Shares fell 1.9% as investors digested labor shortages that increased costs on key construction projects, offsetting strong bookings growth and a raised EBITDA target.
- Reported bookings surged 1,058% year-over-year to $2.7 billion in H1 2026, with backlog increasing 533% year-over-year to $2.6 billion.
- Raised full-year 2026 adjusted EBITDA target range to $80–$105 million, reflecting confidence in growth opportunities.
- Labor shortages in the U.S. negatively impacted project efficiencies and raised direct costs on a specific construction job during Q2.
- Company is taking remedial steps to increase skilled labor availability including union incentives and delayed retirements.
- Progress continues on AI data center projects with manufacturing reservations secured for 20 steam turbines to support a growing pipeline of 4–6 GW in new opportunities.
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