The following is a summary of the Southland Holdings, Inc. (SLND) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 2024 revenue was $173 million, down from $312 million in Q3 2023.

• Gross loss for Q3 2024 was $51 million, with unfavorable adjustments driving non-cash impacts and reduced recognized revenue.

• Net loss for the quarter was $55 million, a significant decline from a net income of $4 million in Q3 2023.

• Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was negative $59 million for Q3 2024.

Business Progress:

• Southland has a strong backlog for new core projects at approximately $2.5 billion, positioning well for future growth.

• Completed significant transactions to strengthen balance sheet, including a $42.5 million real estate deal and a $160 million senior secured loan.

• Focus on securing smaller, quicker-turnaround projects valued between $30 million and $150 million, alongside tracking larger infrastructure projects in Civil and Transportation sectors.

Opportunities:

• New core projects and strategic focus are expected to drive profitability in 2025.

• Significant pipeline of over $20 billion in transportation projects and additional major projects across various regions show robust opportunities for growth.

Risks:

• Persistent challenges from legacy M&P and non-M&P projects expected to continue impacting financial results till their completion in 2025.

• Recent natural disasters in the Southeast may influence the timeline and execution of ongoing and future projects.

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