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This investor notice focuses on Jeremy Kinch's potential liability as a Primoris securities defendant, addressing allegations that the former Chief Operating Officer made and oversaw project-execution representations while six renewable energy projects suffered cost overruns and delays.

, /PRNewswire/ -- SueWallSt notifies investors in Primoris Services Corporation (NYSE: PRIM) that a securities class action has been filed on behalf of shareholders who purchased PRIM securities between August 5, 2025 and June 22, 2026. Find out if you could qualify to recover your per-share losses. You may also contact Joseph E. Levi, Esq. at [email protected] or (888) SueWallSt.

PRIM fell $23.39 per share, or 21.6%, from $108.34 to $84.95 after the Company announced an internal review identifying substantial challenges, cost overruns, and project delays affecting six renewable energy projects. The lead plaintiff deadline is September 21, 2026.

Jeremy Kinch's Alleged Role During the Class Period

The complaint identifies Jeremy Kinch as Primoris' Chief Operations Officer throughout the Class Period until his departure on June 22, 2026. As named in the action, Kinch allegedly participated in market communications concerning Primoris' renewable energy project execution, bidding discipline, and ability to manage project risk.

The lawsuit contends that these representations were materially misleading because Primoris' estimating, cost-to-complete forecasting, and project oversight processes were allegedly deficient for significant fixed-price renewable energy projects.

COO Oversight Allegations Tied to Six Projects

The complaint focuses on Kinch's role as Chief Operating Officer during a period when project execution, estimating and cost controls were central to PRIM's earnings outlook:

Kinch allegedly described Primoris' project selection and execution practices as disciplined and risk aware. The action claims Primoris lacked reliable processes for estimating total costs on certain fixed-price renewable projects. Plaintiffs allege the Company delayed recognizing cost overruns and margin deterioration. Six renewable energy projects allegedly became a principal driver of Primoris' June 2026 guidance reduction. Kinch's resignation was announced alongside the June 22, 2026 business update. Accountability Allegations for PRIM Shareholders

The securities action asserts claims under the Exchange Act, including allegations that individual defendants exercised control over Primoris' public statements and financial disclosures. For shareholders, the key issue is whether operational assurances allegedly attributed to Kinch and others understated known project-cost risks before PRIM shares declined.

"Individual officers who speak to investors about project execution and risk controls may bear responsibility when those statements are alleged to omit material operational problems," said Joseph E. Levi, Esq. ""Here, the complaint links the COO role to allegations involving six renewable projects, the June 2026 guidance reset, and a $23.39 per-share decline."

Submit your information here or call (888) SueWallSt.

WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

Frequently Asked Questions About the PRIM Lawsuit

Q: What is the PRIM class action lawsuit about? A: A securities class action has been filed against Primoris Services Corporation (NYSE: PRIM) alleging materially false and misleading statements between August 5, 2025 and June 22, 2026. Shares fell approximately 21.6% after the Company disclosed substantial challenges, cost overruns, and project delays affecting six renewable energy projects.

Q: Who is eligible to participate in the PRIM investor lawsuit? A: Investors who purchased PRIM stock or securities between August 5, 2025 and June 22, 2026 and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses, not on whether the shares are still held.

Q: How much did PRIM stock drop? A: Shares fell approximately 21.6%, a decline of $23.39 per share, after Primoris announced an internal review and sharply reduced 2026 guidance.

Q: What specific misstatements does the PRIM lawsuit allege? A: The complaint alleges Primoris made materially false or misleading statements regarding disciplined bidding, estimating processes, project controls, cost forecasting, and financial guidance tied to fixed-price renewable energy projects.

Q: What court was the PRIM class action filed in? A: The case was filed in the United States District Court for the Northern District of Texas, Dallas Division, and asserts claims under the federal securities laws.

Q: Who are the defendants named in the PRIM lawsuit? A: The complaint names Primoris Services Corporation and individual defendants including senior executives who allegedly made public statements, signed SEC filings, or were responsible for corporate disclosures during the Class Period.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the class. Lead plaintiffs are typically investors with significant documented losses and provide oversight of the litigation on behalf of all class members.

Q: What if I already sold my PRIM shares, can I still recover losses? A: Yes. Eligibility is based on when shares were purchased and whether losses were suffered, not on whether the shares are still held.

CONTACT:\

Levi & Korsinsky, LLP\

Joseph E. Levi, Esq.\

33 Whitehall Street, 27th Floor\

New York, NY 10004\

[email protected]\

Tel: (888) SueWallSt\

Fax: (212) 363-7171

Attorney Advertising. Prior results do not guarantee similar outcomes.

SOURCE SueWallSt.com

Bank of America Corp DE lifted its position in Primoris Services Corporation (NYSE:PRIM – Free Report) by 4.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 324,887 shares of the company’s stock after buying an additional 13,617 shares during the quarter. Bank of America Corp DE owned approximately 0.60% of Primoris Services worth $46,472,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PRIM. Wellington Management Group LLP increased its holdings in Primoris Services by 163.0% during the 4th quarter. Wellington Management Group LLP now owns 1,746,203 shares of the company’s stock worth $216,774,000 after purchasing an additional 1,082,218 shares during the period. First Trust Advisors LP raised its position in Primoris Services by 47.4% in the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock valued at $412,837,000 after purchasing an additional 928,155 shares in the last quarter. Norges Bank purchased a new position in shares of Primoris Services in the 4th quarter valued at about $103,368,000. State Street Corp boosted its stake in shares of Primoris Services by 56.8% in the 4th quarter. State Street Corp now owns 2,011,488 shares of the company’s stock valued at $249,866,000 after buying an additional 728,646 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Primoris Services by 7.8% during the fourth quarter. Vanguard Group Inc. now owns 6,479,466 shares of the company’s stock worth $804,361,000 after buying an additional 466,192 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Price Performance PRIM stock opened at $81.47 on Thursday. The business has a 50 day moving average price of $92.29 and a 200 day moving average price of $126.72. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 31.95 and a beta of 1.43. Primoris Services Corporation has a fifty-two week low of $65.00 and a fifty-two week high of $205.50.

Primoris Services (NYSE:PRIM – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.08. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the firm posted $1.68 earnings per share. The firm’s revenue was down 10.7% on a year-over-year basis. Equities research analysts anticipate that Primoris Services Corporation will post 1.76 earnings per share for the current fiscal year.

Primoris Services Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. Primoris Services’s dividend payout ratio (DPR) is presently 12.55%.

Wall Street Analyst Weigh In A number of analysts recently weighed in on the stock. Weiss Ratings lowered shares of Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Wolfe Research reiterated an “outperform” rating and issued a $149.00 price target on shares of Primoris Services in a research note on Monday, June 15th. Oppenheimer initiated coverage on shares of Primoris Services in a report on Tuesday, July 7th. They set an “outperform” rating and a $135.00 price target for the company. Guggenheim dropped their price objective on shares of Primoris Services from $162.00 to $127.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Finally, Wells Fargo & Company reduced their price objective on shares of Primoris Services from $118.00 to $85.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 23rd. Eleven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $132.27.

