Limbach (LMB) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-36541
Entity Registrant Name	LIMBACH HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5399422
Entity Address, Address Line One	797 Commonwealth Drive
Entity Address, City or Town	Warrendale
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15086
City Area Code	412
Local Phone Number	359-2100
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	LMB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,183,076
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001606163
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 48,239	$ 59,833
Restricted cash	65	65
Accounts receivable (net of allowance for credit losses of $330 and $292 as of March 31, 2024 and December 31, 2023, respectively)	95,855	97,755
Contract assets	47,096	51,690
Other current assets	8,164	7,657
Total current assets	199,419	217,000
Property and equipment, net	22,634	20,830
Intangible assets, net	23,972	24,999
Goodwill	16,433	16,374
Operating lease right-of-use assets	20,749	19,727
Deferred tax asset	5,505	5,179
Other assets	472	330
Total assets	289,184	304,439
Current liabilities:
Current portion of long-term debt	2,532	2,680
Current operating lease liabilities	3,678	3,627
Accounts payable, including retainage	51,910	65,268
Contract liabilities	41,107	42,160
Accrued income taxes	446	446
Accrued expenses and other current liabilities	24,720	30,967
Total current liabilities	124,393	145,148
Long-term debt	19,353	19,631
Long-term operating lease liabilities	17,109	16,037
Other long-term liabilities	2,801	2,708
Total liabilities	163,656	183,524
Commitments and contingencies (Note 13)
STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value; 100,000,000 shares authorized, issued 11,447,738 and 11,183,076, respectively, and 11,268,086 and 11,003,424 outstanding, respectively	1	1
Additional paid-in capital	89,555	92,528
Treasury stock, at cost (179,652 shares at both period ends)	(2,000)	(2,000)
Retained earnings	37,972	30,386
Total stockholders’ equity	125,528	120,915
Total liabilities and stockholders’ equity	$ 289,184	$ 304,439

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 330	$ 292
Common stock, par or stated value per share (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares, issued (in shares)	11,447,738	11,183,076
Common stock, shares, outstanding (in shares)	11,268,086	11,003,424
Treasury stock (in shares)	179,652	179,652

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 118,976	$ 121,009
Cost of revenue	87,888	94,782
Gross profit	31,088	26,227
Operating expenses:
Selling, general and administrative	22,876	21,050
Change in fair value of contingent consideration	623	141
Amortization of intangibles	1,057	383
Total operating expenses	24,556	21,574
Operating income	6,532	4,653
Other income (expenses):
Interest expense	(475)	(667)
Interest income	562	0
Gain (loss) on disposition of property and equipment	491	(215)
Gain (loss) on change in fair value of interest rate swap	149	(156)
Total other income (expenses)	727	(1,038)
Income before income taxes	7,259	3,615
Income tax (benefit) provision	(327)	622
Net income	$ 7,586	$ 2,993
Earnings per common share:
Basic (in usd per share)	$ 0.68	$ 0.29
Diluted (in usd per share)	$ 0.64	$ 0.27
Weighted average number of shares outstanding:
Basic (in shares)	11,159,849	10,475,364
Diluted (in shares)	11,894,747	11,040,063

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Number of Shares	Additional paid-in capital	Treasury stock, at cost	Retained earnings
Beginning balance (in shares) at Dec. 31, 2022		10,471,410
Treasury stock (in shares) at Dec. 31, 2022				(179,652)
Beginning balance at Dec. 31, 2022	$ 95,442	$ 1	$ 87,809	$ (2,000)	$ 9,632
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,133		1,133
Shares issued related to vested restricted stock units (in shares)		250,548
Shares issued related to vested restricted stock units	0
Tax withholding related to vested restricted stock units	(428)		(428)
Shares issued related to employee stock purchase plan (in shares)		10,997
Shares issued related to employee stock purchase plan	97		97
Net (loss) income	2,993				2,993
Ending balance (in shares) at Mar. 31, 2023		10,732,955
Treasury stock (in shares) at Mar. 31, 2023				(179,652)
Ending balance at Mar. 31, 2023	$ 99,237	$ 1	88,611	$ (2,000)	12,625
Beginning balance (in shares) at Dec. 31, 2023		11,183,076
Treasury stock (in shares) at Dec. 31, 2023	(179,652)			(179,652)
Beginning balance at Dec. 31, 2023	$ 120,915	$ 1	92,528	$ (2,000)	30,386
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,249		1,249
Shares issued related to vested restricted stock units (in shares)		261,673
Shares issued related to vested restricted stock units	0
Tax withholding related to vested restricted stock units	(4,338)		(4,338)
Shares issued related to employee stock purchase plan (in shares)		2,989
Shares issued related to employee stock purchase plan	116		116
Net (loss) income	$ 7,586				7,586
Ending balance (in shares) at Mar. 31, 2024		11,447,738
Treasury stock (in shares) at Mar. 31, 2024	(179,652)			(179,652)
Ending balance at Mar. 31, 2024	$ 125,528	$ 1	$ 89,555	$ (2,000)	$ 37,972

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 7,586	$ 2,993
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	2,712	1,922
Provision for credit losses	39	52
Stock-based compensation expense	1,249	1,133
Noncash operating lease expense	1,045	976
Amortization of debt issuance costs	11	38
Deferred income tax provision	(327)	(63)
(Gain) loss on sale of property and equipment	(491)	215
Loss on change in fair value of contingent consideration	623	141
(Gain) loss on change in fair value of interest rate swap	(149)	156
Changes in operating assets and liabilities:
Accounts receivable	1,861	24,581
Contract assets	4,594	(2,737)
Other current assets	(592)	(2,743)
Accounts payable, including retainage	(14,060)	(14,929)
Prepaid income taxes	0	(44)
Accrued taxes payable	0	686
Contract liabilities	(1,052)	868
Operating lease liabilities	(974)	(934)
Accrued expenses and other current liabilities	(5,863)	(3,170)
Other long-term liabilities	(156)	225
Net cash (used in) provided by operating activities	(3,944)	9,366
Cash flows from investing activities:
Proceeds from sale of property and equipment	561	101
Advances from joint ventures	4	0
Purchase of property and equipment	(2,541)	(923)
Net cash used in investing activities	(1,976)	(822)
Cash flows from financing activities:
Payments on A&R Wintrust Term Loans	0	(1,857)
Payments on finance leases	(693)	(639)
Taxes paid related to net-share settlement of equity awards	(5,187)	(847)
Proceeds from contributions to Employee Stock Purchase Plan	206	174
Net cash used in financing activities	(5,674)	(3,169)
(Decrease) increase in cash, cash equivalents and restricted cash	(11,594)	5,375
Cash, cash equivalents and restricted cash, beginning of period	59,898	36,114
Cash, cash equivalents and restricted cash, end of period	48,304	41,489
Noncash investing and financing transactions:
Right of use assets obtained in exchange for new operating lease liabilities	2,097	742
Right of use assets obtained in exchange for new finance lease liabilities	308	1,402
Right of use assets disposed or adjusted modifying finance lease liabilities	(41)	(1)
Interest paid	484	657
Cash paid for income taxes	$ 0	$ 44

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Limbach Holdings, Inc. (the “Company,” “we” or “us”), a Delaware corporation headquartered in Warrendale, Pennsylvania, was formed on July 20, 2016 as a result of a business combination with Limbach Holdings LLC (“LHLLC”). The Company is a building systems solutions firm who strives to be an indispensable partner to building owners with mission critical mechanical (heating, ventilation, air conditioning), electrical, and plumbing infrastructure. The Company’s focus is in six vertical markets: healthcare, industrial and manufacturing, data centers, life science, higher education, and cultural and entertainment. The Company provides comprehensive facility services with expertise in the management and maintenance of mechanical, electrical, plumbing and controls systems who uniquely combines engineering solutions with field installation expertise to provide custom solutions. The Company has more than 1,300 team members in 19 offices across the eastern United States and operates primarily in the Eastern and Midwest regions of the United States.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation References in these financial statements to the Company refer collectively to the accounts of Limbach Holdings, Inc. and its wholly-owned subsidiaries, including LHLLC, Limbach Facility Services LLC (“LFS”), Limbach Company LLC (“LC LLC”), Limbach Company LP, Harper Limbach LLC, Harper Limbach Construction LLC, Limbach Facility & Project Solutions LLC, Jake Marshall, LLC (“JMLLC”), Coating Solutions, LLC (“CSLLC”), ACME Industrial Piping, LLC (“ACME”) and Industrial Air, LLC (“Industrial Air”) for all periods presented, unless otherwise indicated. All intercompany balances and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the requirements of Form 10-Q and Rule 8-03 of Regulation S-X for smaller reporting companies. Consequently, certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Readers of this report should refer to the consolidated financial statements and the notes thereto included in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 13, 2024. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements for assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, the reported amounts of revenue and expenses during the reported period, and the accompanying notes. Management believes that its most significant estimates and assumptions have been based on reasonable and supportable assumptions and the resulting estimates are reasonable for use in the preparation of the condensed consolidated financial statements. The Company’s significant estimates include estimates associated with revenue recognition on construction contracts, costs incurred through each balance sheet date, intangibles, property and equipment, fair value accounting for acquisitions, insurance reserves, income tax valuation allowances, fair value of contingent consideration arrangements and contingencies. If the underlying estimates and assumptions upon which the condensed consolidated financial statements are based change in the future, actual amounts may differ from those included in the accompanying consolidated financial statements. Unaudited Interim Financial Information The accompanying interim Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Stockholders’ Equity and Condensed Consolidated Statements of Cash Flows for the periods presented are unaudited. Also, within the notes to the condensed consolidated financial statements, the Company has included unaudited information for these interim periods. These unaudited interim condensed consolidated financial statements have been prepared in accordance with GAAP. In the Company's opinion, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary for a fair statement of the Company’s financial position as of March 31, 2024, its results of operations and equity for the three months ended March 31, 2024 and 2023 and its cash flows for the three months ended March 31, 2024 and 2023. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet as of December 31, 2023 was derived from the Company's audited financial statements included in its Annual Report on Form 10-K filed with the SEC on March 13, 2024, but is presented as condensed and does not contain all of the footnote disclosures from the annual financial statements. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the chief operating decision maker and expands the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). This update requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) : Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity and amends the scope guidance for contracts in an entity's own equity. The ASU addresses how convertible instruments are accounted for in the calculation of diluted earnings per share by using the if-converted method. The guidance is effective for all entities for fiscal years beginning after March 31, 2024, albeit early adoption is permitted no earlier than fiscal years beginning after December 15, 2020. Management is currently assessing the impact of this pronouncement on its condensed consolidated financial statements.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions ACME Transaction On July 3, 2023 (the “ACME Effective Date”), the Company, LFS and ACME, and the owner of ACME (the “ACME Seller”) entered into a Purchase Agreement (the “ACME Purchase Agreement”) pursuant to which LFS purchased all of the outstanding equity interests in ACME from the ACME Seller (the “ACME Transaction”). The ACME Transaction closed on the ACME Effective Date. As a result of the ACME Transaction, ACME became a wholly-owned indirect subsidiary of the Company. ACME specializes in performing industrial maintenance, capital project work, and emergency services for specialty chemical and manufacturing clients, and is a leading mechanical solutions provider for hydroelectric producers. The acquisition expands the Company’s market share within its existing operating footprint, provides further exposure to an attractive customer base and supports the Company's continued ODR growth strategy. Total consideration paid by the Company for the ACME Transaction at closing was $5.0 million (the “ACME Closing Purchase Price”), consisting of cash paid to the ACME Seller, subject to typical adjustments for working capital. Of the consideration paid to the ACME Seller, approximately $0.4 million is being held in escrow for indemnification purposes. The purchase price is subject to customary post-closing adjustments. In addition, the ACME Seller may receive up to an aggregate of $2.5 million in cash, consisting of two individual tranches of $0.5 million and $2.0 million pursuant to the terms of the ACME Purchase Agreement, if the gross profit of ACME equals or exceeds (i) $2.0 million in the 12-month period beginning on the ACME Effective Date (the “First ACME Earnout Period”) or (ii) $2.5 million in the 12-month period beginning on the first anniversary of the ACME Effective Date (the “Second ACME Earnout Period” and together with the First ACME Earnout Period, the “ACME Earnout Payments”). Notwithstanding the foregoing, if ACME’s Adjusted EBITDA, as defined within the ACME Purchase Agreement, for calendar year 2023 equaled or exceeded $2.5 million then the Company would have been required to pay the ACME Seller $2.5 million, and the ACME Seller would not have been entitled to any further payment. This particular earnout condition was not met as of December 31, 2023. The Company recorded $0.3 million in acquisition-related expenses associated with professional fees related to the ACME Transaction during the year-ended December 31, 2023, which were included in selling, general and administrative expense in the consolidated statement of operations. Allocation of Purchase Price. The ACME Transaction was accounted for as a business combination using the acquisition method. The following table summarizes the preliminary purchase price and estimated fair values of assets acquired and liabilities assumed as of the ACME Effective Date, with any excess of purchase price over estimated fair value of the identified net assets acquired recorded as goodwill. As a result of the acquisition, the Company recognized $2.3 million of goodwill, all of which was allocated to the ODR segment and fully deductible for tax purposes. Such goodwill primarily related to anticipated future earnings. The fair value estimates for the assets acquired and liabilities assumed, as well as the Company's estimates and assumptions, were subject to change as the Company obtained additional information during the measurement period. During the measurement period, if the Company obtained new information regarding facts and circumstances that existed as of the ACME Effective Date that, if known, would have resulted in revised estimated values of those assets or liabilities, the Company would accordingly revise its fair value estimates and purchase price allocation. Measurement period adjustments are reflected as if the adjustments had been made as of the ACME Effective Date. The impact of all changes that do not qualify as measurement period adjustments would have been included in current period earnings. The Company finalized its purchase price allocation during the fourth quarter of 2023. The following table summarizes the allocation of the fair value of the assets and liabilities of the ACME Transaction as of the ACME Effective Date by the Company. (in thousands) Purchase Price Allocation Measurement Period Adjustments (1) Final Purchase Price Allocation Consideration: Cash $ 5,181 $ — $ 5,181 Earnout provision 1,121 393 1,514 Total Consideration 6,302 393 6,695 Fair value of assets acquired: Cash and cash equivalents 298 — 298 Accounts receivable 1,150 — 1,150 Contract assets 414 — 414 Property and equipment 488 — 488 Operating lease right-of-use assets 301 — 301 Intangible assets 2,300 500 2,800 Amount attributable to assets acquired 4,951 500 5,451 Fair value of liabilities assumed: Accounts payable, including retainage 170 — 170 Current operating lease liabilities 195 — 195 Accrued expenses and other current liabilities 138 — 138 Contract liabilities 373 — 373 Long-term operating lease liabilities 106 — 106 Amount attributable to liabilities assumed 982 — 982 Goodwill $ 2,333 $ (107) $ 2,226 (1) Measurement period adjustments recorded during the year-ended December 31, 2023 included changes in the purchase price allocation and total consideration, resulting in a net decrease of approximately $0.1 million to goodwill. The measurement period adjustments resulted primarily from valuation inputs pertaining to ACME’s intangible assets and earnout provision attributes based on facts and circumstances that existed, but were not known, as of the ACME acquisition date. Industrial Air Transaction On November 1, 2023 (the “IA Effective Date”), the Company, LFS and Industrial Air, and the owner of Industrial Air (the “IA Seller”) entered into a Purchase Agreement (the “IA Purchase Agreement”) pursuant to which LFS purchased all of the outstanding equity interests in Industrial Air from the IA Seller (the “Industrial Air Transaction”). The Industrial Air Transaction closed on the IA Effective Date. As a result of the Industrial Air Transaction, Industrial Air became a wholly-owned indirect subsidiary of the Company. Industrial Air serves industrial customers throughout the Southeast United States and along the Eastern seaboard, focusing on delivering engineered air handling systems, including air conditioning and air filtration, along with controls systems and maintenance work. In addition, Industrial Air manufactures a wide range of components for air conditioning and filtration systems. The Industrial Air Transaction provides the Company with a presence in an attractive and growing geographic market, where the acquired entity has a strong ODR customer base and supports the Company’s continued ODR growth strategy. Total consideration paid by the Company for the Industrial Air Transaction at closing was $13.5 million (the “IA Closing Purchase Price”), consisting of cash paid to the IA Seller, subject to typical adjustments for working capital. Of the consideration paid to the IA Seller, approximately $1.4 million is being held in escrow for indemnification purposes. The purchase price is subject to customary post-closing adjustments. In addition, the IA Seller may receive up to an aggregate of $6.5 million in cash, consisting of two individual tranches of $3.0 million and $3.5 million pursuant to the terms of the Industrial Air Purchase Agreement, if the gross profit of Industrial Air equals or exceeds (i) $7.6 million in the 12-month period beginning on the IA Effective Date (the “First IA Earnout Period”) or (ii) $8.8 million in the 12-month period beginning on the first anniversary of the IA Effective Date (the “Second IA Earnout Period” and together with the First IA Earnout Period, the “IA Earnout Payments”). However, if the gross profit of Industrial Air is less than $7.6 million but exceeds $6.6 million during the First IA Earnout Period then the IA Seller shall receive a portion of the deferred payment made on a pro rata basis. Similarly, if the gross profit of Industrial Air is less than $8.8 million but exceeds $7.8 million during the Second IA Earnout Period then the IA Seller shall receive a portion of the deferred payment made on a pro rata basis. Allocation of Purchase Price. The Industrial Air Transaction was accounted for as a business combination using the acquisition method. The following table summarizes the preliminary purchase price and estimated fair values of assets acquired and liabilities assumed as of the IA Effective Date, with any excess of purchase price over estimated fair value of the identified net assets acquired recorded as goodwill. As a result of the acquisition, the Company recognized $2.8 million of goodwill, all of which was allocated to the ODR segment and fully deductible for tax purposes. Such goodwill primarily related to anticipated future earnings. The Company's accounting for this acquisition is preliminary. The fair value estimates for the assets acquired and liabilities assumed, as well as the Company's estimates and assumptions are subject to change as the Company obtains additional information during the measurement period. During the measurement period, if the Company obtained new information regarding facts and circumstances that existed as of the IA Effective Date that, if known, would have resulted in revised estimated values of those assets or liabilities, the Company would accordingly revise its fair value estimates and purchase price allocation. Measurement period adjustments are reflected as if the adjustments had been made as of the IA Effective Date. The impact of all changes that do not qualify as measurement period adjustments would have been included in current period earnings. The Company finalized its purchase price allocation during the first quarter of 2024. The following table summarizes the allocation of the fair value of the assets and liabilities of the Industrial Air Transaction as of the IA Effective Date by the Company. (in thousands) Purchase Price Allocation Measurement Period Adjustments (1) Final Purchase Price Allocation Consideration: Cash $ 11,527 $ — $ 11,527 Earnout provision 3,165 — 3,165 Total Consideration 14,692 — 14,692 Fair value of assets acquired: Cash and cash equivalents 1,149 — 1,149 Accounts receivable 5,200 — 5,200 Inventory 1,290 (59) 1,231 Contract assets 220 — 220 Other current assets 993 — 993 Property and equipment 1,447 — 1,447 Operating lease right-of-use assets (2) 3,756 — 3,756 Intangible assets 8,720 — 8,720 Amount attributable to assets acquired 22,775 (59) 22,716 Fair value of liabilities assumed: Accounts payable, including retainage 885 — 885 Current operating lease liabilities 475 — 475 Contract liabilities 6,900 — 6,900 Accrued expenses and other current liabilities 347 — 347 Long-term operating lease liabilities 2,254 — 2,254 Amount attributable to liabilities assumed 10,861 — 10,861 Goodwill $ 2,778 $ 59 $ 2,837 (1) Measurement period adjustments recorded during the quarter ending March 31, 2024 included adjustments to certain working capital items resulting in an increase of approximately $0.1 million to goodwill. The measurement period adjustments resulted primarily from information that existed, but was not known, as of Industrial Air's acquisition date. (2)

