---
title: ADB — January 2026 Monthly Operations Review
---

Monthly Operations Review·January 2026·Highly Confidential & Proprietary

Powering the Future  
of *Connectivity*

ADB — January 2026 Monthly Operations Review

Revenue MTD

$40.2M

▲ $5.4M vs AOP

Gross Profit

$5.4M

▲ $1.5M vs AOP

AEBITDA MTD

$2.5M

▲ $1.7M vs AOP

TTM Revenue

$553M

▲ +29% vs PY

TTM AEBITDA

$44.6M

↑ Trending Up

Our Mission

Customer-Centric. People-First.

We are a customer-centric partner providing innovative solutions. The safety, well-being and career growth of our team members are the benchmarks of our success.

Our Vision

Transform How the World Connects

ADB will transform how the world connects — building the technology infrastructure that powers progress, from fiber in the ground through wireless in the air to data centers transforming the cloud.

Tagline

POWERING THE FUTURE  
OF CONNECTIVITY.

👤

01 — Executive Leadership

CEO Opens

CEO

"

Strong start to 2026. Revenue, margin and EBITDA all exceeded AOP in January. Data center momentum with AFL/Oracle, AT&T outperformance across regions, and ZERO safety recordables demonstrate the quality of our operational execution.

January 2026 — Executive Summary

Executive Highlights

January Performance

- **Revenue $40.2M** — Beat AOP $34.8M by +$5.4M (+15.5%); +49% vs PY
- **Gross Profit $5.4M** — Beat AOP by +$1.6M; GM 13.4%
- **AEBITDA $2.5M** — Beat AOP $0.8M by +$1.7M (+213%)
- **ZERO Recordables** — Sustained since September 28, 2025
- **TTM Revenue $553M** — +29% vs. Prior Year
- **AFL/Oracle Stargate DC** — $20.5M National, Bldg 4 in process
- **Uniti Dallas–Amarillo** — $20M East award; new key customer

TTM Revenue$553M

+29% vs PY

TTM AEBITDA$44.6M

↑ Trending Up

Safety RecordablesZERO

Since 9/28/25

1+11 Full Year Fcst$552.4M

In-Line AOP

---

💰

02 — Finance

CFO Report — Financial Performance & Covenant Update

CFO

Revenue MTD$40.2M

▲ $5.3M vs AOP

Gross Profit MTD$5.4M

▲ $1.5M · GM 13.4%

OpEx MTD$2.9M

▲ $0.2M fav

AEBITDA MTD$2.5M

▲ $1.7M vs AOP

MTD — Actual vs. AOPAll Favorable

|  | Actual | AOP | Var $ | Var % |
| --- | --- | --- | --- | --- |
| Revenue | $40.2M | $34.8M | +$5.3M | +15.3% |
| Gross Profit | $5.4M | $3.8M | +$1.5M | +39.5% |
| GP Margin % | 13.4% | 11.0% | +2.4pp | — |
| OpEx | $2.9M | $3.1M | +$0.2M | +6.5% |
| AEBITDA | $2.5M | $0.8M | +$1.7M | +213% |

MTD — Actual vs. Prior Year+49% YOY

|  | Jan '26 | Jan '25 | Var $ | Var % |
| --- | --- | --- | --- | --- |
| Revenue | $40.2M | $27.0M | +$13.2M | +48.9% |
| Gross Profit | $5.4M | $3.1M | +$2.3M | +74.2% |
| GP Margin % | 13.4% | 11.5% | +1.9pp | — |
| OpEx | $2.9M | $2.5M | +$0.4M | +16.0% |
| AEBITDA | $2.5M | $0.6M | +$1.9M | +317% |

Full Year Performance

2026 Monthly Revenue Trend & TTM AEBITDA

Monthly Revenue — Actual / AOP / 2025 PY ($M)Jan +$5.3M vs AOP

TTM AEBITDA Trendline ($K) — Jun-24 → Dec-26 Fcst

2026 Quarterly Revenue Fcst vs. AOP ($M)

Full Year 2026 Forecast vs. AOP ($M)In-Line AOP

|  | Q1 | Q2 | Q3 | Q4 | FY 2026 |
| --- | --- | --- | --- | --- | --- |
| Revenue ($M) |  |  |  |  |  |
| Actual / Forecast | 118.4 | 132.5 | 152.8 | 148.7 | 552.4 |
| AOP | 113.1 | 128.7 | 155.0 | 155.6 | 552.4 |
| vs AOP | +5.3 | +3.8 | -2.2 | -6.9 | — |
| AEBITDA ($M) |  |  |  |  |  |
| Actual / Forecast | 6.7 | 13.4 | 18.5 | 19.8 | 58.4 |
| AEBITDA Margin % | 5.7% | 10.1% | 12.1% | 13.3% | 10.6% |