View Our Latest Stock Report on Primoris Services

Primoris Services News Roundup Here are the key news stories impacting Primoris Services this week:

Positive Sentiment: UBS maintained a Buy rating on Primoris while lowering its price target to $138, suggesting the firm still sees substantial long-term upside despite recent concerns. UBS Group Lowers Primoris Services Price Target Neutral Sentiment: Multiple law firms publicized the same securities class action and a September 21, 2026 lead-plaintiff application deadline. The lawsuit covers investors who acquired PRIM securities from August 5, 2025, through June 22, 2026; these announcements primarily increase visibility around existing litigation rather than represent separate lawsuits. Robbins LLP Class Action Notice Negative Sentiment: The litigation alleges Primoris misled investors about project-management capabilities, cost forecasts, oversight and expected profitability at certain renewable-energy projects. One notice alleges disclosures related to six projects contributed to a $23.39-per-share decline. If the claims proceed, Primoris could face legal costs, damages and further reputational pressure. Levi and Korsinsky Primoris Investor Notice Negative Sentiment: Short interest jumped 50.2% in the second half of July to 4.49 million shares, representing 8.4% of shares outstanding and 3.1 days of average trading volume. The increase indicates stronger bearish positioning and may amplify volatility. Negative Sentiment: Recent operating results remain a headwind. Primoris reported a quarterly loss of $0.27 per share, although it exceeded the expected loss of $0.35. Revenue of $1.69 billion missed estimates and declined 10.7% year over year, while the company’s roughly 1.9% net margin highlights limited profitability. Insider Transactions at Primoris Services In other news, Director David Lee King sold 20,000 shares of Primoris Services stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $119.09, for a total transaction of $2,381,800.00. Following the sale, the director owned 14,941 shares in the company, valued at approximately $1,779,323.69. The trade was a 57.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John M. Perisich sold 29,707 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $127.86, for a total value of $3,798,337.02. Following the completion of the sale, the insider directly owned 27,574 shares of the company’s stock, valued at $3,525,611.64. The trade was a 51.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.10% of the stock is currently owned by insiders.

Primoris Services Profile (Free Report)

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.

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, /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in Primoris Services Corporation (NYSE: PRIM) that securities class action lawsuit has been filed against the Company and certain current and former executives who are alleged to have misled investors about the company's project management capabilities. It seeks to represent investors who purchased or otherwise acquired shares of Primoris common stock between August 5, 2025 and June 22, 2026.

The lawsuit follows a second massive selloff in Primoris shares in six weeks – this time on June 23, 2026, when shares cratered another $23.29 (-21%). The first occurred on May 6, 2026, when Primoris shares crashed $101.69 (-50%). Both were triggered by surprise revelations of Primoris' project management problems.

The disclosures' toll was to erase well over $6 billion from Primoris' market capitalization between May 5, 2026 and June 23, 2026.

National shareholders rights firm Hagens Berman continues its investigation into claims that Primoris and the other Defendants violated the federal securities laws and encourages investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist the investigation to contact its attorneys.

Class Period: Aug. 5, 2025 – June 22, 2026
Lead Plaintiff Deadline: Sept. 21, 2026
Visit: www.hbsslaw.com/investor-fraud/prim
Contact the Firm Now: [email protected]
                                        844-916-0895

Primoris Services Corporation (PRIM) Securities Class Action:

During the Class Period, defendants repeatedly assured investors that Primoris maintained "disciplined bidding," "well-developed estimating processes," effective project controls, and reliable forecasting that enabled it to accurately price and execute fixed-price renewable energy projects, "manage risk," and reliably forecast revenues, margins, and earnings.

The complaint alleges that, in contrast to these assurances (and unknown to investors), the Defendants did not disclose that Primoris' estimating, cost-to-complete forecasting, and project oversight processes were woefully deficient. As a result, the company systematically underestimated project costs and risks on multiple significant renewable energy projects.

Investors learned the truth through a series of partial disclosures:

First, in February 2026, Primoris management attributed lower gross margins to "unexpectedly higher costs" at certain renewables projects, citing difficult soil and rock conditions that required additional labor and equipment. While management later downplayed the issue as being isolated to a single project—expressing confidence in their remedial measures—they simultaneously touted the company's ability to "accelerate project timelines" for 2026.

Second, on May 5, 2026, the market's confidence in Primoris' remedial measures was shattered when the company released its Q1 2026 financial results and revealed a staggering decline in the core Energy segment, with year-over-year revenues falling by $152.9 million (13.8%) and gross profits plunging by nearly 40%.

CEO Koti Vadlamudi admitted the next day during the May 6 earnings call that Primoris' financial results were battered by cost pressures across multiple solar projects. Moving beyond the "rock and soil" reason used just months prior, Vadlamudi cited a litany of execution-related factors as the cause of the margin collapse:

Project Redesigns: Costly changes to existing plans. Labor Issues: Inability to manage specific workforce demands. Sequencing Errors: Failures in project management and timing. Weather Disruptions: Further complicating already delayed timelines. Finally, after the markets closed on June 22, 2026, Primoris shocked investors when it announced that "[a]dditional challenges and cost overruns were identified as a result of continued progress on projects in the Company's Renewables business." Importantly, as a result of ongoing problems in six projects and additional challenges, Primoris said its 2026 renewables business revenues would decline 30% ($900 million) from the $3 billion revenues reported for 2025.

"We're focused on when Primoris' management learned of the full scope of the company's renewables problems, including the apparent inadequacy of remediation measures," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.

If you invested in Primoris and have substantial losses, or have knowledge that will assist the firm's investigation, submit your losses now »

If you'd like more information and answers to other frequently asked questions about the firm's Primoris investigation, read more »

Whistleblowers: Persons with non-public information regarding Primoris should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.

SOURCE Hagens Berman Sobol Shapiro LLP

, /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Primoris Services Corporation ("Primoris" or the "Company") (NYSE: PRIM). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

The class action concerns whether Primoris and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

You have until September 21, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Primoris securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.

[Click here for information about joining the class action]

On February 23, 2026, Primoris issued a press release reporting its fourth-quarter and full-year 2025 financial results. In the press release, Primoris disclosed increased costs on certain renewable energy projects, more challenging-than-anticipated soil conditions, and margin compression within its Energy segment, acknowledging that these issues adversely affected fourth-quarter profitability despite higher revenue.

On this news, Primoris's stock price fell $13.72 per share, or 8.28%, to close at $151.92 per share on February 24, 2026. 

Then, on May 5, 2026, Primoris issued a press release reporting its financial results for the first quarter of 2026. In the press release, Primoris disclosed additional adverse developments affecting its renewable energy business, including revenue and margin pressure, delayed project starts, and weaker-than-expected first-quarter 2026 results. The Company also reduced its full-year 2026 Adjusted EPS guidance from $5.80-$6.00 to $4.80-$5.00 and lowered its Adjusted EBITDA guidance.

On this news, Primoris's stock price fell $101.69 per share, or 50.11%, to close at $101.23 per share on May 6, 2026. 

Then, on June 8, 2026, Primoris issued a press release announcing that Anthony Vorderbruggen, the Company's President of Renewables, was departing Primoris, effective immediately. 

On this news, Primoris's stock price fell $18.92 per share, or 15.4%, to close at $103.90 per share on June 9, 2026. 

Finally, on June 22, 2026, Primoris issued a Business Update announcing that, following an internal review supported by an independent third-party industry expert, it had identified substantial challenges, cost overruns, and project delays affecting six renewable energy projects. The Company reduced its full-year 2026 Adjusted EPS guidance to $2.05-$2.60, lowered its Adjusted EBITDA guidance to $275 million-$325 million, projected that 2026 Renewables revenue would decline to approximately $2.1 billion, and announced the resignation of its Chief Operating Officer. 

On this news, Primoris's stock price fell $23.39 per share, or 21.59%, to close at $84.95 per share on June 23, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com. 

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

SOURCE Pomerantz LLP

DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NYSE: PRIM) (“Primoris” or the “Company”) today announced financial results for its second quarter ended June 30, 2026 and provided comments on the Company’s operational performance and outlook for the remainder of 2026.