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company generates revenue from construction type contracts, primarily consisting of fixed-price contracts, to deliver mechanical, plumbing, and electrical construction services to its customers. The duration of its contracts generally ranges from three months to two years. Revenue from fixed price contracts is recognized on the cost-to-cost method, measured by the relationship of total cost incurred to total estimated contract costs. Revenue from time and materials contracts is recognized as services are performed. The Company believes that its extensive experience in mechanical, plumbing, and electrical projects, and its internal cost review procedures during the bidding process, enable it to reasonably estimate costs and mitigate the risk of cost overruns on fixed price contracts. The Company generally invoices customers on a monthly basis, based on a schedule of values that breaks down the contract amount into discrete billing items. Costs and estimated earnings in excess of billings on uncompleted contracts are recorded as a contract asset until billable under the contract terms. Billings in excess of costs and estimated earnings on uncompleted contracts are recorded as a contract liability until the related revenue is recognizable. The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle. Contract assets Contract assets include amounts due under retainage provisions and costs and estimated earnings in excess of billings on uncompleted contracts. The components of the contract asset balances as of the respective dates were as follows: (in thousands) March 31, 2024 December 31, 2023 Change Contract assets Costs and estimated earnings in excess of billings on uncompleted contracts $ 25,006 $ 29,247 $ (4,241) Retainage receivable 22,090 22,443 (353) Total contract assets $ 47,096 $ 51,690 $ (4,594) Retainage receivable represents amounts invoiced to customers where payments have been partially withheld, typically 10%, pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retainage agreements vary from project to project and balances could be outstanding for several months or years depending on a number of circumstances such as contract-specific terms, project performance and other variables that may arise as the Company makes progress towards completion. Contract assets represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Contract assets result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with ASC Topic 606, but a portion of the revenue recorded cannot be currently billed due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. The current estimated net realizable value on such items as recorded in contract assets and contract liabilities in the condensed consolidated balance sheets was $19.3 million and $19.5 million as of March 31, 2024 and December 31, 2023, respectively. The Company currently anticipates that the majority of such amounts will be approved or executed within one year. The resolution of those claims and unapproved change orders that may require litigation or other forms of dispute resolution proceedings may delay the timing of billing beyond one year. Contract liabilities Contract liabilities include billings in excess of contract costs and provisions for losses. The components of the contract liability balances as of the respective dates were as follows: (in thousands) March 31, 2024 December 31, 2023 Change Contract liabilities Billings in excess of costs and estimated earnings on uncompleted contracts $ 41,061 $ 41,987 $ (926) Provisions for losses 46 173 (127) Total contract liabilities $ 41,107 $ 42,160 $ (1,053) Billings in excess of costs and estimated earnings on uncompleted contracts represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Provisions for losses are recognized in the condensed consolidated statements of operations at the uncompleted performance obligation level for the amount of total estimated losses in the period that evidence indicates that the estimated total cost of a performance obligation exceeds its estimated total revenue. The net (overbilling) underbilling position for contracts in process consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Revenue earned on uncompleted contracts $ 540,169 $ 551,120 Less: Billings to date (556,224) (563,860) Net (overbilling) underbilling $ (16,055) $ (12,740) (in thousands) March 31, 2024 December 31, 2023 Costs and estimated earnings in excess of billings on uncompleted contracts $ 25,006 $ 29,247 Billings in excess of costs and estimated earnings on uncompleted contracts (41,061) (41,987) Net (overbilling) underbilling $ (16,055) $ (12,740) Revisions in Contract Estimates The Company recorded revisions in its contract estimates for certain ODR and GCR projects. During the three months ended March 31, 2024, the Company recorded material gross profit write-ups on two ODR projects for a total of $2.0 million that had a net gross profit impact of $0.5 million or more. There were no material gross profit write-downs recognized during the three months ended March 31, 2024. During the three months ended March 31, 2023, the Company did not record any material gross profit write-ups or write-downs that had a net gross profit impact of $0.5 million or more. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. The Company’s remaining performance obligations include projects that have a written award, a letter of intent, a notice to proceed or an agreed upon work order to perform work on mutually accepted terms and conditions. As of March 31, 2024, the aggregate amount of the transaction prices allocated to the remaining performance obligations of the Company's ODR and GCR segment contracts were $139.5 million and $163.0 million, respectively. The Company currently estimates that 83% and 68% of its ODR and GCR segment remaining performance obligations as of March 31, 2024, respectively, will be recognized as revenue during the remainder of 2024, with the substantial majority of remaining performance obligations to be recognized within 24 months, although the timing of the Company's performance is not always under its control. Additionally, the difference between remaining performance obligations and backlog is due to the exclusion of a portion of the Company’s ODR agreements under certain contract types from the Company’s remaining performance obligations as these contracts can be canceled for convenience at any time by the Company or the customer without considerable cost incurred by the customer.

Goodwill and Intangibles

Goodwill and Intangibles	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Goodwill and Intangibles Goodwill Goodwill was $16.4 million as of March 31, 2024 and December 31, 2023 and is entirely associated with the Company's ODR segment. The Company tests its goodwill and indefinite-lived intangible assets allocated to its reporting units for impairment annually on October 1, or more frequently if events or circumstances indicate that it is more likely than not that the fair value of its reporting units and indefinite-lived intangible assets are less than their carrying amount. The Company has the option to assess goodwill for possible impairment by performing a qualitative analysis 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. A quantitative assessment is performed if the qualitative assessments results in a more-likely-than-not determination or if a qualitative assessment is not performed. The Company did not recognize any impairment charges on its goodwill or intangible assets during the three months ended March 31, 2024 and March 31, 2023. The following table summarizes the carrying amount and changes in goodwill associated with the Company's segments for the three months ended March 31, 2024 and for the year ended December 31, 2023. (in thousands) GCR ODR Total Goodwill as of January 1, 2023 $ — $ 11,370 $ 11,370 Goodwill associated with the ACME Transaction (1) — 2,226 2,226 Goodwill associated with the Industrial Air Transaction — 2,778 2,778 Goodwill as of December 31, 2023 — 16,374 16,374 Measurement period adjustments - Industrial Air Transaction (2) $ — 59 59 Goodwill as of March 31, 2024 $ — $ 16,433 $ 16,433 (1) Includes certain adjustments, net, to preliminary estimates of fair value within the measurement period of up to one-year from the date of the ACME Transaction. Measurement period adjustments, net, relate primarily to an increase in certain definite-lived intangible assets, partially offset by an increase in total consideration associated with the earnout provision. See Note 3 – Acquisitions for further information. (2) Includes certain adjustments to preliminary estimates of fair value within the measurement period of up to one-year from the date of the Industrial Air Transaction. Measurement period adjustments related to certain working capital adjustments. See Note 3 – Acquisitions for further information. Intangible Assets Intangible assets are comprised of the following: (in thousands) Gross Accumulated Net intangible March 31, 2024 Amortized intangible assets: Customer relationships $ 15,320 $ (5,645) $ 9,675 Backlog 2,560 (1,750) 810 Trade name, trademarks and intellectual property 4,250 (723) 3,527 Total amortized intangible assets 22,130 (8,118) 14,012 Unamortized intangible assets: Trade name – Limbach (1) 9,960 — 9,960 Total unamortized intangible assets 9,960 — 9,960 Total amortized and unamortized assets, excluding goodwill $ 32,090 $ (8,118) $ 23,972 (1) The Company has determined that its trade name has an indefinite useful life. The Limbach trade name has been in existence since the Company’s founding in 1901 and therefore is an established brand within the industry. (in thousands) Gross Accumulated Net intangible December 31, 2023 Amortized intangible assets: Customer relationships $ 15,320 $ (5,249) $ 10,071 Backlog 2,560 (1,264) 1,296 Trade name, trademarks and intellectual property 4,250 (578) 3,672 Total amortized intangible assets 22,130 (7,091) 15,039 Unamortized intangible assets: Trade name – Limbach 9,960 — 9,960 Total unamortized intangible assets 9,960 — 9,960 Total amortized and unamortized assets, excluding goodwill $ 32,090 $ (7,091) $ 24,999

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consists of the following obligations as of: (in thousands) March 31, 2024 December 31, 2023 A&R Wintrust Revolving Loans 10,000 10,000 Finance leases – collateralized by vehicles, payable in monthly installments of principal, plus interest ranging from 3.96% to 8.60% through 2031 6,917 7,347 Financing liability 5,351 5,351 Total debt 22,268 22,698 Less - Current portion of long-term debt (2,532) (2,680) Less - Unamortized discount and debt issuance costs (383) (387) Long-term debt $ 19,353 $ 19,631 Wintrust Term and Revolving Loans On February 24, 2021, LFS, LHLLC and the direct and indirect subsidiaries of LFS from time to time included as parties to the agreement (the “Wintrust Guarantors”) entered into a credit agreement (the “Wintrust Credit Agreement”) by and among LFS, LHLLC, Wintrust Guarantors, the lenders party thereto from time to time, Wheaton Bank & Trust Company, N.A., a subsidiary of Wintrust Financial Corporation (collectively, “Wintrust”), as administrative agent and L/C issuer, Bank of the West as documentation agent, M&T Bank as syndication agent, and Wintrust as lead arranger and sole book runner. In accordance with the terms of the Wintrust Credit Agreement, Lenders provided to LFS (i) a $30.0 million senior secured term loan (the “Wintrust Term Loan”); and (ii) a $25.0 million senior secured revolving credit facility with a $5.0 million sublimit for the issuance of letters of credit (the “Wintrust Revolving Loan” and, together with the Wintrust Term Loan, the “Wintrust Loans”). Proceeds of the Wintrust Loans were used to refinance certain existing indebtedness, finance working capital and other general corporate purposes and fund certain fees and expenses associated with the closing of the Wintrust Loans. In conjunction with the Company's acquisitions of JMLLC and CSLLC (the “Jake Marshall Transaction”), the Company entered into an amendment and restatement to the Wintrust Credit Agreement (the “A&R Wintrust Credit Agreement”). In accordance with the terms of the A&R Credit Agreement, Lenders provided to LFS (i) a $35.5 million senior secured term loan (the “A&R Wintrust Term Loan”); and (ii) a $25 million senior secured revolving credit facility with a $5 million sublimit for the issuance of letters of credit (the “A&R Wintrust Revolving Loan” and, together with the Term Loan, the “A&R Wintrust Loans”). The overall Wintrust Term Loan commitment under the A&R Wintrust Credit Agreement was recast at $35.5 million in connection with the A&R Credit Agreement. A portion of the A&R Wintrust Term Loan commitment was used to fund the closing purchase price of the Jake Marshall Transaction. The A&R Credit Agreement was also amended to: (i) permit the Company to undertake the Jake Marshall Transaction, (ii) make certain adjustments to the covenants under the A&R Credit Agreement (which were largely done to make certain adjustments for the Jake Marshall Transaction), (iii) allow for the Jake Marshall Earnout Payments (as defined in Note 8 ) under the Jake Marshall Transaction, and (iv) make other corresponding changes to the A&R Credit Agreement. On May 5, 2022, the Company, LFS and LHLLC entered into a first amendment and waiver to the A&R Wintrust Credit Agreement (the “First Amendment to the A&R Wintrust Credit Agreement”) with the lenders party thereto and Wintrust, as administrative agent. The First Amendment to the A&R Wintrust Credit Agreement modifies certain definitions within the A&R Wintrust Credit Agreement, and make other corresponding changes, including: (i) the definition of “EBITDA” to allow for the recognition of certain restructuring charges and lease breakage costs not previously specified, (ii) the definition of “Excess Cash Flow” to exclude the aggregate amount of the Earnout Payments paid in cash, (iii) the definition of “Total Funded Debt” to exclude certain capitalized lease obligations for real estate based on the approval of each lender and (iv) the definition of “Disposition” to include a clause for the sale and leaseback of certain real property based on the approval of each lender. In July 2022, the Company entered into an interest rate swap agreement to manage the risk associated with a portion of its variable-rate long-term debt. The interest rate swap involves the exchange of fixed-rate and variable-rate payments without the exchange of the underlying notional amount on which the interest payments are calculated. The new swap agreement became effective on July 14, 2022 and will terminate on July 31, 2027. The notional amount of the swap agreement is $10.0 million with a fixed interest rate of 3.12%. If the one-month SOFR (as defined in the A&R Credit Agreement) is above the fixed rate, the counterparty pays the Company, and if the one-month SOFR is less than the fixed rate, the Company pays the counterparty, the difference between the fixed rate of 3.12% and the one-month SOFR. The Company has not designated this instrument as a hedge for accounting purposes. As a result, the change in fair value of the derivative instrument is recognized directly in earnings on the Company's condensed consolidated statements of operations as a gain or loss on interest rate swap. Refer to Note 8 for further information regarding this interest rate swap. On September 28, 2022, the Company, LFS and LHLLC entered into a second amendment and waiver to the amended and restated Wintrust credit agreement (the “Second Amendment to the A&R Wintrust Credit Agreement”) with the lenders party thereto and Wintrust, as administrative agent. The Second Amendment to the A&R Wintrust Credit Agreement incorporates certain restricted payment provisions, among other things, to permit LFS to repurchase shares under the Company’s Share Repurchase Program (as defined in Note 7). On May 5, 2023, LFS, LHLLC and the direct and indirect subsidiaries of LFS from time to time included as parties to the agreement entered into the Second Amended and Restated Credit Agreement (the “Second A&R Credit Agreement”) with the lenders party thereto and Wintrust, as administrative agent, which amends and restates the A&R Wintrust Credit Agreement. In accordance with the Second A&R Credit Agreement (i) lenders provided to LFS a $50.0 million senior secured revolving credit facility with a $5.0 million sublimit for the issuance of letters of credit, an increase of $25.0 million over the A&R Wintrust Revolving Loan, with a maturity date of February 24, 2028 (the “Second A&R Wintrust Revolving Loan”), and (ii) LFS repaid the then outstanding principal balance of the A&R Wintrust Term Loan using proceeds of the Second A&R Wintrust Revolving Loan. Prior to the execution of this agreement, the Company repaid $9.6 million of the then outstanding balance under the A&R Term Loan with cash on hand. As a result of the early repayment of the A&R Wintrust Term Loan and certain changes to the members of the loan syndicate under the Second A&R Wintrust Credit Agreement, the Company wrote off approximately $0.3 million of unamortized debt issuance costs, which are reported as a loss on early debt extinguishment on the Company's condensed consolidated statements of operations. The Second A&R Wintrust Revolving Loan bears interest, at LFS’s option, at either the Term SOFR (as defined in the Second A&R Credit Agreement) (with a 0.15% floor) plus 3.10% or the Prime Rate (as defined in the Second A&R Credit Agreement) (with a 3.0% floor), subject to a 50 basis point step-down based on the ratio between the senior debt of the Company and its subsidiaries to the EBITDA of LFS and its subsidiaries for the most recently ended four fiscal quarters. The Second A&R Wintrust Revolving Loan is secured by (i) a valid, perfected and enforceable lien of the administrative agent on the ownership interests held by each of LFS and Wintrust Guarantors in their respective subsidiaries; and (ii) a valid, perfected and enforceable lien of the administrative agent on each of LFS and Wintrust Guarantors’ personal property, fixtures and real estate, subject to certain exceptions and limitations. Additionally, the re-payment of the Second A&R Wintrust Revolving Loan is jointly and severally guaranteed by each Wintrust Guarantor. The Second A&R Credit Agreement contains representations and warranties, covenants and events of default that are customary for facilities of this type, as more particularly described in the Second A&R Credit Agreement. The Second A&R Wintrust Revolving Loan also contains three financial maintenance covenants, including (i) a requirement to have as of the last day of each quarter for the senior leverage ratio of LFS and its subsidiaries not to exceed an amount beginning at 2.00 to 1.00, (ii) a fixed charge coverage ratio of not less than 1.20 to 1.00 as of the last day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 2023, and (iii) no unfinanced capital expenditures, except for unfinanced capital expenditures in the ordinary course of business not exceeding in the aggregate $4.0 million during any fiscal year; and no default or event of default (as defined in the Second A&R Credit Agreement) has occurred and is continuing, 50% of any portion of this annual limit, if not expended in the fiscal year for which it is permitted, may be carried over for expenditure in the next following fiscal year as stipulated by the agreement. On March 13, 2024, LFS, LHLLC, and other designated parties entered into a first amendment to the Second A&R Wintrust Credit Agreement (the “First Amendment to the Second A&R Wintrust Credit Agreement”) with the lenders party thereto and Wintrust, as administrative agent. The First Amendment to the Second A&R Wintrust Credit Agreement makes certain amendments to the Second A&R Wintrust Credit Agreement, including: (i) modifying the definition of “L/C Sublimit” to increase the sublimit for the issuance of letters of credit from $5.0 million to $10.0 million, (ii) removing the requirement to deliver a Borrowing Base Certificate if outstanding Revolving Loans and Letters of Credit (as such terms are defined in the Second A&R Wintrust Credit Agreement) do not exceed $30.0 million, and (iii) removing certain financial covenants that restrict the Company’s ability to make Unfinanced Capital Expenditures (as defined in the Second A&R Wintrust Credit Agreement). As of March 31, 2024 and December 31, 2023, the Company had $10.0 million in borrowings outstanding under the Second A&R Wintrust Revolving Loan. During the three months ended March 31, 2024, the maximum outstanding borrowings under the Second A&R Wintrust Revolving Loan at any time was $10.0 million and the average daily balance was $10.0 million. For the three months ended March 31, 2024, the Company incurred interest on the Second A&R Wintrust Revolving Loan at a weighted average annual interest rate of 5.72%, inclusive of the net impact associated with the Company's interest rate swap arrangement. During the three months ended March 31, 2023, the Company had no borrowings against the A&R Wintrust Revolving Loan. At March 31, 2024, the Company had irrevocable letters of credit in the amount of $5.2 million with its lender to secure obligations under its self-insurance program. The following is a summary of the applicable margin and commitment fees payable on the Second A&R Wintrust Revolving Loan credit commitment: Level Senior Leverage Ratio Applicable Margin for SOFR Revolver loans Applicable Margin for Applicable Margin for commitment fee I Greater than 1.00 to 1.00 3.10 % — % 0.25 % II Less than or equal to 1.00 to 1.00 2.60 % (0.50) % 0.25 % As of March 31, 2024, the Company was in compliance with all financial maintenance covenants as required by the Second A&R Credit Agreement. Sale-Leaseback Financing Transaction On September 29, 2022, LC LLC and Royal Oak Acquisitions, LLC (the “Purchaser”) consummated the purchase of the real property under a sale and leaseback transaction, with an aggregate value of approximately $7.8 million (a purchase price of approximately $5.4 million and $2.4 million in tenant improvement allowances), pursuant to a purchase agreement under which the Purchaser purchased from LC LLC the Company’s facility and real property in Pontiac, MI (collectively, the “Pontiac Facility”). In connection with the sale and leaseback transaction, LC LLC and Featherstone St Pontiac MI LLC (the “Landlord”) entered into a Lease Agreement (the “Lease Agreement”), dated September 29, 2022 (the “Lease Effective Date”) for the Pontiac Facility. Commencing on the Lease Effective Date, pursuant to the Lease Agreement, LC LLC has leased the Pontiac Facility, subject to the terms and conditions of the Lease Agreement. The Lease Agreement provides for a term of 25 years (the “Primary Term”). The Lease Agreement also provides LC LLC with the option to extend the Primary Term by two separate renewal terms of five years each (each a “Renewal Term”). Under the terms of the Lease Agreement, the Company’s annual minimum rent is $499,730, payable in monthly installments, subject to annual increases of approximately 2.5% each year under the Primary Term and for each year under the Renewal Terms, if exercised. LC LLC has a one-time option to terminate the Lease Agreement effective on the last day of the fifteenth lease year by providing written notice to the Landlord as more fully set forth in the Lease Agreement. The one-time termination option of the Lease Agreement would require LC LLC to pay to the Landlord a termination fee of approximately $1.7 million. Pursuant to the terms and conditions set forth in the Lease Agreement, the Landlord has agreed to provide LC LLC with a tenant improvement allowance in an amount up to $2.4 million. LC LLC is responsible for the initial capital outlay and completion of the agreed upon improvement work. The Landlord will subsequently reimburse LC LLC for such items up to the stated allowance amount. The Company accounted for the sale and leaseback arrangement as a financing transaction in accordance with ASC Topic 842, “ Leases ,” as the Lease Agreement was determined to be a finance lease. The Company concluded the Lease Agreement met the qualifications to be classified as a finance lease due to the significance of the present value of the lease payments, using an implicit rate of 11.11% to reflect the Company’s incremental borrowing rate associated with the $5.4 million purchase price as of the Lease Agreement date, compared to the fair value of the Pontiac Facility. The implicit rate associated with the aggregate purchase value, inclusive of tenant improvement allowances, was 6.53% as of the Lease Agreement date. The presence of a finance lease indicates that control of the Pontiac Facility has not transferred to the Purchaser and, as such, the transaction was deemed a failed sale-leaseback and must be accounted for as a financing arrangement. As a result of this determination, the Company is viewed as having received the sale proceeds from the Purchaser in the form of a hypothetical loan collateralized by its leased facilities. The hypothetical loan is payable as principal and interest in the form of “lease payments” to the Purchaser. Principal repayments are recorded as a reduction to the financing liability. The Company will not derecognize the Pontiac Facility from its books for accounting purposes until the lease ends. No gain or loss was recognized under GAAP related to the sale and leaseback arrangement. As of March 31, 2024, the financing liability was $5.0 million, net of issuance costs, which was recognized within long-term debt on the Company's condensed consolidated balance sheets. For each of the three months ended March 31, 2024 and 2023, approximately $0.1 million of

