million for the quarter ended December 31, 2022.

● Gross profit of $21.1 million for the quarter ended December 31, 2023, compared to $35.9 million for the quarter ended December 31, 2022.

● Net loss attributable to stockholders of $5.6 million, or $(0.12) per share for the quarter ended December 31, 2023, compared to a net income attributable to stockholders of $19.5 million for the quarter ended December 31, 2022.

● EBITDA of $9.1 million for the quarter ended December 31, 2023, compared to $32.0 million for the quarter ended December 31, 2022.

● New awards of approximately $600 million in the quarter.

● Backlog of $2.83 billion, up 12% compared to $2.54 billion as of September 30, 2023.

Full Year 2023 Results Include:

● Revenue of $1.2 billion for the year ended December 31, 2023, approximately flat from $1.2 billion for the year ended December 31, 2022.

● Gross profit of $35.8 million for the year ended December 31, 2023, compared to $140.9 million for the year ended December 31, 2022.

● Net loss attributable to stockholders of $19.3 million, or $(0.41) per share for the year ended December 31, 2023, compared to a net income attributable to stockholders of $60.5 million for the year ended December 31, 2022.

● Adjusted Net loss attributable to stockholders of $38.7 million, or $(0.82) per share for the year ended December 31, 2023, compared to a net income attributable to stockholders of $60.5 million for the year ended December 31, 2022.(1)

(1) Please refer to “Non-GAAP Measures” and reconciliations for our non-GAAP financial measures, including, “Adjusted Net Loss,” and “Adjusted Net Loss Per Share”

Southland’s President and Chief Executive Officer, Frank Renda, said, “We fought many headwinds in 2023, yet continued to better position ourselves for the future. I'm proud of our teams for making solid operational headway in challenging circumstances as our legacy backlog continues to decline, and recently awarded new projects ramp up construction activities. We finished the year with approximately $600 million of new awards in the fourth quarter and we remain optimistic about the opportunities we are tracking in our core business fueled by local, state, and federal spending as we progress in 2024.

2023 Fourth Quarter & Full Year Results

Condensed Consolidated Statements of Operations

Three Months Ended

(Amounts in thousands)

December 31, 2023

December 31, 2022

Revenue

$ 316,189

$ 294,804

Cost of construction

295,053

258,948

Gross profit

21,136

35,856

Selling, general, and administrative expenses

19,929

14,836

Operating income

1,207

21,020

Gain on investments, net

33

3

Other income, net

21

1,268

Interest expense

(5,681 )

(2,574 )

Earnings (losses) before income taxes

(4,420 )

19,717

Income tax expense (benefit)

2,919

(455 )

Net income (loss)

(7,339 )

20,172

Net income (loss) attributable to noncontrolling interests

(1,776 )

634

Net income (loss) attributable to Southland Stockholders

$ (5,563 )

$ 19,538

Net income per share attributable to common stockholders

Basic(1)

$ (0.12 )

Diluted(1)

$ (0.12 )

Weighted average shares outstanding

Basic(1)

47,877,558

Diluted(1)

47,877,558

(1) Southland’s historical common equity structure was in the form of membership percentages and no shares were issued. As such, reporting periods prior to the three months ended March 31, 2023, will not present share or per share data. Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended December 31, 2023, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented.

Revenue for the three months ended December 31, 2023, was $316.2 million, an increase of $21.4 million, or 7.3%, compared to the three months ended December 31, 2022. Materials & Paving business contributed $45.7 million to revenue in the three months ended December 31, 2023.

Gross profit for the three months ended December 31, 2023, was $21.1 million, a decrease of $14.7 million, or 41.1%, compared to gross profit of $35.9 million for the three months ended December 31, 2022. Gross profit margin decreased from 12.2% to 6.7% for the three months ended December 31, 2023, compared to the three months ended December 31, 2022. Materials & Paving business negatively impacted gross profit by $15.9 million in the three months ended December 31, 2023.

Selli

EX-99.1

2 southlandhold_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces Third Quarter 2023 Results

GRAPEVINE, Texas, November 13, 2023 (Business Newswire) -- Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for quarter ended September 30, 2023.

● Revenue of $312 million for the quarter ended September 30, 2023, down 6.8% from $335 million for the quarter ended September 30, 2022.