Covenant — Net Leverage vs. MaxAll Passing

Net Leverage

Debt / TTM AEBITDA

~4.5x

Max 6.25x

PASS

Min Liquidity

>$5M

Min $5.0M

PASS

💵

Avg Weekly Inflows Q1$10.1M

📋

Past Due A/R ↓11pp vs Dec23%

---

🏢

03A — Region

National Region — Grow & Efficiency

National President

Revenue vs AOP+$2.0M

Exceeded

CM vs AOP+$0.8M

CM +3.8% vs AOP

CM % Jan51%+

+12.8% vs PY

Underbilling$7.2M

$4.7M Aged

Revenue — Monthly vs. AOP ($M)Jan Exceeded

Scorecard — National

|  | Jan Act | Jan AOP | Var | vs PY |
| --- | --- | --- | --- | --- |
| Revenue | $10.8M | $8.4M | +$2.0M | +131% |
| Contrib. Margin $ | $2.3M | $1.5M | +$0.8M | +250% |
| CM % | 21.1% | 18.5% | +2.6pp | +7.2pp |

January Commentary

- All LOBs met or exceeded AOP goals — Q1 on track
- Oracle-AFL Project Ludacris (Bldg 4) in process, crew optimized
- VAMC San Juan: TRs available 3/2; Chillicothe 97% complete
- Abilene DC delays — February revenue impact expected
- AT&T reduced DC Plants/HVAC by 15%; Generators by 50%
- WWT: 16 additional sites awarded (+$550K)
- $1.6M aged underbilling resolved in February

---

🗺️

03B — Region

East Region — Invest & Grow

East President

Revenue Jan$12.2M

▲ $0.8M vs AOP

Revenue vs PY+21.3%

Growing

Margin $$723K

-$0.1M vs AOP

Underbilling Red.$5.2M

Reduced in Jan

Revenue — Monthly vs. AOP ($M)+21.3% vs PY

Scorecard — East

|  | Jan Act | Jan AOP | Var | vs PY |
| --- | --- | --- | --- | --- |
| Revenue | $12.2M | $11.4M | +$0.8M | +21.3% |
| Gross Margin $ | $0.7M | $0.8M | -$0.1M | +6.0% |
| GM % | 5.9% | 7.0% | -1.1pp | +0.5pp |

January Commentary

- Uniti: Awarded $20M Dallas–Amarillo — major new 2026 East customer
- Verizon: Pending $150M+ wireline & wireless awards over 3 years
- AT&T: Solid relationship, largest ops vs. prior years
- Indirect % favorable to AOP; $5.2M underbilling reduced in Jan
- Weather impacts wireless Q1; underutilized fleet drove up indirect
- Wisconsin office shutdown + RIF completed

---

🌵

03C — Region

West Region — Produce & Grow

West President

Revenue vs AOP+$2.5M

Exceeded

Revenue vs PY+51%

AT&T Driven

Gross Margin vs PY+20%

Improving

AR Aging >30 days3%

Well Controlled

Revenue — Monthly vs. AOP ($M)+51% vs PY

Scorecard — West

|  | Jan Act | Jan AOP | Var | vs PY |
| --- | --- | --- | --- | --- |
| Revenue | $14.2M | $11.7M | +$2.5M | +51% |
| Gross Margin $ | $2.1M | $1.8M | +$0.3M | +20% |
| GM % | 14.8% | 15.4% | -0.6pp | +3.0pp |

January Commentary

- AT&T TX: Largest customer — no issues, actively growing
- Charter Great Falls & Missoula: Aerial-to-UG builds on schedule
- Zayo El Paso–Patricia: Plowing complete, fiber placing started
- Zayo PHX–Tucson: Materials arriving, permits imminent
- Indirect costs tracking well; AR aging only 3% >30 days
- WIP true-ups (splicing), wireless ramp slower than planned

---

⚙️

03D — Region

Engineering — Line of Business

Engineering President

Revenue Jan$960K

+4.6% vs AOP

Margin$97K

+446% vs AOP

Revenue vs PY+5.1%

Growing

MTD Billed$996K

Indirect Fav.