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity	Equity The Company’s second amended and restated certificate of incorporation currently authorizes the issuance of 100,000,000 shares of common stock, par value $0.0001, and 1,000,000 shares of preferred stock, par value $0.0001. Warrants In conjunction with the Company's initial public offering, the Company issued Public Warrants, Private Warrants and $15 Exercise Price Sponsor Warrants. The Company issued certain Merger Warrants and Additional Merger Warrants in conjunction with the Company's business combination with LHLLC in July 2016 (the “Business Combination”). On July 20, 2021, the Public Warrants, Private Warrants, and Additional Merger Warrants expired by their terms. During 2023, 600,000 warrants exercisable for one share of common stock at an exercise price of $15.00 per share (“$15 Exercise Price Sponsor Warrants”) and 606,476 warrants exercisable for one share of common stock at an exercise price of $12.50 per share (“Merger Warrants”) were exercised on a cashless basis by the holders of the warrants, which resulted in the warrants being converted into 167,564 and 274,742 shares of the Company's common stock, respectively. The remaining 23,167 unexercised Merger Warrants expired by their terms on July 20, 2023. Incentive Plan Upon the consummation of the Company's Business Combination, the Company adopted an omnibus incentive plan (the “Omnibus Incentive Plan”) pursuant to which equity awards may be granted thereunder. On March 25, 2022, the Board of Directors approved certain additional amendments to the Company's Omnibus Incentive Plan (the “2022 Amended and Restated Omnibus Incentive Plan”) to increase the number of shares of the Company's common stock that may be issued pursuant to awards by 350,000, for a total of 2,600,000 shares, and extended the term of the plan so that it will expire on the tenth anniversary of the date the stockholders approve the 2022 Amended and Restated Omnibus Incentive Plan. The amendments were approved by the Company's stockholders at the Annual Meeting held on June 22, 2022. On March 29, 2023, the Board of Directors approved certain amendments to the Company's Omnibus Incentive Plan (the “2023 Amended and Restated Omnibus Incentive Plan”) to increase the number of shares of the Company's common stock that may be issued pursuant to awards by 450,000, for a total of 3,050,000 shares, and extended the term of the plan so that it will expire on the tenth anniversary of the date the stockholders approve the 2023 Amended and Restated Omnibus Incentive Plan. The amendments were acted upon by the Company's stockholders at the Annual Meeting held on June 22, 2023. See Note 14 for a discussion of the Company's management incentive plans for restricted stock units (“RSUs”) granted, vested, forfeited and remaining unvested. Share Repurchase Program In September 2022, the Company announced that its Board of Directors approved a share repurchase program (the “Share Repurchase Program”) to repurchase shares of its common stock for an aggregate purchase price not to exceed $2.0 million. The share repurchase authority was valid through September 29, 2023. Share repurchases may have been executed through various means, including, without limitation, open market transactions, privately negotiated transactions or by other means in accordance with federal securities laws. The Share Repurchase Program did not obligate the Company to acquire any particular amount of common stock, and the program may have been suspended or terminated by the Company at any time at its discretion without prior notice. Through September 29, 2023, the Company made share repurchases of approximately $2.0 million under its Share Repurchase Program. Employee Stock Purchase Plan Upon approval of the Company's stockholders on May 30, 2019, the Company adopted the Limbach Holdings, Inc. 2019 Employee Stock Purchase Plan (the “ESPP”). On January 1, 2020, the ESPP went into effect. The ESPP enables eligible employees, as defined by the ESPP, the right to purchase the Company's common stock through payroll deductions during consecutive subscription periods at a purchase price of 85% of the fair market value of a common share at the end of each offering period. Annual purchases by participants are limited to the number of whole shares that can be purchased by an amount equal to ten percent of the participant's compensation or $5,000, whichever is less. Each offering period of the ESPP lasts six months, commencing on January 1 and July 1 of each year. The amounts collected from participants during a subscription period are used on the exercise date to purchase full shares of common stock. Participants may withdraw from an offering before the exercise date and obtain a refund of amounts withheld through payroll deductions. Compensation cost, representing the 15% discount applied to the fair market value of common stock, is recognized on a straight-line basis over the six-month vesting period during which employees perform related services. Under the ESPP, 500,000 shares are authorized to be issued. In January 2024, the Company issued 2,989 shares of its common stock to participants in the ESPP who contributed to the plan during the offering period ending December 31, 2023. In January 2023, the Company issued a total of 10,997 shares of its common stock to participants in the ESPP who contributed to the plan during the offering period ending December 31, 2022. As of March 31, 2024, 385,967 shares remain available for future issuance under the ESPP.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company measures the fair value of financial assets and liabilities in accordance with ASC Topic 820 – Fair Value Measurements and Disclosures , which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: • Level 1 — inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date; • Level 2 — inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities; and • Level 3 — unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company believes that the carrying amounts of its financial instruments, including cash and cash equivalents, trade accounts receivable and accounts payable, consist primarily of instruments without extended maturities, which approximate fair value primarily due to their short-term maturities and low risk of counterparty default. The Company considers all highly liquid investments purchased with a maturity of 90 days or less on the date of purchase to be cash equivalents. Cash equivalents as of March 31, 2024 and December 31, 2023 consisted of overnight repurchase agreements in which cash from the Company's main operating checking account is invested overnight in highly liquid, short term investments, one U.S. Treasury Bill and certain investments in money market funds sponsored by a large financial institution. For the three months ending March 31, 2024, the Company recognized interest income in the aggregate of approximately $0.6 million associated with its overnight repurchase agreements, U.S. Treasury Bills and money market funds. No interest income was recognized during the three months ended March 31, 2023. The Company has not experienced any losses in its cash and cash equivalents and management believes the Company is not exposed to significant credit risk with respect to such accounts. Fair Value at Reporting Date Using (in thousands) March 31, 2024 Level 1 Level 2 Level 3 Cash equivalents: Overnight repurchase agreements $ 35,337 $ 35,337 $ — $ — U.S. Treasury Bills 10,000 10,000 — — Money market fund 3,750 3,750 — — Total $ 49,087 $ 49,087 $ — $ — December 31, 2023 Level 1 Level 2 Level 3 Cash equivalents: Overnight repurchase agreements $ 43,959 $ 43,959 $ — $ — U.S. Treasury Bills 10,000 10,000 — — Money market fund 3,750 3,750 — — Total $ 57,709 $ 57,709 $ — $ — Second A&R Wintrust Revolving Loan The Company also believes that the carrying value of the Second A&R Wintrust Revolving Loan approximates its respective fair value due to the variable rate on such debt. As of March 31, 2024, the Company determined that the fair value of the Second A&R Wintrust Revolving Loan was $10.0 million. Such fair value was determined using discounted estimated future cash flows using level 3 inputs. Earnout Payments As a part of the total consideration for the Jake Marshall Transaction, the former owners of JMLLC and CSLLC may receive up to an aggregate of $6.0 million in cash, consisting of two tranches of $3.0 million, as defined in the purchase agreement, if the gross profit of the acquired companies equals or exceeds $10.0 million in (i) the approximately 12-month period from closing through December 31, 2022 (the “2022 Jake Marshall Earnout Period”) or (ii) fiscal year 2023 (the “2023 Jake Marshall Earnout Period”), respectively (collectively, the “Jake Marshall Earnout Payments”). To the extent, however, that the gross profit of the acquired companies is less than $10.0 million, but exceeds $8.0 million, during any of the 2022 Jake Marshall Earnout Period or 2023 Jake Marshall Earnout Period, the $3.0 million amount will be prorated for such period. The Company initially recognized $3.1 million in contingent consideration, of which the entire balance was included in other long-term liabilities in the Company’s condensed consolidated balance sheets on December 2, 2021. The fair value of contingent Jake Marshall Earnout Payments is based on generating growth rates on the projected gross margins of the acquired entities and calculating the associated contingent payments based on achieving the earnout targets, which are reassessed each reporting period. In April 2023 and 2024, the Company made two separate payments in the amount of $3.0 million to the former owners of JMLLC and CSLLC related to the 2022 Jake Marshall Earnout Period and the 2023 Jake Marshall Earnout Period, respectively. As a part of the total consideration for the ACME Transaction, the Company recognized $1.5 million in contingent consideration on the ACME Effective Date. The fair value of contingent ACME Earnout Payments is based on generating growth rates on the projected gross margins of ACME and calculating the associated contingent payments based on achieving the earnout targets, which are reassessed each reporting period. The Company determined the initial fair value of the ACME Earnout Payments based on the Monte Carlo Simulation method, which represented a Level 3 measurement. As of the Effective Date, the ACME Earnout Payments associated with the ACME Transaction were valued utilizing discount rates between 12.96% and 21.64%. The discount rates were calculated using the build-up method with a risk-free rate commensurate with the term of the ACME Earnout Payments based on the U.S. Treasury Constant Maturity Yield and certain metric risk premiums determined with reference to a long-term risk free rate, a weighted average cost of capital and certain adjustments for operational leverage. As a part of the total consideration for the Industrial Air Transaction, the Company recognized $3.2 million in contingent consideration on the IA Effective Date. The fair value of contingent IA Earnout Payments is based on generating growth rates on the projected gross margins of Industrial Air and calculating the associated contingent payments based on achieving the earnout targets, which are reassessed each reporting period. The Company determined the initial fair value of the IA Earnout Payments based on the Monte Carlo Simulation method, which represented a Level 3 measurement. As of the IA Effective Date, the IA Earnout Payments associated with the Industrial Air Transaction were valued utilizing a discount rate of 13.68%. The discount rates were calculated using the build-up method with a risk-free rate commensurate with the term of the IA Earnout Payments based on the U.S. Treasury Constant Maturity Yield and certain metric risk premiums determined with reference to a long-term risk free rate, a weighted average cost of capital and certain adjustments for operational leverage. Based on the Company’s ongoing assessment of the fair value of contingent earnout liabilities, the Company recorded a net increase in the estimated fair value of such liabilities of $0.6 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively, which was presented in change in fair value of contingent consideration in the Company's consolidated statements of operations. The Company determined the fair value of the earnout payments by utilizing the Monte Carlo Simulation method, which represents a Level 3 measurement. The following table presents the carrying values of the Company's contingent earnout payment obligations included in the accompanying condensed consolidated balance sheets, which approximated fair value at March 31, 2024 and December 31, 2023. Fair Value at Reporting Date Using (in thousands) March 31, 2024 Level 1 Level 2 Level 3 Accrued expenses and other current liabilities: 2023 Jake Marshall Earnout Period (1) $ 3,000 $ — $ — $ 3,000 First ACME Earnout Period 487 — — 487 First IA Earnout Period 2,606 — $ — 2,606 Other long-term liabilities: Second ACME Earnout Period 1,278 — — 1,278 Second IA Earnout Period 1,035 — — 1,035 Total $ 8,406 $ — $ — $ 8,406 Fair Value at Reporting Date Using December 31, 2023 Level 1 Level 2 Level 3 Accrued expenses and other current liabilities: 2023 Jake Marshall Earnout Period $ 3,000 $ — $ — $ 3,000 First ACME Earnout Period 429 — — 429 First IA Earnout Period 2,290 — $ — 2,290 Other long-term liabilities: Second ACME Earnout Period 1,188 — — 1,188 Second IA Earnout Period 875 — — 875 Total $ 7,782 $ — $ — $ 7,782 (1) In April 2024, the Company made a $3.0 million payment to the former owners of JMLLC and CSLLC related to the 2023 Jake Marshall Earnout Period. Interest Rate Swap The fair value of the interest rate swap is determined using widely accepted valuation techniques and reflects the contractual terms of the interest rate swap including the period to maturity, and while there are no quoted prices in active markets, it uses observable market-based inputs, including interest rate curves and implied volatilities. The fair value analysis also considers a credit valuation adjustment to reflect nonperformance risk of both the Company and the single counterparty. The fair value of the interest rate contract has been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The interest rate swap is classified as a Level 2 item within the fair value hierarchy. As of March 31, 2024, the Company determined that the fair value of the interest rate swap was approximately $0.3 million and is recognized in other assets on the Company's condensed consolidated balance sheets. For the three months ended March 31, 2024, the Company recognized a gain of approximately $0.1 million on its condensed consolidated statements of operations associated with the change in fair value of the interest rate swap arrangement. For the three months ended March 31, 2023, the Company recognized a loss of approximately $0.2 million on its condensed consolidated statements of operations associated with the change in fair value of the interest rate swap arrangement.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Earnings per Share The Company calculates earnings per share in accordance with ASC Topic 260 - Earnings Per Share (“EPS”) . Basic earnings per common share applicable to common stockholders is computed by dividing earnings applicable to common stockholders by the weighted-average number of common shares outstanding and assumed to be outstanding. Diluted EPS assumes the dilutive effect of outstanding common stock warrants, shares issued in conjunction with the Company’s ESPP and RSUs, all using the treasury stock method. The following table sets forth the computation of the basic and diluted earnings per share attributable to the Company's common stockholders for the three months ended March 31, 2024 and 2023: Three Months Ended (in thousands, except per share amounts) 2024 2023 EPS numerator: Net income $ 7,586 $ 2,993 EPS denominator: Weighted average shares outstanding – basic 11,160 10,475 Impact of dilutive securities 735 565 Weighted average shares outstanding – diluted 11,895 11,040 EPS: Basic $ 0.68 $ 0.29 Diluted $ 0.64 $ 0.27 The following table summarizes the securities that were antidilutive or out-of-the-money, and therefore, were not included in the computations of diluted income per common share: Three Months Ended 2024 2023 Out-of-the-money warrants (see Note 7) — 600,000 Performance based RSUs 261 — Employee Stock Purchase Plan — 1,561 Total 261 601,561

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is taxed as a C corporation. For interim periods, the provision for income taxes (including federal, state, local and foreign taxes) is calculated based on the estimated annual effective tax rate, adjusted for certain discrete items for the full fiscal year. Cumulative adjustments to the Company's estimate are recorded in the interim period in which a change in the estimated annual effective rate is determined. Each quarter the Company updates its estimate of the annual effective tax rate, and if its estimated tax rate changes, the Company makes a cumulative adjustment. The following table presents our income tax (benefit) provision and our income tax rate for the three months ended March 31, 2024 and 2023. Three Months Ended (in thousands, except percentages) 2024 2023 Income tax (benefit) provision $ (327) $ 622 Income tax rate (4.5) % 17.2 % The U.S. federal statutory tax rate was 21% for each of the three months ended March 31, 2024 and 2023. The difference between the U.S. federal statutory tax rate and the Company’s effective tax rate period over period was primarily due to state income taxes, tax credits, other permanent adjustments and discrete tax items. In particular, the Company’s effective rate for the quarters ended March 31, 2024 and 2023 are materially impacted by “excess tax benefits on stock-based compensation” recognized discretely during the quarter. This benefit reduced the effective tax rate by 35.1% and 10.2% for the three months ended March 31, 2024 and 2023 respectively, with the impact varying in prior years. The increase in the 2024 effective rate reduction is primarily related to the higher stock price of the Company resulting in increased tax deductions for the Company upon vesting. No valuation allowance was required as of March 31, 2024 or December 31, 2023.

