The condensed consolidated financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting of interim financial information. Pursuant to such rules and regulations, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements of the Company contain all adjustments necessary to present fairly the financial position and results of operations of the Company as of the dates and for the periods presented. Accordingly, these statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 28, 2024 (the “2024 Form 10-K”). The results of operations and cash flows for the interim periods presented are not necessarily indicative of the results to be expected for any future interim period or for the full 2025 fiscal year.

To determine the proper revenue recognition method, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. The majority of the Company's contracts have a single performance obligation as the promise to transfer the individual goods or services that is not separately identifiable from other promises in the contracts and therefore, is not distinct.

The Company’s performance obligations are satisfied as work progresses or at a point in time. Revenue on the Company's cost-reimbursable contracts is recognized over time using direct costs incurred or direct costs incurred to date as compared to the estimated total direct costs for performance obligations because it depicts the transfer of control to the customer. Contract costs include labor, sub-consultant services, and other direct costs.

As of June 28, 2025, the Company had $980,292 of remaining performance obligations, of which $784,814 is expected to be recognized over the next 12 months. Contracts for which work authorizations have been received are included in performance obligations. Performance obligations include only those amounts that have been funded and authorized and does not reflect the full amounts the Company may receive over the term of such contracts. In the case of non-government contracts and project awards, performance obligations include future revenue at contract or customary rates, excluding contract renewals or extensions that are at the discretion of the client. For contracts with a not-to-exceed maximum amount, the Company includes revenue from such contracts in performance obligations to the extent of the remaining estimated amount.

The timing of revenue recognition, billings, and cash collections results in billed receivables, unbilled receivables (contract assets), and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) on the Consolidated Balance Sheet. The liability “Billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized on these contracts as of the reporting date. This liability is generally classified as current. During the three and six months ended June 28, 2025 the Company performed services and recognized $13,242 and $36,015, respectively, of revenue related to its contract liabilities that existed as of December 28, 2024.

Goodwill is the excess of consideration paid for an acquired entity over the amounts assigned to assets acquired, including other identifiable intangible assets and liabilities assumed in a business combination. To determine the amount of goodwill resulting from a business combination, the Company performs an assessment to determine the acquisition date fair value of the acquired company’s tangible and identifiable intangible assets and liabilities.

Goodwill is required to be evaluated for impairment on an annual basis or whenever events or changes in circumstances indicate the asset may be impaired. An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. These qualitative factors include macroeconomic and industry conditions, cost factors, overall financial performance, and other relevant entity-specific events. If the entity determines that this threshold is met, then the Company applies a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company determines fair value through multiple valuation techniques, and weights the results accordingly. Subjective and complex judgments are required in assessing whether an event of impairment of goodwill has occurred, including assumptions and estimates used to determine the fair value of its reporting units. The Company has elected to perform its annual goodwill impairment review as of August 1 of each year. The Company conducts its annual impairment tests on the goodwill using the quantitative method of evaluating goodwill.

As of August 1, 2024, the Company conducted its annual impairment tests using the quantitative method of evaluating goodwill. Based on the quantitative analyses the Company determined the fair value of each of the reporting units exceeded its carrying value. Therefore, the goodwill was not impaired and the Company did not recognize an impairment charge relating to goodwill as of August 1, 2024. Furthermore, there were no indicators, events, or changes in circumstances that would indicate goodwill was impaired during the period from August 2, 2024 through June 28, 2025.

Identifiable intangible assets primarily include customer backlog, customer relationships, trade names, non-compete agreements, and developed technology. Amortizable intangible assets are amortized on either a straight-line or sum-of-the-years' digits basis over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the assets may be impaired. If an indicator of impairment exists, the Company compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then impairment, if any, is measured as the difference between fair value and carrying value, with fair value typically based on a discounted cash flow model. There were no indicators, events, or changes in circumstances that would indicate intangible assets were impaired during the six months ended June 28, 2025. See Note 8, Goodwill and Intangible Assets, for further information on goodwill and identified intangibles.