Revenue — Monthly vs. AOP ($M)+446% Margin vs AOP

Scorecard — Engineering

|  | Jan Act | Jan AOP | Var | vs PY |
| --- | --- | --- | --- | --- |
| Revenue | $0.96M | $0.92M | +$0.04M | +5.1% |
| Margin $ | $97K | $17K | +$80K | +38.6% |
| Margin % | 10.1% | 1.8% | +8.3pp | +3.5pp |

January Commentary

- On track to exceed Q1 2026 AOP margin goals
- Uniti/Windstream Dallas–Amarillo ($1.5M) in Design/Permitting
- Verizon NASH/KNOX Q1 on track; Memphis funding release 2/28
- Zayo El Paso–Patricia: Ahead of schedule; PHX–TUC: On track
- Vero: On track, fielding completed; Indirect favorable to AOP

---

📈

04 — Commercial

Revenue Forecast Walk, Backlog & Customer Concentration

Chief Commercial Officer

Revenue Forecast Walk 2026

2025 FY → 2026 YTD → Backlog by Region (LOB stacked) → Go-Get → Forecast vs. AOP

Revenue Forecast Walk 2026 ($M) — Total Remaining Backlog: $389.8M 78% Actual + Backlog to AOP  ·  $122.4M Go-Get

Crit. Infrastructure

Technology

Wireline

Splicing

Wireless

Engineering LOB

2025 FY / AOP

YTD Executed

| LOB | National | East | West | Engineering | Total |
| --- | --- | --- | --- | --- | --- |
| Total Remaining Backlog — $389.8M |  |  |  |  |  |
| Critical Infrastructure | $20.2M | — | — | — | $20.2M |
| Technology | $27.8M | — | — | — | $27.8M |
| Wireline | — | $109.5M | $157.4M | — | $266.9M |
| Splicing | — | — | — | — | — |
| Wireless | — | $30.5M | $36.8M | — | $67.3M |
| Engineering | — | — | — | $8.2M | $8.2M |
| Total by Region | $47.5M | $139.9M | $194.2M | $8.2M | $389.8M |

**Revenue Walk:** 2025 FY $509.8M → 2026 YTD $40.2M → Backlog $389.8M → Go-Get $122.4M ($35.8M high-conf + $54.1M pipeline) = **Forecast $552.4M = AOP $552.4M.** 78% covered by actual + backlog.

Gross Margin Forecast Walk 2026

Backlog GM by Region & LOB — Bridging to AOP

GM Forecast Walk 2026 ($M) — Blended Backlog GM ~17%AOP GM: $88.4M / 16.0%

Crit. Infrastructure (30%)

Technology (22%)

Wireline (16%)

Wireless (12%)

Engineering LOB (18%)

| LOB (GM%) | National | East | West | Engineering | Total GM |
| --- | --- | --- | --- | --- | --- |
| Crit. Infrastructure (30%) | $6.1M | — | — | — | $6.1M |
| Technology (22%) | $6.1M | — | — | — | $6.1M |
| Wireline (16%) | — | $17.5M | $25.2M | — | $42.7M |
| Wireless (12%) | — | $3.7M | $4.4M | — | $8.1M |
| Engineering (18%) | — | — | — | $1.5M | $1.5M |
| Total Backlog GM | $12.2M | $21.2M | $29.6M | $1.5M | $64.5M |

Backlog Detail

Multi-Year, by Region & LOB, and Top Customer Concentration

Total Remaining Backlog$389.8M

Jan 2026

All-Years Total Backlog$614.8M

2026–2028+

Go-Get Required$122.4M

22% of AOP

Blended Backlog GM~17%

$64.5M GP

Backlog by Year & Region — 2026–2028+ ($M)

Multi-Year Backlog by LOB — 2026–2028+ ($M)

Top Customer Backlog — Estimated ($M) incl. All OtherJan 2026

AT&T represents the largest single-customer concentration at ~$215M (35% of total). Top 10 named customers represent ~$614M (including multi-year), with $75M classified as All Other across smaller accounts.

Backlog Detail — by Region & LOB, All Years ($M)

| LOB | National | East | West | Engineering | 2026 | 2027 | 2028+ | All Years | GM% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Crit. Infrastructure | $20.2 | — | — | — | $20.2 | $8.0 | $4.0 | $32.2 | 30% |
| Technology | $27.8 | — | — | — | $27.8 | $12.0 | $5.0 | $44.8 | 22% |
| Wireline | — | $109.5 | $157.4 | — | $266.9 | $95.0 | $48.0 | $409.9 | 16% |
| Splicing | — | — | — | — | — | $5.0 | $2.0 | $7.0 | 24% |
| Wireless | — | $30.5 | $36.8 | — | $67.3 | $28.0 | $12.0 | $107.3 | 12% |
| Engineering | — | — | — | $8.2 | $8.2 | $4.0 | $2.0 | $14.2 | 18% |
| TOTAL | $47.5 | $139.9 | $194.2 | $8.2 | $389.8 | $152.0 | $73.0 | $614.8 | ~17% |

