Granite Reports Third Quarter 2025 Results

WATSONVILLE, Calif.--( BUSINESS WIRE)--Granite (NYSE: GVA) today announced results for the quarter ended September 30, 2025.

Third Quarter 2025 Results

Net income attributable to Granite totaled $103 million, or $1.98 per diluted share, compared to net income attributable to Granite of $79 million, or $1.57 per diluted share, for the same period in the prior year. Adjusted net income attributable to Granite (2) totaled $124 million, or $2.70 per diluted share, compared to adjusted net income attributable to Granite (2) of $91 million, or $2.05 per diluted share, for the same period in the prior year.

“Our third quarter results demonstrate solid progress toward our 2027 financial targets,” said Kyle Larkin, Granite President and Chief Executive Officer. “Our CAP reached $6.3 billion, which is a new record, with a number of projects ramping up in the third quarter that should accelerate growth in the fourth quarter and into 2026. Year-over-year gross profit margin gains in both segments were led by exceptional results in the Materials segment. In addition, we continued to execute on our strategy to support and strengthen our existing vertically-integrated home markets with the acquisition of Cinderlite, a business that should bolster our Nevada operations. Robust public and private markets, disciplined project selection and execution, and strategic M&A opportunities position Granite to finish 2025 strong and achieve top- and bottom-line growth in 2026 in line with our financial targets.”

Nine Months Ended September 30, 2025 Results

Net income attributable to Granite totaled $141 million, or $2.83 per diluted share, compared to $85 million, or $1.79 per diluted share, for the same period in the prior year. Adjusted net income attributable to Granite (2) totaled $211 million, or $4.67 per diluted share, compared to $158 million, or $3.56 per diluted share, for the same period in the prior year.

(1) CAP is comprised of revenue we expect to record in the future on executed contracts, including 100% of our consolidated joint venture contracts and our proportionate share of unconsolidated joint venture contracts, as well as the general construction portion of construction manager/general contractor, construction manager/at risk and progressive design build contracts to the extent contract execution and funding is probable.

(2) Adjusted net income, adjusted diluted earnings per share, earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables.

Three and Nine Months ended September 30, 2025 (Unaudited - dollars in thousands)

Construction Segment

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

Change

2025

2024

Change

Revenue

1,162,513

1,080,705

81,808

7.6

2,714,557

2,593,872

120,685

4.7

Gross profit

192,346

170,685

21,661

12.7

431,450

362,885

68,565

18.9

Gross profit as a percent of revenue

16.5

15.8

15.9

14.0

Revenue increased year-over-year, driven primarily by $53 million from our recently acquired businesses, Warren Paving and Papich Construction, and higher CAP entering the quarter. Gross profit increased year-over-year as a result of the increase in revenue and improved project execution across our higher quality project portfolio. Additionally, Papich Construction and Warren Paving contributed $7 million of gross profit during the quarter, which included $1 million of purchase accounting-related charges such as step-up depreciation and intangible asset amortization.

CAP increased $273 million sequentially to $6.3 billion, an increase of $718 million year-over-year. The bidding pipeline continues to be robust across the company in both public and private markets and there are ample opportunities to build CAP to drive organic growth in line with our 2027 financial targets.

Materials Segment

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

Change

2025

2024

Change

Revenue

270,985

194,805

76,180

39.1

544,452

436,399

108,053

24.8

Gross profit

68,202

32,264

35,938

111.4

112,046

59,060

52,986

89.7

Gross profit as a percent of revenue

25.2

16.6

20.6

13.5

Cash gross profit(1)

85,987

43,202

42,785

99.0

155,465

89,718

65,747

73.3

Cash gross profit as a % of revenue(1)

31.7

22.2

28.6

20.6

(1) Materials segment cash gross profit and cash gross profit as a percent of revenue are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables.

