---
schema_version: "secwatch.filing_event.v1"
accession: "0001402829-23-000023"
form_type: "8-K"
ticker: "ORN"
cik: "0001402829"
company_name: "Orion Group Holdings Inc"
filed_at: "2023-05-10T23:59:59+00:00"
generated_at: "2026-06-15T06:07:53.593157+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Orion Q1 net loss widens to $12.6M; revenue down 9%; backlog $467M; secures $36M property sale

## Summary
- Q1 contract revenues $159.2M, down 9.0% YoY; net loss of $12.6M ($0.39 diluted loss) vs loss of $4.9M ($0.16) a year ago.
- Adjusted EBITDA negative $4.1M (2.6% margin) vs positive $5.2M (3.0%) in Q1 2022.
- Backlog at March 31 was $467.4M; new awards of $624M not yet reflected in backlog.
- Entered contract to sell East West Jones properties for $36M; expected close Q3; proceeds to reduce debt.
- New ABL credit facility of $38M term loan and $65M revolver to replace existing credit facility.

## SEC filing metadata
- accession: 0001402829-23-000023
- form_type: 8-K
- ticker: ORN
- cik: 0001402829
- company_name: Orion Group Holdings Inc
- filed_at: 2023-05-10T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1402829/000140282923000023/0001402829-23-000023-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1402829/000140282923000023/orn-20230505x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001402829-23-000023
- JSON: https://secwatch.observer/filing/0001402829-23-000023.json
- Plain text: https://secwatch.observer/filing/0001402829-23-000023.txt

## Key facts
- Earnings Releases
  Orion Group Holdings Inc reported the fiscal quarter ended March 31, 2023 results: revenue $159.2 million, net income $12.6 million, EPS $0.39 per diluted share.
  - Period: the fiscal quarter ended March 31, 2023
  - Revenue: $159.2 million
  - Net income: $12.6 million
  - EPS: $0.39 per diluted share
  - Result: reported results
  source text: totaled $ 1.1 billion ● Entered into a sales contract for the Company’s East West Jones properties for a purchase price of $36 million ● Contract revenues decreased 9.0% to $159.2 million ● Net loss was $12.6 million or $0.39 per diluted share ● Adjusted EBITDA was negative $4.1 million ​ See definitions and reconciliation of non-GAAP measures elsewhere in this
  evidence_url: https://www.sec.gov/Archives/edgar/data/1402829/000140282923000023/0001402829-23-000023-index.htm
- Material Agreements
  Orion Group Holdings Inc entered into Consent Letter with Regions Bank, as Administrative Agent and Collateral Agent, and certain other lenders (effective 2023-05-05).
  - Action: entry
  - Counterparty: Regions Bank, as Administrative Agent and Collateral Agent, and certain other lenders
  - Effective: 2023-05-05
  source text: On May 5, 2023, Orion Group Holdings, Inc. (the “Company”) entered into a Consent Letter (the “Consent Letter”) by and between the Company, as borrower, certain subsidiaries of the Company (the “Guarantors”), Regions Bank, as Administrative Agent (in such capacity, the “Administrative Agent”) and Collateral Agent, and certain other banks and lenders party to the Consent Letter (the “Required Lenders”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1402829/000140282923000023/0001402829-23-000023-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.