Commercialization — Pipeline

Bookings, Open Pipeline & New Opportunities

2026 Bookings Target$675M

Full Year

Jan Bookings$35.4M

vs Target

YTD Bookings$89.2M

Gap: $585.8M

Closed Won YTD13%

of Target

Bookings by LOB ($M)*Awarded - Pending PO as of 2.23.2026

| Metric | Wireline | Wireless | Engineering | Technology | Total |
| --- | --- | --- | --- | --- | --- |
| Jan Bookings | $0.6 | $5.8 | $0.3 | $28.7 | $35.4 |
| YTD Bookings | $1.8 | $56.6 | $0.3 | $30.5 | $89.2 |
| Gap to Target | — | — | — | — | $585.8 |
| Awarded — Pending PO* | $32.7 | $0.8 | $0.9 | — | $34.5 |

Technology LOB driving Jan bookings at $28.7M — data center / hyperscaler momentum. Wireless YTD at $56.6M strong. $34.5M awarded pending PO execution.

New Opportunities — Selected Pipeline

| Opportunity | Region | Rev / PM% |
| --- | --- | --- |
| 📡 VZ — AWS Ultra Long Haul | East | $50M / 25% |
| 🏗️ Direct Line — Vantage/Proj Frontier | National | $70M / 28% |
| 🔗 Uniti — Meta Ring Birmingham | East | $30M / 26% |
| ⚙️ CPS — Pole Inspection | Engineering | $1M / 25% |

**$151M in named opportunities** — VZ Ultra Long Haul + Direct Line data center at premium margins (25–28%). Engineering expansion into pole inspection services.

Proposals Submitted — Revenue & Volume Trend ($M) Jan '25 – Jan '26

Open Pipeline by Stage ($M) $3.2B Total

Open Pipeline$3.2B

Top of Target Range

Volume Conversion37%

-1% MoM

Revenue Conversion18%

-2% MoM

Awarded Pipeline$34.6M

Pending Execution

**$3.2B in Open Pipeline** — at top end of target range. Hyperscaler / Data Center connectivity driving pipeline increase. Volume Conversion 37% (-1% MoM), Revenue Conversion 18% (-2% MoM). RFI Complete stage at $1,226.6M provides strong future funnel visibility.

---

🛡️

05 — COA

Safety, People & Culture

Chief Operating & Administrative Officer

Safety Performance

January 2026 — Safety Scorecard

Recordables

0

MTD & YTD · since 9/28/25

EMR

0.52

Ind. Avg: **1.60**

TRIR

0.00

Ind. Avg: **0.90**

DART

0.00

Ind. Avg: **1.0**

Safety Activity — January 2026Zero Incidents

| Metric | MTD | YTD | 2026 Goal |
| --- | --- | --- | --- |
| OSHA Recordables | 0 | 0 | — |
| Preventable MVI | 0 | 0 | — |
| Safety Assessments | 437 | 437 | 7,364 |
| Good Catches | 876 | 876 | 10,135 |
| Manhours Worked | 179,718 | 179,718 | 2,505,539 |

Safety Milestone

ZERO

OSHA Recordables since September 28, 2025  
67% better than industry EMR average

Industry Comparison

EMR (ADB 0.52)

0.52

EMR (Industry)

1.60

TRIR (ADB 0.00)

0.00

TRIR (Industry)

0.90

ADB EMR **0.52** vs. industry **1.60**. TRIR and DART both **0.00** vs. industry averages. Sustained zero recordable streak since Sept 28, 2025.

People & Workforce

Headcount, Retention & AEBITDA per Employee

Headcount Trend — Total / Ops / SG&A

AEBITDA per Employee — Quarterly ($)

Open Roles & Hiring Pipeline

January 2026 — Turnover

Total Terms42

Involuntary13

Voluntary29

Existing EE Retention

98.0%

New Hire Retention

97.3%

Headcount by Region & Function

---

🚛

06 — Fleet

Fleet Operations Update

Fleet Operations

Fleet Units1,888

-9.8% vs PY

CRR YTD4.07%

Favorable

Y/Y GM Improvement$376K

YTD Savings

Invoice AutomationLive

Jan 2026

Fleet Spend by Category — 2025 Actual vs. Prior Budget ($M)

2026 Fleet Program Updates

- **Fleet Invoice Automation** — Operationalized Jan 2026
- **High-Cost Repair Program** — $289K avoided; $2.5M+ reviewed
- **Maverick Fuel Program** — $236K saved; $5.9M actual vs $6.0M budget
- **Vehicle Idling Program** — $118K fuel saved, -19.6% CO₂ vs baseline
- **Fleet Replacement Program** — Active; avg fleet age 7.2 yrs
- **Telematics RFP** — In progress; Dec utilization 83.2%