Revenue, gross profit and cash gross profit improved year-over-year primarily driven by higher sales volumes and prices in both aggregates and asphalt. Additionally, materials revenue from our recently acquired businesses, Warren Paving and Papich Construction, was $46 million for both the three and nine months ended September 30, 2025, and gross profit was $10 million, including $2 million of purchase accounting-related charges such as step-up depreciation and intangible asset amortization, for the same periods.

Outlook

We are updating our 2025 fiscal year guidance as noted below:

We do not provide a reconciliation of forward-looking adjusted EBITDA margin or the most directly comparable forward-looking GAAP measure of net income attributable to Granite because we cannot predict with a reasonable degree of certainty and without unreasonable efforts certain components or excluded items that are inherently uncertain and depend on various factors. For these reasons, we are unable to assess the potential significance of the unavailable information.

“In the third quarter, we saw an increase in materials orders and we continued to expand our high quality project portfolio. We expect a busy fourth quarter and continuation into 2026. Some anticipated project start ups shifted later into the second half of 2025, prompting a revision to our revenue range for 2025. Importantly, with our strong performance in both segments, we are increasing our full year adjusted EBITDA margin range,” stated Staci Woolsey, Granite Executive Vice President and Chief Financial Officer.

Conference Call

Granite will conduct a conference call today, November 6, 2025, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to discuss the results of the quarter ended September 30, 2025. The Company invites investors to listen to a live audio webcast of the investor conference call on its Investor Relations website, https://investor.graniteconstruction.com. The investor conference call will also be available by calling 1-877-328-5503; international callers may dial 1-412-317-5472. An archive of the webcast will be available on Granite's Investor Relations website approximately one hour after the call. A replay will be available after the live call through November 13, 2025, by calling 1-855-669-9658, replay access code 5808113; international callers may dial 1-412-317-0088.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified vertically-integrated civil contractors and construction materials producers in the United States. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, X, Facebook, and Instagram.

Forward-looking Statements

Any statements contained in this news release that are not based on historical facts, including statements regarding future events, occurrences, opportunities, circumstances, activities, performance, growth, demand, strategic plans, shareholder value, outcomes, outlook, 2025 fiscal year guidance for revenue, adjusted EBITDA margin, SG&A expense, stock-based compensation expense, effective tax rate, and capital expenditures, that our growth should accelerate in the fourth quarter and into 2026, that Cinderlite should bolster our Nevada operations, robust public and private markets, disciplined project selection and execution and strategic M&A opportunities position Granite to finish 2025 strong and achieve top- and bottom-line growth in 2026 in line with our financial targets, we are positioned to outperform our target of 9% operating cash flow as a percent of revenue for the year, there are ample opportunities to build CAP to drive organic growth in line with our 2027 financial targets, that we expect a busy fourth quarter and continuation into 2026, CAP and results constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “future,” “outlook,” “assumes,” “believes,” “expects,” “estimates,” “anticipates,” “intends,” “plans,” “appears,” “may,” “will,” “should,” “could,” “would,” “continue,” "guidance" and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are based on management’s current beliefs, assumptions and estimates. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law; we undertake no obligation to revise or update any forward-looking statements for any reason.

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands, except share and per share data)

September 30, 2025

December 31, 2024

ASSETS

Current assets:

Cash and cash equivalents

441,804

578,330

Short-term marketable securities

105,437

7,311

Receivables, net

836,149

511,742

Contract assets

261,263

328,353

Inventories

145,239

108,175

Equity in construction joint ventures

154,152

140,928

Other current assets

36,023

41,824

Total current assets

1,980,067

1,716,663

Property and equipment, net

1,199,605

716,184

Long-term marketable securities

69,303

—

Investments in affiliates

94,643

94,031

Goodwill

391,660

214,465

Intangible assets, net

181,040

127,886

Right of use assets

152,406

89,791

Other noncurrent assets

76,596

66,635

Total assets

4,145,320

3,025,655

LIABILITIES AND EQUITY

Current liabilities:

Current maturities of long-term debt

371,990

1,109

Accounts payable

527,625

407,223

Contract liabilities

327,237

299,671

Accrued expenses and other current liabilities

407,425

323,956

Total current liabilities

1,634,277

1,031,959

Long-term debt

966,346

737,939

Long-term lease liabilities

125,915

73,638

Deferred income taxes, net

118,158

13,874

Other long-term liabilities

95,643

88,882

Commitments and contingencies

Equity:

Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding

—

Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 43,736,765 shares as of September 30, 2025 and 43,424,646 shares as of December 31, 2024

437

434

Additional paid-in capital

426,143

410,739

Accumulated other comprehensive income (loss)

868

(582

)

Retained earnings

728,332

604,635

Total Granite Construction Incorporated shareholders’ equity

1,155,780

1,015,226

Non-controlling interests

49,201

64,137

Total equity

1,204,981

1,079,363

Total liabilities and equity

4,145,320

3,025,655

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - in thousands, except per share data)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

1,433,498

1,275,510

3,259,009

3,030,271

Cost of revenue

1,172,950

1,072,561

2,715,513

2,608,326

Gross profit

260,548

202,949

543,496

421,945

Selling, general and administrative expenses

101,645

91,650

303,443

249,695

Other costs, net

16,019

8,543

38,698

29,778

Gain on sales of property and equipment, net

(767

)

(1,542

)

(6,110

)

(4,347

)

Operating income

143,651

104,298

207,465

146,819

Other (income) expense:

(Gain) loss on debt extinguishment

—

(272

)

—

27,552

Interest income

(5,986

)

(7,513

)

(18,015

)

(17,815

)

Interest expense

13,367

7,905

29,051

21,325

Equity in income of affiliates, net

(4,946

)

(4,394

)

(9,738

)

(12,921

)

Other income, net

(6,309

)

(874

)

(8,834

)

(1,350

)

Total other (income) expense, net

(3,874

)

(5,148

)

(7,536

)

16,791

Income before income taxes

147,525

109,446

215,001

130,028

Provision for income taxes

38,128

25,469

53,586

36,636

Net income

109,397

83,977

161,415

93,392

Amount attributable to non-controlling interests

(6,468

)

(5,026

)

(20,442

)

(8,529

)

Net income attributable to Granite Construction Incorporated

102,929

78,951

140,973

84,863

Net income per share attributable to common shareholders:

Basic

2.35

1.81

3.23

1.93

Diluted

1.98

1.57

2.83

1.79

Weighted average shares outstanding:

Basic

43,783

43,696

43,665

43,914

Diluted

53,556

52,366

52,968

52,585

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - in thousands)

Nine Months Ended September 30,

2025

2024

Operating activities:

Net income

161,415

93,392

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization

113,615

92,283

Amortization related to long-term debt

3,347

3,400

Non-cash loss on debt extinguishment

—

27,552

Gain on sales of property and equipment, net

(6,110

)

(4,347

)

Stock-based compensation

36,845

17,325

Equity in net (income) loss from unconsolidated construction joint ventures

(5,401

)

651

Net income from affiliates

(9,738

)

(12,921

)

Other non-cash adjustments

233

(165

)

Changes in assets and liabilities

(4,594

)

66,379

Net cash provided by operating activities

289,612

283,549

Investing activities:

Purchases of marketable securities

(238,371

)

(6,977

)

Maturities of marketable securities

70,415

31,500

Purchases of property and equipment

(87,730

)

(108,167

)

Proceeds from sales of property and equipment

10,921

6,739

Acquisitions of businesses, net of cash acquired

(705,278

)

(122,448

)

Cash paid for purchase price adjustments on business acquisition

—

(13,183

)

Other investing activities

2,250

1,429

Net cash used in investing activities

(947,793

)

(211,107

)

Financing activities:

Proceeds from long-term debt

610,000

—

Proceeds from issuance of convertible notes

—

373,750

Debt principal repayments

(10,831

)

