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Here are 1-3 brief analogies for Willdan (WLDN):

• Analogy 1: A utility and public sector focused Accenture or Deloitte, specializing in energy efficiency and infrastructure.
• Analogy 2: A specialized Jacobs or AECOM, providing engineering and consulting for energy efficiency and infrastructure to utilities and governments.

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• Energy Management Services: Willdan designs and implements energy efficiency, demand-side management, and renewable energy programs for utilities and government agencies.
• Engineering and Design Services: The company provides a range of civil engineering, transportation planning, water resource management, and infrastructure design services to public sector clients.
• Utility Financial and Economic Consulting: Willdan offers specialized financial and economic analysis, rate setting, cost-of-service studies, and public finance consulting for municipal utilities and local governments.
• Building and Safety Services: The company delivers outsourced building plan review, inspection, and code enforcement services to municipalities.

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Willdan (WLDN) primarily sells its engineering, energy, and financial consulting services to other companies and public agencies, not directly to individuals. Their customer base is diversified, and according to their recent SEC filings (Form 10-K), no single customer accounted for more than 10% of their total revenues for the past several years.

Willdan's major customers fall into the following categories of organizations:

• Utilities: This category includes investor-owned utilities, public power utilities, cooperatives, and municipal utilities. These entities are typically engaged in the generation, transmission, and distribution of electricity, natural gas, or water. While Willdan serves a wide array of utilities across North America, representative examples of large public utility companies they work with or similar to those they partner with include:
  • Edison International (symbol: EIX) - Parent company of Southern California Edison
  • PG&E Corporation (symbol: PCG) - Parent company of Pacific Gas and Electric Company
  • Consolidated Edison, Inc. (symbol: ED)
  • National Grid plc (symbol: NGG)
• Public Agencies and Government Entities: Willdan provides services to various levels of government, including state, local (municipalities, counties), and federal agencies. These are public sector entities rather than publicly traded companies.

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Michael A. Bieber, Chief Executive Officer

Michael A. Bieber was appointed Chief Executive Officer effective December 30, 2023. He previously served as President of Willdan Group from November 2016 to December 2023 and joined Willdan in December 2014 as Senior Vice President, Corporate Development. Before joining Willdan, Mr. Bieber served as Senior Vice President at Tetra Tech for over 18 years, where he managed mergers and acquisitions and investor relations functions from March 2007 to December 2014, overseeing more than fifty acquisitions. He also managed Tetra Tech's corporate business development group from 2005 to 2007 and worked in their investor relations group from January 2000 to December 2014. Earlier in his career, he was a strategic business development consultant at CRC, Inc., and worked as a project manager and engineer at IT Corporation (now CB&I) on government nuclear and commercial environmental projects.

Creighton K. (Kim) Early, Executive Vice President and Chief Financial Officer

Creighton K. (Kim) Early was appointed Executive Vice President and Chief Financial Officer of Willdan Group, Inc. effective December 30, 2023, having served as Chief Financial Officer since April 16, 2021. Prior to this, he was Executive Vice President and Chief Financial Officer of Willdan's Energy Solutions group from 2015 to 2021. Mr. Early previously served as Chief Financial Officer for Infrastructure and Energy Alternatives, a builder of utility-scale wind, solar, and biomass projects. He also held the position of Chief Financial Officer for Earth Tech for 14 years, where he contributed to the company's growth from a $37 million federal government geotechnical consulting firm to a $1.3 billion multi-national water, environmental, and transportation engineering leader. Mr. Early has been involved in over 50 mergers and acquisitions transactions as a buyer, seller, or advisor.

Thomas D. Brisbin, Ph.D., Chairman of the Board

Thomas D. Brisbin has served as Chairman of the Board since November 2016 and as a board member since 2007. He also held the roles of Chief Executive Officer from April 2007 to December 2023 and President from 2007 to November 2016. Before joining Willdan, Dr. Brisbin was Vice President and consultant for AECOM Technology Corporation from 2004 to 2007. Prior to that, he was chief operating officer and executive vice president of Tetra Tech, Inc. for five years. From 1978 to 1995, he worked for Planning Research Corporation (PRC), a wholly-owned subsidiary of The Black & Decker Corporation, where he co-founded and served as President of PRC Environmental Management, Inc. His tenure at PRC involved all aspects of operations, marketing, and finance. He was also a research associate at Argonne National Laboratory.

Micah Chen, Executive Vice President and General Counsel

Micah Chen was appointed Executive Vice President and General Counsel for Willdan Group, Inc. effective December 30, 2023. He previously served as General Counsel from March 2018 to December 2023 and as Legal Counsel from July 2017 to March 2018. From 2008 to 2017, Mr. Chen held various positions, including Senior Vice President and Managing Director, at Aon Corporation. Prior to that, from 2006 to 2007, he served as Vice President of the Construction Risk Group at Willis Towers Watson, where he developed risk management programs for top clients, contractors, and manufacturers in the Engineering News-Record rankings.

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Key Business Risks for Willdan (WLDN)

Willdan Group Inc. (WLDN) faces several key risks that could impact its financial health and operational performance. Among the most significant are customer concentration, dependence on government regulations and spending, and intense competition within its operating markets.