● Gross profit of $30 million for the quarter ended September 30, 2023, compared to $62 million for the quarter ended September 30, 2022.

● Net income attributable to stockholders of $4 million, or $0.08 per diluted share for the quarter ended September 30, 2023, compared to a net income attributable to stockholders of $35 million for the quarter ended September 30, 2022.

● EBITDA of $22 million for the quarter ended September 30, 2023, compared to $60 million for the quarter ended September 30, 2022.

● Backlog of $2.54 billion, up 7% compared to $2.37 billion as of September 30, 2022.

Southland’s President and Chief Executive Officer, Frank Renda, said, “This quarter’s results demonstrate positive contribution from recently awarded work in both our Civil and Transportation segments. While consolidated revenues declined this quarter compared to the same period last year, our core business delivered strong margins, offset by certain legacy projects as we work through completing lower margin backlog from prior years. We continue to see elevated bidding opportunities which we expect to carry into 2024 as funds from the Infrastructure Investment and Jobs Act (IIJA) are allocated towards critical infrastructure projects across the country.”

2023 Third Quarter Results

Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended

(Amounts in thousands)

September 30, 2023

September 30, 2022

Revenue

$ 312,472

$ 335,125

Cost of construction

282,943

272,715

Gross profit

29,529

62,410

Selling, general, and administrative expenses

15,247

15,606

Operating income

14,282

46,804

Loss on investments, net

(21 )

(100 )

Other income, net

2,151

2,292

Interest expense

(6,231 )

(2,285 )

Income before income taxes

10,181

46,711

Income tax expense

5,390

10,588

Net income

4,791

36,123

Net income attributable to noncontrolling interests

991

924

Net income attributable to Southland Stockholders

$ 3,800

$ 35,199

Net income per share attributable to common stockholders

Basic(1)

$ 0.08

Diluted(1)

$ 0.08

Weighted average shares outstanding

Basic(1)

47,856,114

Diluted(1)

47,872,042

(1) The structure of Southland’s historical common equity structure was in the form of membership percentages and no shares were issued. As such, reporting periods prior to the three months ended March 31, 2023 will not present share or per share data.

Revenue for the three months ended September 30, 2023, was $312.5 million, a decrease of $22.7 million, or 6.8%, compared to the three months ended September 30, 2022.

Gross profit for the three months ended September 30, 2023, was $29.5 million, a decrease of $32.9 million, or 52.7%, compared to gross profit of $62.4 million for the three months ended September 30, 2022. Our gross profit margin decreased from 18.6% to 9.5% for the three months ended September 30, 2023 compared to the three months ended September 30, 2022.

Selling, general, and administrative costs for the three months ended September 30, 2023 were $15.2 million, a decrease of $0.4 million, or 2.3%, compared to the three months ended September 30, 2022. Selling, general, and administrative costs as a percent of revenue were 4.9% for the three months ended September 30, 2023 compared to 4.7% for the three months ended September 30, 2022.

Condensed Consolidated Statements of Operations (unaudited)

Nine Months Ended

(Amounts in thousands)

September 30, 2023

September 30, 2022

Revenue

$ 844,228

$ 866,627

Cost of construction

829,550

761,549

Gross profit

14,678

105,078

Selling, general, and administrative expenses

47,266

43,395

Operating income (loss)

(32,588 )

61,683

Loss on investments, net

(3 )

(79 )

Other income, net

23,559

936

Interest expense

(13,790 )

(6,317 )

Income (loss) before income taxes

(22,822 )

56,223

Income tax expense (benefit)

(11,446 )

13,745

Net income (loss)

(11,376 )

42,478

Net income attributable to noncontrolling interests

2,314

1,474

Net income (loss) attributable to Southland Stockholders

$ (13,690 )

$ 41,004

Net loss per share attributable to common stockholders

Basic(1)

$ (0.29 )

Diluted(1)

$ (0.29 )

Weighted average shares outstanding

Basic(1)

46,771,938

Diluted(1)

46,771,938

(1) The structure of Southland’s historical common equity structure was in the form of membership percentages and no shares were issued. As such, reporting periods prior to the three months ended March

EX-99.1

2 southlandhold_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces Second Quarter 2023 Results

GRAPEVINE,

Texas, August 14, 2023 (Business Newswire) -- Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for quarter ended June 30, 2023.