Operating Segments

Operating Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Operating Segments	Operating Segments As discussed in Note 1, the Company operates in two segments, (i) ODR, in which the Company provides maintenance or service primarily on mechanical, plumbing or electrical systems, building controls and specialty contracting projects direct to, or assigned by, building owners or property managers, and (ii) GCR, in which the Company generally manages new construction or renovation projects that involve primarily mechanical, plumbing, or electrical services awarded to the Company by general contractors or construction managers. These segments are reflective of how the Company’s Chief Operating Decision Maker (“CODM”) reviews operating results for the purposes of allocating resources and assessing performance. The Company's CODM is comprised of its President and Chief Executive Officer and Executive Vice President and Chief Financial Officer. In accordance with ASC Topic 280 – Segment Reporting , the Company has elected to aggregate all of the ODR work performed at branches into one ODR reportable segment and all of the GCR work performed at branches into one GCR reportable segment. All transactions between segments are eliminated in consolidation. All of the Company’s identifiable assets are located in the United States, which is where the Company is domiciled. Condensed consolidated segment information for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended (in thousands) 2024 2023 Statement of Operations Data: Revenue: ODR $ 74,256 $ 58,718 GCR 44,720 62,291 Total revenue 118,976 121,009 Gross profit: ODR 22,161 15,909 GCR 8,927 10,318 Total gross profit 31,088 26,227 Selling, general and administrative (1) 22,876 21,050 Change in fair value of contingent consideration 623 141 Amortization of intangibles 1,057 383 Operating income $ 6,532 $ 4,653 Interest expense (475) (667) Interest income 562 — Gain (loss) on disposition of property and equipment 491 (215) Gain (loss) on change in fair value of interest rate swap 149 (156) Total unallocated amounts 727 (1,038) Income before income taxes $ 7,259 $ 3,615 (1) Included within selling, general and administrative expenses was $1.2 million and $1.1 million of stock based compensation expense for the three months ended March 31, 2024 and 2023, respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases The Company leases real estate, trucks and other equipment. The determination of whether an arrangement is, or contains, a lease is performed at the inception of the arrangement. Classification and initial measurement of the right-of-use asset and lease liability are determined at the lease commencement date. The Company elected the short-term lease measurement and recognition exemption; therefore, leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets. Instead, the short-term leases are recognized in expense on a straight-line basis over the lease term. The Company's arrangements include certain non-lease components such as common area and other maintenance for leased real estate, as well as mileage, fuel and maintenance costs related to leased vehicles. For all leased asset classes, the Company has elected to not separate non-lease components from lease components and will account for each separate lease component and non-lease component associated with the lease as a single lease component. The Company does not guarantee any residual value in its lease agreements, and there are no material restrictions or covenants imposed by lease arrangements. Real estate leases typically include one or more options to extend the lease. The Company regularly evaluates the renewal options, and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. For the Company's leased vehicles, the Company uses the interest rate implicit in its leases with the lessor to discount lease payments at the lease commencement date. When the implicit rate is not readily available, as is the case with the Company's real estate leases, the Company uses quoted borrowing rates on its secured debt. Related Party Lease Agreements. In conjunction with the closing of the Jake Marshall Transaction, the Company entered into an operating lease for certain land and facilities owned by a former member of JMLLC who became a full-time employee of the Company. The lease term is 10 years and includes an option to extend the lease for two successive periods of two years each through November 2035. Base rent for the term of the lease is $37,500 per month for the first five years with payment commencing on January 1, 2022. The fixed rent payment is escalated to $45,000 per month for years 6 through 10 of the lease term. Fixed rent payments for the extension term shall be increased from $45,000 by the percentage increase, if any, in the consumer price index from the lease commencement date. In addition, under the agreement, the Company is required to pay its share of estimated property taxes and operating expenses, both of which are variable lease expenses. In conjunction with the closing of the ACME Transaction, the Company entered into an operating lease for certain land and facilities owned by a former member of ACME who became a full-time employee of the Company. The lease term of the lease runs through December 31, 2024 and includes an option to extend the lease for one successive period of one year through December 2025. Base rent for the term of the lease is $17,000 per month for the first six months with payment commencing on July 1, 2023. The fixed rent payment is escalated to $18,000 per month for the twelve month period ending December 31, 2024. Fixed rent payments for the extension term shall be increased to $19,000. In addition, under the agreement, the Company is required to pay its share of estimated property taxes and operating expenses, both of which are variable lease expenses. In conjunction with the closing of the Industrial Air Transaction, the Company entered into an operating lease for certain land and facilities owned by a former member of Industrial Air who became a full-time employee of the Company. The lease term of the lease runs through August 31, 2026 and includes an option to extend the lease for two successive periods of three years each through August 2032. Base rent for the term of the lease is $26,500 per month for the first thirty-three Southern California Sublease . In June, 2021, the Company entered into a sublease agreement with a third party for the entire ground floor of its leased space in Southern California, consisting of 71,787 square feet. Under the terms of the sublease agreement, the sublessee is obligated to pay the Company base rent of approximately $0.6 million per year, which is subject to a 3.0% annual rent increase, plus certain operating expenses and other costs. The initial lease term commenced in September 2021 and continues through April 30, 2027. As of March 31, 2024, the Company remains obligated under the original lease for such office space and, in the event the sublessee of such office space fails to satisfy its obligations under the sublease, the Company would be required to satisfy its obligations directly to the landlord under such original lease. In addition, during the first quarter of 2022, the Company entered into an amendment to the aforementioned sublease agreement, which, among other things, expanded the sublease premises to include the entire second floor of its leased space in Southern California, consisting of 16,720 square feet. Under the terms of the amended sublease agreement, the sublessee is obligated to pay the Company base rent of approximately $0.8 million per year, which is subject to a 3.0% annual rent increase, plus certain operating expenses and other costs. The amended sublease term commenced in March 2022 and continues through April 30, 2027. For both the three months ended March 31, 2024 and 2023, the Company recorded approximately $0.3 million of income in selling, general and administrative expenses related to this sublease agreement. The following table summarizes the lease amounts included in the Company's condensed consolidated balance sheets: (in thousands) Classification on the Condensed Consolidated Balance Sheets March 31, 2024 December 31, 2023 Assets Operating Operating lease right-of-use assets (1)(2) $ 20,749 $ 19,727 Finance Property and equipment, net (3)(4) 9,170 9,561 Total lease assets $ 29,919 $ 29,288 Liabilities Current Operating Current operating lease liabilities $ 3,678 $ 3,627 Finance Current portion of long-term debt 2,532 2,680 Noncurrent Operating Long-term operating lease liabilities 17,109 16,037 Finance Long-term debt (5) 9,736 10,018 Total lease liabilities $ 33,055 $ 32,362 (1) Operating lease assets are recorded net of accumulated amortization of $14.8 million at March 31, 2024 and $13.6 million at December 31, 2023. (2) Includes approximately $1.0 million at both March 31, 2024 and December 31, 2023 related to a below-market lease recognized as a result of the Industrial Air Transaction, which was recorded as an increase to the Company’s operating lease right-of-use assets on its condensed consolidated balance sheet. The below-market lease will be amortized to amortization expense over the remaining lease term. (3) Finance lease vehicle assets are recorded net of accumulated amortization of $4.9 million at March 31, 2024 and $4.5 million at December 31, 2023. (4) Includes approximately $2.5 million and $2.4 million of net property assets associated with the Company's Pontiac Facility as of March 31, 2024 and December 31, 2023, respectively. (5) Includes approximately $5.4 million associated with the Company's sale and leaseback financing transaction. See Note 6 for further detail. The following table summarizes the lease costs included in the Company's condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023: Three Months Ended (in thousands) Classification on the Condensed Consolidated Statement of Operations 2024 2023 Operating lease cost Cost of revenue (1) $ 588 $ 561 Operating lease cost Selling, general and administrative (1) 726 645 Finance lease cost Amortization Cost of revenue (2) 740 631 Interest Interest expense, net (2) 119 66 Total lease cost $ 2,173 $ 1,903 (1) Operating lease costs recorded in cost of revenue included $0.1 million of variable lease costs for both the three months ended March 31, 2024 and 2023, respectively. In addition, $0.1 million of variable lease costs are included in selling, general and administrative for both the three months ended March 31, 2024 and 2023, respectively. These variable costs consist of the Company's proportionate share of operating expenses, real estate taxes and utilities. (2) Finance lease costs recorded in cost of revenue include variable lease costs of $1.0 million and $0.9 million for the three months ended March 31, 2024 and 2023, respectively. These variable lease costs consist of fuel, maintenance, and sales tax charges. The future undiscounted minimum finance lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s condensed consolidated balance sheets within current and long-term debt, less interest, and under current and long-term operating leases, less imputed interest, as of March 31, 2024 were as follows (in thousands): Finance Lease Obligations Operating Lease Obligations Year ending: Vehicles Pontiac Facility Total Finance Non-Related Party Related Party (1) Total Operating Sublease Receipts (2) Remainder of 2024 $ 2,269 $ 387 $ 2,656 $ 2,860 $ 736 $ 3,596 $ 688 2025 2,331 528 2,859 3,703 765 4,468 939 2026 1,815 542 2,357 3,614 770 4,384 967 2027 927 555 1,482 2,556 871 3,427 326 2028 180 569 749 1,621 871 2,492 — Thereafter 117 13,733 13,850 1,467 4,997 6,464 — Total minimum lease payments 7,639 16,314 23,953 15,821 9,010 24,831 $ 2,920 Financing Component (3) (722) (10,963) (11,685) (1,965) (2,079) (4,044) Net present value of minimum lease payments 6,917 5,351 12,268 13,856 6,931 20,787 Less: current portion of finance and operating lease obligations (2,532) — (2,532) (3,104) (574) (3,678) Long-term finance and operating lease obligations $ 4,385 $ 5,351 $ 9,736 $ 10,752 $ 6,357 $ 17,109 (1) Associated with the aforementioned related party leases entered into with former members of JMLLC, ACME and Industrial Air. (2) Associated with the aforementioned third party sublease. (3) The financing component for finance lease obligations represents the interest component of finance leases that will be recognized as interest expense in future periods. The financing component for operating lease obligations represents the effect of discounting the lease payments to their present value. The following is a summary of the lease terms and discount rates as of: March 31, 2024 December 31, 2023 Weighted average lease term (in years): Operating 6.46 6.54 Finance (1) 3.05 3.10 Weighted average discount rate: Operating 5.61 % 6.74 % Finance (1) 6.75 % 5.33 % (1) Excludes the weighted average lease term and weighted average discount rate associated with the aforementioned sale-leaseback financing transaction, which has a Primary Term of 25 years and utilized an implicit rate of 11.11%. See Note 6 for further detail. The following is a summary of other information and supplemental cash flow information related to finance and operating leases: Three months ended March 31, (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,250 $ 1,164 Operating cash flows from finance leases 121 66 Financing cash flows from finance leases 695 639 Right-of-use assets exchanged for lease liabilities: Operating leases 2,097 742 Finance leases 308 1,402 Right-of-use assets disposed or adjusted modifying finance leases liabilities $ (41) (1)
Leases	Leases The Company leases real estate, trucks and other equipment. The determination of whether an arrangement is, or contains, a lease is performed at the inception of the arrangement. Classification and initial measurement of the right-of-use asset and lease liability are determined at the lease commencement date. The Company elected the short-term lease measurement and recognition exemption; therefore, leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets. Instead, the short-term leases are recognized in expense on a straight-line basis over the lease term. The Company's arrangements include certain non-lease components such as common area and other maintenance for leased real estate, as well as mileage, fuel and maintenance costs related to leased vehicles. For all leased asset classes, the Company has elected to not separate non-lease components from lease components and will account for each separate lease component and non-lease component associated with the lease as a single lease component. The Company does not guarantee any residual value in its lease agreements, and there are no material restrictions or covenants imposed by lease arrangements. Real estate leases typically include one or more options to extend the lease. The Company regularly evaluates the renewal options, and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. For the Company's leased vehicles, the Company uses the interest rate implicit in its leases with the lessor to discount lease payments at the lease commencement date. When the implicit rate is not readily available, as is the case with the Company's real estate leases, the Company uses quoted borrowing rates on its secured debt. Related Party Lease Agreements. In conjunction with the closing of the Jake Marshall Transaction, the Company entered into an operating lease for certain land and facilities owned by a former member of JMLLC who became a full-time employee of the Company. The lease term is 10 years and includes an option to extend the lease for two successive periods of two years each through November 2035. Base rent for the term of the lease is $37,500 per month for the first five years with payment commencing on January 1, 2022. The fixed rent payment is escalated to $45,000 per month for years 6 through 10 of the lease term. Fixed rent payments for the extension term shall be increased from $45,000 by the percentage increase, if any, in the consumer price index from the lease commencement date. In addition, under the agreement, the Company is required to pay its share of estimated property taxes and operating expenses, both of which are variable lease expenses. In conjunction with the closing of the ACME Transaction, the Company entered into an operating lease for certain land and facilities owned by a former member of ACME who became a full-time employee of the Company. The lease term of the lease runs through December 31, 2024 and includes an option to extend the lease for one successive period of one year through December 2025. Base rent for the term of the lease is $17,000 per month for the first six months with payment commencing on July 1, 2023. The fixed rent payment is escalated to $18,000 per month for the twelve month period ending December 31, 2024. Fixed rent payments for the extension term shall be increased to $19,000. In addition, under the agreement, the Company is required to pay its share of estimated property taxes and operating expenses, both of which are variable lease expenses. In conjunction with the closing of the Industrial Air Transaction, the Company entered into an operating lease for certain land and facilities owned by a former member of Industrial Air who became a full-time employee of the Company. The lease term of the lease runs through August 31, 2026 and includes an option to extend the lease for two successive periods of three years each through August 2032. Base rent for the term of the lease is $26,500 per month for the first thirty-three Southern California Sublease . In June, 2021, the Company entered into a sublease agreement with a third party for the entire ground floor of its leased space in Southern California, consisting of 71,787 square feet. Under the terms of the sublease agreement, the sublessee is obligated to pay the Company base rent of approximately $0.6 million per year, which is subject to a 3.0% annual rent increase, plus certain operating expenses and other costs. The initial lease term commenced in September 2021 and continues through April 30, 2027. As of March 31, 2024, the Company remains obligated under the original lease for such office space and, in the event the sublessee of such office space fails to satisfy its obligations under the sublease, the Company would be required to satisfy its obligations directly to the landlord under such original lease. In addition, during the first quarter of 2022, the Company entered into an amendment to the aforementioned sublease agreement, which, among other things, expanded the sublease premises to include the entire second floor of its leased space in Southern California, consisting of 16,720 square feet. Under the terms of the amended sublease agreement, the sublessee is obligated to pay the Company base rent of approximately $0.8 million per year, which is subject to a 3.0% annual rent increase, plus certain operating expenses and other costs. The amended sublease term commenced in March 2022 and continues through April 30, 2027. For both the three months ended March 31, 2024 and 2023, the Company recorded approximately $0.3 million of income in selling, general and administrative expenses related to this sublease agreement. The following table summarizes the lease amounts included in the Company's condensed consolidated balance sheets: (in thousands) Classification on the Condensed Consolidated Balance Sheets March 31, 2024 December 31, 2023 Assets Operating Operating lease right-of-use assets (1)(2) $ 20,749 $ 19,727 Finance Property and equipment, net (3)(4) 9,170 9,561 Total lease assets $ 29,919 $ 29,288 Liabilities Current Operating Current operating lease liabilities $ 3,678 $ 3,627 Finance Current portion of long-term debt 2,532 2,680 Noncurrent Operating Long-term operating lease liabilities 17,109 16,037 Finance Long-term debt (5) 9,736 10,018 Total lease liabilities $ 33,055 $ 32,362 (1) Operating lease assets are recorded net of accumulated amortization of $14.8 million at March 31, 2024 and $13.6 million at December 31, 2023. (2) Includes approximately $1.0 million at both March 31, 2024 and December 31, 2023 related to a below-market lease recognized as a result of the Industrial Air Transaction, which was recorded as an increase to the Company’s operating lease right-of-use assets on its condensed consolidated balance sheet. The below-market lease will be amortized to amortization expense over the remaining lease term. (3) Finance lease vehicle assets are recorded net of accumulated amortization of $4.9 million at March 31, 2024 and $4.5 million at December 31, 2023. (4) Includes approximately $2.5 million and $2.4 million of net property assets associated with the Company's Pontiac Facility as of March 31, 2024 and December 31, 2023, respectively. (5) Includes approximately $5.4 million associated with the Company's sale and leaseback financing transaction. See Note 6 for further detail. The following table summarizes the lease costs included in the Company's condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023: Three Months Ended (in thousands) Classification on the Condensed Consolidated Statement of Operations 2024 2023 Operating lease cost Cost of revenue (1) $ 588 $ 561 Operating lease cost Selling, general and administrative (1) 726 645 Finance lease cost Amortization Cost of revenue (2) 740 631 Interest Interest expense, net (2) 119 66 Total lease cost $ 2,173 $ 1,903 (1) Operating lease costs recorded in cost of revenue included $0.1 million of variable lease costs for both the three months ended March 31, 2024 and 2023, respectively. In addition, $0.1 million of variable lease costs are included in selling, general and administrative for both the three months ended March 31, 2024 and 2023, respectively. These variable costs consist of the Company's proportionate share of operating expenses, real estate taxes and utilities. (2) Finance lease costs recorded in cost of revenue include variable lease costs of $1.0 million and $0.9 million for the three months ended March 31, 2024 and 2023, respectively. These variable lease costs consist of fuel, maintenance, and sales tax charges. The future undiscounted minimum finance lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s condensed consolidated balance sheets within current and long-term debt, less interest, and under current and long-term operating leases, less imputed interest, as of March 31, 2024 were as follows (in thousands): Finance Lease Obligations Operating Lease Obligations Year ending: Vehicles Pontiac Facility Total Finance Non-Related Party Related Party (1) Total Operating Sublease Receipts (2) Remainder of 2024 $ 2,269 $ 387 $ 2,656 $ 2,860 $ 736 $ 3,596 $ 688 2025 2,331 528 2,859 3,703 765 4,468 939 2026 1,815 542 2,357 3,614 770 4,384 967 2027 927 555 1,482 2,556 871 3,427 326 2028 180 569 749 1,621 871 2,492 — Thereafter 117 13,733 13,850 1,467 4,997 6,464 — Total minimum lease payments 7,639 16,314 23,953 15,821 9,010 24,831 $ 2,920 Financing Component (3) (722) (10,963) (11,685) (1,965) (2,079) (4,044) Net present value of minimum lease payments 6,917 5,351 12,268 13,856 6,931 20,787 Less: current portion of finance and operating lease obligations (2,532) — (2,532) (3,104) (574) (3,678) Long-term finance and operating lease obligations $ 4,385 $ 5,351 $ 9,736 $ 10,752 $ 6,357 $ 17,109 (1) Associated with the aforementioned related party leases entered into with former members of JMLLC, ACME and Industrial Air. (2) Associated with the aforementioned third party sublease. (3) The financing component for finance lease obligations represents the interest component of finance leases that will be recognized as interest expense in future periods. The financing component for operating lease obligations represents the effect of discounting the lease payments to their present value. The following is a summary of the lease terms and discount rates as of: March 31, 2024 December 31, 2023 Weighted average lease term (in years): Operating 6.46 6.54 Finance (1) 3.05 3.10 Weighted average discount rate: Operating 5.61 % 6.74 % Finance (1) 6.75 % 5.33 % (1) Excludes the weighted average lease term and weighted average discount rate associated with the aforementioned sale-leaseback financing transaction, which has a Primary Term of 25 years and utilized an implicit rate of 11.11%. See Note 6 for further detail. The following is a summary of other information and supplemental cash flow information related to finance and operating leases: Three months ended March 31, (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,250 $ 1,164 Operating cash flows from finance leases 121 66 Financing cash flows from finance leases 695 639 Right-of-use assets exchanged for lease liabilities: Operating leases 2,097 742 Finance leases 308 1,402 Right-of-use assets disposed or adjusted modifying finance leases liabilities $ (41) (1)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal. The Company is continually engaged in administrative proceedings, arbitrations, and litigation with owners, general contractors, suppliers, employees, former employees and other unrelated parties, all arising in the ordinary courses of business. The ultimate resolution of these contingencies could, individually or in the aggregate, be material to the condensed consolidated financial statements. In the opinion of the Company’s management, the current belief is that the results of these actions will not have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Surety. The terms of its construction contracts frequently require that the Company obtain from surety companies, and provide to its customers, payment and performance bonds (“Surety Bonds”) as a condition to the award of such contracts. The Surety Bonds secure the Company's payment and performance obligations under such contracts, and the Company has agreed to indemnify the surety companies for amounts, if any, paid by them in respect of Surety Bonds issued on its behalf. In addition, at the request of labor unions representing certain of the Company's employees, Surety Bonds are sometimes provided to secure obligations for wages and benefits payable to or for such employees. Public sector contracts require Surety Bonds more frequently than private sector contracts, and accordingly, the Company's bonding requirements typically increase as the amount of public sector work increases. As of March 31, 2024, the Company had approximately $90.0 million in surety bonds outstanding. The Surety Bonds are issued by surety companies in return for premiums, which vary depending on the size and type of bond. Collective Bargaining Agreements. Many of the Company’s craft labor employees are covered by collective bargaining agreements. The agreements require the Company to pay specified wages, provide certain benefits and contribute certain amounts to multi-employer pension plans. If the Company withdraws from any of the multi-employer pension plans or if the plans were to otherwise become underfunded, the Company could incur additional liabilities related to these plans. Although the Company has been informed that some of the multi-employer pension plans to which it contributes have been classified as “critical” status, the Company is not currently aware of any significant liabilities related to this issue. Self-insurance . The Company is substantially self-insured for workers’ compensation and general liability claims, in the view of the relatively high per-incident deductibles the Company absorbs under its insurance arrangements for these risks. The Company purchases workers’ compensation and general liability insurance under policies with per-incident deductibles of $250,000 per occurrence and a $3.9 million maximum aggregate deductible loss limit per year. Losses incurred over primary policy limits are covered by umbrella and excess policies up to specified limits with multiple excess insurers. The Company accrues for the unfunded portion of costs for both reported claims and claims incurred but not reported. The liability for unfunded reported claims and future claims is reflected on the consolidated balance sheets as current and non-current liabilities. The liability is determined by establishing a reserve for each reported claim on a case-by-case basis based on the nature of the claim and historical loss experience for similar claims plus an allowance for the cost of incurred but not reported claims. The current portion of the liability is included in accrued expenses and other current liabilities on the consolidated balance sheets. The non-current portion of the liability is included in other long-term liabilities on the consolidated balance sheets. The Company is self-insured related to medical and dental claims under policies with annual per-claimant and annual aggregate stop-loss limits. The Company accrues for the unfunded portion of costs for both reported claims and claims incurred but not reported. The liability for unfunded reported claims and future claims is reflected on the consolidated balance sheets as a current liability in accrued expenses and other current liabilities. The components of the self-insurance liability as of March 31, 2024 and December 31, 2023 are as follows: (in thousands) March 31, December 31, Current liability — workers’ compensation and general liability $ 163 $ 188 Current liability — medical and dental 517 819 Non-current liability 489 645 Total liability $ 1,169 $ 1,652 Restricted cash $ 65 $ 65 The restricted cash balance represents an imprest cash balance set aside for the funding of workers' compensation and general liability insurance claims. This amount is replenished either when depleted or at the beginning of each month.

