NV5 Awarded $5 Million Florida Department of Transportation Geotechnical Engineering and Materials Testing Contract

Rhea-AI Summary

NV5 Global (Nasdaq: NVEE) has secured a five-year, $5 million contract from the Florida Department of Transportation (FDOT) for geotechnical engineering and construction materials testing services. The contract focuses on Florida's Turnpike Enterprise, which manages toll roads serving over 3 million daily travelers across a 260-mile transportation network.

NV5's laboratories in Miami, Orlando, and Gainesville will provide comprehensive services including soil exploration, geotechnical engineering, construction materials testing, pavement evaluation, and foundation studies. These services aim to ensure the safety and reliability of Florida's Turnpike system.

The company has maintained a 20-year relationship with FDOT, and this new contract represents an expansion of their partnership. NV5's strategic positioning of laboratories throughout Florida provides them with a competitive advantage for statewide projects.

Positive

• Secured new $5M contract over 5 years
• Strategic presence with multiple laboratories across Florida
• 20+ year relationship with FDOT indicates strong client retention
• Contract provides recurring revenue stream

Negative

• Contract value relatively small compared to company size

HOLLYWOOD, Fla., March 05, 2025 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), NV5, a provider of compliance, technology, and engineering solutions, announced today that it has been awarded a five-year, $5 million contract by the Florida Department of Transportation (FDOT) to provide geotechnical engineering and construction materials testing for Florida’s Turnpike Enterprise, the FDOT district responsible for all toll roads and bridges. The contract will support infrastructure development, asset management, and maintenance across the Florida Turnpike system, a critical 260-mile transportation network of toll roads serving over three million travelers daily throughout the state.

NV5’s Miami, Orlando, and Gainesville materials testing laboratories and consulting offices will provide essential services including soil exploration, geotechnical engineering, construction materials sampling and testing, pavement evaluation, and foundation studies to ensure the safety, reliability, and performance of Florida’s Turnpike system.

“NV5’s comprehensive expertise and strategically placed laboratories throughout the state provide a competitive advantage when pursuing statewide projects such as this one, and we are pleased to deliver high-value, recurring services to Florida’s Turnpike Enterprise,” said Ben Heraud, CEO of NV5. “This collaboration demonstrates NV5’s ability to integrate capabilities across multiple offices, optimize resources, and provide impactful solutions to support large-scale infrastructure projects.”

“We have served the Florida Department of Transportation for over 20 years, and we look forward to expanding our relationship as NV5’s platform in the state continues to grow,” said Alex Hockman, PE, NV5 CEO of Infrastructure.

About NV5

NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, certification, and consulting solutions for public and private sector clients supporting utility, infrastructure, and building assets and systems. The Company primarily focuses on six business verticals: Utility services, infrastructure support, conformity assessment, buildings & technology, environmental health sciences, and geospatial services. NV5 operates out of more than 100 offices nationwide and abroad. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.

Investor Relations Contact

NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com

Source: NV5 Global, Inc.

FAQ

What is the value and duration of NV5's (NVEE) new Florida DOT contract?

NV5 secured a five-year contract worth $5 million from the Florida Department of Transportation.

Which specific services will NV5 (NVEE) provide under the Florida Turnpike contract?

NV5 will provide geotechnical engineering, soil exploration, construction materials testing, pavement evaluation, and foundation studies.

How many travelers does the Florida Turnpike system serve daily?

Florida's Turnpike system serves over 3 million travelers daily across its 260-mile transportation network.

Which NV5 (NVEE) facilities will support the Florida DOT contract?

NV5's materials testing laboratories and consulting offices in Miami, Orlando, and Gainesville will support the contract.

How long has NV5 (NVEE) been working with the Florida Department of Transportation?

NV5 has served the Florida Department of Transportation for over 20 years.