●Revenue of $257 million for the quarter ended June 30, 2023, down 5.9% from $273 million for the quarter ended June 30, 2022.

●Gross loss of $34 million for the quarter ended June 30, 2023, compared to gross profit of $38 million for the quarter ended June 30, 2022.

●Net loss attributable to stockholders of $13 million, or $(0.27) per share for the quarter ended June 30, 2023, compared to a net income attributable to stockholders of $19 million for the quarter ended June 30, 2022.

●Adjusted net loss of $35 million, or $(0.76) per share for the quarter ended June 30, 2023, compared to an adjusted net income of $19 million for the quarter ended June 30, 2022.(1)

●Adjusted EBITDA of negative $42 million for the quarter ended June 30, 2023, compared to $35 million for the quarter ended June 30, 2022. (1)

●Backlog of $2.7 billion, up 36% compared to $2.0 billion as of June 30, 2022.

●Positive cash flow from operating activities of $24 million for the quarter ended June 30, 2023.

(1)Please refer to “Non-GAAP Measures” and reconciliations for our Non-GAAP financial measures, including, “Adjusted Net Loss,” “Adjusted Net Loss Per Share,” and “Adjusted EBITDA”

2023 Second Quarter Results

Southland incurred significant unfavorable charges during the quarter, primarily stemming from its legacy asphalt and concrete materials production and paving business. In an effort to wind down this component of its Transportation segment and reallocate resources towards core operations, the Company sold various materials production assets in the second quarter. As a result, the Company recorded unfavorable charges in the quarter related to additional expected future costs associated with procuring and transporting materials from third parties. While work is expected to be completed over the next one to two years, Southland has recorded the increased estimated future costs to finish these projects in this quarter in accordance with Generally Accepted Accounting Principles. The negative impact to gross margin from these charges were approximately $49 million for the second quarter. At the end of the second quarter, approximately 12% of Southland’s $2.7 billion backlog consists of legacy large-scale paving work.

Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended

(Amounts in thousands) June 30,

2023 June 30,

2022

Revenue $256,927 $273,016

Cost of construction 290,721 235,279

Gross profit (loss) (33,794) 37,737

Selling, general, and administrative expenses 16,448 13,490

Operating income (loss) (50,242) 24,247

Gain (loss) on investments, net 50 (259)

Other income (expense), net 24,007 (780)

Interest expense (4,305) (2,065)

Income (loss) before income taxes (30,490) 21,143

Income tax expense (benefit) (18,589) 1,815

Net income (loss) (11,901) 19,328

Net income (loss) attributable to noncontrolling interests 925 (78)

Net income (loss) attributable to Southland Holdings Stockholders $(12,826) $19,406

Net loss per share attributable to common stockholders

Basic (1) $(0.27)

Diluted (1) $(0.27)

Weighted average shares outstanding

Basic (1) 46,870,890

Diluted (1) 46,870,890

(1) The structure of Southland’s historical common equity structure was in the form of membership percentages and no shares were issued. As such, reporting periods prior to the three months ended March 31, 2023 will not present share or per share data. Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended June 30, 2023, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented.

Revenue for the three months ended June 30, 2023, was $256.9 million, a decrease of $16.1 million, or 5.9%, compared to the three months ended June 30, 2022.

Gross loss for the three months ended June 30, 2023, was $33.8 million, a decrease of $71.5 million, or 189.6%, compared to gross profit of $37.7 million for the three months ended June 30, 2022. Our gross profit margin decreased from 13.8% to a negative 13.2% for the three months ended June 30, 2023 compared to the three months ended June 30, 2022.

Selling, general, and administrative costs for the three months ended June 30, 2023 were $16.4 million, an increase of $3.0 million, or 21.9%, compared to the three months ended June 30, 2022. Selling, general, and administrative costs as a percent of revenue were 6.4% for the three months ended June 30, 2023 compared to 4.9% for the three months ended June 30, 2022.

Condensed Consolidated Statements of Operations (unaudited)

Six

EX-99.1

2 southlandhold_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces Preliminary Financial Results for the Second Quarter 2023

GRAPEVINE,

Texas, August 10, 2023 (Business Newswire) -- Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland” or “Company”), a leading provider of specialized infrastructure construction services, today announced preliminary financial results for the three months ended June 30, 2023.