(310,226

)

Capped call transactions

—

(46,046

)

Redemption of warrants

—

(497

)

Debt issuance costs

(2,558

)

(10,053

)

Cash dividends paid

(17,030

)

(17,131

)

Repurchases of common stock

(21,600

)

(21,384

)

Contributions from non-controlling partners

3,345

20,500

Distributions to non-controlling partners

(39,625

)

(18,072

)

Other financing activities, net

(46

)

1,340

Net cash provided by (used in) financing activities

521,655

(27,819

)

Net increase (decrease) in cash and cash equivalents

(136,526

)

44,623

Cash and cash equivalents at beginning of period

578,330

417,663

Cash and cash equivalents at end of period

441,804

462,286

Non-GAAP Financial Information

The tables below contain financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Specifically, management believes that non-GAAP financial measures such as EBITDA and EBITDA margin are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons between companies that have different capital and financing structures and/or tax rates. We are also providing adjusted EBITDA and adjusted EBITDA margin, non-GAAP measures, to indicate the impact of stock-based compensation expense, (gain) loss on debt extinguishment in 2024 and other costs, net, which include legal fees for the defense of a former company officer in his ongoing civil litigation with the Securities and Exchange Commission, reorganization costs, strategic acquisition and integration expenses and, in 2024, non-cash impairment charges.

We provide adjusted income before income taxes, adjusted provision for income taxes, adjusted net income attributable to Granite, adjusted diluted weighted average shares of common stock and adjusted diluted earnings per share attributable to common shareholders, non-GAAP measures, to indicate the impact of the following:

We also provide materials segment cash gross profit and materials segment cash gross profit by product line and the related margins to exclude the impact of the segment’s and product line’s depreciation, depletion and amortization from the segment’s and product line’s gross profit. To better illustrate the operational performance generated by the assets of the materials segment, and its product lines, our calculation adds back all depreciation, depletion and amortization to the materials segment and its product lines and does not eliminate any in consolidation. In addition, we exclude barge delivery revenue from our calculation of average selling price per ton to improve comparability with prior periods. The acquisition of Warren Paving introduced barge delivery revenue starting in the third quarter of 2025. Management believes that non-GAAP financial measures such as materials segment cash gross profit and materials segment cash gross profit by product line and the related margins, and average selling price per ton are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons to prior periods and between companies that have different capital and financing structures.

Management believes that these additional non-GAAP financial measures facilitate comparisons between industry peer companies, and management uses these non-GAAP financial measures in evaluating performance. However, the reader is cautioned that any non-GAAP financial measures provided by us are provided in addition to, and not as alternatives for, our reported results prepared in accordance with GAAP. Items that may have a significant impact on our financial position, results of operations and cash flows must be considered when assessing our actual financial condition and performance regardless of whether these items are included in non-GAAP financial measures. The methods used by us to calculate non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures provided by us may not be comparable to similar measures provided by other companies.

GRANITE CONSTRUCTION INCORPORATED

EBITDA AND ADJUSTED EBITDA (1)

(Unaudited - dollars in thousands)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

EBITDA:

Net income attributable to Granite Construction Incorporated

102,929

78,951

140,973

84,863

Net income margin(2)

7.2

6.2

4.3

2.8

Depreciation, depletion and amortization expense(3)

48,901

33,956

114,931

93,532

Provision for income taxes

38,128

25,469

53,586

36,636

Interest expense, net

7,381

392

11,036

3,510

EBITDA(1)

197,339

138,768

320,526

218,541

EBITDA margin(1)(2)

13.8

10.9

9.8

7.2

ADJUSTED EBITDA:

Other costs, net

16,019

8,543

38,698

29,778

Stock-based compensation

2,214

2,241

36,845

17,325

(Gain) loss on debt extinguishment

—

(272

)

—

27,552

Adjusted EBITDA(1)

215,572

149,280

396,069

293,196

Adjusted EBITDA margin(1)(2)

15.0

11.7

12.2

9.7

(1) We define EBITDA as GAAP net income attributable to Granite Construction Incorporated, adjusted for net interest expense, taxes, depreciation, depletion and amortization. Adjusted EBITDA and adjusted EBITDA margin exclude the impact of other costs, net, stock-based compensation and (gain) loss on debt extinguishment as described above.