---

📎

07 — Appendix

Supporting Financial Schedules & Reference Charts

Board & Lender Distribution

Schedule Index

January 2026 — Reference Documents

📊

Schedule A — Adjusted EBITDA Walk

Bridge from GAAP Net Income to Adjusted EBITDA

📋

Schedule B — P&L Pro Forma & Reported (GAAP)

Full income statement, both views

🏦

Schedule C — Balance Sheet Pro Forma & Reported

Asset, liability and equity summary

💸

Schedule D — Cash Flow Statements

Operating, investing, financing activities

🔍

Schedule E — COGS & OpEx Detail & Variances

Cost of goods sold and G&A breakdown

🏛️

Schedule F — Full Year Covenant Forecast

2026 leverage & liquidity through Dec-26

💵

Schedule G — Cash & Liquidity 13-Week Forecast

Weekly inflows $10.1M/wk Q1 avg

⚙️

Schedule H — 1+11 Full Year Forecast

Updated 2026 outlook — in-line with AOP $552.4M

Reference Charts

Appendix — GP% by Region & AEBITDA Bridge

GP % Trend by Region — 2025 Quarterly → Jan 2026

AEBITDA Bridge — AOP vs. Actual Jan 2026 ($M)

SCHED AAdjusted EBITDA Walk — January 2026 vs AOP

| Description | AOP ($K) | Actual ($K) | Variance ($K) | Notes |
| --- | --- | --- | --- | --- |
| Revenue Bridge |  |  |  |  |
| National Revenue | 8,400 | 10,800 | +2,400 | DC momentum, AFL/Oracle Bldg 4 |
| East Revenue | 11,400 | 12,200 | +800 | Uniti award, AT&T growth |
| West Revenue | 11,700 | 14,200 | +2,500 | AT&T TX, Zayo projects |
| Engineering Revenue | 920 | 960 | +40 | Staff aug, design projects |
| Corp / Intercompany | 280 | (160) | (440) | Interco true-ups |
| Total Revenue | 34,800 | 40,200 | +5,400 | +15.5% vs AOP |
| AEBITDA Walk — AOP to Actual |  |  |  |  |
| AOP AEBITDA | 800 | — | — | Plan baseline |
| + Revenue volume upside | — | — | +1,200 | ~22% flow-thru on +$5.4M rev |
| + GM rate improvement | — | — | +800 | National mix, DC labor productivity |
| + OpEx favorability | — | — | +200 | Under-spend vs AOP |
| − East GM rate drag | — | — | (100) | Weather, fleet indirect |
| − West margin dilution | — | — | (60) | Wireless ramp slower than planned |
| − Other / timing | — | — | (340) | Interco, underbilling accruals |
| Actual AEBITDA | — | 2,500 | +1,700 | +213% vs AOP; 6.2% margin |

SCHED BConsolidated P&L — January 2026 (Pro Forma & GAAP)

| Line Item | Jan Actual ($K) | Jan AOP ($K) | Var ($K) | Var % | Jan '25 Act ($K) |
| --- | --- | --- | --- | --- | --- |
| Revenue | 40,200 | 34,800 | +5,400 | +15.5% | 27,000 |
| Cost of Revenue |  |  |  |  |  |
| Direct Labor | 22,400 | 19,900 | (2,500) | -12.6% | 15,120 |
| Materials & Subcontract | 7,800 | 6,600 | (1,200) | -18.2% | 5,130 |
| Equipment / Fleet Direct | 2,400 | 2,500 | +100 | +4.0% | 1,890 |
| Other Direct Costs | 2,200 | 2,000 | (200) | -10.0% | 1,860 |
| Total COGS | 34,800 | 31,000 | (3,800) | -12.3% | 23,900 |
| Gross Profit | 5,400 | 3,800 | +1,600 | +42.1% | 3,100 |
| GP Margin % | 13.4% | 10.9% | +2.5pp | — | 11.5% |
| Operating Expenses (SG&A) |  |  |  |  |  |
| Compensation & Benefits | 1,800 | 1,950 | +150 | +7.7% | 1,600 |
| Occupancy & Facilities | 280 | 310 | +30 | +9.7% | 270 |
| Technology & Systems | 220 | 240 | +20 | +8.3% | 190 |
| Professional Fees | 380 | 400 | +20 | +5.0% | 320 |
| Other SG&A | 220 | 200 | (20) | -10.0% | 120 |
| Total SG&A (OpEx) | 2,900 | 3,100 | +200 | +6.5% | 2,500 |
| AEBITDA (Pro Forma) | 2,500 | 800 | +1,700 | +213% | 600 |
| AEBITDA Margin % | 6.2% | 2.3% | +3.9pp | — | 2.2% |
| GAAP Reconciliation |  |  |  |  |  |
| D&A | (1,100) | (1,050) | (50) | — | (980) |
| Interest Expense, net | (1,800) | (1,800) | — | — | (1,620) |
| Management & Transaction Fees | (280) | (260) | (20) | — | (240) |
| Stock-based Compensation | (180) | (190) | +10 | — | (160) |
| One-time / Non-recurring | (140) | (200) | +60 | — | (320) |
| GAAP Net Income / (Loss) | (1,000) | (2,700) | +1,700 | — | (2,720) |