●Revenue: $257 million

●Gross loss: $34 million

●Positive cash flow from operating activities: $24 million

●Backlog $2.7 billion

Southland incurred significant unfavorable charges during the quarter, primarily stemming from its legacy asphalt and concrete materials production and paving business. In an effort to wind down this component of its Transportation segment and reallocate resources towards core operations, the Company sold various materials production assets in the second quarter. As a result, the Company recorded unfavorable charges in the quarter related to additional expected future costs associated with procuring and transporting materials from third parties. While work is expected to be completed over the next one to two years, Southland has recorded the increased estimated future costs to finish these projects in this quarter in accordance with Generally Accepted Accounting Principles. The company estimates the negative impact to gross margin from these charges to be approximately $49 million for the second quarter. At the end of the second quarter, the company estimates that approximately 12% of its $2.7 billion backlog consists of legacy large-scale paving work.

Frank Renda, Southland’s CEO stated, “We are disappointed in our second quarter performance as we faced challenges in our legacy materials production and paving business. We believe discontinuing large-scale materials production will enable us to focus on our core business and is the best decision for the long-term success for Southland. Our core business remains strong, demand for our services continues to be high and we are confident Southland is well positioned for the future.”

The preliminary, unaudited, financial results included in this press release are based on information available to the company as of the date of this release. As a result, our actual results presented may vary from these preliminary estimates and may be affected by the risks and uncertainties identified in this press release and in our filings with the Securities and Exchange Commission. These estimates are not a comprehensive statement of our financial results for the periods presented and should not be viewed as a substitute for full financial statements prepared in accordance with GAAP.

Conference Call

Southland will release its second quarter results on Monday, August 14th after market hours. Southland will host a conference call at 10:00 a.m. Eastern Time on Tuesday, August 15, 2023. The call may be accessed here, or at www.southlandholdings.com. Following the conference call, a replay will be available on Southland’s website.

About Southland

Southland is a leading provider of specialized infrastructure construction services. With roots dating back to 1900, Southland and its subsidiaries form one of the largest infrastructure construction companies in North America, with experience throughout the world. The company serves the bridges, tunneling, communications, transportation and facilities, marine, steel structures, water and wastewater treatment, and water pipeline end markets. Southland is headquartered in Grapevine, Texas.

For more information, please visit Southland’s website at www.southlandholdings.com.

Non-GAAP

Financial Measures

Backlog as presented in this press release is an unaudited financial measure that is not presented in accordance with generally accepted accounting principles (“GAAP”). Southland defines backlog as a measure of the total amount of revenue remaining to be earned on projects that have been awarded. A project is included in backlog once Southland has an executed contract, or authorized notice to proceed. As a result, Southland believes backlog is firm, although cancellations or scope adjustments may occur. In Southland’s industry, backlog is an indicator of future revenue streams for work that has been awarded but not completed. Backlog should not be considered a comprehensive indicator of future revenue as contracts can be terminated by customers on relatively short notice, and backlog does not include future work for which Southland may be awarded. In the event of a cancelation, Southland is typically reimbursed for all of its costs through a specific contractual date, as well as its costs to demobilize from the project site. Southland’s contracts do not typically grant it rights to revenue reflected in backlog. Projects may remain in backlog for extended periods of time as a result of schedule delays, regulatory requirements, project specific issues, or other reasons

EX-99.1

2 southlandhold_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces First Quarter 2023 Results

GRAPEVINE, Texas, May 15, 2023 (Business Newswire) -- Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for quarter ended March 31, 2023.

●Revenue increased to $275 million, up 6% from $258 million for the quarter ended March 31, 2022.

●Gross profit margin of 6.9%, compared to 1.9% for the quarter ended March 31, 2022.

●Operating income increased to $3.4 million, compared to an operating loss of $9.4 million for the quarter ended March 31, 2022.

●Net loss of $4.7 million, compared to a net loss of $13.6 million for the quarter ended March 31, 2022.