For the second quarter of 2026, Primoris reported the following highlights(1):

Revenue of $1,688.2 million, down $202.5 million, or 10.7%, compared to the second quarter of 2025 driven by lower revenue in the Energy segment; Net loss of $24.2 million, or $0.45 per diluted share, a decrease of $108.5 million from the second quarter of 2025; Adjusted net loss of $14.6 million, or $0.27 per diluted share, a decrease of $106.7 million from the second quarter of 2025; Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) of $11.4 million, down $143.2 million, or 92.6%, from the second quarter of 2025; and Record total backlog of $13.9 billion, including $8.2 billion of total master service agreement (“MSA”) backlog. “Despite the challenges on a limited number of renewables projects that impacted our earnings during the quarter, Primoris delivered record bookings and achieved the highest total backlog in our history,” said Koti Vadlamudi, President and Chief Executive Officer of Primoris. “These awards reflect the strength of our end markets, the increasing demand for critical infrastructure investment, and the trust our customers place in Primoris to deliver our services safely, efficiently, and with the highest standards of quality.”

“We are making meaningful progress toward completing the challenged renewables projects we previously disclosed, while continuing to demonstrate strong execution across the rest of our businesses. At the same time, demand for our services remains strong, supported by favorable market fundamentals and expanding opportunities across renewable energy, natural gas generation, pipeline, and power delivery markets. We remain focused on disciplined execution and are well-positioned to capitalize on the significant opportunities ahead.

“Although our first-half 2026 financial performance fell short of our expectations, we are encouraged by the momentum we see across the business. With a record backlog, improving project mix, and continued operational focus, we expect revenue growth and margin improvement in the second half of 2026, providing a solid foundation for stronger performance and long-term value creation in 2027 and beyond,” he added.

Second Quarter 2026 Results Overview

Revenue was $1.7 billion for the three months ended June 30, 2026, a decrease of $0.2 billion, or 10.7% compared to the same period in 2025. The decrease was primarily due to lower renewables revenue in the Energy segment. Operating loss was $26.8 million for the three months ended June 30, 2026, a decrease of $153.4 million, or 121.2%, compared to the same period in 2025. The decrease was primarily due to a decrease in Energy segment revenue and margins and a decrease in Utilities segment margins. Gross profit as a percentage of revenue decreased to 4.9% for the three months ended June 30, 2026, compared to 12.3% for the same period in 2025, primarily driven by lower margins in the Energy and Utilities segments.

During the second quarter of 2026, net loss was $24.2 million compared to net income of $84.3 million in the prior year period. Diluted loss per share (“EPS”) was $0.45 for the second quarter of 2026 compared to $1.54 earnings per diluted share for the same period in 2025. The decrease in net income and earnings per share was primarily driven by lower revenue and margins and higher interest expense. Adjusted net loss was $14.6 million for the second quarter of 2026, compared to $92.1 million of adjusted net income for the same period in 2025. Adjusted loss per diluted share was $0.27 for the second quarter of 2026, compared to $1.68 adjusted earnings per diluted share for the second quarter of 2025. Adjusted EBITDA was $11.4 million for the second quarter of 2026, compared to $154.6 million for the same period in 2025.

Operating performance by segment for the three and six months ended June 30, 2026, and 2025 were as follows:

Segment Results

(in millions, except %)

(unaudited)

    For the three months ended June 30, 2026

Utilities

% of Segment Revenue

Energy

% of Segment Revenue

Corporate and non-allocated costs

Consolidated

% of Consolidated Revenue

Revenue

$

712.6

—

$

999.9

—

$

(24.3)

(1)

$

1,688.2

—

Cost of revenue

627.5

88.1%

1,002.6

100.3%

(24.3)

(1)

1,605.8

95.1%

Gross profit (loss)

85.1

11.9%

(2.7)

(0.3)%

—

82.4

4.9%

Selling, general and administrative expenses

30.6

4.3%

53.7

5.4%

22.0

106.3

6.3%

Transaction and related costs

—

—

2.9

2.9

Operating income (loss)

$

54.5

7.6%

$

(56.4)

(5.6)%

$

(24.9)

$

(26.8)

(1.6)%

For the three months ended June 30, 2025

Utilities

% of Segment Revenue

Energy

% of Segment Revenue

Corporate and non-allocated costs

Consolidated

% of Consolidated Revenue

Revenue

$

693.0

—

$

1,236.8

—

$

(39.1)

(1)

$

1,890.7

—

Cost of revenue

595.5

85.9%

1,102.6

89.2%

(39.1)

(1)

1,659.0

87.7%

Gross profit

97.5

14.1%

134.2

10.8%

—

231.7

12.3%

Selling, general and administrative expenses

32.0

4.6%

41.6

3.4%

31.0

104.6

5.5%

Transaction and related costs

—

—

0.5

0.5

Operating income

$

65.5

9.5%

$

92.6

7.5%

$

(31.5)

$

126.6

6.7%

  For the six months ended June 30, 2026

Utilities

% of Segment Revenue

Energy

% of Segment Revenue

Corporate and non-allocated costs

Consolidated

% of Consolidated Revenue

Revenue

$

1,345.5

—

$

1,955.3

—

$

(52.7)

(1)

$

3,248.1

—

Cost of revenue

1,198.4

89.1%

1,885.3

96.4%

(52.7)

(1)

3,031.0

93.3%

Gross profit

147.1

10.9%

70.0

3.6%

—

217.1

6.7%

Selling, general and administrative expenses

62.1

4.6%

96.6

4.9%

53.3

212.0

6.5%

Transaction and related costs

—

—

7.4

7.4

Operating income (loss)

$

85.0

6.3%

$

(26.6)

(1.4)%

$

(60.7)

$

(2.3)

(0.1)%

  For the six months ended June 30, 2025

Utilities

% of Segment Revenue

Energy

% of Segment Revenue

Corporate and non-allocated costs

Consolidated

% of Consolidated Revenue

Revenue

$

1,256.4

—

$

2,345.1

—

$

(62.7)

(1)

$

3,538.8

—

Cost of revenue

1,107.3

88.1%

2,091.8

89.2%

(62.7)

(1)

3,136.4

88.6%

Gross profit

149.1

11.9%

253.3

10.8%

—

402.4

11.4%

Selling, general and administrative expenses

65.5

5.2%

81.8

3.5%

56.8

204.1

5.8%

Transaction and related costs

—

—

1.3

1.3

Operating income

$

83.6

6.7%

$

171.5

7.3%

$

(58.1)

$

197.0

5.6%

Utilities Segment (“Utilities”): Revenue increased by $19.6 million, or 2.8%, for the three months ended June 30, 2026, compared to the same period in 2025, primarily due to increased activity in our gas operations and power delivery businesses, partially offset by decreased activity in our communications business. Operating income for the three months ended June 30, 2026, decreased by $11.0 million, or 16.8% compared to the same period in 2025 due to lower gross margins, partially offset by revenue growth. Gross profit as a percentage of revenue was 11.9% for the three months ended June 30, 2026, down from 14.1% for the same period in 2025 primarily due to the impact of favorable project closeouts in our gas operations business in 2025, and a decrease in higher margin storm restoration work in 2026.