Management Incentive Plans

Management Incentive Plans	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Management Incentive Plans	Management Incentive Plans The Company initially adopted the Omnibus Incentive Plan on July 20, 2016 for the purpose of: (a) encouraging the profitability and growth of the Company through short-term and long-term incentives that are consistent with the Company’s objectives; (b) giving participants an incentive for excellence in individual performance; (c) promoting teamwork among participants; and (d) giving the Company a significant advantage in attracting and retaining key employees, directors and consultants. To accomplish such purposes, the Omnibus Incentive Plan, and such subsequent amendments to the Omnibus Incentive Plan, provides that the Company may grant options, stock appreciation rights, restricted shares, RSUs, performance-based awards (including performance-based restricted shares and restricted stock units), other share based awards, other cash-based awards or any combination of the foregoing. Following the approval of the 2023 Amended and Restated Omnibus Incentive Plan, the Company has reserved 3,050,000 shares of its common stock for issuance. The number of shares issued or reserved pursuant to the Omnibus Incentive Plan will be adjusted by the plan administrator, as they deem appropriate and equitable, as a result of stock splits, stock dividends, and similar changes in the Company’s common stock. In connection with the grant of an award, the plan administrator may provide for the treatment of such award in the event of a change in control. All awards are made in the form of shares only. Service-Based Awards The Company grants service-based stock awards in the form of RSUs. Service-based RSUs granted to executives, employees, and non-employee directors vest ratably, on an annual basis, over three years and in the case of certain awards to non-employee directors, over one year. The grant date fair value of the service-based awards was equal to the closing market price of the Company’s common stock on the date of grant. For both the three months ended March 31, 2024 and 2023, the Company recognized $0.5 million of stock-based compensation expense related to outstanding service-based RSUs. The following table summarizes the Company's service-based RSU activity for the three months ended March 31, 2024: Awards Weighted-Average Unvested at December 31, 2023 239,203 $ 11.09 Granted 53,640 45.47 Vested (138,334) 11.16 Forfeited (113) 45.47 Unvested at March 31, 2024 154,396 $ 22.94 Performance-Based Awards The Company grants performance-based restricted stock units (“PRSUs”) under which shares of the Company’s common stock may be earned based on the Company’s performance compared to defined metrics. The number of shares earned under a performance award may vary from zero to 150% of the target shares awarded, based upon the Company’s performance compared to the metrics. The metrics used for the grant are determined by the Company’s Compensation Committee of the Board of Directors and are based on internal measures such as the achievement of certain predetermined adjusted EBITDA and EBITDA margin performance goals over a three year period. The Company recognizes stock-based compensation expense for these awards over the vesting period based on the projected probability of achievement of the performance conditions as of the end of each reporting period during the performance period and may periodically adjust the recognition of such expense, as necessary, in response to any changes in the Company’s forecasts with respect to the performance conditions. For both the three months ended March 31, 2024 and 2023, the Company recognized $0.7 million of stock-based compensation expense related to outstanding PRSUs. The following table summarizes the Company's PRSU activity for the three months ended March 31, 2024: Awards Weighted-Average Unvested at December 31, 2023 580,621 $ 10.85 Granted 84,299 45.47 Performance factor adjustment (1) 54,067 12.78 Vested (211,634) 12.78 Forfeited (226) 45.47 Unvested at March 31, 2024 507,127 $ 15.99 (1) Performance-based awards covering the three year period ended December 31, 2023 were paid out in the first quarter of 2024 based on the approval of the Company's Compensation Committee. The performance factor during the measurement period used to determine compensation payouts was 134.3% of the pre-defined metric target of 100%, which resulted in a positive performance factor adjustment and the issuance of 54,067 shares as additional awards associated with the original grant. Stock-Based Compensation Expense Total recognized stock-based compensation expense amounted to $1.2 million and $1.1 million for the three months ended March 31, 2024 and 2023, respectively. The aggregate fair value as of the vest date of RSUs that vested during the three months ended March 31, 2024 and 2023 was $16.8 million and $3.3 million, respectively. Total unrecognized stock-based compensation expense related to unvested RSUs which are probable of vesting was $8.3 million at March 31, 2024. These costs are expected to be recognized over a weighted average period of 2.05 years.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net (loss) income	$ 7,586	$ 2,993

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation References in these financial statements to the Company refer collectively to the accounts of Limbach Holdings, Inc. and its wholly-owned subsidiaries, including LHLLC, Limbach Facility Services LLC (“LFS”), Limbach Company LLC (“LC LLC”), Limbach Company LP, Harper Limbach LLC, Harper Limbach Construction LLC, Limbach Facility & Project Solutions LLC, Jake Marshall, LLC (“JMLLC”), Coating Solutions, LLC (“CSLLC”), ACME Industrial Piping, LLC (“ACME”) and Industrial Air, LLC (“Industrial Air”) for all periods presented, unless otherwise indicated. All intercompany balances and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the requirements of Form 10-Q and Rule 8-03 of Regulation S-X for smaller reporting companies. Consequently, certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Readers of this report should refer to the consolidated financial statements and the notes thereto included in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 13, 2024.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements for assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, the reported amounts of revenue and expenses during the reported period, and the accompanying notes. Management believes that its most significant estimates and assumptions have been based on reasonable and supportable assumptions and the resulting estimates are reasonable for use in the preparation of the condensed consolidated financial statements. The Company’s significant estimates include estimates associated with revenue recognition on construction contracts, costs incurred through each balance sheet date, intangibles, property and equipment, fair value accounting for acquisitions, insurance reserves, income tax valuation allowances, fair value of contingent consideration arrangements and contingencies. If the underlying estimates and assumptions upon which the condensed consolidated financial statements are based change in the future, actual amounts may differ from those included in the accompanying consolidated financial statements.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying interim Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Stockholders’ Equity and Condensed Consolidated Statements of Cash Flows for the periods presented are unaudited. Also, within the notes to the condensed consolidated financial statements, the Company has included unaudited information for these interim periods. These unaudited interim condensed consolidated financial statements have been prepared in accordance with GAAP. In the Company's opinion, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary for a fair statement of the Company’s financial position as of March 31, 2024, its results of operations and equity for the three months ended March 31, 2024 and 2023 and its cash flows for the three months ended March 31, 2024 and 2023. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet as of December 31, 2023 was derived from the Company's audited financial statements included in its Annual Report on Form 10-K filed with the SEC on March 13, 2024, but is presented as condensed and does not contain all of the footnote disclosures from the annual financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the chief operating decision maker and expands the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). This update requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) : Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity and amends the scope guidance for contracts in an entity's own equity. The ASU addresses how convertible instruments are accounted for in the calculation of diluted earnings per share by using the if-converted method. The guidance is effective for all entities for fiscal years beginning after March 31, 2024, albeit early adoption is permitted no earlier than fiscal years beginning after December 15, 2020. Management is currently assessing the impact of this pronouncement on its condensed consolidated financial statements.
Revenue from Contract with Customers	Revenue from Contracts with Customers The Company generates revenue from construction type contracts, primarily consisting of fixed-price contracts, to deliver mechanical, plumbing, and electrical construction services to its customers. The duration of its contracts generally ranges from three months to two years. Revenue from fixed price contracts is recognized on the cost-to-cost method, measured by the relationship of total cost incurred to total estimated contract costs. Revenue from time and materials contracts is recognized as services are performed. The Company believes that its extensive experience in mechanical, plumbing, and electrical projects, and its internal cost review procedures during the bidding process, enable it to reasonably estimate costs and mitigate the risk of cost overruns on fixed price contracts. The Company generally invoices customers on a monthly basis, based on a schedule of values that breaks down the contract amount into discrete billing items. Costs and estimated earnings in excess of billings on uncompleted contracts are recorded as a contract asset until billable under the contract terms. Billings in excess of costs and estimated earnings on uncompleted contracts are recorded as a contract liability until the related revenue is recognizable. The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle. Retainage receivable represents amounts invoiced to customers where payments have been partially withheld, typically 10%, pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retainage agreements vary from project to project and balances could be outstanding for several months or years depending on a number of circumstances such as contract-specific terms, project performance and other variables that may arise as the Company makes progress towards completion. Contract assets represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Contract assets result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with ASC Topic 606, but a portion of the revenue recorded cannot be currently billed due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. Billings in excess of costs and estimated earnings on uncompleted contracts represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Provisions for losses are recognized in the condensed consolidated statements of operations at the uncompleted performance obligation level for the amount of total estimated losses in the period that evidence indicates that the estimated total cost of a performance obligation exceeds its estimated total revenue. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. The Company’s remaining performance obligations include projects that have a written award, a letter of intent, a notice to proceed or an agreed upon work order to perform work on mutually accepted terms and conditions. Additionally, the difference between remaining performance obligations and backlog is due to the exclusion of a portion of the Company’s ODR agreements under certain contract types from the Company’s remaining performance obligations as these contracts can be canceled for convenience at any time by the Company or the customer without considerable cost incurred by the customer.
Fair Value Measurements	The Company measures the fair value of financial assets and liabilities in accordance with ASC Topic 820 – Fair Value Measurements and Disclosures , which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: • Level 1 — inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date; • Level 2 — inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities; and • Level 3 — unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Allocation of Fair Value of Assets and Liabilities ACME Transaction and Industrial Air Transaction	(in thousands) Purchase Price Allocation Measurement Period Adjustments (1) Final Purchase Price Allocation Consideration: Cash $ 5,181 $ — $ 5,181 Earnout provision 1,121 393 1,514 Total Consideration 6,302 393 6,695 Fair value of assets acquired: Cash and cash equivalents 298 — 298 Accounts receivable 1,150 — 1,150 Contract assets 414 — 414 Property and equipment 488 — 488 Operating lease right-of-use assets 301 — 301 Intangible assets 2,300 500 2,800 Amount attributable to assets acquired 4,951 500 5,451 Fair value of liabilities assumed: Accounts payable, including retainage 170 — 170 Current operating lease liabilities 195 — 195 Accrued expenses and other current liabilities 138 — 138 Contract liabilities 373 — 373 Long-term operating lease liabilities 106 — 106 Amount attributable to liabilities assumed 982 — 982 Goodwill $ 2,333 $ (107) $ 2,226 (1) Measurement period adjustments recorded during the year-ended December 31, 2023 included changes in the purchase price allocation and total consideration, resulting in a net decrease of approximately $0.1 million to goodwill. The measurement period adjustments resulted primarily from valuation inputs pertaining to ACME’s intangible assets and earnout provision attributes based on facts and circumstances that existed, but were not known, as of the ACME acquisition date. The following table summarizes the allocation of the fair value of the assets and liabilities of the Industrial Air Transaction as of the IA Effective Date by the Company. (in thousands) Purchase Price Allocation Measurement Period Adjustments (1) Final Purchase Price Allocation Consideration: Cash $ 11,527 $ — $ 11,527 Earnout provision 3,165 — 3,165 Total Consideration 14,692 — 14,692 Fair value of assets acquired: Cash and cash equivalents 1,149 — 1,149 Accounts receivable 5,200 — 5,200 Inventory 1,290 (59) 1,231 Contract assets 220 — 220 Other current assets 993 — 993 Property and equipment 1,447 — 1,447 Operating lease right-of-use assets (2) 3,756 — 3,756 Intangible assets 8,720 — 8,720 Amount attributable to assets acquired 22,775 (59) 22,716 Fair value of liabilities assumed: Accounts payable, including retainage 885 — 885 Current operating lease liabilities 475 — 475 Contract liabilities 6,900 — 6,900 Accrued expenses and other current liabilities 347 — 347 Long-term operating lease liabilities 2,254 — 2,254 Amount attributable to liabilities assumed 10,861 — 10,861 Goodwill $ 2,778 $ 59 $ 2,837 (1) Measurement period adjustments recorded during the quarter ending March 31, 2024 included adjustments to certain working capital items resulting in an increase of approximately $0.1 million to goodwill. The measurement period adjustments resulted primarily from information that existed, but was not known, as of Industrial Air's acquisition date. (2)

