NV5 Awarded $7 Million Lake Havasu Bridge and Roadway Infrastructure Improvement Contract

Rhea-AI Summary

NV5 Global has secured a $7 million contract to lead the engineering design and construction management for the Lake Havasu City Second Bridge and Roadway Project in Arizona. The three-year infrastructure project will create a second connection from the mainland to Lake Havasu Island, which currently has only one access point via the historic London Bridge. The new bridge aims to reduce traffic congestion, support economic development, and improve emergency vehicle access while facilitating population growth in Lake Havasu City.

Positive

• Secured new $7 million infrastructure contract
• Three-year project duration provides steady revenue stream
• Strategic expansion in essential infrastructure services

Negative

• None.

Insights

Infrastructure Development Analyst

The $7 million Lake Havasu bridge contract represents a modest but strategic win for NV5. While the contract value is relatively small compared to NV5's annual revenue, the project's three-year duration provides steady revenue visibility. The second bridge addresses critical infrastructure needs and positions NV5 for potential follow-on contracts in the growing Arizona market. The project's focus on essential infrastructure improvements aligns with increased government spending on transportation infrastructure. Notable aspects include the project's dual role in both public safety enhancement and economic development support, which could strengthen NV5's portfolio for similar municipal contracts. The company's selection for this technically complex project connecting mainland to island demonstrates their engineering capabilities in challenging infrastructure scenarios.

HOLLYWOOD, Fla., Nov. 06, 2024 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of technology, certification, and consulting solutions, announced today that it has been awarded a $7 million contract to lead the engineering design and construction management for the Lake Havasu City Second Bridge and Roadway Project in Lake Havasu City, Arizona. The three-year essential infrastructure project will provide a second connection from the mainland to Lake Havasu Island, previously accessible only by a single point of entry.

“NV5 is pleased to contribute to transportation infrastructure improvements that will support Lake Havasu City’s economic development, provide access to recreational infrastructure on the island, and ease traffic congestion in the city,” said Alex Hockman, PE, CEO of Infrastructure at NV5. “This transformative project highlights our commitment to supporting strong and thriving communities, and our team is dedicated to delivering a design that prioritizes sustainability and the well-being of Lake Havasu City residents.”

The Second Bridge will relieve pressure on the city’s iconic London Bridge, originally relocated from London, England to Lake Havasu City in 1968. The Second Bridge and Roadway Project will mitigate traffic congestion, support economic development and population growth in Lake Havasu City, and provide improved access for emergency vehicles, residents, and visitors.

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 engineering, testing, inspection & consulting, 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 of NV5's (NVEE) Lake Havasu Bridge contract?

NV5 (NVEE) was awarded a $7 million contract for the Lake Havasu City Second Bridge and Roadway Project.

How long will NV5's (NVEE) Lake Havasu Bridge project take to complete?

The Lake Havasu Bridge and Roadway Project is a three-year essential infrastructure project.

What is the purpose of NV5's (NVEE) Lake Havasu Bridge project?

The project will provide a second connection from mainland to Lake Havasu Island, reduce traffic congestion, support economic development, and improve emergency vehicle access.