secwatch.observer — SEC 8-K summary
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Issuer:     Orion Group Holdings Inc (ORN)
CIK:        0001402829
Form:       8-K
Filed at:   2023-05-10T23:59:59+00:00
Accession:  0001402829-23-000023
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1402829/000140282923000023/0001402829-23-000023-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1402829/000140282923000023/orn-20230505x8k.htm
  HTML page:      https://secwatch.observer/filing/0001402829-23-000023

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