US-based Conrad Industries, operating as Conrad Shipyard, recently published its 2025 results and backlog.
For the quarter ended December 31, 2025, Conrad had net income of US$4.7 million and earnings per diluted share of US$0.94 compared to net loss of US$14,000 and earnings per diluted share of US$0.00 during the fourth quarter of 2024.
The company reported net income of US$19.9 million and income per diluted share of US$3.96 for the twelve months ended December 31, 2025 compared to net income of US$11.2 million and income per diluted share of US$2.24 for the twelve months ended December 31, 2024.
Net income recognised for the twelve months ending December 31, 2024 included collection of an US$8.04 million judgement in a lawsuit, which increased other Income by US$8.04 million and net income by approximately US$5.8 million.
Conrad's backlog as of December 31, 2025 was US$213.9 million, compared to US$293.8 million at December 31, 2024, and US$253.8 million at December 31, 2023.
"Our operating results improved in 2025 despite a continued challenging environment marked by steel tariffs, elevated material costs, labour constraints, and broader economic and geopolitical uncertainty," said Cecil A. Hernandez, Conrad's President and Chief Executive Officer. "While these factors contributed to delays in certain contract awards, we remain cautiously optimistic about 2026. That optimism is grounded in the diversity of our business, strong execution across multiple markets, and the continued expansion of our government and infrastructure work, including additional YRBM contract awards with the US Navy."
Hernandez remarked that at the same time, Conrad is selectively diversifying into complementary areas such as industrial fabrication, "which we believe can provide incremental opportunities while leveraging our existing capabilities. Together with our core shipbuilding and repair operations, we believe these efforts will help position us to navigate uncertainty while continuing to strengthen our business."
For the long-term, Conrad will align its five Gulf Coast facilities into a coordinated production system that will support government and commercial programs, lifecycle repair services, and industrial fabrication. Hernandez believes this operating model will improve throughput, flexibility, and capital efficiency, while positioning the company to participate in emerging opportunities across defence, infrastructure, and industrial markets.
"Our diversified capabilities, experienced workforce, and disciplined execution provide a strong foundation as we pursue continued progress in 2026 and beyond."