SCHED CCondensed Balance Sheet — January 31, 2026 (Pro Forma)

| Line Item | Jan 31, 2026 ($K) | Dec 31, 2025 ($K) | Change ($K) | Notes |
| --- | --- | --- | --- | --- |
| Current Assets |  |  |  |  |
| Cash & Equivalents | 8,200 | 5,100 | +3,100 | Strong collections week |
| Accounts Receivable, net | 68,400 | 72,100 | +3,700 | AR reduced; DSO improving |
| Costs in Excess of Billings (WIP) | 24,800 | 17,600 | (7,200) | Underbilling — action underway |
| Prepaid & Other Current Assets | 4,200 | 4,100 | (100) |  |
| Total Current Assets | 105,600 | 98,900 | (6,700) |  |
| Non-Current Assets |  |  |  |  |
| PP&E, net | 42,100 | 43,800 | +1,700 | Depreciation net of additions |
| Goodwill | 188,400 | 188,400 | — | No impairment indicators |
| Intangible Assets, net | 31,200 | 32,600 | +1,400 | Amortization |
| Other Long-Term Assets | 6,800 | 7,000 | +200 |  |
| Total Assets | 374,100 | 370,700 | (3,400) |  |
| Current Liabilities |  |  |  |  |
| Accounts Payable | 38,200 | 40,100 | +1,900 | Timely payments |
| Accrued Liabilities | 22,400 | 24,600 | +2,200 | Payroll, benefits timing |
| Billings in Excess of Costs | 14,800 | 12,200 | (2,600) | Customer advance billings |
| Current Portion — Long-Term Debt | 12,000 | 12,000 | — |  |
| Total Current Liabilities | 87,400 | 88,900 | +1,500 |  |
| Long-Term Liabilities & Equity |  |  |  |  |
| Long-Term Debt, net | 196,800 | 198,600 | +1,800 | Regular amortization |
| Other Long-Term Liabilities | 8,400 | 8,200 | (200) |  |
| Total Liabilities | 292,600 | 295,700 | +3,100 |  |
| Total Equity (Deficit) | 81,500 | 75,000 | (6,500) | Net loss YTD impact |

SCHED DCash Flow Statement — January 2026

| Line Item | Jan Actual ($K) | Jan AOP ($K) | Variance ($K) | Notes |
| --- | --- | --- | --- | --- |
| Operating Activities |  |  |  |  |
| GAAP Net Income / (Loss) | (1,000) | (2,700) | +1,700 |  |
| D&A | 1,100 | 1,050 | +50 |  |
| Stock-based Compensation | 180 | 190 | (10) |  |
| Change in AR | 3,700 | 500 | +3,200 | Strong cash collections |
| Change in WIP / CIE | (7,200) | (2,400) | (4,800) | Underbilling build — resolve Feb |
| Change in AP & Accruals | (4,100) | (800) | (3,300) | Payroll cycle timing |
| Change in BIE | 2,600 | 1,000 | +1,600 | Customer advance billings |
| Other Operating | (280) | (140) | (140) |  |
| Net Cash from Operations | (5,000) | (3,300) | (1,700) | WIP timing drag |
| Investing Activities |  |  |  |  |
| Capital Expenditures | (800) | (1,200) | +400 | Capex timing — Q2 pickup |
| Proceeds — Asset Sales | 200 | — | +200 | Fleet disposals |
| Net Cash from Investing | (600) | (1,200) | +600 |  |
| Financing Activities |  |  |  |  |
| Revolver Borrowings / (Paydowns) | 8,800 | 5,000 | (3,800) | WIP funding |
| Term Loan Amortization | (1,800) | (1,800) | — | Scheduled |
| Other Financing | 1,700 | 1,300 | +400 |  |
| Net Cash from Financing | 8,700 | 4,500 | (4,200) |  |
| Net Change in Cash | 3,100 | — | +3,100 |  |
| Beginning Cash | 5,100 | 5,100 | — | Dec 31, 2025 |
| Ending Cash | 8,200 | 5,100 | +3,100 | Jan 31, 2026 |