Energy Segment (“Energy”): Revenue decreased by $236.9 million, or 19.2%, for the three months ended June 30, 2026, compared to the same period in 2025. The decrease was primarily attributable to decreased renewable energy activity, due to slower than anticipated start of new projects, release of new work, and slower than expected financial close associated with certain projects. The decrease was partially offset by the incremental impact from the acquisition of PayneCrest. Operating income for the three months ended June 30, 2026, decreased by $149.0 million, or 160.9%, compared to the same period in 2025, primarily due to lower revenue and gross margins. Gross loss as a percentage of revenue was (0.3%) during the three months ended June 30, 2026, compared to gross profit as a percentage of revenue of 10.8% in the same period in 2025.

The decrease in gross margin was primarily due to cost overruns in 2026 associated with six renewable energy projects. These higher costs were driven in part by project redesign efforts, changes in project sequencing, labor productivity challenges, sub-surface issues, and unfavorable weather conditions. Two of the six projects were substantially complete in the second quarter of 2026, three are expected to be substantially complete in the third quarter of 2026, and the remaining project is expected to be substantially complete in the fourth quarter of 2026. In addition, we have had lower than anticipated volumes in 2026, which led to higher relative carrying costs for equipment and personnel.

Other Income Statement Information

Selling, general and administrative (“SG&A”) expenses were $106.3 million during the quarter ended June 30, 2026, an increase of $1.7 million compared to the second quarter of 2025. The increase was primarily driven by the acquisition of PayneCrest, partially offset by lower incentive compensation costs. SG&A expense as a percentage of revenue increased to 6.3% in the second quarter of 2026, compared to 5.5% in the second quarter of 2025, primarily due to lower revenue.

Interest expense, net for the quarter ended June 30, 2026, was $10.6 million compared to $7.5 million for the quarter ended June 30, 2025. The increase of $3.1 million was primarily due to higher average debt balances, partially offset by lower average interest rates. Interest expense for the full year 2026 is expected to be between $43 million and $47 million.

The effective tax rate on income for the six months ended June 30, 2026, of 59.5% differs from the U.S. federal statutory rate of 21.0% primarily due to discrete tax benefits for equity compensation paid in the first six months, partially offset by state income tax expense and nondeductible components of per diem expenses. We recorded an income tax benefit for the six months ended June 30, 2026, of $9.9 million compared to income tax expense $52.5 million for the six months ended June 30, 2025. The $62.4 million change is primarily driven by a $197.7 million decrease in pretax income and an increase in the effective tax rate.

Outlook

The Company is maintaining its estimates for the year ending December 31, 2026, that were updated on June 22, 2026. Net income is expected to be between $71.0 million and $101.0 million, or $1.30 and $1.85 per fully diluted share. Adjusted EPS is estimated in the range of $2.05 to $2.60 per fully diluted share. Adjusted EBITDA for the full year 2026 is expected to range from $275 million to $325 million.

The Company is targeting SG&A expense as a percentage of revenue to be in the low 6% range for the full year 2026. The Company’s targeted gross margins by segment are 10% to 12% for the Utilities and 6% to 8% in Energy segments for the full year 2026. The Company expects its effective tax rate for 2026 to be approximately 30% to 32.0%, but it may vary depending on the mix of states in which the Company operates.

Adjusted EPS and Adjusted EBITDA are non-GAAP financial measures. Please refer to “Non-GAAP Measures” and Schedules 1, 2, 3, and 4 below for the definitions and reconciliations. The guidance provided above constitutes forward-looking statements, which are based on current economic conditions and estimates, and the Company does not include other potential impacts, such as changes in accounting or unusual items. Supplemental information relating to the Company’s financial outlook is posted in the Investor Relations section of the Company’s website at www.prim.com.

Backlog

(in millions)

June 30, 2026

December 31, 2025

Next 12 Months

Total

Next 12 Months

Total

Utilities

Fixed Backlog

$

90.6

$

90.6

$

96.1

$

96.1

MSA Backlog

2,214.6

7,575.4

1,904.8

6,327.3

Backlog

$

2,305.2

$

7,666.0

$

2,000.9

$

6,423.4

Energy

Fixed Backlog (1)

$

3,519.8

$

5,613.7

$

3,081.7

$

4,889.8

MSA Backlog

269.9

576.6

208.8

632.1

Backlog

$

3,789.7

$

6,190.3

$

3,290.5

$

5,521.9

Total

Fixed Backlog

$

3,610.4

$

5,704.3

$

3,177.8

$

4,985.9

MSA Backlog

2,484.5

8,152.0

2,113.6

6,959.4

Backlog

$

6,094.9

$

13,856.3

$

5,291.4

$

11,945.3

Total Backlog as of June 30, 2026, was $13.9 billion, including Utilities backlog of approximately $7.7 billion and Energy backlog of $6.2 billion. The increase in Total Backlog of $1.9 billion from year end 2025 was driven by fixed backlog awards in the Energy segment, including natural gas power generation, industrial and electrical construction, backlog from PayneCrest, and an increase in MSA backlog in Utilities segment.

Backlog, including estimated MSA revenue, should not be considered a comprehensive indicator of future revenue. Revenue from certain projects where scope, and therefore contract value, is not adequately defined, is not included in Fixed Backlog. At any time, any project may be cancelled at the convenience of the Company’s customers.

Balance Sheet and Capital Allocation

At June 30, 2026, the Company had approximately $958.9 million in liquidity including $218.2 million of unrestricted cash and cash equivalents and $740.7 million of available borrowing capacity under the Company’s revolving credit facility. In the second quarter of 2026, capital expenditures were $22.5 million, including $12.4 million in construction equipment purchases and $6.6 million on facilities. Capital expenditures for the six months ended June 30, 2026, were $50.3 million, including $28.4 million in construction equipment purchases and $13.1 million on facilities. For the remaining six months of 2026, capital expenditures are expected to total between $70.0 million and $90.0 million, which includes $60.0 million to $80.0 million for equipment.

The Company also announced that on July 31, 2026, its Board of Directors declared a $0.08 per share cash dividend to stockholders of record on September 30, 2026, payable on approximately October 15, 2026. During the three months ended June 30, 2026, the Company purchased 449,287 shares for an aggregate purchase price of $50.0 million, at a weighted average purchase price per share of $111.29. As of June 30, 2026, the Company had $100.0 million available for purchase under the share purchase program. The share purchase plan expires on April 30, 2028.

Conference Call and Webcast

As previously announced, management will host a conference call and webcast on Wednesday, August 5, 2026, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time). Koti Vadlamudi, President and Chief Executive Officer, and Ken Dodgen, Executive Vice President and Chief Financial Officer, will discuss the Company’s results and business outlook.

Investors and analysts are invited to participate in the call by phone at +1 833-461-5787, Meeting ID: 505 018 791. For those outside of the US dial-in at +1 585-542-9983 or +44 808 196 8935, Meeting ID: 505 018 791. A link to the webcast will be accessible from the “Investors” section of the Company’s website at www.prim.com.

Presentation slides to accompany the conference call are available for download under “Events & Presentations” in the “Investors” section of the Company’s website at www.prim.com.

Non-GAAP Measures

This press release contains certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”). Primoris uses earnings before interest, income taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS as important supplemental measures of the Company’s operating performance. The Company believes these measures enable investors, analysts, and management to evaluate Primoris’ performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing the Company’s operating results with those of its competitors. The non-GAAP measures presented in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, Primoris’ method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similarly titled measures as calculated by other companies that do not use the same methodology as Primoris. Please see the accompanying tables to this press release for reconciliations of the following non‐GAAP financial measures for Primoris’ current and historical results: EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS.

About Primoris

Primoris Services Corporation is a leading provider of critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. We deliver a range of engineering, construction, and maintenance capabilities that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, power generation, and transportation infrastructure, we offer unmatched value to our clients, a safe and entrepreneurial culture to our employees, and innovation and excellence to our communities. To learn more, visit www.prim.com and follow us on social media @PrimorisServicesCorporation.

