- Garney - AZ
- 2026
- 5
- 1
- 20.00%
- $4,000,000
- 0.00%
- 42.84%
- 16.34%
- $29,743,624
- Garney - CA
- 2026
- 8
- 3
- 37.50%
- $55,449,601
- 1.46%
- 23.96%
- 10.82%
- $147,059,200
- Garney - CO
- 2026
- 2
- 0
- 0.00%
- $0
- 0.00%
- 44.04%
- 12.63%
- $9,988,747
- Garney - TX
- 2026
- 8
- 2
- 25.00%
- $146,684,847
- 7.44%
- 31.86%
- 15.21%
- $340,184,931
- Garney - GA
- 2026
- 3
- 0
- 0.00%
- $0
- 0.00%
- 61.25%
- 32.49%
- $38,870,601
- Garney - UT
- 2026
- 1
- 0
- 0.00%
- $0
- 0.00%
- 44.81%
- 4.99%
- $1,133,819
- Garney - FL
- 2026
- 4
- 0
- 0.00%
- $0
- 0.00%
- 76.45%
- 25.08%
- $15,308,309
- Garney - NC
- 2026
- 2
- 0
- 0.00%
- $0
- 0.00%
- 33.66%
- 12.97%
- $143,983,018

Limited remaining backlog of **$3.2M** from the Weiss Lane project will constrain cash flow, with burn likely to accelerate given the 395-month duration and minimal active revenue. Low recent win rates of **16.7%** in 2026 and **23.1%** in 2025 provide little near-term replenishment despite **$314M** in bids.
Medium-term Outlook (6-12 months)
A single **$136M** low-bid win in 2026 offers potential backlog growth if mobilization occurs, yet the **$3.2M** current total signals a gap until new awards convert. Overall bidding volume of **$231M** in 2025 and **$314M** in 2026 must translate to higher success to stabilize operations.
Key Risk Period
The immediate 3-6 month window represents the highest risk due to near-zero backlog and historically low conversion rates, exposing the firm to cash flow shortfalls before larger 2026 awards ramp up.
Recommendations
Prioritize aggressive pursuit of high-probability bids to rebuild backlog above **$50M** within six months; implement targeted cost controls on the remaining **$3.2M** to preserve liquidity.
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