As previously disclosed in the Company's Form 10-Q for the quarter ended September 28, 2024, the Company identified out of period misstatements related to the estimated time to complete ("ETC") on acquired percentage-of-completion ("POC") projects related to the February 2023 acquisition of Continental Mapping Acquisition Corp. and its subsidiaries, including Axim Geospatial, LLC (collectively "Axim"). Incorrect ETCs utilized as part of purchase accounting created a misstatement of the Company's unbilled receivables, goodwill, intangible assets (customer relationships, backlog, and non-competes), and billings in excess of costs and estimated earnings on uncompleted contracts. Incorrect ETCs further created a misstatement of accounts payable, accrued liabilities, retained earnings, gross revenues, sub-consultant services, gross profit, amortization expense, income before income tax benefit (expense), income tax benefit (expense), net income, and earnings per share in the consolidated financial statements included in the Form 10-K for the period ending December 30, 2023, the interim periods in the Form 10-Qs filed within fiscal year 2023, and the interim periods in the Form 10-Qs for the quarters ended March 30, 2024, and June 29, 2024. The Company assessed the materiality of the errors, including the presentation on prior period consolidated financial statements, on a qualitative and quantitative basis in accordance with SEC Staff Accounting Bulletin Topics 1.M and 1.N (formerly No. 99, Materiality), codified in Accounting Standards Codification Topic 250, Accounting Changes and Error Corrections.

Based on this assessment, the Company concluded that these errors and the related impacts did not result in a material misstatement of our previously issued consolidated financial statements as of and for the period ending December 30, 2023, the interim periods on the Form 10-Qs filed within fiscal year 2023, and the interim periods on the Form 10-Qs for the quarters ended March 30, 2024, and June 29, 2024. However, correcting the cumulative effect of these errors in the three months ended September 28, 2024 would have a significant effect on the results of operations for the periods. Accordingly, the Company revised its historical financial statements prospectively to correct these errors and to facilitate comparisons of the Company's current results to prior periods. Additionally, comparative prior period amounts in the applicable Notes to the Condensed Consolidated Financial Statements have been revised.


	June 29, 2024
	As Reported		Adjustments		As Corrected
Assets
Current assets:
Cash and cash equivalents	$	29,355	$	—	$	29,355
Billed receivables, net	161,894		—		161,894
Unbilled receivables, net	140,006		(8,399)		131,607
Prepaid expenses and other current assets	22,991		580		23,571
Total current assets	354,246		(7,819)		346,427
Property and equipment, net	55,675		—		55,675
Right-of-use lease assets, net	36,135		—		36,135
Intangible assets, net	237,789		(14,936)		222,853
Goodwill	543,708		25,225		568,933
Deferred income tax assets, net	4,744		8,713		13,457
Other assets	2,086		—		2,086
Total assets	$	1,234,383	$	11,183	$	1,245,566

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	61,870	$	(1,655)	$	60,215
Accrued liabilities	44,202		(448)		43,754

Billings in excess of costs and estimated earnings on uncompleted contracts	35,441		17,019		52,460
Other current liabilities	2,348		—		2,348
Current portion of contingent consideration	2,436		—		2,436
Current portion of notes payable and other obligations	8,537		—		8,537
Total current liabilities	154,834		14,916		169,750
Contingent consideration, less current portion	2,328		—		2,328
Other long-term liabilities	25,935		—		25,935
Notes payable and other obligations, less current portion	248,687		—		248,687

Total liabilities	431,784		14,916		446,700

Commitments and contingencies

Stockholders’ equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding	—		—		—
Common stock, $0.01 par value; 180,000,000 shares authorized, 65,122,404 shares issued and outstanding as of June 29, 2024	652		—		652
Additional paid-in capital	526,929		—		526,929
Accumulated other comprehensive loss	(695)		—		(695)
Retained earnings	275,713		(3,733)		271,980
Total stockholders’ equity	802,599		(3,733)		798,866
Total liabilities and stockholders’ equity	$	1,234,383	$	11,183	$	1,245,566


	Three Months Ended						Six Months Ended
	June 29, 2024						June 29, 2024
	As Reported		Adjustments		As Corrected		As Reported		Adjustments		As Corrected
Gross revenues	$	236,326	$	(5,020)	$	231,306	$	449,621	$	(5,757)	$	443,864

