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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): November 12, 2025

 

 

SOUTHLAND HOLDINGS, INC.

(Exact Name of Registrant as Specified in Charter)

 

Delaware   001-41090   87-1783910
(State or Other Jurisdiction   (Commission   (IRS Employer
of Incorporation)   File Number)   Identification No.)

 

1100 Kubota Drive

Grapevine, TX 76051

(Address of Principal Executive Offices) (Zip Code)

 

(817) 293-4263

(Registrant’s Telephone Number, Including Area Code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

 

Securities registered pursuant to section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common stock, par value $0.0001 per share   SLND   NYSE American LLC
Redeemable warrants, exercisable for shares of common stock at an exercise price of $11.50 per share   SLND WS   NYSE American LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 


 

Item 2.02 Results of Operations and Financial Condition.

 

On November 12, 2025, Southland Holdings, Inc., a Delaware corporation (the “Company”), issued a press release announcing financial results for the quarter ended September 30, 2025. Additional information is included in the Company’s press release. A copy of the Company’s press release is attached hereto as Exhibit 99.1. The foregoing description of the press release is qualified in its entirety by reference to the attached exhibit.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit   Description
99.1   Press Release dated November 12, 2025.
104   Cover Page Interactive Data File (embedded within Inline XBRL document)

 

1


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: November 12, 2025 SOUTHLAND HOLDINGS, INC.
     
  By: /s/ Frank S. Renda
    Name: Frank S. Renda
    Title: President and Chief Executive Officer

 

2

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 )
Selling, general, and administrative expenses     44,624       47,566  
Operating loss     (6,506 )     (118,272 )
Gain (loss) on investments, net     126       (18 )
Other income, net     1,564       2,430  
Interest expense     (28,023 )     (19,895 )
Losses before income taxes     (32,839 )     (135,755 )
Income tax expense (benefit)     56,820       (32,796 )
Net loss     (89,659 )     (102,959 )
Net income (loss) attributable to noncontrolling interests     468       (1,749 )
Net loss attributable to Southland Stockholders   $ (90,127 )   $ (101,210 )
                 
Net loss per share attributable to common stockholders                
Basic(1)   $ (1.67 )     (2.11 )
Diluted(1)   $ (1.67 )     (2.11 )
Weighted average shares outstanding                
Basic(1)     54,028,363       48,020,822  
Diluted(1)     54,028,363       48,020,822  

 

 
(1) Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the nine 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 nine months ended September 30, 2025, was $668.2 million, a decrease of $44.7 million, or 6.3%, compared to the nine months ended September 30, 2024. Materials & Paving business contributed $62.7 million to revenue in the nine months ended September 30, 2025.

 

Gross profit for the nine months ended September 30, 2025, was $38.1 million compared to gross loss of $70.7 million for the nine months ended September 30, 2024. Gross margin was 5.7% for the nine months ended September 30, 2025, compared to (9.9)% for the nine months ended September 30, 2024. Materials & Paving business negatively impacted gross profit by $15.9 million in the nine months ended September 30, 2025.

 

Selling, general, and administrative costs for the nine months ended September 30, 2025, were $44.6 million, a decrease of $2.9 million, or 6.2%, compared to the nine months ended September 30, 2024. Selling, general, and administrative costs as a percent of revenue were 6.7% for the nine months ended September 30, 2025 and September 30, 2024.

 

3


 

Segment Revenue

 

    Three Months Ended  
(Amounts in thousands)   September 30,
2025
    September 30,
2024
 
          % of Total           % of Total  
Segment   Revenue     Revenue     Revenue     Revenue  
Civil   $ 99,481       46.6 %   $ 55,849       32.2 %
Transportation     113,862       53.4 %     117,471       67.8 %
Total revenue   $ 213,343       100.0 %   $ 173,320       100.0 %

 

    Nine Months Ended  
(Amounts in thousands)   September 30,
2025
    September 30,
2024
 
          % of Total           % of Total  
Segment   Revenue     Revenue     Revenue     Revenue  
Civil   $ 283,927       42.5 %   $ 219,490       30.8 %
Transportation     384,284       57.5 %     493,439       69.2 %
Total revenue   $ 668,211       100.0 %   $ 712,929       100.0 %

 

Segment Gross Profit (Loss)

 

    Three Months Ended  
(Amounts in thousands)   September 30,
2025
    September 30,
2024
 