●Adjusted net loss of $1.5 million, or $(0.03) per share, compared to an adjusted net loss of $13.6 million for the quarter ended March 31, 2022.(1)

●Adjusted EBITDA increased to $12.7 million, compared to $1.4 million for the quarter ended March 31, 2022. (1)

●Backlog of $2.9 billion, up 43% compared to $2.0 billion as of March 31, 2022.

●New awards of $170 million, compared to $41 million for the quarter ended March 31, 2022.

(1)Please refer to “Non-GAAP Measures” and reconciliations for our Non-GAAP financial measures, including, “Adjusted Net Loss,” “Adjusted Net Loss Per Share,” and “Adjusted EBITDA”

Southland’s President and Chief Executive Officer, Frank Renda, said, “Our first quarter results for 2023 reflect a good start to the year, with revenue increasing by 6% and margins expanding from 1.9% to 6.9% from the prior year. We continue to see elevated demand for our services with limited competition as opportunities with funding from the Infrastructure Investment and Jobs Act accelerate."

2023 First Quarter Results

Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended

(Amounts in thousands except shares and per share data) March 31,

2023 March 31,

2022

Revenue $274,829 $258,486

Cost of construction 255,886 253,555

Gross profit 18,943 4,931

Selling, general, and administrative expenses 15,571 14,299

Operating income (loss) 3,372 (9,368)

(Loss) gain on investments, net (32) 280

Other expense, net (2,599) (576)

Interest expense (3,254) (1,967)

Loss before income taxes (2,513) (11,631)

Income tax expense 1,753 1,342

Net loss (4,266) (12,973)

Net income attributable to noncontrolling interests 398 628

Net loss attributable to Southland Holdings Stockholders $(4,664) $(13,601)

Net loss per share attributable to common stockholders

Basic (1) $(0.11)

Diluted (1) $(0.11)

Weighted average shares outstanding

Basic (1) 44,407,831

Diluted (1) 44,407,831

(1)The structure of Southland’s historical common equity structure was in the form of membership percentages and no shares were issued. As such, reporting periods prior to the three months ended March 31, 2023 will not present share or per share data. Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended March 31, 2023, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented.

Revenue for the three months ended March 31, 2023, was $274.8 million, an increase of $16.3 million, or 6%, compared to the three months ended March 31, 2022.

Gross profit for the three months ended March 31, 2023, was $18.9 million, an increase of $14.0 million, or 284%, compared to the three months ended March 31, 2022. Our gross profit margin increased from 1.9% to 6.9% for the three months ended March 31, 2023.

Selling, general, and administrative costs for the three months ended March 31, 2023, were $15.6 million, an increase of $1.3 million, or 9%, compared to the three months ended March 31, 2022. The increase was driven by $1.0 million of expenses related to becoming a public company.

Segment Revenue

Three Months Ended

(Amounts in thousands) March 31,

2023 March 31,

2022

% of Total

% of Total

Segment Revenue Revenue Revenue Revenue

Civil $72,989 26.6% $75,043 29.0%

Transportation 201,840 73.4% 183,443 71.0%

Total revenue $274,829 100.0% $258,486 100.0%

Segment Gross Profit

Three Months Ended

(Amounts in thousands) March 31,

2023 March 31,

2022

% of Segment

% of Segment

Segment Gross Profit Revenue Gross Profit Revenue

Civil $8,766 12.0% $6,967 9.3%

Transportation 10,177 5.0% (2,036) (1.1)%

Gross profit $18,943 6.9% $4,931 1.9%

2

Condensed Consolidated Balance Sheets (unaudited)

As of

(Amounts in thousands) March 31,

2023 December 31,

2022

Cash and cash equivalents $28,930 $57,915

Restricted cash 14,621 14,076

Accounts receivable, net 178,723 135,678

Retainage receivables 126,092 122,682

Contract assets 543,147 512,906

Other current assets 24,083 24,047

Total current assets 915,596 867,304

Property and equipment, net 108,857 114,084

Right-of-use assets

18,657 16,893

Investm

EX-99.1

2 southlandhold_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Southland Announces Fourth Quarter and Full Year 2022 Results

GRAPEVINE,

Texas, March 22, 2023 (Business Newswire) -- Southland Holdings, Inc. (NYSE American: SLND and SLNDW) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter and year ended December 31, 2022.

