NV5 Awarded $8 Million in Federal and State Geospatial Projects

Rhea-AI Summary

NV5 Global (Nasdaq: NVEE) has secured $8 million in contracts for geospatial data acquisition and analytics to aid public sector clients in infrastructure, utilities, and natural resource management. This includes over $4 million for the US Geological Survey's 3D Elevation Program in Kentucky and Wisconsin, a $2 million task order from the US Army Corps of Engineers, and another $2 million contract for a federally owned electric utility's right-of-way program. The company emphasizes the growth of tech-based services in its revenue stream.

Positive

• Secured $8 million in recent contracts, enhancing revenue stream.
• Contracts include over $4 million for the US Geological Survey’s 3D Elevation Program, showcasing capability in public sector projects.
• Awarded $2 million task order from US Army Corps of Engineers, indicating trust in NV5's geospatial services.
• Additional $2 million contract with a federally owned electric utility demonstrates significant market presence.

Negative

• None.

HOLLYWOOD, Fla., May 24, 2022 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of technology, conformity assessment, and consulting solutions, announced today that it has been awarded $8 million in recent contracts to provide geospatial data acquisition and data analytics services to support infrastructure, utility, and natural resource assets for public sector clients.

NV5 was awarded two contracts totaling over $4 million to support the US Geological Survey’s 3D Elevation Program in Kentucky and Wisconsin. The 3D Elevation Program’s mission is to provide topographic data and three-dimensional representations of the Nation’s natural and constructed features.

The US Army Corps of Engineers selected NV5 for a $2 million task order to support the US Army Reserve’s Installation Geospatial Information Services program (IGI&S). The IGI&S program provides a unified approach for the creation, maintenance, management, and delivery of military installation geospatial data.

NV5 was also awarded a $2 million task order to support a federally owned electric utility’s ongoing right-of-way program. NV5’s contributions include the collection & analysis of geospatial data of the utility’s bulk electric transmission system, providing the utility with a data-driven approach to managing risk while providing safe and reliable power to customers across the region.

“Scalable technology-based service offerings, such as geospatial solutions, continue to grow as a proportion of NV5’s revenue, and these contracts represent the recurring nature and continuation of services afforded by our technology services,” said Dickerson Wright, PE, Chairman and CEO of NV5. “As the leader in geospatial data analytics to support infrastructure, utility, natural resources, and water resources, NV5 provides new and unique insights to help clients make informed asset and resource management decisions.”

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company’s services include multiple verticals such as testing, inspection & consulting, infrastructure, utility services, buildings & program management, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. 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 LinkedIn, Twitter, Facebook, and Instagram.

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

 

FAQ

What recent contracts did NV5 Global secure?

NV5 Global secured $8 million in recent contracts for geospatial data acquisition and analytics services.

How much was awarded to the US Geological Survey's 3D Elevation Program?

Over $4 million was awarded to support the US Geological Survey's 3D Elevation Program in Kentucky and Wisconsin.

What is the significance of the contracts for NV5 Global?

The contracts represent a growth in NV5's revenue from technology-based services and highlight their capabilities in public sector projects.

What is the value of the contract awarded by the US Army Corps of Engineers?

The US Army Corps of Engineers awarded NV5 a $2 million task order.

What services will NV5 provide for the federally owned electric utility?

NV5 will provide geospatial data collection and analysis for the utility’s right-of-way program, valued at $2 million.