(2) Represents net income, EBITDA and adjusted EBITDA divided by consolidated revenue of $1.43 billion and $1.28 billion for the three months ended September 30, 2025 and 2024, respectively, and $3.26 billion and $3.03 billion for the nine months ended September 30, 2025 and 2024, respectively.

(3) Amount includes the sum of depreciation, depletion and amortization which are classified as cost of revenue and selling, general and administrative expenses in the condensed consolidated statements of operations.

GRANITE CONSTRUCTION INCORPORATED

ADJUSTED NET INCOME RECONCILIATION

(Unaudited - in thousands, except per share data)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Income before income taxes

147,525

109,446

215,001

130,028

Other costs, net

16,019

8,543

38,698

29,778

Acquired intangible asset amortization and acquisition-related depreciation

7,617

5,546

15,596

15,378

Stock-based compensation

2,214

2,241

36,845

17,325

(Gain) loss on debt extinguishment

—

(272

)

—

27,552

Adjusted income before income taxes

173,375

125,504

306,140

220,061

Provision for income taxes

38,128

25,469

53,586

36,636

Tax effect of adjusting items(1)

4,310

4,474

21,121

16,593

Adjusted provision for income taxes

42,438

29,943

74,707

53,229

Net income attributable to Granite Construction Incorporated

102,929

78,951

140,973

84,863

After-tax adjusting items

21,540

11,584

70,018

73,440

Adjusted net income attributable to Granite Construction Incorporated

124,469

90,535

210,991

158,303

Diluted weighted average shares of common stock

53,556

52,366

52,968

52,585

Less: dilutive effect of Convertible Notes(2)

(7,457

)

(8,103

)

(7,827

)

(8,103

)

Adjusted diluted weighted average shares of common stock

46,099

44,263

45,141

44,482

Diluted net income per share attributable to common shareholders

1.98

1.57

2.83

1.79

After-tax adjusting items per share attributable to common shareholders

0.72

0.48

1.84

1.77

Adjusted diluted earnings per share attributable to common shareholders

2.70

2.05

4.67

3.56

(1) The tax effect of adjusting items was calculated using our estimated annual statutory tax rate. The tax effect of adjusting items for the three and nine months ended September 30, 2025 excludes $9 million of acquisition costs in Other costs, net that were non-tax deductible and the nine months ended September 30, 2024 excludes $26 million of loss on debt extinguishment as it was almost entirely non-tax deductible.

(2) When calculating diluted net income attributable to common shareholders, GAAP requires that we include potential share dilution from the convertible notes when not antidilutive. We entered into capped call transactions relating to both the 3.75% and 3.25% convertible notes to offset the dilutive impact of the convertible notes. The impact of the capped call transactions was excluded from the GAAP diluted net income attributable to common shareholders calculation as the impact would be antidilutive. For the purpose of calculating our adjusted diluted net income per share attributable to common shareholders, the dilutive effect of the convertible notes is removed to reflect the impact of the capped call transactions.