●Gross profit margin of 12% for the year ended December 31, 2022, compared to 9% for the year ended December 31, 2021.

●Operating income increased 48% to $82.7 million for the year ended December 31, 2022, compared to $56.1 million for the year ended December 31, 2021.

●Operating income margin of 7% for the year ended December 31, 2022, compared to 4% for the year ended December 31, 2021.

●Net income increased 56% to $60.5 million for the year ended December 31, 2022, compared to $38.7 million for the year ended December 31, 2021.

●EBITDA

increased 23% to $128.2 million for the year ended December 31, 2022, compared to $104.3 million for the year ended December 31, 2021.

●Backlog increased 34% to a record $2.97 billion as of December 31, 2022, compared to $2.22 billion as of December 31, 2021.

●Record new awards of $1.9 billion in 2022, an increase of approximately 220% compared to the prior year.

●Record new awards of $874 million in the fourth quarter of 2022.

“2022 was a great year for Southland. The efforts put forth by the men and women that make up our team led to Southland setting numerous company records. We achieved record new project awards, backlog, gross profit, operating income, and EBITDA in the year. Beyond the numbers, we had numerous operational successes delivering clean water solutions, completing flood and waterway control structures, constructing bridges that connect communities and facilitate commerce, and partnering with our customers to address vital infrastructure needs. I look forward to what the future holds for us,” said Southland Chief Executive Officer, Frank Renda.

2022 Fourth Quarter & Full Year Results

Condensed Consolidated Statements of Operations

Three Months Ended

(Amounts in thousands) December 31,

2022 December 31,

2021

Revenue $294,804 $363,626

Cost of construction 258,948 324,048

Gross profit 35,856 39,578

Selling, general, and administrative expenses 14,836 16,115

Operating income 21,020 23,463

Gain on investments, net (3) (146)

Other income, net (1,268) (1,210)

Interest expense 2,574 1,934

Earnings before income taxes 19,717 22,885

Income tax expense (benefit) (455) 8,730

Net income 20,172 14,155

Net income (loss) attributable to noncontrolling interests 634 (679)

Net income attributable to Southland Holdings $19,538 $14,834

Revenue for the three months ended December 31, 2022 was $294.8 million, a decrease of $68.8 million, or 23%, compared to the three months ended December 31, 2021.

1

Gross profit for the three months ended December 31, 2022 was $35.9 million, a decrease of $3.7 million, or 10%, compared to the three months ended December 31, 2021. Our gross profit margin increased from 11% to 12% for the three months ended December 31, 2022 compared to the three months ended December 31, 2021.

Selling, general, and administrative expense for the three months ended December 31, 2022 were $14.8 million, a decrease of $1.3 million, or 8.6%, compared to the three months ended December 31, 2021.

Condensed Consolidated Statements of Operations

Year Ended

(Amounts in thousands) December 31,

2022 December 31,

2021

Revenue $1,161,431 $1,279,186

Cost of construction 1,020,497 1,164,998

Gross profit 140,934 114,188

Selling, general, and administrative expenses 58,231 58,136

Operating income 82,703 56,052

(Gain) loss on investments, net 76 (898)

Other income, net (2,204) (2,780)

Interest expense 8,891 7,255

Earnings before income taxes 75,940 52,475

Income tax expense 13,290 10,945

Net income 62,650 41,530

Net income attributable to noncontrolling interests 2,108 2,810

Net income attributable to Southland Holdings $60,542 $38,720

Revenue for the year ended December 31, 2022 was $1,161.4 million, a decrease of $117.8 million, or 9.2%, compared to the year ended December 31, 2021.

Gross profit for the year ended December 31, 2022 was $140.9 million, an increase of $26.7 million, or 23.4%, compared to the year ended December 31, 2021. Our gross profit margin increased from 9% to 12% for the year ended December 31, 2022 compared to year ended December 31, 2021.

Selling, general, and administrative expense for the year ended December 31, 2022 were $58.2 million, an increase of $0.1 million, or 0.1%, compared to the year ended December 31, 2021. Selling, general, and administrative expense as a percent of revenue were 5% for the year ended December 31, 2022 compared to 4.5% for the year ended December 31, 2021. For the year ended December 31, 2022 we incurred approximately $2.2 million of costs related to Southland becoming