Southland Holdings, Inc. (SLND) Form 10-Q — Aug 12, 2026

$SLNDForm 10-QFiled Aug 12, 2026, 5:24 PM ET0001104659-26-095036Original filing

Southland Holdings reported a Q2 2026 net loss of $87.1 million, or $1.55 per share, on revenue of $113.3 million that fell 47.4% year over year. The collapse was driven by a comprehensive reassessment of claims recoverability that produced a $102.3 million negative cumulative catch-up revenue adjustment and a $93.6 million hit to gross profit, swinging the quarter to a $71.2 million gross loss from a year-ago gross profit of $13.0 million.

Key figures

Eps: -$2.08 basic/diluted 1H 2026; -$1.55 Q2 2026
Revenue: $285.7 million 1H 2026; $113.3 million Q2 2026
Net Income: -$115.3 million 1H 2026; -$87.1 million Q2 2026
Total Debt: $206.8 million at June 30, 2026, of which $58.0 million due within 12 months
Revenue Yoy: -37.2% 1H 2026; -47.4% Q2 2026
Total Assets: $784.7 million at June 30, 2026
Cash Position: $34.9 million at June 30, 2026 (down from $52.7 million at December 31, 2025)
Shares Outstanding: 54,248,867 weighted average basic shares (Q2 2026)
Wscc judgment: $89.1 million including principal, fees and interest, included in surety payable
Ebitda q2 2026: -$73.4 million
Surety advances: $209.8 million advanced by Berkshire, Zurich and Markel (vs $14.1 million at Dec 31, 2025)
Surety payables: $298.9 million at June 30, 2026 (vs $103.2 million at Dec 31, 2025)
Working capital: $117.6 million positive
Term loan balance: $96.4 million at June 30, 2026
Gross loss q2 2026: -$71.2 million (62.9% negative gross margin vs +6.0% in Q2 2025)
Backlog jun 30 2026: $1.677 billion (down from $2.031 billion at Dec 31, 2025; net change -$68.7 million)
Valuation allowance: $146.7 million deferred tax asset valuation allowance
Warrants outstanding: 14,385,500 at $11.50 exercise price
Wscc sanctions order: $4.8 million
Stock price aug 4 2026: 0.6
Operating cash flow 1h 2026: -$171.9 million used in operations
Surety financing inflow 1h 2026: $195.7 million of surety fund advances
Contract estimate adjustments 1h: -$143.0 million decrease in gross profit
Remaining performance obligations: $1.7 billion RUPO, ~38% expected in next 12 months
Cumulative catchup revenue impact q2: -$102.3 million from claims reassessment
Cumulative catchup gross profit impact q2: -$93.6 million from claims reassessment

Price after filing

1 day: -24.3%7 days: -9.3%30 days: -16.8%

Close on the filing date to close N calendar days later (from $0.71). Historical, not a forecast.

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