TIC Solutions acquired we-do-IT, GeoVerra and Core Group on Aug. 18; the cash-funded deals add about $90 million in annualized revenue. Its backlog hit a record $1.18 billion in Q2, while the company reported a $13.3 million net loss and $1.6 billion in term debt.
The combined Consulting & Engineering and Geospatial backlogs rose 20% year over year. Q2 revenue climbed 86% to $584.3 million, largely because of TIC’s 2025 acquisition of NV5 Global; organic growth was 2.5%. Adjusted EBITDA rose to $94.8 million from $54.6 million a year earlier, and management reaffirmed 2026 revenue guidance of $2.15 billion to $2.25 billion.
The acquisitions expand TIC’s utility software and data-management capabilities, Canadian surveying and geomatics operations, and UK commissioning business. The article cites a forward P/E of 48.78 as of Sept. 22 and frames leverage, integration and turning backlog into profits as execution risks, without giving a definitive buy verdict.