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Components of Contract Asset and Liability Balances	Contract assets include amounts due under retainage provisions and costs and estimated earnings in excess of billings on uncompleted contracts. The components of the contract asset balances as of the respective dates were as follows: (in thousands) March 31, 2024 December 31, 2023 Change Contract assets Costs and estimated earnings in excess of billings on uncompleted contracts $ 25,006 $ 29,247 $ (4,241) Retainage receivable 22,090 22,443 (353) Total contract assets $ 47,096 $ 51,690 $ (4,594) Contract liabilities include billings in excess of contract costs and provisions for losses. The components of the contract liability balances as of the respective dates were as follows: (in thousands) March 31, 2024 December 31, 2023 Change Contract liabilities Billings in excess of costs and estimated earnings on uncompleted contracts $ 41,061 $ 41,987 $ (926) Provisions for losses 46 173 (127) Total contract liabilities $ 41,107 $ 42,160 $ (1,053)
Schedule of Contracts In Progress	The net (overbilling) underbilling position for contracts in process consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Revenue earned on uncompleted contracts $ 540,169 $ 551,120 Less: Billings to date (556,224) (563,860) Net (overbilling) underbilling $ (16,055) $ (12,740) (in thousands) March 31, 2024 December 31, 2023 Costs and estimated earnings in excess of billings on uncompleted contracts $ 25,006 $ 29,247 Billings in excess of costs and estimated earnings on uncompleted contracts (41,061) (41,987) Net (overbilling) underbilling $ (16,055) $ (12,740)

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table summarizes the carrying amount and changes in goodwill associated with the Company's segments for the three months ended March 31, 2024 and for the year ended December 31, 2023. (in thousands) GCR ODR Total Goodwill as of January 1, 2023 $ — $ 11,370 $ 11,370 Goodwill associated with the ACME Transaction (1) — 2,226 2,226 Goodwill associated with the Industrial Air Transaction — 2,778 2,778 Goodwill as of December 31, 2023 — 16,374 16,374 Measurement period adjustments - Industrial Air Transaction (2) $ — 59 59 Goodwill as of March 31, 2024 $ — $ 16,433 $ 16,433 (1) Includes certain adjustments, net, to preliminary estimates of fair value within the measurement period of up to one-year from the date of the ACME Transaction. Measurement period adjustments, net, relate primarily to an increase in certain definite-lived intangible assets, partially offset by an increase in total consideration associated with the earnout provision. See Note 3 – Acquisitions for further information. (2) Includes certain adjustments to preliminary estimates of fair value within the measurement period of up to one-year from the date of the Industrial Air Transaction. Measurement period adjustments related to certain working capital adjustments. See Note 3 – Acquisitions for further information.
Schedule of Intangible Assets	Intangible assets are comprised of the following: (in thousands) Gross Accumulated Net intangible March 31, 2024 Amortized intangible assets: Customer relationships $ 15,320 $ (5,645) $ 9,675 Backlog 2,560 (1,750) 810 Trade name, trademarks and intellectual property 4,250 (723) 3,527 Total amortized intangible assets 22,130 (8,118) 14,012 Unamortized intangible assets: Trade name – Limbach (1) 9,960 — 9,960 Total unamortized intangible assets 9,960 — 9,960 Total amortized and unamortized assets, excluding goodwill $ 32,090 $ (8,118) $ 23,972 (1) The Company has determined that its trade name has an indefinite useful life. The Limbach trade name has been in existence since the Company’s founding in 1901 and therefore is an established brand within the industry. (in thousands) Gross Accumulated Net intangible December 31, 2023 Amortized intangible assets: Customer relationships $ 15,320 $ (5,249) $ 10,071 Backlog 2,560 (1,264) 1,296 Trade name, trademarks and intellectual property 4,250 (578) 3,672 Total amortized intangible assets 22,130 (7,091) 15,039 Unamortized intangible assets: Trade name – Limbach 9,960 — 9,960 Total unamortized intangible assets 9,960 — 9,960 Total amortized and unamortized assets, excluding goodwill $ 32,090 $ (7,091) $ 24,999

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following obligations as of: (in thousands) March 31, 2024 December 31, 2023 A&R Wintrust Revolving Loans 10,000 10,000 Finance leases – collateralized by vehicles, payable in monthly installments of principal, plus interest ranging from 3.96% to 8.60% through 2031 6,917 7,347 Financing liability 5,351 5,351 Total debt 22,268 22,698 Less - Current portion of long-term debt (2,532) (2,680) Less - Unamortized discount and debt issuance costs (383) (387) Long-term debt $ 19,353 $ 19,631
Schedule of Additional Margin and Commitment Fees Payable	The following is a summary of the applicable margin and commitment fees payable on the Second A&R Wintrust Revolving Loan credit commitment: Level Senior Leverage Ratio Applicable Margin for SOFR Revolver loans Applicable Margin for Applicable Margin for commitment fee I Greater than 1.00 to 1.00 3.10 % — % 0.25 % II Less than or equal to 1.00 to 1.00 2.60 % (0.50) % 0.25 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements, Nonrecurring	Fair Value at Reporting Date Using (in thousands) March 31, 2024 Level 1 Level 2 Level 3 Cash equivalents: Overnight repurchase agreements $ 35,337 $ 35,337 $ — $ — U.S. Treasury Bills 10,000 10,000 — — Money market fund 3,750 3,750 — — Total $ 49,087 $ 49,087 $ — $ — December 31, 2023 Level 1 Level 2 Level 3 Cash equivalents: Overnight repurchase agreements $ 43,959 $ 43,959 $ — $ — U.S. Treasury Bills 10,000 10,000 — — Money market fund 3,750 3,750 — — Total $ 57,709 $ 57,709 $ — $ — The following table presents the carrying values of the Company's contingent earnout payment obligations included in the accompanying condensed consolidated balance sheets, which approximated fair value at March 31, 2024 and December 31, 2023. Fair Value at Reporting Date Using (in thousands) March 31, 2024 Level 1 Level 2 Level 3 Accrued expenses and other current liabilities: 2023 Jake Marshall Earnout Period (1) $ 3,000 $ — $ — $ 3,000 First ACME Earnout Period 487 — — 487 First IA Earnout Period 2,606 — $ — 2,606 Other long-term liabilities: Second ACME Earnout Period 1,278 — — 1,278 Second IA Earnout Period 1,035 — — 1,035 Total $ 8,406 $ — $ — $ 8,406 Fair Value at Reporting Date Using December 31, 2023 Level 1 Level 2 Level 3 Accrued expenses and other current liabilities: 2023 Jake Marshall Earnout Period $ 3,000 $ — $ — $ 3,000 First ACME Earnout Period 429 — — 429 First IA Earnout Period 2,290 — $ — 2,290 Other long-term liabilities: Second ACME Earnout Period 1,188 — — 1,188 Second IA Earnout Period 875 — — 875 Total $ 7,782 $ — $ — $ 7,782 (1) In April 2024, the Company made a $3.0 million payment to the former owners of JMLLC and CSLLC related to the 2023 Jake Marshall Earnout Period.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of the basic and diluted earnings per share attributable to the Company's common stockholders for the three months ended March 31, 2024 and 2023: Three Months Ended (in thousands, except per share amounts) 2024 2023 EPS numerator: Net income $ 7,586 $ 2,993 EPS denominator: Weighted average shares outstanding – basic 11,160 10,475 Impact of dilutive securities 735 565 Weighted average shares outstanding – diluted 11,895 11,040 EPS: Basic $ 0.68 $ 0.29 Diluted $ 0.64 $ 0.27
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table summarizes the securities that were antidilutive or out-of-the-money, and therefore, were not included in the computations of diluted income per common share: Three Months Ended 2024 2023 Out-of-the-money warrants (see Note 7) — 600,000 Performance based RSUs 261 — Employee Stock Purchase Plan — 1,561 Total 261 601,561

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provision (Benefit)	The following table presents our income tax (benefit) provision and our income tax rate for the three months ended March 31, 2024 and 2023. Three Months Ended (in thousands, except percentages) 2024 2023 Income tax (benefit) provision $ (327) $ 622 Income tax rate (4.5) % 17.2 %

Operating Segments (Tables)

Operating Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Condensed Consolidated Segment Information	Condensed consolidated segment information for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended (in thousands) 2024 2023 Statement of Operations Data: Revenue: ODR $ 74,256 $ 58,718 GCR 44,720 62,291 Total revenue 118,976 121,009 Gross profit: ODR 22,161 15,909 GCR 8,927 10,318 Total gross profit 31,088 26,227 Selling, general and administrative (1) 22,876 21,050 Change in fair value of contingent consideration 623 141 Amortization of intangibles 1,057 383 Operating income $ 6,532 $ 4,653 Interest expense (475) (667) Interest income 562 — Gain (loss) on disposition of property and equipment 491 (215) Gain (loss) on change in fair value of interest rate swap 149 (156) Total unallocated amounts 727 (1,038) Income before income taxes $ 7,259 $ 3,615 (1) Included within selling, general and administrative expenses was $1.2 million and $1.1 million of stock based compensation expense for the three months ended March 31, 2024 and 2023, respectively.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Supplemental Balance Sheets Information	The following table summarizes the lease amounts included in the Company's condensed consolidated balance sheets: (in thousands) Classification on the Condensed Consolidated Balance Sheets March 31, 2024 December 31, 2023 Assets Operating Operating lease right-of-use assets (1)(2) $ 20,749 $ 19,727 Finance Property and equipment, net (3)(4) 9,170 9,561 Total lease assets $ 29,919 $ 29,288 Liabilities Current Operating Current operating lease liabilities $ 3,678 $ 3,627 Finance Current portion of long-term debt 2,532 2,680 Noncurrent Operating Long-term operating lease liabilities 17,109 16,037 Finance Long-term debt (5) 9,736 10,018 Total lease liabilities $ 33,055 $ 32,362 (1) Operating lease assets are recorded net of accumulated amortization of $14.8 million at March 31, 2024 and $13.6 million at December 31, 2023. (2) Includes approximately $1.0 million at both March 31, 2024 and December 31, 2023 related to a below-market lease recognized as a result of the Industrial Air Transaction, which was recorded as an increase to the Company’s operating lease right-of-use assets on its condensed consolidated balance sheet. The below-market lease will be amortized to amortization expense over the remaining lease term. (3) Finance lease vehicle assets are recorded net of accumulated amortization of $4.9 million at March 31, 2024 and $4.5 million at December 31, 2023. (4) Includes approximately $2.5 million and $2.4 million of net property assets associated with the Company's Pontiac Facility as of March 31, 2024 and December 31, 2023, respectively. (5) Includes approximately $5.4 million associated with the Company's sale and leaseback financing transaction. See Note 6 for further detail.
Schedule of Lease Costs, Lease Terms and Discount Rates	The following table summarizes the lease costs included in the Company's condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023: Three Months Ended (in thousands) Classification on the Condensed Consolidated Statement of Operations 2024 2023 Operating lease cost Cost of revenue (1) $ 588 $ 561 Operating lease cost Selling, general and administrative (1) 726 645 Finance lease cost Amortization Cost of revenue (2) 740 631 Interest Interest expense, net (2) 119 66 Total lease cost $ 2,173 $ 1,903 (1) Operating lease costs recorded in cost of revenue included $0.1 million of variable lease costs for both the three months ended March 31, 2024 and 2023, respectively. In addition, $0.1 million of variable lease costs are included in selling, general and administrative for both the three months ended March 31, 2024 and 2023, respectively. These variable costs consist of the Company's proportionate share of operating expenses, real estate taxes and utilities. (2) Finance lease costs recorded in cost of revenue include variable lease costs of $1.0 million and $0.9 million for the three months ended March 31, 2024 and 2023, respectively. These variable lease costs consist of fuel, maintenance, and sales tax charges. The following is a summary of the lease terms and discount rates as of: March 31, 2024 December 31, 2023 Weighted average lease term (in years): Operating 6.46 6.54 Finance (1) 3.05 3.10 Weighted average discount rate: Operating 5.61 % 6.74 % Finance (1) 6.75 % 5.33 % (1) Excludes the weighted average lease term and weighted average discount rate associated with the aforementioned sale-leaseback financing transaction, which has a Primary Term of 25 years and utilized an implicit rate of 11.11%. See Note 6 for further detail.
Schedule of Future Minimum Commitment for Finance Leases	The future undiscounted minimum finance lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s condensed consolidated balance sheets within current and long-term debt, less interest, and under current and long-term operating leases, less imputed interest, as of March 31, 2024 were as follows (in thousands): Finance Lease Obligations Operating Lease Obligations Year ending: Vehicles Pontiac Facility Total Finance Non-Related Party Related Party (1) Total Operating Sublease Receipts (2) Remainder of 2024 $ 2,269 $ 387 $ 2,656 $ 2,860 $ 736 $ 3,596 $ 688 2025 2,331 528 2,859 3,703 765 4,468 939 2026 1,815 542 2,357 3,614 770 4,384 967 2027 927 555 1,482 2,556 871 3,427 326 2028 180 569 749 1,621 871 2,492 — Thereafter 117 13,733 13,850 1,467 4,997 6,464 — Total minimum lease payments 7,639 16,314 23,953 15,821 9,010 24,831 $ 2,920 Financing Component (3) (722) (10,963) (11,685) (1,965) (2,079) (4,044) Net present value of minimum lease payments 6,917 5,351 12,268 13,856 6,931 20,787 Less: current portion of finance and operating lease obligations (2,532) — (2,532) (3,104) (574) (3,678) Long-term finance and operating lease obligations $ 4,385 $ 5,351 $ 9,736 $ 10,752 $ 6,357 $ 17,109 (1) Associated with the aforementioned related party leases entered into with former members of JMLLC, ACME and Industrial Air. (2) Associated with the aforementioned third party sublease. (3) The financing component for finance lease obligations represents the interest component of finance leases that will be recognized as interest expense in future periods. The financing component for operating lease obligations represents the effect of discounting the lease payments to their present value.
Schedule of Future Minimum Commitment for Operating Leases	The future undiscounted minimum finance lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s condensed consolidated balance sheets within current and long-term debt, less interest, and under current and long-term operating leases, less imputed interest, as of March 31, 2024 were as follows (in thousands): Finance Lease Obligations Operating Lease Obligations Year ending: Vehicles Pontiac Facility Total Finance Non-Related Party Related Party (1) Total Operating Sublease Receipts (2) Remainder of 2024 $ 2,269 $ 387 $ 2,656 $ 2,860 $ 736 $ 3,596 $ 688 2025 2,331 528 2,859 3,703 765 4,468 939 2026 1,815 542 2,357 3,614 770 4,384 967 2027 927 555 1,482 2,556 871 3,427 326 2028 180 569 749 1,621 871 2,492 — Thereafter 117 13,733 13,850 1,467 4,997 6,464 — Total minimum lease payments 7,639 16,314 23,953 15,821 9,010 24,831 $ 2,920 Financing Component (3) (722) (10,963) (11,685) (1,965) (2,079) (4,044) Net present value of minimum lease payments 6,917 5,351 12,268 13,856 6,931 20,787 Less: current portion of finance and operating lease obligations (2,532) — (2,532) (3,104) (574) (3,678) Long-term finance and operating lease obligations $ 4,385 $ 5,351 $ 9,736 $ 10,752 $ 6,357 $ 17,109 (1) Associated with the aforementioned related party leases entered into with former members of JMLLC, ACME and Industrial Air. (2) Associated with the aforementioned third party sublease. (3) The financing component for finance lease obligations represents the interest component of finance leases that will be recognized as interest expense in future periods. The financing component for operating lease obligations represents the effect of discounting the lease payments to their present value.
Schedule of Leases Supplemental Cash Flow Information	The following is a summary of other information and supplemental cash flow information related to finance and operating leases: Three months ended March 31, (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,250 $ 1,164 Operating cash flows from finance leases 121 66 Financing cash flows from finance leases 695 639 Right-of-use assets exchanged for lease liabilities: Operating leases 2,097 742 Finance leases 308 1,402 Right-of-use assets disposed or adjusted modifying finance leases liabilities $ (41) (1)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Components of Self-Insurance	The components of the self-insurance liability as of March 31, 2024 and December 31, 2023 are as follows: (in thousands) March 31, December 31, Current liability — workers’ compensation and general liability $ 163 $ 188 Current liability — medical and dental 517 819 Non-current liability 489 645 Total liability $ 1,169 $ 1,652 Restricted cash $ 65 $ 65

Management Incentive Plans (Tab

Management Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2024
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Nonvested Restricted Stock Units Activity	The following table summarizes the Company's service-based RSU activity for the three months ended March 31, 2024: Awards Weighted-Average Unvested at December 31, 2023 239,203 $ 11.09 Granted 53,640 45.47 Vested (138,334) 11.16 Forfeited (113) 45.47 Unvested at March 31, 2024 154,396 $ 22.94
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Nonvested Restricted Stock Units Activity	The following table summarizes the Company's PRSU activity for the three months ended March 31, 2024: Awards Weighted-Average Unvested at December 31, 2023 580,621 $ 10.85 Granted 84,299 45.47 Performance factor adjustment (1) 54,067 12.78 Vested (211,634) 12.78 Forfeited (226) 45.47 Unvested at March 31, 2024 507,127 $ 15.99 (1) Performance-based awards covering the three year period ended December 31, 2023 were paid out in the first quarter of 2024 based on the approval of the Company's Compensation Committee. The performance factor during the measurement period used to determine compensation payouts was 134.3% of the pre-defined metric target of 100%, which resulted in a positive performance factor adjustment and the issuance of 54,067 shares as additional awards associated with the original grant.

