What Everus Construction Group, Inc. told the SEC could break it.

Operations depend on availability of construction raw materials and components including copper, aluminum, steel and certain plastics; generally available from domestic suppliers but subject to price volatility.

“Our operations and customers depend on the availability of certain raw materials and components for construction, including, among other things, electrical fixtures, system components, copper, aluminum, steel, and certain plastics.”

One unnamed customer accounted for ~16.5% of total operating revenues in 2025 (within the E&M segment); the top 10 customers together were ~43% of $3.75B revenue. No single customer exceeded 10% in 2024.

“Revenues from a single customer accounted for approximately 16.5 % of total operating revenues for the year ended December 31, 2025, which was included in the E&M segment. No single customer accounted for more than 10% of total operating revenues for the year ended December 31, 2024.”

Imposed and proposed tariffs drive commodity price risk and supply chain disruption; on fixed-price/longer-term projects where commodities are prepaid or escalation protections are absent, Everus may not be fully reimbursed for cost increases.

“See Item 1A. Risk Factors for more discussion on risks we face relating to supply chain disruptions and commodity price risk, including imposed and proposed tariffs, that could have an adverse impact on our business, financial condition and results of operations.”