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• A regional AECOM for land development and infrastructure projects.
• Jacobs Engineering Group for local and regional civil engineering and development projects.

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• Civil Engineering: Provides comprehensive design and engineering services for land development projects, including site planning, grading, and utility systems.
• Surveying & Geospatial Services: Offers land surveying, mapping, GIS, and advanced geospatial data collection and analysis using technologies like lidar.
• Environmental Consulting: Delivers services related to environmental permitting, regulatory compliance, impact assessments, and ecological studies.
• Construction Management & Inspection: Provides project oversight, quality assurance, and field inspection to ensure compliance with designs and standards.
• Water & Transportation Infrastructure Engineering: Designs essential public infrastructure projects, including water and wastewater systems, roads, bridges, and traffic solutions.
• Specialized Engineering Services: Encompasses specific disciplines such as geotechnical, structural, and power/energy engineering for complex project needs.
• Planning & Landscape Architecture: Focuses on master planning, urban design, and creating functional and aesthetically pleasing outdoor environments.

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Bowman Consulting (BWMN) does not disclose specific major customers by name in its public filings, as no single client accounted for more than 10% of its consolidated revenue in recent fiscal years. Therefore, no individual customer companies are identified as "major" in the traditional sense.

However, Bowman Consulting primarily sells its engineering, planning, and environmental consulting services to a diverse base of other companies and organizations. Its customer base can be broadly categorized as:

• Real Estate Developers and Homebuilders: These are primarily private sector companies engaged in land development for residential, commercial, and industrial projects.
• Government Agencies: This category includes federal, state, and local government entities that contract Bowman for public infrastructure projects, planning, and environmental services.
• Utility, Energy, and Infrastructure Companies: This comprises both private and public sector companies and authorities involved in providing utilities (such as water, wastewater, and power), developing energy projects, and managing transportation infrastructure.

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Gary Bowman, Founder and Chief Executive Officer

Gary Bowman founded Bowman Consulting in 1995 as a five-person company. Prior to that, he had a 15-year tenure at Urban Engineering. He has guided Bowman through significant growth, including its Initial Public Offering (IPO) on Nasdaq in 2021, and has since overseen the acquisition of more than 30 companies.

Bruce Labovitz, Chief Financial Officer

Bruce Labovitz joined Bowman in 2013 and has over 25 years of experience in financial management and strategy. He played a pivotal role in leading Bowman through its successful IPO in May 2021. Previously, Mr. Labovitz served as CFO of Comstock Homebuilding Companies, where he guided the company through its own IPO, managed its transition from a private to a public entity, and handled multiple capital markets, debt, and mergers and acquisitions transactions. He was recognized as the Public Company CFO of the Year by the Northern Virginia Technology Council in 2024.

Daniel Swayze, Chief Operating Officer

Daniel Swayze, a licensed professional engineer with more than 16 years of operational management experience, joined Bowman in 2022 as Executive Vice President of Energy Services. He was promoted to Chief Operating Officer in July 2024. Before joining Bowman, Mr. Swayze led the engineering, procurement, construction, and asset management divisions at Onyx, a New York City-based company, where he also managed the engineering division for renewable energy projects.

Robert Hickey, Chief Legal Officer

Robert Hickey serves as Bowman Consulting's Chief Legal Officer.

Patricia Hollar, Chief People Officer

Patricia Hollar is a seasoned Human Capital Executive with experience working with companies ranging from start-ups to Fortune 500 firms in technology, telecommunications, and business consulting. She has developed and implemented programs focused on leadership coaching, team enhancement, and career planning. Ms. Hollar was the recipient of the 2005 professional excellence award from the HR Leadership Awards of Greater Washington.

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1. Cyclical Nature of the Construction and Real Estate Development Industry and General Economic Conditions: Bowman Consulting's business is significantly influenced by the cyclical nature of the construction and real estate development industries. Changes in demand from government and private clients, along with broader economic conditions such as higher interest rates, can impact project funding and overall market demand for their services.
2. Highly Competitive Business Environment and Ability to Attract and Retain Skilled Technical Talent: The company operates in a highly competitive market for engineering and related technical services. Failure to compete effectively could lead to a loss of market share, and difficulties in attracting and retaining skilled technical talent in a competitive labor market pose a risk to project delivery and operational efficiency.
3. Risks Associated with Strategic Acquisitions: Bowman Consulting is actively expanding its national footprint and service offerings through strategic acquisitions. This growth strategy introduces risks related to the integration of acquired businesses, potential operational disruptions, and the challenge of effectively managing new ventures to realize anticipated synergies and growth.

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The clear emerging threat for Bowman Consulting (BWMN) is the rapid advancement and adoption of artificial intelligence (AI), machine learning (ML), and automation technologies in the engineering, planning, and environmental consulting sectors.

These technologies are increasingly capable of automating tasks traditionally performed by human engineers, surveyors, planners, and environmental consultants. This includes, but is not limited to, generative design for infrastructure and land development, advanced geospatial data analysis, automated environmental impact assessments, predictive modeling, and efficient drafting of reports and proposals.

If competing firms or specialized tech-first startups more rapidly and effectively integrate these AI-powered tools into their workflows, they could offer services with significantly reduced costs, faster project turnaround times, and potentially higher precision or optimized outcomes. This shift could erode Bowman Consulting's competitive advantage based on human expertise and labor, leading to downward pressure on pricing, a reduction in the demand for traditional human-intensive services, and a loss of market share. To remain competitive, BWMN will need to make substantial investments in adopting and integrating these technologies, retraining its workforce, and potentially redefining its service delivery models, posing a significant operational and strategic challenge.