          % of Segment           % of Segment  
Segment   Gross Profit     Revenue     Gross Loss     Revenue  
Civil   $ 10,427       10.5 %   $ (18,336 )     (32.8 )%
Transportation     (7,152 )     (6.3 )%     (32,769 )     (27.9 )%
Gross profit (loss)   $ 3,275       1.5 %   $ (51,105 )     (29.5 )%

 

    Nine Months Ended  
(Amounts in thousands)   September 30,
2025
    September 30,
2024
 
          % of Segment           % of Segment  
Segment   Gross Profit     Revenue     Gross Profit     Revenue  
Civil   $ 47,663       16.8 %   $ 8,694       4.0 %
Transportation     (9,545 )     (2.5 )%     (79,400 )     (16.1 )%
Gross profit (loss)   $ 38,118       5.7 %   $ (70,706 )     (9.9 )%

 

4


 

EBITDA Reconciliation

 

    Three Months Ended     Nine Months Ended  
(Amounts in thousands)   September 30,
2025
    September 30,
2024
    September 30,
2025
    September 30,
2024
 
Net loss attributable to Southland Stockholders   $ (75,269 )   $ (54,727 )   $ (90,127 )   $ (101,210 )
Depreciation and amortization     5,629       5,776       17,530       16,925  
Income tax expense (benefit)     57,194       (17,142 )     56,820       (32,796 )
Interest expense     9,166       7,520       28,023       19,895  
Interest income     (221 )     (167 )     (1,473 )     (527 )
EBITDA     (3,501 )     (58,740 )     10,773       (97,713 )

 

Backlog

 

(Amounts in thousands)      
Balance December 31, 2024   $ 2,572,912  
New contracts, change orders, and adjustments     354,351  
Less: contract revenue recognized in 2025     (668,211 )
Balance September 30, 2025   $ 2,259,052  

 

5


 

Condensed Consolidated Balance Sheets (unaudited)

 

    As of  
(Amounts in thousands, except share and per share data)   September 30,
2025
    December 31,
2024
 
ASSETS                
Current assets                
Cash and cash equivalents   $ 40,482     $ 72,185  
Restricted cash     16,862       15,376  
Accounts receivable, net     195,072       179,320  
Retainage receivables     120,535       112,264  
Contract assets     468,551       483,181  
Other current assets     28,177       19,326  
Total current assets     869,679       881,652  
                 
Property and equipment, net     112,188       116,328  
Right-of-use assets     9,900       14,897  
Investments - unconsolidated entities     134,608       126,705  
Investments - limited liability companies     2,590       2,590  
Investments - private equity     2,554       2,699  
Deferred tax asset     143       54,531  
Goodwill     1,528       1,528  
Intangible assets, net     1,180       1,180  
Other noncurrent assets     1,698       1,539  
Total noncurrent assets     266,389       321,997  
Total assets   $ 1,136,068     $ 1,203,649  
                 
LIABILITIES AND EQUITY                
Current liabilities                
Accounts payable   $ 233,895     $ 191,670  
Retainage payable     35,413       33,622  
Accrued liabilities     76,812       91,515  
Current portion of long-term debt     51,356       44,525  
Short-term operating lease liabilities     6,272       10,104  
Contract liabilities     268,210       249,706  
Total current liabilities     671,958       621,142  
                 
Long-term debt     216,443       255,625  
Long-term operating lease liabilities     16,838       10,791  
Deferred tax liabilities     3,071       292  
Financing obligations, net     41,462       41,468  
Long-term accrued liabilities     58,075       58,075  
Other noncurrent liabilities     40,781       40,847  
Total long-term liabilities     376,670       407,098  
Total liabilities     1,048,628       1,028,240  
                 
Commitment and contingencies (Note 6)                
                 
Stockholders’ equity                
Preferred stock, $0.0001 par value, authorized 50,000,000 shares, none issued and outstanding as of September 30, 2025 and December 31, 2024     -       -  
Common stock, $0.0001 par value, authorized 500,000,000 shares, 54,113,036 and 53,936,411 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively     5       5  
Additional paid-in-capital     292,872       292,173  
Accumulated deficit     (214,745 )     (124,618 )
Accumulated other comprehensive loss     (3,155 )     (3,902 )
Total stockholders’ equity     74,977       163,658  
Noncontrolling interest     12,463       11,751  
Total equity     87,440       175,409  
Total liabilities and equity   $ 1,136,068     $ 1,203,649  

 

6


 

Condensed Consolidated Statement of Cash Flows (unaudited)

 

