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

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.