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Bowman Consulting Group Ltd. (BWMN) provides a diversified range of professional consulting services, primarily in engineering, planning, surveying, and environmental consulting across the United States. The addressable markets for their main products and services are sizable within the U.S. and globally:

• Civil Engineering Services: The U.S. engineering services market size is projected to be USD 388.56 billion in 2025, with civil engineering holding a significant share. Specifically, the U.S. civil engineering sector recorded revenues of USD 565.8 billion in 2023. The U.S. engineering services market is expected to grow to USD 507.35 billion by 2030.
• Land Development/Planning Services: The market size for Land Development in the U.S. is estimated at USD 22.9 billion in 2025. Globally, the land planning and development market is projected to grow from USD 209.49 billion in 2024 to USD 225.6 billion in 2025, and is anticipated to reach USD 311.16 billion by 2029. Another projection indicates the global Land Planning And Development market will expand from USD 350 billion in 2025 to USD 585 billion by 2032.
• Surveying and Geospatial Services: The U.S. market size for Surveying & Mapping Services is USD 11.5 billion in 2025. Globally, the surveying and mapping services market is projected to reach USD 13 billion by 2032. North America is currently the largest market for these services, valued at USD 2.5 billion in 2024, with a forecast to reach USD 5.5 billion by 2034.
• Environmental Consulting Services: The Environmental Consulting market in the U.S. is estimated at USD 27.4 billion in 2025. The U.S. environmental and sustainability consulting market was USD 22.3 billion in 2023 and is forecast to reach USD 29.2 billion by 2028. The global environmental consulting services market size was over USD 51.8 billion in 2025 and is poised to exceed USD 100.01 billion by 2035, with North America expected to hold the largest revenue share of 46.5% by 2035. The North America environmental consulting services market is expected to grow from US$16,486.67 million in 2021 to US$22,403.49 million by 2028.
• Infrastructure Services (broader market): The U.S. infrastructure market was valued at USD 1.35 trillion in 2024, is estimated to reach USD 1.42 trillion in 2025, and is projected to reach USD 2.15 trillion by 2033. The global Infrastructure Services market size is projected to be USD 159842.5 million in 2025, with the United States market size at USD 46662.82 million in 2025.

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Bowman Consulting (BWMN) Expected Drivers of Future Revenue Growth

1. Strategic Acquisitions: Bowman Consulting has consistently leveraged strategic acquisitions to drive inorganic growth, a trend expected to continue. The company's enhanced revolving credit facility is poised to bolster both organic and inorganic expansion efforts in the coming year. Recent acquisitions have specifically expanded its power and energy digital services and contributed significantly to its run-rate revenue. Management plans to deploy capital strategically through disciplined mergers and acquisitions.
2. Growth in Power, Utilities & Energy Segment: This sector has been identified as Bowman's fastest-growing market and a long-term growth engine. The Power, Utilities & Energy division saw a 38% year-over-year increase in Q3 2025, fueled by national investments in electrification, renewables, grid modernization, and data infrastructure. Recent acquisitions have also strategically enhanced the company's position within this high-growth market.
3. Strong and Expanding Backlog: The company's record backlog, which reached $448 million in Q3 2025, represents an almost 18% increase year-over-year. This substantial backlog provides strong visibility into future revenue streams and reflects continued demand across Bowman's diverse end markets. The CEO noted robust demand and ample funding for infrastructure planning and improvement.
4. Organic Growth in Core Market Segments: Beyond acquisitions, Bowman anticipates continued organic growth in key segments. While Power, Utilities & Energy leads, the Transportation segment demonstrated strong growth of 20% in Q3 2025 and is expected to provide a "backbone of stability and recurring revenue". The Building Infrastructure business grew by over 8% year-over-year in Q3 2025 and is projected to offer long-term revenue visibility through 2027, with an anticipated rebound in private sector growth as financing conditions improve in mid-to-late 2026.
5. Leveraging Technology and Innovation: Bowman Consulting is focused on aggressively leveraging technology and innovation to improve margins and scalability. The company's internal innovation incubator, the BIG Fund, is actively developing concepts to accelerate revenue growth through the deployment of proprietary AI-enabled asset control kits, aiming to extend client engagement throughout the asset lifecycle.

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Share Repurchases

• Bowman Consulting authorized a new $25 million share repurchase program commencing June 9, 2025, replacing a prior authorization.
• On November 29, 2024, the Board increased a previously authorized share repurchase program from $25 million to $35 million, with approximately $16 million remaining available at that time.
• As of November 1, 2025, 1,368,576 shares were repurchased at an average price of $23.97 under the 2024 program.

Share Issuance

• In 2024, Bowman issued and sold 1,502,942 shares of common stock, generating net proceeds of $47.2 million.
• The company completed its Initial Public Offering (IPO) in May 2021, raising approximately $51.8 million in gross proceeds.
• In March 2024, a public offering was announced for up to $50.0 million of common stock, with the company proposing to sell up to $45.0 million for general corporate purposes, including organic expansion and potential acquisitions.

Outbound Investments

• Bowman Consulting completed eight acquisitions in 2024, contributing to revenue growth and expanding geographic reach and service offerings.
• The company acquired McMahon Associates Inc. in May 2022 for $18.5 million, which significantly expanded its transportation infrastructure business.
• In July 2025, Bowman acquired e3i Engineers to enhance its data center engineering capabilities, with an anticipated annualized net service billing run rate of approximately $2.0 million.

Capital Expenditures

• In July 2025, Bowman launched a $25 million "Bowman Innovative Growth Fund" to accelerate organic growth and expand margins through investments in technology, automation, artificial intelligence, and predictive engineering.
• The company has demonstrated a commitment to technological innovation and investment in advanced technology solutions to enhance service delivery and operational efficiency.
• During Q3 2025, Bowman advanced its power and data center practices through acquisitions and added tech-enabled tools to enhance solar and general site planning practices.