Forward Looking Statements

This press release contains certain forward-looking statements, including the Company’s outlook, that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including with regard to the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “targets”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, customer timing, project duration, weather, and general economic conditions; changes in our mix of customers, projects, contracts and business; regional or national and/or general economic conditions and demand for our services; price, volatility, and expectations of future prices of oil, natural gas, and natural gas liquids; variations and changes in the margins of projects performed during any particular quarter; increases in the costs to perform services caused by changing conditions; the termination, or expiration of existing agreements or contracts; the budgetary spending patterns of customers; inflation, tariffs and other increases in construction costs that we may be unable to pass through to our customers; cost or schedule overruns on fixed-price contracts; availability of qualified labor for specific projects; changes in bonding requirements and bonding availability for existing and new agreements; the need and availability of letters of credit; increases in interest rates and slowing economic growth or recession; the instability in the banking system; costs we incur to support growth, whether organic or through acquisitions; the timing and volume of work under contract; losses experienced in our operations; the results of the review of prior period accounting on certain projects and the impact of adjustments to accounting estimates; governmental investigations and/or inquiries; intense competition in the industries in which we operate; failure to obtain favorable results in existing or future litigation or regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure of our partners, suppliers or subcontractors to perform their obligations; failure to maintain safe worksites; risks or uncertainties associated with events outside of our control, including conflicts in the Middle East, war between Russia and Ukraine, and tension between China and Taiwan and other geopolitical tensions, severe weather conditions, public health crises and pandemics, political crises or other catastrophic events; client delays or defaults in making payments; the cost and availability of credit and restrictions imposed by credit facilities; failure to implement strategic and operational initiatives; risks or uncertainties associated with acquisitions, dispositions and investments, including risks arising from the inability to successfully integrate acquired businesses; possible information technology interruptions, cybersecurity breaches and threats, and inability to protect intellectual property; disruptions related to artificial intelligence; the Company’s failure, or the failure of our agents or partners, to comply with laws; the Company's ability to secure appropriate insurance; new or changing political conditions and legal and regulatory requirements, including those relating to environmental, health and safety matters; the loss of one or a few clients that account for a significant portion of the Company's revenues; and asset impairments. In addition to information included in this press release, additional information about these and other risks can be found in Part I, Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the Company’s other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

PRIMORIS SERVICES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except Per Share Amounts)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Revenue

$

1,688.2

$

1,890.7

$

3,248.1

$

3,538.8

Cost of revenue

1,605.8

1,659.0

3,031.0

3,136.4

Gross profit

82.4

231.7

217.1

402.4

Selling, general and administrative expenses

106.3

104.6

212.0

204.1

Transaction and related costs

2.9

0.5

7.4

1.3

Operating (loss) income

(26.8

)

126.6

(2.3

)

197.0

Other income (expense):

Foreign exchange gain (loss), net

0.6

(0.4

)

0.6

(0.6

)

Other income, net

0.2

—

0.3

—

Interest expense, net

(10.6

)

(7.5

)

(15.2

)

(15.3

)

(Loss) income before benefit (provision) for income taxes

(36.6

)

118.7

(16.6

)

181.1

Benefit (provision) for income taxes

12.4

(34.4

)

9.9

(52.5

)

Net (loss) income

$

(24.2

)

$

84.3

$

(6.7

)

$

128.6

Dividends per common share

$

0.08

$

0.08

$

0.16

$

0.16

(Loss) earnings per share:

Basic

$

(0.45

)

$

1.56

$

(0.12

)

$

2.38

Diluted

$

(0.45

)

$

1.54

$

(0.12

)

$

2.35

Weighted average common shares outstanding:

Basic

54.0

54.0

54.1

53.9

Diluted

54.0

54.8

54.1

54.8

PRIMORIS SERVICES CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Millions)

(Unaudited)

June 30,

December 31,

2026

2025

ASSETS

Current assets:

Cash and cash equivalents

$

218.2

$

535.5

Accounts receivable, net

839.1

723.4

Contract assets

937.7

936.9

Prepaid expenses and other current assets

168.2

137.8

Total current assets

2,163.2

2,333.6

Property and equipment, net

543.3

531.2

Operating lease assets

492.3

488.9

Intangible assets, net

375.2

190.2

Goodwill

1,051.5

856.9

Other long-term assets

13.3

7.0

Total assets

$

4,638.8

$

4,407.8

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

691.7

$

744.3

Contract liabilities

683.1

633.6

Accrued liabilities

407.1

405.4

Dividends payable

4.3

4.3

Current portion of long-term debt

45.0

60.9

Total current liabilities

1,831.2

1,848.5

Long-term debt, net of current portion

752.0

409.0

Noncurrent operating lease liabilities, net of current portion

314.5

325.6

Deferred tax liabilities

54.5

71.4

Other long-term liabilities

80.3

72.3

Total liabilities

3,032.5

2,726.8

Commitments and contingencies

Stockholders’ equity

Common stock

—

—

Additional paid-in capital

239.1

296.9

Retained earnings

1,370.2

1,385.6

Accumulated other comprehensive loss

(3.0

)

(1.5

)

Total stockholders’ equity

1,606.3

1,681.0

Total liabilities and stockholders’ equity

$

4,638.8

$

4,407.8

PRIMORIS SERVICES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

(Unaudited)

Six Months Ended

June 30,

2026

2025

Cash flows from operating activities:

Net (loss) income

$

(6.7

)

$

128.6

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities (net of effect of acquisitions):

Depreciation and amortization

54.4

43.9

Stock-based compensation expense

10.9

10.4

Gain on sale of property and equipment

(9.0

)

(9.9

)

Other non-cash items

1.0

1.1

Changes in assets and liabilities:

Accounts receivable

(20.0

)

(185.8

)

Contract assets

24.2

(145.9

)

Other current assets

(36.7

)

(31.7

)

Other long-term assets

(1.2

)

1.3

Accounts payable

(102.5

)

204.2

Contract liabilities

(23.7

)

56.8

Operating lease assets and liabilities, net

(2.3

)

(0.5

)

Accrued liabilities

(27.1

)

67.5

Other long-term liabilities

7.4

4.6

Net cash (used in) provided by operating activities

(131.3

)

144.6

Cash flows from investing activities:

Purchase of property and equipment

(50.3

)

(73.7

)

Proceeds from sale of assets

12.5

14.6

Proceeds from repayment of note receivable

8.0

—

Cash paid for acquisitions, net of cash acquired

(401.4

)

—

Net cash used in investing activities

(431.2

)

(59.1

)

Cash flows from financing activities:

Proceeds from issuance of debt

411.8

—

Payments on long-term debt

(21.0

)

(182.7

)

Borrowings under revolving line of credit

160.0

—

Payments on revolving line of credit

(160.0

)

—

Payments on pledged accounts receivable under securitization facility

(62.5

)

—

Proceeds from pledge of accounts receivable under securitization facility

—

50.0

Payments related to tax withholding for stock-based compensation

(19.8

)

(10.2

)

Stock purchases

(50.0

)

—

Dividends paid

(8.7

)

(8.6

)

Other

(5.2

)

(0.2

)

Net cash provided by (used in) financing activities

244.6

(151.7

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

0.5

1.0

Net change in cash, cash equivalents and restricted cash

(317.4

)

(65.2

)