Business and Organization (Deta

Business and Organization (Details)	3 Months Ended
	Mar. 31, 2024 teamMember segment office market
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of markets | market	6
Number of team members (more than) | teamMember	1,300
Number of Office | office	19
Number of operating segments | segment	2
Service period	2 years

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Thousands			12 Months Ended
	Nov. 01, 2023 USD ($)	Jul. 03, 2023 USD ($) payment	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)
ACME Industrial piping LLC
Business Acquisition [Line Items]
Consideration paid at closing		$ 5,000
Amount of consideration paid held in escrow for indemnification purposes		400
Accrued expenses and other current liabilities:		2,500		$ 1,500
Acquisition-related expenses			$ 300
Goodwill fully deductible for tax purposes			2,226
ACME Industrial piping LLC | ODR
Business Acquisition [Line Items]
Goodwill associated with acquisition		2,300
Goodwill fully deductible for tax purposes		2,300	2,226
ACME Industrial piping LLC | Earn Out Payment Two
Business Acquisition [Line Items]
Accrued expenses and other current liabilities:		$ 2,000
Number of earnout tranches | payment		2
Earnout period		12 months
ACME Industrial piping LLC | Earn Out Payment Two | Maximum
Business Acquisition [Line Items]
Gross profits from acquired companies		$ 2,500
ACME Industrial piping LLC | Earn Out Payment One
Business Acquisition [Line Items]
Accrued expenses and other current liabilities:		$ 500
Number of earnout tranches | payment		2
Earnout period		12 months
ACME Industrial piping LLC | Earn Out Payment One | Maximum
Business Acquisition [Line Items]
Gross profits from acquired companies		$ 2,000
Industrial Air Transaction
Business Acquisition [Line Items]
Consideration paid at closing	$ 13,500
Amount of consideration paid held in escrow for indemnification purposes	1,400
Accrued expenses and other current liabilities:	6,500			$ 3,200
Goodwill fully deductible for tax purposes			2,778
Industrial Air Transaction | ODR
Business Acquisition [Line Items]
Goodwill associated with acquisition	2,800
Goodwill fully deductible for tax purposes	2,800		$ 2,778
Industrial Air Transaction | Earn Out Payment Two
Business Acquisition [Line Items]
Accrued expenses and other current liabilities:	$ 3,500
Earnout period	12 months
Industrial Air Transaction | Earn Out Payment Two | Maximum
Business Acquisition [Line Items]
Gross profits from acquired companies	$ 8,800
Industrial Air Transaction | Earn Out Payment One
Business Acquisition [Line Items]
Accrued expenses and other current liabilities:	$ 3,000
Earnout period	12 months
Industrial Air Transaction | Earn Out Payment One | Maximum
Business Acquisition [Line Items]
Gross profits from acquired companies	$ 7,600
Industrial Air Transaction | Earn Out Payment One | Maximum | First IA Earnout Period
Business Acquisition [Line Items]
Gross profits from acquired companies	7,600
Industrial Air Transaction | Earn Out Payment One | Maximum | Second IA Earnout Period
Business Acquisition [Line Items]
Gross profits from acquired companies	8,800
Industrial Air Transaction | Earn Out Payment One | Minimum | First IA Earnout Period
Business Acquisition [Line Items]
Gross profits from acquired companies	6,600
Industrial Air Transaction | Earn Out Payment One | Minimum | Second IA Earnout Period
Business Acquisition [Line Items]
Gross profits from acquired companies	$ 7,800

Acquisitions - Schedule of Allo

Acquisitions - Schedule of Allocation of Fair Value of Assets and Liabilities ACME Transaction and Industrial Air Transaction (Details) - USD ($) $ in Thousands			3 Months Ended	5 Months Ended	9 Months Ended	12 Months Ended
	Nov. 01, 2023	Jul. 03, 2023	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair value of liabilities assumed:
Goodwill			$ 16,433	$ 16,433	$ 16,433	$ 16,374	$ 11,370
Measurement period adjustments, goodwill			100
ACME Industrial piping LLC
Consideration:
Cash		$ 5,181	5,181
Earnout provision		1,121	1,514
Measurement Period Adjustments, Earnout provision			393
Total Consideration		6,302	6,695
Measurement Period Adjustments, Total Consideration			393
Fair value of assets acquired:
Cash and cash equivalents		298	298	298	298
Accounts receivable		1,150	1,150	1,150	1,150
Contract assets		414	414	414	414
Property and equipment		488	488	488	488
Operating lease right-of-use assets		301	301	301	301
Intangible assets		2,300	2,800	2,800	2,800
Measurement Period Adjustments, Intangible assets					500
Amount attributable to assets acquired		4,951	5,451	5,451	5,451
Measurement Period Adjustments, Amount attributable to assets acquired					500
Fair value of liabilities assumed:
Accounts payable, including retainage		170	170	170	170
Current operating lease liabilities		195	195	195	195
Contract liabilities		373	373	373	373
Accrued expenses and other current liabilities		138	138	138	138
Long-term operating lease liabilities		106	106	106	106
Amount attributable to liabilities assumed		982	982	982	982
Goodwill		$ 2,333	2,226	2,226	2,226
Measurement period adjustments, goodwill					107	$ 100
Industrial Air Transaction
Consideration:
Cash	$ 11,527		11,527
Earnout provision	3,165		3,165
Total Consideration	14,692		14,692
Fair value of assets acquired:
Cash and cash equivalents	1,149		1,149	1,149	1,149
Accounts receivable	5,200		5,200	5,200	5,200
Inventory	1,290		1,231	1,231	1,231
Measurement Period Adjustments, Inventory				(59)
Contract assets	220		220	220	220
Other current assets	993		993	993	993
Property and equipment	1,447		1,447	1,447	1,447
Operating lease right-of-use assets	3,756		3,756	3,756	3,756
Intangible assets	8,720		8,720	8,720	8,720
Amount attributable to assets acquired	22,775		22,716	22,716	22,716
Measurement Period Adjustments, Amount attributable to assets acquired				(59)
Fair value of liabilities assumed:
Accounts payable, including retainage	885		885	885	885
Current operating lease liabilities	475		475	475	475
Contract liabilities	6,900		6,900	6,900	6,900
Accrued expenses and other current liabilities	347		347	347	347
Long-term operating lease liabilities	2,254		2,254	2,254	2,254
Amount attributable to liabilities assumed	10,861		10,861	10,861	10,861
Goodwill	2,778		2,837	2,837	$ 2,837
Measurement period adjustments, goodwill			$ (59)	$ (59)
Below-market lease	$ 1,000

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) project	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Term of revenue contracts	three months to two years
Percentage completed of certain milestones	10%
Net amount of unresolved change orders and claims	$ 19.3		$ 19.5
GCR
Disaggregation of Revenue [Line Items]
Revision amount for gross profit impact on contract estimates (more than)		$ 0.5
ODR
Disaggregation of Revenue [Line Items]
Number of projects with write downs | project	2
Total gross profits adjustments net	$ 2
Revision amount for gross profit impact on contract estimates (more than)	0.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | GCR
Disaggregation of Revenue [Line Items]
Remaining performance obligations, amount	$ 163
Revenue, remaining performance obligations, percentage	68%
Revenue, remaining performance obligations, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | ODR
Disaggregation of Revenue [Line Items]
Remaining performance obligations, amount	$ 139.5
Revenue, remaining performance obligations, percentage	83%
Revenue, remaining performance obligations, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligations, expected timing of satisfaction, period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | GCR
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligations, percentage	17%
Revenue, remaining performance obligations, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ODR
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligations, percentage	32%
Revenue, remaining performance obligations, expected timing of satisfaction, period	1 year

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Components of Contract Asset and Liability Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Contract assets
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 25,006	$ 29,247
Retainage receivable	22,090	22,443
Total contract assets	47,096	51,690
Change in costs in excess of billings and estimated earnings	(4,241)
Change in retainage receivable	(353)
Change in total contract assets	(4,594)
Contract liabilities
Billings in excess of costs and estimated earnings on uncompleted contracts	41,061	41,987
Provisions for losses	46	173
Total contract liabilities	41,107	$ 42,160
Change in billings in excess of costs and estimated earnings	(926)
Change in provisions for losses	(127)
Change in total contract liabilities	$ (1,053)

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Schedule of Contracts In Progress (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue earned on uncompleted contracts	$ 540,169	$ 551,120
Less: Billings to date	(556,224)	(563,860)
Net (overbilling) underbilling	(16,055)	(12,740)
Costs and estimated earnings in excess of billings on uncompleted contracts	25,006	29,247
Billings in excess of costs and estimated earnings on uncompleted contracts	$ (41,061)	$ (41,987)

Goodwill and Intangibles - Narr

Goodwill and Intangibles - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 16,433,000		$ 16,374,000	$ 11,370,000
Impairment of intangible assets (excluding goodwill)	0	$ 0
Amortization of intangibles	$ 1,057,000	$ 383,000

Goodwill and Intangibles - Carr

Goodwill and Intangibles - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands			3 Months Ended	5 Months Ended	9 Months Ended	12 Months Ended
	Nov. 01, 2023	Jul. 03, 2023	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, Beginning Balance			$ 16,374			$ 11,370
Measurement period adjustments			(100)
Goodwill, Ending Balance			16,433	$ 16,433	$ 16,433	16,374
ACME Industrial piping LLC
Goodwill [Roll Forward]
Goodwill associated with acquisition						2,226
Measurement period adjustments					(107)	(100)
Goodwill, Ending Balance		$ 2,333	2,226	2,226	2,226
Industrial Air Transaction
Goodwill [Roll Forward]
Goodwill associated with acquisition						2,778
Measurement period adjustments			59	59
Goodwill, Ending Balance	$ 2,778		2,837	2,837	2,837
GCR
Goodwill [Roll Forward]
Goodwill, Beginning Balance			0			0
Goodwill, Ending Balance			0	0	0	0
GCR | ACME Industrial piping LLC
Goodwill [Roll Forward]
Goodwill associated with acquisition						0
GCR | Industrial Air Transaction
Goodwill [Roll Forward]
Goodwill associated with acquisition						0
Measurement period adjustments			0
ODR
Goodwill [Roll Forward]
Goodwill, Beginning Balance			16,374			11,370
Goodwill, Ending Balance			16,433	$ 16,433	$ 16,433	16,374
ODR | ACME Industrial piping LLC
Goodwill [Roll Forward]
Goodwill associated with acquisition		$ 2,300				2,226
ODR | Industrial Air Transaction
Goodwill [Roll Forward]
Goodwill associated with acquisition	$ 2,800					$ 2,778
Measurement period adjustments			$ 59

Goodwill and Intangibles - Sche

Goodwill and Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized intangible assets:
Gross carrying amount	$ 22,130	$ 22,130
Accumulated amortization	(8,118)	(7,091)
Net intangible assets, excluding goodwill	14,012	15,039
Unamortized intangible assets:
Gross carrying amount	9,960	9,960
Net intangible assets, excluding goodwill	9,960	9,960
Gross carrying amount	32,090	32,090
Accumulated amortization	(8,118)	(7,091)
Total amortized and unamortized assets, excluding goodwill	23,972	24,999
Trade name
Unamortized intangible assets:
Gross carrying amount	9,960	9,960
Net intangible assets, excluding goodwill	9,960	9,960
Customer relationships
Amortized intangible assets:
Gross carrying amount	15,320	15,320
Accumulated amortization	(5,645)	(5,249)
Net intangible assets, excluding goodwill	9,675	10,071
Unamortized intangible assets:
Accumulated amortization	(5,645)	(5,249)
Backlog
Amortized intangible assets:
Gross carrying amount	2,560	2,560
Accumulated amortization	(1,750)	(1,264)
Net intangible assets, excluding goodwill	810	1,296
Unamortized intangible assets:
Accumulated amortization	(1,750)	(1,264)
Trade name
Amortized intangible assets:
Gross carrying amount	4,250	4,250
Accumulated amortization	(723)	(578)
Net intangible assets, excluding goodwill	3,527	3,672
Unamortized intangible assets:
Accumulated amortization	$ (723)	$ (578)

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance leases – collateralized by vehicles, payable in monthly installments of principal, plus interest ranging from 3.96% to 8.60% through 2031	$ 12,268
Total debt	22,268	$ 22,698
Less - Current portion of long-term debt	(2,532)	(2,680)
Less - Unamortized discount and debt issuance costs	(383)	(387)
Long-term debt	19,353	19,631
Vehicles
Debt Instrument [Line Items]
Finance leases – collateralized by vehicles, payable in monthly installments of principal, plus interest ranging from 3.96% to 8.60% through 2031	6,917	7,347
Pontiac Facility
Debt Instrument [Line Items]
Finance leases – collateralized by vehicles, payable in monthly installments of principal, plus interest ranging from 3.96% to 8.60% through 2031	$ 5,351	5,351
Minimum
Debt Instrument [Line Items]
Finance lease, discount rate	3.96%
Maximum
Debt Instrument [Line Items]
Finance lease, discount rate	8.60%
Revolving Credit Facility | A&R Wintrust Revolving Loans
Debt Instrument [Line Items]
Long term debt	$ 10,000	$ 10,000

Debt - Wintrust Term and Revolv

Debt - Wintrust Term and Revolving Loans (Details)		3 Months Ended
	May 05, 2023 USD ($) covenant	Mar. 31, 2024 USD ($)	Mar. 13, 2024 USD ($)	Mar. 12, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	Feb. 24, 2021 USD ($)
Interest Rate Swap
Debt Instrument [Line Items]
Notional amount							$ 10,000,000
Fixed interest rate							3.12%
A&R Wintrust Revolving Loans
Debt Instrument [Line Items]
Amount drawn under credit agreement						$ 0
A&R Wintrust Term And Revolving Loans
Debt Instrument [Line Items]
Number of financial covenants | covenant	3
Debt instrument, covenant compliance, leverage ratio	2
Debt instrument, covenant compliance, coverage ratio	1.20
Aggregate amount of unfinanced capital expenditures during any fiscal year	$ 0
Limit annual percentage of unfinanced capital expenditures	50%
Maximum outstanding borrowings during the period		$ 10,000,000
Weighted average annual interest rate		5.72%
A&R Wintrust Term And Revolving Loans | Maximum
Debt Instrument [Line Items]
Aggregate amount of unfinanced capital expenditures during any fiscal year	$ 4,000,000
Amount drawn under credit agreement		$ 10,000,000			$ 10,000,000
Average daily balance of borrowings outstanding		10,000,000
Wintrust Loans
Debt Instrument [Line Items]
Letters of credit		5,200,000
Secured Debt | Wintrust Term Loan
Debt Instrument [Line Items]
Debt issued	50,000,000							$ 30,000,000
Secured Debt | A&R Wintrust Term Loan | Jake Marshall Transaction
Debt Instrument [Line Items]
Debt issued		35,500,000
Secured Debt | Revolving Credit Facility | A&R Wintrust Revolving Loans | Jake Marshall Transaction
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		25,000,000
Secured Debt | Sublimit for Letters of Credit | A&R Wintrust Revolving Loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 10,000,000	$ 5,000,000
Threshold for borrowing base certificate			$ 30,000,000
Secured Debt | Sublimit for Letters of Credit | A&R Wintrust Revolving Loans | Jake Marshall Transaction
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	5,000,000	$ 5,000,000
Line of Credit | Revolving Credit Facility | A&R Wintrust Revolving Loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	25,000,000							25,000,000
Outstanding balance	9,600,000
Unamortized debt issuance costs	$ 300,000
Line of Credit | Revolving Credit Facility | A&R Wintrust Revolving Loans | Base Rate
Debt Instrument [Line Items]
Step-down adjustment on basis spread on variable rate	0.50%
Line of Credit | Revolving Credit Facility | A&R Wintrust Revolving Loans | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	3%
Line of Credit | Revolving Credit Facility | A&R Wintrust Revolving Loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.15%
Line of Credit | Revolving Credit Facility | A&R Wintrust Revolving Loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.10%
Line of Credit | Sublimit for Letters of Credit | A&R Wintrust Revolving Loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 5,000,000

Debt - Additional Margin and Co

Debt - Additional Margin and Commitment Fees Payable (Details)	3 Months Ended
	Mar. 31, 2024
Level I
Debt Instrument [Line Items]
Senior Leverage Ratio	100%
Level I | A&R Wintrust Revolving Loans
Debt Instrument [Line Items]
Additional margin for loans	(0.25%)
Level I | Secured Overnight Financing Rate (SOFR) | A&R Wintrust Revolving Loans
Debt Instrument [Line Items]
Additional margin for loans	(3.10%)
Level I | Prime Rate | A&R Wintrust Revolving Loans
Debt Instrument [Line Items]
Additional margin for loans	0%
Level II
Debt Instrument [Line Items]
Senior Leverage Ratio	100%
Level II | A&R Wintrust Revolving Loans
Debt Instrument [Line Items]
Additional margin for loans	(0.25%)
Level II | Secured Overnight Financing Rate (SOFR) | A&R Wintrust Revolving Loans
Debt Instrument [Line Items]
Additional margin for loans	(2.60%)
Level II | Prime Rate | A&R Wintrust Revolving Loans
Debt Instrument [Line Items]
Additional margin for loans	(0.50%)

Debt - Sale-Leaseback Financing

Debt - Sale-Leaseback Financing Transactions (Details)		3 Months Ended
	Sep. 29, 2022 USD ($) renewalTerm	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Purchase of property under sale and leaseback transaction	$ 7,800,000	$ 2,500,000		$ 2,400,000
Purchase price	5,400,000
Tenant improvement allowance	$ 2,400,000
Lease agreement, term	25 years
Lease agreement, number of renewal terms | renewalTerm	2
Lease agreement, renewal term	5 years
Sale leaseback transaction, annual minimum rent	$ 499,730
Annual increase rate	2.50%
Termination fee	$ 1,700,000
Discount rate	11.11%	11.11%
Tenant Improvement Allowance, implicit rate	6.53%
Sale leaseback transaction, gain or loss recognized		$ 0
Finance lease liability		5,000,000
Financing interest expense		$ 100,000	$ 100,000