1. Customer Concentration Risk: Willdan is vulnerable to its reliance on a limited number of clients. Its top 10 customers account for over half of its consolidated contract revenue, which could expose the company to significant revenue fluctuations if any key clients reduce their spending or switch to competitors.
2. Reliance on Government Regulations and Spending: The company's business is significantly affected by government regulations related to energy efficiency, building codes, and environmental standards. Changes in these regulations can impact demand for Willdan's services and increase compliance costs. Furthermore, economic downturns and fluctuations in government and private sector spending on infrastructure and energy projects can negatively affect Willdan's revenue.
3. Intense Competition: Willdan operates in highly competitive industries, including architecture, engineering, construction (AEC), and energy services. It competes with numerous firms, some of which are larger and possess greater financial and technical resources. Increased competition could lead to lower project margins and reduced market share for Willdan.

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The accelerating development and adoption of artificial intelligence (AI) and advanced software-as-a-service (SaaS) platforms for energy management and optimization. These technologies can automate data analysis, identify efficiency opportunities, predict demand, and manage distributed energy resources with increasing sophistication, potentially reducing the reliance on human consultants for certain analytical and advisory functions that form a core part of Willdan's business. As these AI/SaaS solutions mature, they pose a clear emerging threat by potentially displacing or commoditizing specific consulting services, allowing clients (utilities, businesses) to perform more functions in-house or through less labor-intensive software subscriptions.

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Willdan Group, Inc. (WLDN) provides a range of professional technical and consulting services, with significant addressable markets in the United States and North America.

Energy Solutions and Efficiency Services

• The North American Industrial Energy Efficiency Services Market was valued at approximately $3.31 billion in 2024 and is projected to reach $4.32 billion by 2030. North America holds a substantial share of the global industrial energy efficiency services market, valued at $5.5 billion.
• The U.S. Energy as a Service (EaaS) market, which encompasses comprehensive energy management and efficiency solutions, reached approximately $18.93 billion in 2024 and is expected to grow to about $48.28 billion by 2033.
• The North America Residential Energy as a Service Market was valued at $2.5 billion in 2023 and is anticipated to grow to over $5 billion by 2032 in the U.S. alone.

Engineering Services

• The U.S. engineering services market was estimated at $347.4 billion in 2024 and is projected to reach $581.0 billion by 2030. Another estimate places the U.S. engineering services market size at $388.56 billion in 2025, with a projection to reach $507.35 billion by 2030.
• Globally, the engineering services market is expected to be valued at $3.5 trillion in 2025, growing to $5.8 trillion by 2034. The U.S. engineering services market is projected to be valued at $1.1 trillion in 2025.

Utility Consulting Services

• The Energy & Utility Consulting Services industry in the United States is estimated at $7.3 billion in 2025.
• The global management consulting services market in the utility sector was valued at $12.48 billion in 2021 and is expected to reach $15.27 billion by 2025, further growing to $22.86 billion by 2033.

Climate Change Consulting and Adaptation

• The global climate change consulting market size was $7.89 billion in 2024 and is projected to grow to $11.67 billion by 2029. North America was the largest regional market for climate change consulting in 2024.
• The global climate change consulting market size was valued at $6.5 billion in 2023 and is poised to grow from $7.16 billion in 2024 to $15.45 billion by 2032. Specifically for 2025, the climate change consulting market size is estimated at $6.13 billion globally, forecast to reach $10.23 billion by 2030. North America accounts for approximately 40% of the global share.
• The global climate adaptation market size was valued at $30.13 billion in 2024 and is projected to reach $35.50 billion in 2025, with a further increase to $104.93 billion by 2032. North America is anticipated to hold the second-highest market size in climate adaptation, reaching $10.58 billion in 2025.

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Willdan (WLDN) is expected to drive future revenue growth over the next 2-3 years through several key factors:

1. Strong Demand in Utility Programs and Long-Term Contracts: Willdan's utility business, which accounts for 41% of its revenue, continues to perform well, underpinned by long-term contracts that provide a stable foundation of recurring revenue. The company has noted sustained strength in these utility programs.
2. Growth in Energy and Infrastructure Sectors, Driven by Data Centers and Electrification: The accelerating demand in the data center industry for energy efficiency consultations and grid modernization, coupled with broader electrification trends requiring reliable power and resilient grid infrastructure, is a significant driver.
3. Strategic Acquisitions: Recent strategic acquisitions, including APG, Alpha Inspections, and Enica Engineering, are contributing to revenue and fostering operational synergies. Specifically, the APG acquisition is anticipated to drive over 50% growth in 2026.
4. Geographic Expansion and New Contract Wins: Willdan is experiencing growth through geographic expansion and securing new contracts. The company has recently converted several substantial projects into contracts, such as a $97 million project in Alameda County, California, and multiple substation projects across Oregon, Georgia, Texas, and Utah.
5. Focus on Energy Efficiency, Sustainability, and Greenhouse Gas Reductions: Willdan's services are aligned with the increasing demand for sustainable and efficient energy solutions, focusing on implementing systems to reduce greenhouse gas emissions and improve government infrastructure for a sustainable future.

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Share Issuance

• Willdan's shares outstanding increased by 6.10% in the last year, with approximately 14.75 million shares currently outstanding.

Inbound Investments

• No significant large inbound investments from third-party strategic partners or private equity firms were found within the last 3-5 years.

Outbound Investments

• Willdan acquired Lime Energy in 2021, expanding its energy efficiency services.
• In February 2025, the company acquired Alpha Inspections LLC, a provider of building inspections, plans examination, and building official services.
• Willdan acquired Alternative Power Generation, Inc. (APG) in March 2025, enhancing its electrical engineering capabilities for data centers, microgrids, and EV charging stations. APG generated approximately $37 million in revenue in 2024.

Capital Expenditures

• Over the last 12 months, capital expenditures amounted to approximately $9.26 million.