Direct costs:
Salaries and wages	61,390		—		61,390		117,845		—		117,845
Sub-consultant services	37,342		(1,539)		35,803		68,602		(1,187)		67,415
Other direct costs	14,323		—		14,323		27,074		—		27,074
Total direct costs	113,055		(1,539)		111,516		213,521		(1,187)		212,334

Gross profit	123,271		(3,481)		119,790		236,100		(4,570)		231,530

Operating expenses:
Salaries and wages, payroll taxes, and benefits	68,110		—		68,110		133,544		—		133,544
General and administrative	21,178		—		21,178		43,420		—		43,420
Facilities and facilities related	6,035		—		6,035		11,996		—		11,996
Depreciation and amortization	16,068		(427)		15,641		30,550		(1,107)		29,443
Total operating expenses	111,391		(427)		110,964		219,510		(1,107)		218,403

Income from operations	11,880		(3,054)		8,826		16,590		(3,463)		13,127

Interest expense	(4,606)		—		(4,606)		(8,797)		—		(8,797)

Income before income tax benefit	7,274		(3,054)		4,220		7,793		(3,463)		4,330
Income tax benefit	633		541		1,174		522		619		1,141
Net income	$	7,907	$	(2,513)	$	5,394	$	8,315	$	(2,844)	$	5,471

Earnings per share:
Basic	$	0.13	$	(0.04)	$	0.09	$	0.14	$	(0.05)	$	0.09
Diluted	$	0.13	$	(0.04)	$	0.09	$	0.13	$	(0.04)	$	0.09

Weighted average common shares outstanding:
Basic	61,451,298		—		61,451,298		61,259,951		—		61,259,951
Diluted	62,684,701		—		62,684,701		62,630,525		—		62,630,525

Comprehensive income:
Net income	$	7,907	$	(2,513)	$	5,394	$	8,315	$	(2,844)	$	5,471
Foreign currency translation losses, net of tax	(176)		—		(176)		(677)		—		(677)
Comprehensive income	$	7,731	$	(2,513)	$	5,218	$	7,638	$	(2,844)	$	4,794

Condensed Consolidated Statement of Cash Flow


	Six Months Ended
	June 29, 2024
	As Reported		Adjustments		As Corrected
Cash flows from operating activities:
Net income	$	8,315	$	(2,844)	$	5,471
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,635		(1,107)		32,528
Non-cash lease expense	6,401		—		6,401
Provision for doubtful accounts	723		—		723
Stock-based compensation	13,988		—		13,988

Gain on disposals of property and equipment	(644)		—		(644)
Other	204		—		204
Deferred income taxes	(7,712)		512		(7,200)
Amortization of debt issuance costs	370		—		370
Changes in operating assets and liabilities, net of impact of acquisitions:
Billed receivables	(4,674)		—		(4,674)
Unbilled receivables	(25,042)		6,432		(18,610)
Prepaid expenses and other assets	(1,619)		(580)		(2,199)
Accounts payable	4,555		(1,187)		3,368
Accrued liabilities and other long-term liabilities	(11,507)		(551)		(12,058)

Billings in excess of costs and estimated earnings on uncompleted contracts	(7,384)		(675)		(8,059)
Contingent consideration	(1,455)		—		(1,455)
Other current liabilities	88		—		88
Net cash provided by operating activities	8,242		—		8,242

Cash flows from investing activities:
Cash paid for acquisitions (net of cash received from acquisitions)	(53,947)		—		(53,947)
Proceeds from sale of assets	249		—		249
Purchase of property and equipment	(8,905)		—		(8,905)
Net cash used in investing activities	(62,603)		—		(62,603)

Cash flows from financing activities:

Borrowings from Senior Credit Facility	58,000		—		58,000
Payments on notes payable and other obligations	(5,274)		—		(5,274)
Payments of contingent consideration	(1,585)		—		(1,585)
Payments of borrowings from Senior Credit Facility	(12,000)		—		(12,000)



Net cash provided by financing activities	39,141		—		39,141

Effect of exchange rate changes on cash and cash equivalents	(249)		—		(249)

Net decrease in cash and cash equivalents	(15,469)		—		(15,469)
Cash and cash equivalents – beginning of period	44,824		—		44,824
Cash and cash equivalents – end of period	$	29,355	$	—	$	29,355