    Nine Months Ended  
(Amounts in thousands)   September 30,
2025
    September 30,
2024
 
Cash flows from operating activities:                
Net loss   $ (89,659 )   $ (102,959 )
Adjustments to reconcile net loss to net cash used in operating activities                
Depreciation and amortization     17,530       16,925  
Amortization of deferred financing costs     1,387       -  
Loss on extinguishment of debt     -       246  
Deferred taxes     57,218       (28,379 )
Share based compensation     820       1,674  
Gain on sale of assets     (2,743 )     (3,279 )
Foreign currency remeasurement gain     (53 )     (53 )
Loss (earnings) from equity method investments     (8,131 )     2,453  
TZC investment present value accretion     -       (3,367 )
Loss (gain) on trading securities, net     (126 )     18  
Changes in assets and liabilities:                
Accounts and retainage receivables     (23,055 )     2,196  
Contract assets     14,861       97,801  
Other current assets     (8,851 )     859  
Right-of-use assets     4,997       (1,096 )
Accounts payable, retainage payable and accrued liabilities     28,174       (22,659 )
Contract liabilities     18,498       50,115  
Operating lease liabilities     (4,976 )     1,227  
Other     1,002       520  
Net cash provided by operating activities     6,893       12,242  
                 
Cash flows from investing activities:                
Purchase of property and equipment     (3,446 )     (6,210 )
Proceeds from sale of property and equipment     6,264       4,453  
Contributions to other investments     -       (59 )
Distributions from other investments     271       181  
Distributions from investees     184       4,183  
Capital contribution to unconsolidated investments     (184 )     (250 )
Net cash provided by investing activities     3,089       2,298  
                 
Cash flows from financing activities:                
Borrowings on revolving credit facility     -       5,000  
Payments on revolving credit facility     -       (95,000 )
Borrowings on notes payable     -       167,784  
Payments on notes payable     (39,010 )     (80,613 )
Proceeds from financing obligations     -       42,500  
Payments of deferred financing costs     (297 )     (5,468 )
Pre-payment premium     -       (246 )
Payments to related parties     (3 )     -  
Payments on finance lease and financing obligations     (832 )     (5,314 )
Payment of taxes related to net share settlement of RSUs     (121 )     (206 )
Net cash provided by (used in) financing activities     (40,263 )     28,437  
                 
Effect of exchange rate on cash     64       (49 )
                 
Net increase (decrease) in cash and cash equivalents and restricted cash     (30,217 )     42,928  
Beginning of period     87,561       63,820  
End of period   $ 57,344     $ 106,748  
                 
Supplemental cash flow information                
Cash paid for income taxes   $ 734     $ 1,079  
Cash paid for interest   $ 26,781     $ 18,886  
Non-cash investing and financing activities:                
Lease assets obtained in exchange for new leases   $ 9,311     $ 9,881  
Assets obtained in exchange for notes payable   $ 5,585     $ 23,286  
Related party payable exchanged for note payable   $ -     $ 3,797  

 

7


 

Conference Call

 

Southland will host a conference call at 10:00 a.m. Eastern Time on Thursday, November 13, 2025. 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, tunnelling, communications, transportation, 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 southlandholdings.com.

 

Non-GAAP Financial Measures

 

This press release includes certain unaudited financial measures not presented in accordance with generally accepted accounting principles (“GAAP”), including but not limited to earnings before interest, taxes, depreciation, and amortization (“EBITDA”), backlog, and certain ratios and other metrics derived therefrom. Note that other companies may calculate these non-GAAP financial measures differently, and therefore such financial measures may not be directly comparable to similarly titled measures of other companies. Further, these non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. Southland believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Southland’s financial condition and results of operations. Southland also believes that these non-GAAP financial measures provide an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which items of expense and income are excluded or included in determining these non-GAAP financial measures.

 

Please see the accompanying table for reconciliations of the following non-GAAP financial measures for Southland’s current and historical results: EBITDA (non-GAAP financial measures) to net income (loss) attributable to common stock.

 

Forward-Looking Statements

 

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Southland’s current beliefs, expectations and assumptions regarding the future of Southland’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Southland’s control. Southland’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

 

Any forward-looking statement made by Southland in this press release is based only on information currently available to Southland and speaks only as of the date on which it is made. Southland undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

 

Southland Contacts:

 

Keith Bassano

Chief Financial Officer

kbassano@southlandholdings.com

 

Alex Murray

Corporate Development & Investor Relations

amurray@southlandholdings.com

 

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