Cash, cash equivalents and restricted cash at beginning of the period

541.3

461.4

Cash, cash equivalents and restricted cash at end of the period

$

223.9

$

396.2

Non-GAAP Measures

Schedule 1

Primoris Services Corporation

Reconciliation of Non-GAAP Financial Measures

Adjusted Net Income and Adjusted EPS

(In Millions, Except Per Share Amounts)

(Unaudited)

Adjusted Net Income and Adjusted EPS

Primoris defines Adjusted Net Income as net income (loss) adjusted for certain items including, (i) non‐cash stock‐based compensation expense; (ii) transaction/integration and related costs; (iii) asset impairment charges; (iv) changes in fair value of the Company’s interest rate swap; (v) change in fair value of contingent consideration liabilities; (vi) amortization of intangible assets; (vii) amortization of debt discounts and debt issuance costs; (viii) losses on extinguishment of debt; (ix) severance and restructuring changes; (x) selected (gains) charges that are unusual or non-recurring; and (xi) impact of changes in statutory tax rates. The Company defines Adjusted EPS as Adjusted Net Income divided by the diluted weighted average shares outstanding. Management believes these adjustments are helpful for comparing the Company’s operating performance with prior periods. Because Adjusted Net Income and Adjusted EPS, as defined, exclude some, but not all, items that affect net income and diluted earnings per share, they may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measures, net income and diluted earnings per share, and information reconciling the GAAP and non‐GAAP financial measures, are included in the table below.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net (loss) income (as reported GAAP)

$

(24.2

)

$

84.3

$

(6.7

)

$

128.6

Non-cash stock-based compensation

3.2

5.4

10.9

10.4

Transaction/integration and related costs

2.9

0.5

7.4

1.3

Amortization of intangible assets

10.4

4.6

14.4

9.2

Amortization of debt issuance costs

0.5

0.5

1.0

1.1

COO severance costs

0.6

—

0.6

—

CEO severance costs

—

—

—

2.1

Income tax impact of adjustments (1)

(8.0

)

(3.2

)

(10.1

)

(7.0

)

Adjusted net (loss) income

$

(14.6

)

$

92.1

$

17.5

$

145.7

Weighted average shares (diluted) (2)

54.0

54.8

54.1

54.8

Diluted (loss) earnings per share (2)

$

(0.45

)

$

1.54

$

(0.12

)

$

2.35

Adjusted diluted (loss) earnings per share (2)

$

(0.27

)

$

1.68

$

0.32

$

2.66

Schedule 2

Primoris Services Corporation

Reconciliation of Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA

(In Millions)

(Unaudited)

EBITDA and Adjusted EBITDA

Primoris defines EBITDA as net income (loss) before interest, income taxes, depreciation, and amortization. Adjusted EBITDA is defined as EBITDA adjusted for certain items including, (i) non‐cash stock‐based compensation expense; (ii) transaction/integration and related costs; (iii) asset impairment charges; (iv) severance and restructuring changes; (v) change in fair value of contingent consideration liabilities; and (vi) selected (gains) charges that are unusual or non-recurring. The Company believes the EBITDA and Adjusted EBITDA financial measures assist in providing a more complete understanding of the Company’s underlying operational measures to manage its business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. EBITDA and Adjusted EBITDA are non‐GAAP financial measures and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These non‐GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. The most comparable GAAP financial measure, net income, and information reconciling the GAAP and non‐GAAP financial measures are included in the table below.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net (loss) income (as reported GAAP)

$

(24.2

)

$

84.3

$

(6.7

)

$

128.6

Interest expense, net

10.6

7.5

15.2

15.3

(Benefit) provision for income taxes

(12.4

)

34.4

(9.9

)

52.5

Depreciation and amortization

30.7

22.5

54.4

43.9

EBITDA

4.7

148.7

53.0

240.3

Non-cash stock-based compensation

3.2

5.4

10.9

10.4

Transaction/integration and related costs

2.9

0.5

7.4

1.3

COO severance costs

0.6

—

0.6

—

CEO severance costs

—

—

—

2.1

Adjusted EBITDA

$

11.4

$

154.6

$

71.9

$

254.1

Schedule 3

Primoris Services Corporation

Reconciliation of Non-GAAP Financial Measures

Forecasted Adjusted Net Income and Adjusted Diluted Earnings Per Share for Full Year 2026

(In Millions, Except Per Share Amounts)

(Unaudited)

The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Net Income and EPS to Adjusted EPS for the year ending December 31, 2026.

Estimated Range

Full Year Ending

December 31, 2026

Net income as defined (GAAP)

$

71.0

$

101.0

Non-cash stock-based compensation

18.0

18.0

Amortization of intangible assets

35.0

35.0

Amortization of debt issuance costs

1.5

1.5

Transaction/integration and related costs

7.4

7.4

COO severance costs

0.6

0.6

Income tax impact of adjustments (1)

(21.5

)

(21.5

)

Adjusted net income

$

112.0

$

142.0

Weighted average shares (diluted)

54.7

54.7

Diluted earnings per share

$

1.30

$

1.85

Adjusted diluted earnings per share

$

2.05

$

2.60

Schedule 4

Primoris Services Corporation

Reconciliation of Non-GAAP Financial Measures

Forecasted EBITDA and Adjusted EBITDA for Full Year 2026

(In Millions, Except Per Share Amounts)

(Unaudited)

The following table sets forth a reconciliation of the forecasted GAAP net income to EBITDA and Adjusted EBITDA for the year ending December 31, 2026.

Estimated Range

Full Year Ending

December 31, 2026

Net income as defined (GAAP)

$

71.0

$

101.0

Interest expense, net

43.0

47.0

Provision for income taxes

34.5

48.5

Depreciation and amortization

100.5

102.5

EBITDA

249.0

299.0

Non-cash stock-based compensation

18.0

18.0

Transaction/integration and related costs

7.4

7.4

COO severance costs

0.6

0.6

Adjusted EBITDA

$

275.0

$

325.0

, /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Primoris Services Corporation ("Primoris" or the "Company") (NYSE: PRIM). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

The class action concerns whether Primoris and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

You have until September 21, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Primoris securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.

[Click here for information about joining the class action]

On February 23, 2026, Primoris issued a press release reporting its fourth-quarter and full-year 2025 financial results. In the press release, Primoris disclosed increased costs on certain renewable energy projects, more challenging-than-anticipated soil conditions, and margin compression within its Energy segment, acknowledging that these issues adversely affected fourth-quarter profitability despite higher revenue.

On this news, Primoris's stock price fell $13.72 per share, or 8.28%, to close at $151.92 per share on February 24, 2026. 

Then, on May 5, 2026, Primoris issued a press release reporting its financial results for the first quarter of 2026. In the press release, Primoris disclosed additional adverse developments affecting its renewable energy business, including revenue and margin pressure, delayed project starts, and weaker-than-expected first-quarter 2026 results. The Company also reduced its full-year 2026 Adjusted EPS guidance from $5.80-$6.00 to $4.80-$5.00 and lowered its Adjusted EBITDA guidance. 

On this news, Primoris's stock price fell $101.69 per share, or 50.11%, to close at $101.23 per share on May 6, 2026. 

Then, on June 8, 2026, Primoris issued a press release announcing that Anthony Vorderbruggen, the Company's President of Renewables, was departing Primoris, effective immediately. 

On this news, Primoris's stock price fell $18.92 per share, or 15.4%, to close at $103.90 per share on June 9, 2026. 

Finally, on June 22, 2026, Primoris issued a Business Update announcing that, following an internal review supported by an independent third-party industry expert, it had identified substantial challenges, cost overruns, and project delays affecting six renewable energy projects. The Company reduced its full-year 2026 Adjusted EPS guidance to $2.05-$2.60, lowered its Adjusted EBITDA guidance to $275 million-$325 million, projected that 2026 Renewables revenue would decline to approximately $2.1 billion, and announced the resignation of its Chief Operating Officer. 

