- PCL Construction - AZ
- 2026
- 1
- 1
- 100.00%
- $4,000,000
- 0.00%
- 0.00%
- 0.00%
- $4,000,000

The **$143.6M** remaining backlog is dominated by two active CMAR projects with **$78.5M** and **$53.9M** still to bill, supporting steady cash inflows from water facility work. Smaller JOC contracts add **$11.2M** in near-term revenue. Execution on these projects should maintain positive cash flow through the first half of 2026.
Medium-term Outlook (6-12 months)
The **$130M** Avondale and **$69M** 24th Street projects will continue driving the majority of revenue as their remaining balances are drawn down. Limited 2025-2026 bidding activity at **$213M** total low suggests the current backlog can sustain operations without immediate new awards.
Key Risk Period
Extended contract durations over 1000 months on the largest projects create forecasting uncertainty and potential cash flow gaps once the **$143.6M** backlog begins to wind down in late 2026. Heavy concentration in water infrastructure adds exposure to sector-specific delays.
Recommendations
Accelerate billing on the two largest CMAR projects to optimize near-term liquidity. Expand bidding volume beyond the current low annual pace to replenish the pipeline before backlog depletion. Closely track the **$11.2M** in smaller JOC balances for timely closeout and cash collection.
- (JOC) Water Facilities General Construction
- Phoenix
- $4,000,000
- 09/11/26
- 1700
- 0%
- -
- $4,000,000
- (JOC) Water Facilities General Construction
- Phoenix
- $69,000,000
- 12/14/25
- 1100
- 23.1%
- $1,881,818
- $53,067,273
- (JOC) Water Facilities General Construction
- Avondale
- $130,000,000
- 06/01/25
- 1100
- 40.9%
- $3,545,455
- $76,818,182
- (JOC) Water Facilities General Construction
- Surprise
- $10,000,000
- 03/11/25
- 1800
- 29.6%
- $166,667
- $7,044,444
- (JOC) Water Facilities General Construction
- Buckeye
- $2,000,000
- 09/21/24
- 730
- 96.4%
- $82,192
- $71,233
- $5,676,132
- $141,001,132


