Orion Group Holdings is a specialty construction contractor operating through two segments: marine construction and concrete construction. The marine segment (~64% of FY25 revenue) builds and maintains ports, terminals, and Navy facilities; performs dredging; constructs bridges and causeways over water; and installs underwater pipelines and utilities. Orion's marine work spans the continental U.S., Alaska, Hawaii, and the Caribbean, serving the U.S. Navy, Army Corps of Engineers, port authorities, and private energy companies. The concrete segment (~36% of FY25 revenue) provides structural concrete construction for commercial and industrial buildings, primarily in Texas, Florida, and Arizona, with data centers (~40% of concrete revenue) as the largest end market. Orion's concrete business sells primarily to general contractors serving hyperscalers and developers. Orion earns revenue on a percentage-of-completion basis, and backlog is the primary leading indicator of near-term revenue. The marine business is equipment-intensive — Orion owns a large fleet of dredges, barges, tugs, and cranes — and bonding capacity is a key constraint on growth. Orion's growth strategy centers on capturing U.S. Navy Pacific defense spending (the Navy has outlined ~$80B in planned infrastructure investment under the Pacific Deterrence Initiative) and expanding its concrete business into data centers and new geographies. Orion recently acquired J.E. McAmis, a Pacific Northwest marine contractor, to expand its Pacific footprint ahead of anticipated Navy task order awards.