On this news, Primoris's stock price fell $23.39 per share, or 21.59%, to close at $84.95 per share on June 23, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com. 

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980 

SOURCE Pomerantz LLP

The market expects Primoris Services (PRIM - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 4. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis construction contractor is expected to post quarterly loss of $0.35 per share in its upcoming report, which represents a year-over-year change of -120.8%.

Revenues are expected to be $1.7 billion, down 10.3% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 30.05% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Primoris Services?For Primoris Services, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -50.00%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Primoris Services will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Primoris Services would post earnings of $0.87 per share when it actually produced earnings of $0.59, delivering a surprise of -32.18%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Primoris Services doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

, /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Primoris Services Corporation ("Primoris" or the "Company") (NYSE: PRIM). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

The class action concerns whether Primoris and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

You have until September 21, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Primoris securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.

[Click here for information about joining the class action]

On February 23, 2026, Primoris issued a press release reporting its fourth-quarter and full-year 2025 financial results. In the press release, Primoris disclosed increased costs on certain renewable energy projects, more challenging-than-anticipated soil conditions, and margin compression within its Energy segment, acknowledging that these issues adversely affected fourth-quarter profitability despite higher revenue.

On this news, Primoris's stock price fell $13.72 per share, or 8.28%, to close at $151.92 per share on February 24, 2026.

Then, on May 5, 2026, Primoris issued a press release reporting its financial results for the first quarter of 2026. In the press release, Primoris disclosed additional adverse developments affecting its renewable energy business, including revenue and margin pressure, delayed project starts, and weaker-than-expected first-quarter 2026 results. The Company also reduced its full-year 2026 Adjusted EPS guidance from $5.80-$6.00 to $4.80-$5.00 and lowered its Adjusted EBITDA guidance.

On this news, Primoris's stock price fell $101.69 per share, or 50.11%, to close at $101.23 per share on May 6, 2026.

Then, on June 8, 2026, Primoris issued a press release announcing that Anthony Vorderbruggen, the Company's President of Renewables, was departing Primoris, effective immediately.

On this news, Primoris's stock price fell $18.92 per share, or 15.4%, to close at $103.90 per share on June 9, 2026.

Finally, on June 22, 2026, Primoris issued a Business Update announcing that, following an internal review supported by an independent third-party industry expert, it had identified substantial challenges, cost overruns, and project delays affecting six renewable energy projects. The Company reduced its full-year 2026 Adjusted EPS guidance to $2.05-$2.60, lowered its Adjusted EBITDA guidance to $275 million-$325 million, projected that 2026 Renewables revenue would decline to approximately $2.1 billion, and announced the resignation of its Chief Operating Officer.

On this news, Primoris's stock price fell $23.39 per share, or 21.59%, to close at $84.95 per share on June 23, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com. 

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

SOURCE Pomerantz LLP

SAN FRANCISCO, July 15, 2026 (GLOBE NEWSWIRE) -- Primoris Services Corporation (NYSE: PRIM) shares cratered again during intraday trading on June 23, 2026 (-$43.34, -40%), on the company’s disclosure of additional challenges to- and cost overruns within- its renewables business projects and the abrupt departure of its Chief Operating Officer.

The news follows Primoris’ May 5, 2026 disclosure that it suffered huge year-over-year and sequential declines in revenues and gross profits for its Energy segment and identified ongoing, expanded issues with its renewables business, news which sent the price of company shares tumbling $101.69 (-50%).

Hagens Berman is actively investigating whether Primoris’ pre-May 5 statements about trends in- and operational performance of- its renewables business misled investors and, if so, whether the company violated the federal securities laws.

The firm encourages Primoris investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist the investigation to contact its attorneys.

Visit: www.hbsslaw.com/investor-fraud/prim
Contact the Firm Now: [email protected]
844-916-0895

Primoris Services Corporation (PRIM) Investigation:

Primoris’ renewable business is part of the company’s core Energy segment and historically has contributed roughly 40% of Primoris’ entire annual revenue.

After the markets closed on June 22, 2026, Primoris shocked investors when it announced that “[a]dditional challenges and cost overruns were identified as a result of continued progress on projects in the Company’s Renewables business.” Importantly, as a result of ongoing problems in six projects and additional challenges, Primoris said its 2026 renewables business revenues would decline 30% ($900 million) from the $3 billion revenues reported for 2025.

This news follows two previous disclosures about Primoris’ renewables business problems, one downplaying and the next partially indicating problems in the business.

First, in February 2026, Primoris management attributed lower gross margins to “unexpectedly higher costs” at certain renewables projects, citing difficult soil and rock conditions that required additional labor and equipment. While management later downplayed the issue as being isolated to a single project—expressing confidence in their remedial measures—they simultaneously touted the company’s ability to “accelerate project timelines” for 2026.

Second, on May 5, 2026, the market’s confidence in Primoris’s remedial measures was shattered when the company released its Q1 2026 financial results and revealed a staggering decline in the core Energy segment, with year-over-year revenues falling by $152.9 million (13.8%) and gross profits plunging by nearly 40%.

CEO Koti Vadlamudi admitted the next day during the May 6 earnings call that Primoris’s financial results were battered by cost pressures across multiple solar projects. Moving beyond the “rock and soil” reason used just months prior, Vadlamudi cited a litany of execution-related factors as the cause of the margin collapse:

Project Redesigns: Costly changes to existing plans.Labor Issues: Inability to manage specific workforce demands.Sequencing Errors: Failures in project management and timing.Weather Disruptions: Further complicating already delayed timelines Together, the May 5 and June 22, 2026 disclosures wiped out over $7.8 billion of Primoris’ market capitalization.

“We’re focused on when Primoris’ management learned of the full scope of the company’s renewables problems, including the apparent inadequacy of remediation measures,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.

If you invested in Primoris and have substantial losses, or have knowledge that will assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to other frequently asked questions about the firm’s Primoris investigation, read more »

Whistleblowers: Persons with non-public information regarding Primoris should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.

Contact:
Reed Kathrein, 844-916-0895

SAN FRANCISCO, July 09, 2026 (GLOBE NEWSWIRE) -- Primoris Services Corporation (NYSE: PRIM) shares cratered again during intraday trading on June 23, 2026 (-$43.34, -40%), on the company’s disclosure of additional challenges to- and cost overruns within- its renewables business projects and the abrupt departure of its Chief Operating Officer.

The news follows Primoris’ May 5, 2026 disclosure that it suffered huge year-over-year and sequential declines in revenues and gross profits for its Energy segment and identified ongoing, expanded issues with its renewables business, news which sent the price of company shares tumbling $101.69 (-50%).

Hagens Berman is actively investigating whether Primoris’ pre-May 5 statements about trends in- and operational performance of- its renewables business misled investors and, if so, whether the company violated the federal securities laws.

The firm encourages Primoris investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist the investigation to contact its attorneys.

Visit: www.hbsslaw.com/investor-fraud/prim
Contact the Firm Now: [email protected] | 844-916-0895

Primoris Services Corporation (PRIM) Investigation:

Primoris’ renewable business is part of the company’s core Energy segment and historically has contributed roughly 40% of Primoris’ entire annual revenue.

After the markets closed on June 22, 2026, Primoris shocked investors when it announced that “[a]dditional challenges and cost overruns were identified as a result of continued progress on projects in the Company’s Renewables business.” Importantly, as a result of ongoing problems in six projects and additional challenges, Primoris said its 2026 renewables business revenues would decline 30% ($900 million) from the $3 billion revenues reported for 2025.

