- Carolina Civil Works
- 2026
- 11
- 6
- 54.55%
- $19,709,697
- 10.13%
- 7.23%
- 10.32%
- $69,806,135

Current backlog of **$7.8M** across three long-duration projects provides limited near-term revenue visibility, with slow monthly burn rates due to 120-month contracts. Bidding activity declined sharply in 2026 to **$8M** in awards versus **$29.2M** in 2025, constraining cash flow replenishment. Success rate of 60% supports steady but modest pipeline conversion if bidding volume increases.
Medium-term Outlook (6-12 months)
Backlog exhaustion risk rises without accelerated wins, as 2026 totals remain well below prior-year levels and long project durations delay full recognition. Sustained 60%+ win rates could stabilize operations if total bids exceed **$40M** annually to offset the **$7.8M** remaining balance.
Key Risk Period
The 9-15 month window represents peak exposure if 2026 bidding trends persist, potentially creating cash flow gaps after initial backlog drawdown amid extended contract timelines.
Recommendations
Prioritize shorter-duration bids to accelerate cash conversion and target **$25M+** in annual awards; monitor monthly burn rates on existing projects to maintain positive liquidity.
- Durham Miscellaneous Waterline Replacements
- Durham
- 9/1/26
- Audubon Glenn View LS Improvements
- Durham
- 8/4/26
- Downing Creek Lift Station Improvements
- Durham
- 7/23/26
- Crooked Pine Road Water Main Extension
- Cape Fear
- 7/21/26
- Water Valve Replacement Find It Fix It
- Cape Fear
- 7/14/26
- Holly Shelter Business Park Infrastructure Phase 1
- New Hanover County
- 6/9/26
- Durham Miscellaneous Waterline Replacements
- Durham
- $5,141,024
- 9/1/26
- Elizabeth Street Waterline Replacements
- Durham
- $15,609,678
- 8/12/26
- Audubon Glenn View LS Improvements
- Durham
- $4,255,556
- 8/4/26
- Town Apex Big Branch 2 Pump Station
- Apex
- $20,010,710
- 7/29/26
- Downing Creek Lift Station Improvements
- Durham
- $2,298,065
- 7/23/26
- Crooked Pine Road Water Main Extension
- Cape Fear
- $505,125
- 7/21/26
- Water Valve Replacement Find It Fix It
- Cape Fear
- $914,442
- 7/14/26
- Holly Shelter Business Park Infrastructure Phase 1
- New Hanover County
- $6,595,485
- 6/9/26
- Town Apex Western Wake Transmission Phase 2
- Apex
- $1,220,305
- 6/9/26
- Biltmore Area Water Main Replacement Sanitary Sewer Rehabilitation
- Raleigh
- $12,665,815
- 4/14/26
- Debris Drying Staging Area
- Cape Fear
- $589,930
- 3/3/26
- Durham Miscellaneous Waterline Replacements
- Durham
- $5,141,024
- 10/31/26
- 120
- 0%
- -
- $5,141,024
- Debris Drying Staging Area
- Durham
- $4,255,556
- 10/03/26
- 120
- 13.3%
- $1,063,889
- $3,688,149
- Debris Drying Staging Area
- Durham
- $2,298,065
- 09/21/26
- 120
- 23.3%
- $574,516
- $1,761,850
- Debris Drying Staging Area
- Cape Fear
- $505,125
- 09/19/26
- 120
- 25.0%
- $126,281
- $378,844
- Debris Drying Staging Area
- Cape Fear
- $914,442
- 09/12/26
- 120
- 30.8%
- $228,611
- $632,489
- Debris Drying Staging Area
- New Hanover County
- $6,595,485
- 08/08/26
- 120
- 60.0%
- $1,648,871
- $2,638,194
- $3,642,168
- $14,240,550