SCHED ECOGS & OpEx Detail & Variances — January 2026

| Cost Category | National ($K) | East ($K) | West ($K) | Engineering ($K) | Corp ($K) | Total Actual ($K) | AOP ($K) | Var ($K) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Direct Labor (incl. burden) |  |  |  |  |  |  |  |  |
| Regular Time | 5,200 | 6,800 | 7,100 | 540 | — | 19,640 | 17,200 | (2,440) |
| Overtime Premium | 420 | 680 | 580 | 40 | — | 1,720 | 1,200 | (520) |
| Payroll Taxes & Benefits | 860 | 1,020 | 980 | 100 | — | 2,960 | 2,680 | (280) |
| Materials & Subcontract | 2,100 | 1,800 | 3,600 | 120 | — | 7,620 | 6,800 | (820) |
| Equipment / Fleet (Direct) | 580 | 820 | 780 | 80 | — | 2,260 | 2,320 | +60 |
| Other Direct Costs | 320 | 480 | 580 | 80 | — | 1,460 | 1,400 | (60) |
| Total COGS | 9,480 | 11,600 | 13,620 | 960 | — | 35,660 | 31,600 | (4,060) |
| Revenue | 10,800 | 12,200 | 14,200 | 960 | 40 | 40,200 | 34,800 | +5,400 |
| Gross Profit | 1,320 | 600 | 580 | — | — | 4,540 | 3,200 | +1,340 |
| GP % | 12.2% | 4.9% | 4.1% | — | — | 11.3% | 9.2% | +2.1pp |
| SG&A (Operating Expense) |  |  |  |  |  |  |  |  |
| Compensation & Benefits | 380 | 380 | 360 | 100 | 580 | 1,800 | 1,950 | +150 |
| Occupancy, Tech, Professional | 120 | 140 | 130 | 40 | 570 | 1,000 | 1,150 | +150 |
| Other SG&A | 20 | 20 | 20 | 40 | — | 100 | — | (100) |
| Total SG&A | 520 | 540 | 510 | 180 | 1,150 | 2,900 | 3,100 | +200 |
| AEBITDA | 800 | 60 | 70 | (180) | (1,150) | 2,500 | 800 | +1,700 |

SCHED FFull Year Covenant Compliance Forecast — 2026

| Covenant | Limit | Jan-26 Act | Q1-26 Est | Q2-26 Est | Q3-26 Est | Q4-26 Est | Status |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Leverage Covenants (TTM AEBITDA basis) |  |  |  |  |  |  |  |
| Net Leverage Ratio | Max 6.25x (steps ↓) | ~4.5x | ~4.8x | ~4.2x | ~3.6x | ~3.0x | PASS |
| Covenant Step-down | 5.50x at Jun-26 ↓ | — | — | 4.2x ✓ | 3.6x ✓ | 3.0x ✓ | PASS |
| Liquidity Covenant |  |  |  |  |  |  |  |
| Minimum Liquidity | Min $5.0M at all times | >$5M ✓ | >$5M ✓ | >$5M ✓ | >$5M ✓ | >$5M ✓ | PASS |
| Supporting Metrics |  |  |  |  |  |  |  |
| TTM AEBITDA ($M) | — | 44.6 | ~43.0 | ~47.0 | ~52.0 | ~58.4 | — |
| Total Net Debt ($M) | — | ~200 | ~206 | ~197 | ~187 | ~175 | — |
| Revolver Availability ($M) | $35M Facility | ~$26M | ~$22M | ~$26M | ~$30M | ~$35M | — |
| Overall Covenant Status | — | PASS | PASS | PASS | PASS | PASS | COMPLIANT |

SCHED G13-Week Cash Flow Forecast — Feb 1 through May 2, 2026

| Week | Week End | Beg. Cash ($K) | Inflows ($K) | Payroll ($K) | AP / Vendors ($K) | Debt Service ($K) | Other ($K) | End Cash ($K) | Revolver ($K) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Wk 1 | Feb 7 | 8,200 | 10,200 | (4,400) | (2,800) | — | (400) | 10,800 | 26,000 |
| Wk 2 | Feb 14 | 10,800 | 9,800 | — | (3,200) | (1,800) | (300) | 15,300 | 24,000 |
| Wk 3 | Feb 21 | 15,300 | 9,400 | (4,400) | (2,600) | — | (200) | 17,500 | 22,000 |
| Wk 4 | Feb 28 | 17,500 | 11,200 | — | (4,800) | — | (500) | 23,400 | 20,000 |
| Wk 5 | Mar 7 | 23,400 | 10,100 | (4,400) | (3,100) | — | (300) | 25,700 | 18,000 |
| Wk 6 | Mar 14 | 25,700 | 9,800 | — | (3,400) | (1,800) | (200) | 30,100 | 16,000 |
| Wk 7 | Mar 21 | 30,100 | 10,400 | (4,400) | (2,900) | — | (400) | 32,800 | 14,000 |
| Wk 8 | Mar 28 | 32,800 | 11,800 | — | (5,200) | — | (300) | 39,100 | 12,000 |
| Wk 9 | Apr 4 | 39,100 | 10,200 | (4,400) | (3,000) | — | (200) | 41,700 | 10,000 |
| Wk 10 | Apr 11 | 41,700 | 9,600 | — | (3,300) | (1,800) | (300) | 45,900 | 8,000 |
| Wk 11 | Apr 18 | 45,900 | 10,800 | (4,400) | (3,100) | — | (200) | 49,000 | 6,000 |
| Wk 12 | Apr 25 | 49,000 | 11,400 | — | (4,900) | — | (400) | 55,100 | 4,000 |
| Wk 13 | May 2 | 55,100 | 9,400 | (4,400) | (2,800) | (1,800) | (200) | 55,300 | 4,000 |
| 13-Wk Total / End | 8,200 | 134,100 | (26,400) | (44,100) | (7,200) | (3,700) | 55,300 | 4,000 |  |