This news follows two previous disclosures about Primoris’ renewables business problems, one downplaying and the next partially indicating problems in the business.

First, in February 2026, Primoris management attributed lower gross margins to “unexpectedly higher costs” at certain renewables projects, citing difficult soil and rock conditions that required additional labor and equipment. While management later downplayed the issue as being isolated to a single project—expressing confidence in their remedial measures—they simultaneously touted the company’s ability to “accelerate project timelines” for 2026.

Second, on May 5, 2026, the market’s confidence in Primoris’s remedial measures was shattered when the company released its Q1 2026 financial results and revealed a staggering decline in the core Energy segment, with year-over-year revenues falling by $152.9 million (13.8%) and gross profits plunging by nearly 40%.

CEO Koti Vadlamudi admitted the next day during the May 6 earnings call that Primoris’s financial results were battered by cost pressures across multiple solar projects. Moving beyond the “rock and soil” reason used just months prior, Vadlamudi cited a litany of execution-related factors as the cause of the margin collapse:

Project Redesigns: Costly changes to existing plans.Labor Issues: Inability to manage specific workforce demands.Sequencing Errors: Failures in project management and timing.Weather Disruptions: Further complicating already delayed timelines Together, the May 5 and June 22, 2026 disclosures wiped out over $7.8 billion of Primoris’ market capitalization.

“We’re focused on when Primoris’ management learned of the full scope of the company’s renewables problems, including the apparent inadequacy of remediation measures,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.

If you invested in Primoris and have substantial losses, or have knowledge that will assist the firm’s investigation, submit your losses now.

If you’d like more information and answers to other frequently asked questions about the firm’s Primoris investigation, read more.

Whistleblowers: Persons with non-public information regarding Primoris should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.

Contact:
Reed Kathrein, 844-916-0895

NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP continues its investigation on behalf of Primoris Services Corporation (“Primoris” or the “Company”) (NYSE:PRIM) investors concerning the Company’s and/or members of its senior management’s possible violation of the federal securities laws and other unlawful business practices.

[LEARN MORE ABOUT THE INVESTIGATION]

What Happened?

On May 5, 2026, Primoris reported its first quarter 2026 financial results and updated its full-year outlook. Among other things, the Company disclosed revenue of $1.6 billion, down 5.4% compared to the prior-year period, and net income of $17.4 million, compared to $44.2 million in the prior-year period. Primoris further disclosed that Energy segment operating income decreased by $49.1 million, or 62.2%, compared to the prior-year period, due to decreased revenue and increased costs on certain renewable energy projects. The Company stated that these higher costs were driven in part by project redesign efforts, changes in project sequencing, labor productivity challenges, and unfavorable weather conditions. Energy gross profit as a percentage of revenue declined to 7.6%, compared to 10.7% in the prior-year period. On this news, the price of Primoris shares declined by $101.69 per share, or approximately 50%, from $202.92 per share on May 5, 2026 to close at $101.23 on May 6, 2026.

Then on June 22, 2026, Primoris issued a Business Update revealing additional challenges and cost overruns in its Renewables business. The Company disclosed that the expected cost overruns were primarily related to six previously discussed projects, with several of those projects now expected to reach substantial completion during the third and fourth quarters of 2026. Primoris also disclosed that it anticipated lower revenue and gross profit for full-year 2026, primarily driven by lower expected revenue and gross profit in the Renewables business. The Company stated that it now expects full-year 2026 Renewables revenue of approximately $2.1 billion, compared to approximately $3.0 billion for full-year 2025. As a result, Primoris again reduced its full-year 2026 outlook. The Company now expects net income of $71 million to $101 million, EPS of $1.30 to $1.85, adjusted EPS of $2.05 to $2.60, and adjusted EBITDA of $275 million to $325 million. This compares to its prior May 2026 guidance of net income of $223 million to $234 million, EPS of $4.05 to $4.25, adjusted EPS of $4.80 to $5.00, and adjusted EBITDA of $480 million to $500 million. Primoris also announced the departure of Jeremy Kinch from the Chief Operating Officer role, effective immediately. On this news, the price of Primoris shares declined by $23.39 per share, or approximately 22%, from $108.34 per share on June 22, 2026 to close at $84.95 on June 23, 2026.

What Should I Do?

At this stage, no lawsuit has been filed. The investigation is ongoing to determine whether claims may be brought under federal securities laws.

If you purchased or otherwise acquired Primoris securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.

[LEARN MORE ABOUT SECURITIES CLASS ACTIONS]

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

NEW YORK, June 30, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Primoris Services Corporation (“Primoris” or the “Company”) (NYSE: PRIM).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Primoris and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On May 5, 2026, Primoris issued a press release reporting its financial results for the first quarter of 2026.  Primoris reported results below analyst expectations and slashed full-year adjusted EBITDA guidance from $560-$580 million to $480-$500 million.  Primoris attributed the reduction to lower renewable energy activity, delayed project starts, and increased costs on renewable energy projects. 

On this news, Primoris’s stock price fell $101.69 per share, or 50.11%, to close at $101.23 per share on May 6, 2026. 

Then, on June 22, 2026, Primoris issued a press release “announc[ing] a series of business updates including the departure of its Chief Operating Officer (‘COO’), effective today.”  The press release also disclosed that “[a]dditional challenges and cost overruns were identified as a result of continued progress on projects in the Company’s Renewables business, including through an ongoing assessment by a third-party industry expert.”  Primoris advised that it “also anticipat[es] lower revenue and gross profit for the full year 2026, primarily driven by lower expected revenue and gross profit in the Renewables business” and “now expects revenue in the Renewables business for the full year 2026 to be approximately $2.1 billion, compared to approximately $3.0 billion for the full year of 2025.”  Accordingly, Primoris disclosed that it “anticipat[es] lower revenue and gross profit for the full year 2026, primarily driven by lower expected revenue and gross profit in the Renewables business” and “now expects revenue in the Renewables business for the full year 2026 to be approximately $2.1 billion, compared to approximately $3.0 billion for the full year of 2025.” 

On this news, Primoris’s stock price fell $23.39 per share, or 21.59%, to close at $84.95 per share on June 23, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

Primoris stock is testing lower boundaries. Why did PRIM hit a new low? Jeremy Kinch departed from the COO role effective today. While the company conducts a search for a permanent successor, President and CEO Koti Vadlamudi will assume most COO responsibilities in the interim. “The Company thanks Jeremy for his contributions and wishes him well on his future endeavors,” Vadlamudi said.

Guidance CutThe guidance reduction stems from additional cost overruns and delays in the company’s Renewables business, identified through continued project progress and an ongoing assessment by a third-party industry expert. The overruns are primarily related to six previously disclosed projects. Primoris now expects full-year 2026 Renewables revenue of approximately $2.1 billion, down from approximately $3.0 billion in 2025.

For the full year 2026, the company now expects net income of $71.00 million to $101.00 million, EPS of $1.30 to $1.85 per fully diluted share, adjusted EPS of $2.05 to $2.60 and adjusted EBITDA of $275.00 to $325.00 million. The majority of the impact is expected to be reflected in second-quarter results.

“While we are disappointed by the additional costs experienced on a limited number of projects in our Renewables business, we remain confident in the long-term growth opportunities in our Renewables business and Primoris broadly,” said Vadlamudi.

The Silver LiningPrimoris Shares FallPRIM Price Action: At the time of publication, Primoris shares are trading 37.34% lower at $67.89, according to data from Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.

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