Willdan Group, Inc. announced a new contract with Puget Sound Energy (PSE) to implement telecommunications and multifamily new‑construction programs, expand non‑lighting technology offerings for a commercial program, and provide software services that help PSE customers comply with Washington State’s Clean Buildings Performance Standard (CBPS). The agreement builds on Willdan’s 14‑year relationship with PSE and expands the utility’s program portfolio, positioning Willdan to deliver integrated program delivery and software services that enable PSE to optimize customer energy use, improve grid resiliency, and meet increasingly stringent state and national requirements.
The contract is described as a material expansion for Willdan, adding a new revenue stream from a large, ratepayer‑funded utility. While the financial value of the contract was not disclosed, the win is expected to deepen Willdan’s engagement with PSE’s commercial and multifamily customers and reinforce the company’s strategic focus on electrification and grid modernization services. CEO Mike Bieber said the partnership “strengthens our long‑standing relationship with PSE and expands our ability to deliver integrated solutions that help utilities optimize energy use and improve grid resiliency.” PSE’s Penny Kyser noted that the programs “strengthen customer engagement to address peak load challenges across multiple building sectors” and that PSE is “evolving its program approaches to deliver value to all customers.”
Willdan’s recent financial performance provides context for the significance of the new contract. In Q4 2025, the company reported net revenue of $89.5 million and an adjusted diluted EPS of $1.57. For the full fiscal year 2025, net revenue reached $364.8 million and adjusted diluted EPS was $4.89. The new contract adds to Willdan’s top line, but the company’s 2026 outlook shows a lower adjusted EPS guidance of $4.50–$4.70 and revenue guidance of $390–$405 million, below consensus estimates. Management cited rising subcontractor costs and increased administrative expenses as headwinds that could compress margins, while the contract is viewed as a tailwind that supports future growth in electrification and grid‑modernization services.
The announcement underscores Willdan’s ability to secure new business from a key utility partner and expand its service offerings, while also highlighting the company’s cautious outlook for 2026 amid margin pressures and a more conservative revenue forecast.
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