**Notes:** Avg weekly inflows $10.1M in Q1 (per management estimate). Payroll bi-weekly; bi-weekly cycle shown at $4.4M gross. Debt service includes term loan amortization $1.8M/mo. Revolver balance shown; $35M facility total. Min liquidity covenant $5.0M — no risk of breach per 13-wk forecast.

SCHED H1+11 Full Year Forecast — 2026 (January Actual + 11-Month Estimate)

| Line Item | Jan Act ($K) | Feb ($K) | Q1 Est ($K) | Q2 Est ($K) | Q3 Est ($K) | Q4 Est ($K) | FY 2026 Fcst ($K) | FY AOP ($K) | Var ($K) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue |  |  |  |  |  |  |  |  |  |
| National | 10,800 | 10,000 | 29,400 | 33,200 | 38,400 | 37,200 | 138,200 | 133,200 | +5,000 |
| East | 12,200 | 11,800 | 34,400 | 38,800 | 44,600 | 43,200 | 161,000 | 158,400 | +2,600 |
| West | 14,200 | 13,600 | 39,400 | 44,200 | 51,000 | 49,600 | 184,200 | 182,400 | +1,800 |
| Engineering | 960 | 980 | 2,880 | 3,200 | 3,600 | 3,400 | 13,080 | 13,200 | (120) |
| Corp / Interco Elim | (160) | (180) | (480) | (600) | (600) | (600) | (2,280) | (2,400) | +120 |
| Total Revenue | 40,200 | 38,200 | 118,400 | 132,500 | 152,800 | 148,700 | 552,400 | 552,400 | — |
| Gross Profit |  |  |  |  |  |  |  |  |  |
| GP ($K) | 5,400 | 5,100 | 15,700 | 18,600 | 22,400 | 22,300 | 79,000 | 88,400 | (9,400) |
| GP Margin % | 13.4% | 13.4% | 13.3% | 14.0% | 14.7% | 15.0% | 14.3% | 16.0% | -1.7pp |
| AEBITDA |  |  |  |  |  |  |  |  |  |
| AEBITDA ($K) | 2,500 | 2,100 | 6,700 | 13,400 | 18,500 | 19,800 | 58,400 | 58,400 | — |
| AEBITDA Margin % | 6.2% | 5.5% | 5.7% | 10.1% | 12.1% | 13.3% | 10.6% | 10.6% | — |
| Key Metrics |  |  |  |  |  |  |  |  |  |
| D&A ($K) | (1,100) | (1,100) | (3,280) | (3,300) | (3,280) | (3,280) | (13,140) | (13,140) | — |
| Interest Expense ($K) | (1,800) | (1,800) | (5,400) | (5,400) | (5,200) | (5,000) | (21,000) | (21,000) | — |
| Capex ($K) | (800) | (900) | (3,200) | (4,200) | (4,800) | (5,200) | (17,400) | (18,000) | +600 |
| Free Cash Flow Est. ($K) | 600 | 200 | 100 | 4,500 | 9,420 | 11,320 | 24,260 | 23,660 | +600 |

**Note:** FY 2026 forecast in-line with AOP at $552.4M Revenue and $58.4M AEBITDA. Q1 is historically the lowest margin quarter driven by weather impacts, seasonal staffing ramp, and underbilling timing. Margin improvement expected Q2–Q4 as backlog executes and Go-Get converts.

ADB — Monthly Operations Review — January 2026  
Highly Confidential & Proprietary Property of ADB — Subject to Confidentiality Obligations

Powering the Future of Connectivity

ADB — Monthly Operations Review — January 2026 Highly Confidential & Proprietary Powering the Future of Connectivity

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