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)				1 Months Ended		3 Months Ended
	Mar. 29, 2023	Mar. 25, 2022	Jan. 01, 2020	Jan. 31, 2024	Jan. 31, 2022	Mar. 31, 2024	Sep. 30, 2023	Dec. 31, 2023	Jul. 20, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Common stock, shares authorized (in shares)						100,000,000		100,000,000
Common stock, par or stated value per share (in usd per share)						$ 0.0001		$ 0.0001
Preferred stock, shares authorized (in shares)						1,000,000
Preferred stock, par or stated value per share (in usd per shares)						$ 0.0001
Share Repurchase Program
Class of Stock [Line Items]
Repurchase of common stock										$ 2,000,000
Number of shares acquired (in shares)						2,000,000
2022 Amended And Restated Omnibus Incentive Plan
Class of Stock [Line Items]
Number of additional shares authorized under share-based compensation plan (in shares)		350,000
Common stock, capital shares reserved for future issuance (in shares)		2,600,000
2023 Amended And Restated Omnibus Incentive Plan
Class of Stock [Line Items]
Number of additional shares authorized under share-based compensation plan (in shares)	450,000
Common stock, capital shares reserved for future issuance (in shares)	3,050,000
ESPP | Employee Stock Purchase Plan
Class of Stock [Line Items]
Purchase price of common stock, percent of market price (no less than)			85%
Maximum employee subscription percentage			10%
Maximum contribution amount			$ 5,000
Offering period			6 months
Discount percentage from market price, beginning of purchase period			15%
Award vesting period			6 months
Number of shares authorized (in shares)			500,000
Shares issued (in shares)				2,989	10,997
Shares remaining available for future issuance (in shares)						385,967
$15 Exercise Price Sponsor Warrants
Class of Stock [Line Items]
Exercise price of warrants (in usd per share)						$ 15
Warrants redeemed (in shares)							600,000
Class of warrant or right, number of securities called by each warrant or right (in shares)						1
Merger Warrants
Class of Stock [Line Items]
Exercise price of warrants (in usd per share)						$ 12.50
Warrants redeemed (in shares)							606,476
Warrant converted into securities (in shares)						274,742
Class of warrant or right, number of securities called by each warrant or right (in shares)						1
Sponsor Warrant
Class of Stock [Line Items]
Warrant converted into securities (in shares)						167,564
unexercised Merger Warrants
Class of Stock [Line Items]
Class of warrant or right, outstanding (in shares)									23,167

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands				1 Months Ended		3 Months Ended
	Nov. 01, 2023 USD ($)	Jul. 03, 2023 USD ($) payment	Dec. 02, 2021 USD ($) payment	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Mar. 31, 2024 USD ($) approach	Mar. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest income						$ 562	$ 0
Payment to former owners					$ 3,000
Change in fair value of contingent consideration						623	141
Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payment to former owners				$ 3,000
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on change in fair value of interest rate swap						100	200
Other Long-term Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of the interest rate swap						300
Jake Marshall Transaction
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued expenses and other current liabilities:			$ 6,000
Change in fair value of contingent consideration						600	$ 100
Jake Marshall Transaction | Earn Out Payment Two
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued expenses and other current liabilities:			$ 3,000
Number of earnout tranches | payment			2
Earnout period			12 months
Jake Marshall Transaction | Earn Out Payment Two | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross profits from acquired companies			$ 10,000
Jake Marshall Transaction | Earn Out Payment Two | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross profits from acquired companies			8,000
Jake Marshall Transaction | Earn Out Payment One
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued expenses and other current liabilities:			$ 3,000
Number of earnout tranches | payment			2
Earnout period			12 months
Jake Marshall Transaction | Earn Out Payment One | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross profits from acquired companies			$ 10,000
Jake Marshall Transaction | Earn Out Payment One | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross profits from acquired companies			8,000
ACME Industrial piping LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued expenses and other current liabilities:		$ 2,500				1,500
ACME Industrial piping LLC | Earn Out Payment Two
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued expenses and other current liabilities:		$ 2,000
Number of earnout tranches | payment		2
Earnout period		12 months
ACME Industrial piping LLC | Earn Out Payment Two | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross profits from acquired companies		$ 2,500
ACME Industrial piping LLC | Earn Out Payment One
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued expenses and other current liabilities:		$ 500
Number of earnout tranches | payment		2
Earnout period		12 months
ACME Industrial piping LLC | Earn Out Payment One | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross profits from acquired companies		$ 2,000
Industrial Air Transaction
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued expenses and other current liabilities:	$ 6,500					3,200
Industrial Air Transaction | Earn Out Payment Two
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued expenses and other current liabilities:	$ 3,500
Earnout period	12 months
Industrial Air Transaction | Earn Out Payment Two | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross profits from acquired companies	$ 8,800
Industrial Air Transaction | Earn Out Payment One
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued expenses and other current liabilities:	$ 3,000
Earnout period	12 months
Industrial Air Transaction | Earn Out Payment One | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross profits from acquired companies	$ 7,600
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest income						$ 600
Level 3 | Jake Marshall Transaction | Contingent Consideration Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of earnout payments			$ 3,100
Level 3 | ACME Industrial piping LLC | Maximum | Contingent Consideration Liability | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earnout payments, measurement input | approach						0.2164
Level 3 | ACME Industrial piping LLC | Minimum | Contingent Consideration Liability | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earnout payments, measurement input | approach						0.1296
Level 3 | Industrial Air Transaction | Maximum | Contingent Consideration Liability | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earnout payments, measurement input | approach						0.1368
Level 3 | A&R Wintrust Term Loan - term loan payable in quarterly installments of principal, plus interest through February 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt						$ 10,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 49,087	$ 57,709
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	49,087	57,709
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Overnight repurchase agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	35,337	43,959
Overnight repurchase agreements | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	35,337	43,959
Overnight repurchase agreements | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Overnight repurchase agreements | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
U.S. Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	10,000	10,000
U.S. Treasury Bills | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	10,000	10,000
U.S. Treasury Bills | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
U.S. Treasury Bills | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	3,750	3,750
Money market fund | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	3,750	3,750
Money market fund | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Money market fund | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 0	$ 0

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Values of the Company's Contingent Earnout Payment Obligations (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total			$ 8,406	$ 7,782
Payment to former owners		$ 3,000
Subsequent Event
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Payment to former owners	$ 3,000
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total			0	0
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total			0	0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total			8,406	7,782
2023 Jake Marshall Earnout Period
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			3,000
2023 Jake Marshall Earnout Period | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			0
2023 Jake Marshall Earnout Period | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			0
2023 Jake Marshall Earnout Period | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			3,000
First ACME Earnout Period
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			487	429
First ACME Earnout Period | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			0	0
First ACME Earnout Period | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			0	0
First ACME Earnout Period | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			487	429
First IA Earnout Period
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			2,606	2,290
First IA Earnout Period | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			0	0
First IA Earnout Period | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			0	0
First IA Earnout Period | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			2,606	2,290
Second ACME Earnout Period
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			1,278	1,188
Second ACME Earnout Period | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			0	0
Second ACME Earnout Period | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			0	0
Second ACME Earnout Period | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			1,278	1,188
Second IA Earnout Period
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			1,035	875
Second IA Earnout Period | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			0	0
Second IA Earnout Period | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			0	0
Second IA Earnout Period | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:			$ 1,035	875
2023 Jake Marshall Earnout Period
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:				3,000
2023 Jake Marshall Earnout Period | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:				0
2023 Jake Marshall Earnout Period | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:				0
2023 Jake Marshall Earnout Period | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Accrued expenses and other current liabilities:				$ 3,000

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
EPS numerator:
Net income	$ 7,586	$ 2,993
EPS denominator:
Weighted average shares outstanding - basic (in shares)	11,159,849	10,475,364
Impact of dilutive securities (in shares)	735,000	565,000
Weighted average shares outstanding - diluted (in shares)	11,894,747	11,040,063
EPS:
Basic (in usd per share)	$ 0.68	$ 0.29
Diluted (in usd per share)	$ 0.64	$ 0.27

Earnings per Share - Schedule_2

Earnings per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	261	601,561
Out-of-the money warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	600,000
Performance based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	261	0
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	1,561

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax (benefit) provision	$ (327,000)	$ 622,000
Income tax rate	(4.50%)	17.20%
Effective tax rate	(35.10%)	(10.20%)
Valuation allowance	$ 0		$ 0

Operating Segments - Narrative

Operating Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting Information [Line Items]
Number of operating segments	2
ODR
Segment Reporting Information [Line Items]
Number of reportable segments	1
GCR
Segment Reporting Information [Line Items]
Number of reportable segments	1

Operating Segments - Schedule o

Operating Segments - Schedule of Condensed Consolidated Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 118,976	$ 121,009
Total gross profit	31,088	26,227
Selling, general and administrative	22,876	21,050
Change in fair value of contingent consideration	623	141
Amortization of intangibles	1,057	383
Operating income	6,532	4,653
Interest expense	(475)	(667)
Interest income	562	0
Gain (loss) on disposition of property and equipment	491	(215)
Gain (loss) on change in fair value of interest rate swap	149	(156)
Total unallocated amounts	727	(1,038)
Income before income taxes	7,259	3,615
Operating Segments | ODR
Segment Reporting Information [Line Items]
Revenue	74,256	58,718
Total gross profit	22,161	15,909
Operating Segments | GCR
Segment Reporting Information [Line Items]
Revenue	44,720	62,291
Total gross profit	8,927	10,318
Corporate
Segment Reporting Information [Line Items]
Selling, general and administrative	$ 1,200	$ 1,100

Leases - Narrative (Details)

Leases - Narrative (Details)		1 Months Ended	3 Months Ended
	Dec. 02, 2021 USD ($) extension renewal_option	Jun. 30, 2021 USD ($) ft²	Mar. 31, 2024 USD ($) extension	Mar. 31, 2022 USD ($) ft²
Real Estate Leases
Lessee, Lease, Description [Line Items]
Number of lease extensions | extension			1
Office Building | Geographic Distribution, Domestic
Lessee, Lease, Description [Line Items]
Subleased area (in sq ft) | ft²		71,787		16,720
Sublease annual base rent		$ 600,000		$ 800,000
Sublease annual base rent increase percentage		3%		3%
Sublease income			$ 300,000
Jake Marshall Transaction | Land and Building | Full Time Employee
Lessee, Lease, Description [Line Items]
Number of lease extensions | extension	2
Lease term	10 years
Term of lease extensions	2 years
Jake Marshall Transaction | Land and Building | Full Time Employee | Lease Contractual Term One
Lessee, Lease, Description [Line Items]
Lease term	5 years
Monthly base rent	$ 37,500
Jake Marshall Transaction | Land and Building | Full Time Employee | Lease Contractual Term Two
Lessee, Lease, Description [Line Items]
Lease term	5 years
Monthly base rent	$ 45,000
ACME Industrial piping LLC | Land and Building | Full Time Employee
Lessee, Lease, Description [Line Items]
Number of lease extensions | extension	1
Term of lease extensions	1 year
ACME Industrial piping LLC | Land and Building | Full Time Employee | Lease Contractual Term One
Lessee, Lease, Description [Line Items]
Lease term	6 months
Monthly base rent	$ 17,000
ACME Industrial piping LLC | Land and Building | Full Time Employee | Lease Contractual Term Two
Lessee, Lease, Description [Line Items]
Lease term	6 months
Monthly base rent	$ 18,000
ACME Industrial piping LLC | Land and Building | Full Time Employee | Lease Contractual Term Three
Lessee, Lease, Description [Line Items]
Monthly base rent	$ 19,000
Industrial Air Transaction | Land and Building | Full Time Employee | Lease Contractual Term One
Lessee, Lease, Description [Line Items]
Lease term	33 months
Term of lease extensions	3 years
Monthly base rent	$ 26,500
Number of renewal options | renewal_option	2
Extension period	3 years
Industrial Air Transaction | Land and Building | Full Time Employee | Lease Contractual Term Two
Lessee, Lease, Description [Line Items]
Monthly base rent	$ 27,563
Extension period	3 years
Industrial Air Transaction | Land and Building | Full Time Employee | Lease Contractual Term Three
Lessee, Lease, Description [Line Items]
Monthly base rent	$ 28,941

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheets Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Sep. 29, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 20,749	$ 19,727
Property, plant and equipment, net	9,170	9,561
Total lease assets	29,919	29,288
Current operating lease liabilities	3,678	3,627
Current portion of long-term debt	2,532	2,680
Long-term operating lease liabilities	17,109	16,037
Long-term finance and operating lease obligations	9,736	10,018
Total lease liabilities	33,055	32,362
Operating lease, accumulated amortization	14,800	13,600
Below-market lease	1,000	1,000
Finance lease, accumulated amortization	4,900	4,500
Purchase of property under sale and leaseback transaction	2,500	$ 2,400	$ 7,800
Financing liability	$ 5,400
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt and Lease Obligation, Current	Long-Term Debt and Lease Obligation, Current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt	Long-term debt

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Finance lease cost, amortization, cost of revenue	$ 740	$ 631
Finance lease cost, interest expense, net	119	66
Total lease cost	2,173	1,903
Cost of revenue
Lessee, Lease, Description [Line Items]
Operating lease cost	588	561
Cost of revenue | Operating Lease
Lessee, Lease, Description [Line Items]
Variable lease costs	100	100
Cost of revenue | Finance Lease
Lessee, Lease, Description [Line Items]
Variable lease costs	1,000	900
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	726	645
Selling, general and administrative expenses | Operating Lease
Lessee, Lease, Description [Line Items]
Variable lease costs	$ 100	$ 100

Leases - Future Minimum Lease C

Leases - Future Minimum Lease Commitment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finance Lease Obligations
Remainder of 2024	$ 2,656
2025	2,859
2026	2,357
2027	1,482
2028	749
Thereafter	13,850
Total minimum lease payments	23,953
Financing Component	(11,685)
Net present value of minimum lease payments	12,268
Less: current portion of finance and operating lease obligations	(2,532)	$ (2,680)
Long-term finance and operating lease obligations	9,736	10,018
Operating Lease Obligations
Remainder of 2024	3,596
2025	4,468
2026	4,384
2027	3,427
2028	2,492
Thereafter	6,464
Total minimum lease payments	24,831
Financing Component	(4,044)
Net present value of minimum lease payments	20,787
Less: current portion of finance and operating lease obligations	(3,678)	(3,627)
Long-term finance and operating lease obligations	17,109	16,037
Sublease Receipts
Remainder of 2024	688
2025	939
2026	967
2027	326
2028	0
Thereafter	0
Total minimum lease payments	2,920
Non-Related Party
Operating Lease Obligations
Remainder of 2024	2,860
2025	3,703
2026	3,614
2027	2,556
2028	1,621
Thereafter	1,467
Total minimum lease payments	15,821
Financing Component	(1,965)
Net present value of minimum lease payments	13,856
Less: current portion of finance and operating lease obligations	(3,104)
Long-term finance and operating lease obligations	10,752
Related Party
Operating Lease Obligations
Remainder of 2024	736
2025	765
2026	770
2027	871
2028	871
Thereafter	4,997
Total minimum lease payments	9,010
Financing Component	(2,079)
Net present value of minimum lease payments	6,931
Less: current portion of finance and operating lease obligations	(574)
Long-term finance and operating lease obligations	6,357
Vehicles
Finance Lease Obligations
Remainder of 2024	2,269
2025	2,331
2026	1,815
2027	927
2028	180
Thereafter	117
Total minimum lease payments	7,639
Financing Component	(722)
Net present value of minimum lease payments	6,917	7,347
Less: current portion of finance and operating lease obligations	(2,532)
Long-term finance and operating lease obligations	4,385
Pontiac Facility
Finance Lease Obligations
Remainder of 2024	387
2025	528
2026	542
2027	555
2028	569
Thereafter	13,733
Total minimum lease payments	16,314
Financing Component	(10,963)
Net present value of minimum lease payments	5,351	$ 5,351
Less: current portion of finance and operating lease obligations	0
Long-term finance and operating lease obligations	$ 5,351

Leases - Summary of Lease Terms

Leases - Summary of Lease Terms and Discount Rates (Details)		3 Months Ended
	Sep. 29, 2022	Mar. 31, 2024	Dec. 31, 2023
Weighted average lease term (in years):
Operating		6 years 5 months 15 days	6 years 6 months 14 days
Finance		3 years 18 days	3 years 1 month 6 days
Weighted average discount rate:
Operating		5.61%	6.74%
Finance		6.75%	5.33%
Lease agreement, term	25 years
Discount rate	11.11%	11.11%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 1,250	$ 1,164
Operating cash flows from finance leases	121	66
Financing cash flows from finance leases	695	639
Operating leases	2,097	742
Finance leases	308	1,402
Right-of-use assets disposed or adjusted modifying finance leases liabilities	$ 41	$ 1

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Payment to acquire workers' compensation and general liability insurance	$ 250
Malpractice insurance, annual coverage limit	3,900
Surety Bond
Loss Contingencies [Line Items]
Debt outstanding	$ 90,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Components of Self-Insurance (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Current liability — workers’ compensation and general liability	$ 163	$ 188
Current liability — medical and dental	517	819
Non-current liability	489	645
Total liability	1,169	1,652
Restricted cash	$ 65	$ 65

Management Incentive Plans - Na

Management Incentive Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,249	$ 1,133
Service Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, vesting period	3 years
Stock-based compensation expense	$ 500	500
Service Based Restricted Stock Units [Member] | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, vesting period	1 year
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, vesting period	3 years
Stock-based compensation expense	$ 700	700
PRSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares to be issued under grant	0%
PRSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares to be issued under grant	150%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested	$ 16,800	$ 3,300
Unrecognized share-based costs	$ 8,300
Weighted average period to recognize share-based costs	2 years 18 days
2021 Amended And Restated Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	3,050,000

Management Incentive Plans - RS

Management Incentive Plans - RSUs Activity (Details) - RSUs	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Awards
Unvested at beginning of period (in shares) | shares	239,203
Granted (in shares) | shares	53,640
Vested (in shares) | shares	(138,334)
Forfeited (in shares) | shares	(113)
Unvested at end of period (in shares) | shares	154,396
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in usd per share) | $ / shares	$ 11.09
Granted (usd per share) | $ / shares	45.47
Vested (usd per share) | $ / shares	11.16
Forfeited (usd per share) | $ / shares	45.47
Unvested, ending balance (in usd per share) | $ / shares	$ 22.94

Management Incentive Plans - PR

Management Incentive Plans - PRSUs Activity (Details) - PRSUs - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Awards
Unvested at beginning of period (in shares)	580,621
Granted (in shares)	84,299
Performance factor adjustment (in shares)	54,067	54,067
Vested (in shares)	(211,634)
Forfeited (in shares)	(226)
Unvested at end of period (in shares)	507,127
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in usd per share)	$ 10.85
Granted (usd per share)	45.47
Performance factor adjustment (usd per share)	12.78
Vested (usd per share)	12.78
Forfeited (usd per share)	45.47
Unvested, ending balance (in usd per share)	$ 15.99
Performance factor (percent)		134.30%
Pre-defined metric target, (percent)		100%