GRANITE CONSTRUCTION INCORPORATED

MATERIALS SEGMENT PRODUCT LINE INFORMATION

(Unaudited - in thousands, except selling price data)

Materials Product Line(1)

Total Materials Segment

Three Months Ended September 30, 2025

Aggregate

Asphalt

Other and Eliminations(2)

External revenue

100,849

169,290

846

270,985

Internal revenue(3)

83,016

99,928

(182,944

)

—

Total Revenue

183,865

269,218

(182,098

)

270,985

Sales tons

8,041

3,205

Average selling price per ton(4)

20.54

84.00

Gross profit

39,060

60,297

(31,155

)

68,202

Gross profit as a % of revenue

21.2

22.4

25.2

Depreciation, depletion and amortization

12,873

4,763

149

17,785

Cash gross profit

51,933

65,060

(31,006

)

85,987

Cash gross profit as a % of revenue

28.2

24.2

31.7

Materials Product Line(1)

Total Materials Segment

Three Months Ended September 30, 2024

Aggregate

Asphalt

Other and Eliminations(2)

External revenue

57,086

137,658

194,805

Internal revenue(3)

47,090

82,672

(129,762

)

—

Total Revenue

104,176

220,330

(129,701

)

194,805

Sales tons

6,366

2,801

Average selling price per ton(4)

16.36

78.66

Gross profit

19,507

38,628

(25,871

)

32,264

Gross profit as a % of revenue

18.7

17.5

16.6

Depreciation, depletion and amortization

7,256

3,610

10,938

Cash gross profit

26,763

42,238

(25,799

)

43,202

Cash gross profit as a % of revenue

25.7

19.2

22.2

NM - not meaningful

(1) The Aggregate product line includes aggregates, barge delivery and recycled materials. The Asphalt product line includes asphalt concrete and liquid asphalt. External revenue includes freight and delivery costs that we pass along to our customers.

(2) Represents our other product line which is comprised of immaterial amounts of products and services that are not considered core product lines, as well as eliminations of interproduct and intersegment transactions.

(3) Includes both intersegment and interproduct revenues. Intersegment revenues for the three months ended September 30, 2025 and September 30, 2024 were $105.6 million and $102.6 million, respectively.

(4) Aggregate average selling price per ton for the three months ended September 30, 2025 was calculated by dividing total aggregate revenue of $183.9 million, less $18.7 million of revenues associated with barge delivery, or $165.2 million, by sales tons for the period. There was no adjustment in the three months ended September 30, 2024.

Materials Product Line(1)

Total Materials Segment

Nine Months Ended September 30, 2025

Aggregate

Asphalt

Other and Eliminations(2)

External revenue

200,894

342,353

1,205

544,452

Internal revenue(3)

147,429

174,292

(321,721

)

—

Total Revenue

348,323

516,645

(320,516

)

544,452

Sales tons

18,108

6,267

Average selling price per ton(4)

18.20

82.44

Gross profit

67,669

87,263

(42,886

)

112,046

Gross profit as a % of revenue

19.4

16.9

20.6

Depreciation, depletion and amortization

30,623

12,493

303

43,419

Cash gross profit

98,292

99,756

(42,583

)

155,465

Cash gross profit as a % of revenue

28.2

19.3

28.6

Materials Product Line(1)

Total Materials Segment

Nine Months Ended September 30, 2024

Aggregate

Asphalt

Other and Eliminations(2)

External revenue

147,522

287,843

1,034

436,399

Internal revenue(3)

97,594

151,847

(249,441

)

—

Total Revenue

245,116

439,690

(248,407

)

436,399

Sales tons

15,252

5,513

Average selling price per ton(4)

16.07

79.76

Gross profit

40,411

60,642

(41,993

)

59,060

Gross profit as a % of revenue

16.5

13.8

13.5

Depreciation, depletion and amortization

20,937

9,499

222

30,658

Cash gross profit

61,348

70,141

(41,771

)

89,718

Cash gross profit as a % of revenue

25.0

16.0

20.6

NM - not meaningful

(3) Includes both intersegment and interproduct revenues. Intersegment revenues for the nine months ended September 30, 2025 and September 30, 2024 were $189.5 million and $189.2 million, respectively.

(4) Aggregate average selling price per ton for the nine months ended September 30, 2025 was calculated by dividing total aggregate revenue of $348.3 million, less $18.7 million of revenues associated with barge delivery, or $329.6 million, by sales tons for the period. There was no adjustment in the nine months ended September 30, 2024.