Project Works

The headline · Jan 2024 – Sep 2026

We billed $7.67M and kept 2¢ of every dollar as operating profit.

Subcontractors take 51¢ of every dollar billed. Small improvements in job pricing or overhead go straight to the bottom line.

  • Revenue billed

    $7.67M

    Everything we invoiced clients for work done.

    Jan 2024 – Sep 2026
  • Kept after job costs

    29.8%

    $2.29M left after paying trades and materials.

    Jan 2024 – Sep 2026
  • Operating profit

    $138K

    1.8% of revenue, after staff, insurance and running costs.

    Jan 2024 – Sep 2026
  • Estimates won

    46%

    59 of 129 decided estimates, worth $2.52M.

    $2.12M still awaiting a decision

Five things the board should know

  1. 1

    Profit is thin

    Job costs use 70¢ of each dollar and running the business another 28¢, which leaves 2¢.

  2. 2

    Work is waiting

    38 estimates worth $2.12M are still open. Following them up is the quickest source of new revenue.

  3. 3

    Cash to collect

    $328K is past due across 19 invoices, and two of them make up 90% of it.

  4. 4

    Client concentration

    212 properties were billed. The top 10 make up 37% of revenue, so a few large jobs drive the year.

  5. 5

    Pricing is a work in progress

    45 of 184 standard price list items are ready to use. Finishing the rest will make estimates faster and more consistent.

Monthly trend

Revenue and costs, month by month

Yellow bars are what we billed. The dark line is everything we spent. When the line sits above a bar, costs that month were higher than billings, usually because materials or trades were paid before the client was invoiced.

Best month
$515K
Feb ’26
Typical month
$232K
average revenue
Months costs beat revenue
13 of 33
timing of bills vs. invoices
Revenue billed Total costs (job costs + overhead)September 2026 covers the 1st–21st only.

Where the money goes

Out of every $1 we bill

Each dollar a client pays splits between trade partners, materials, the cost of running the company, and what is left as profit.

  • Subcontractors51¢$3.88M
  • Materials & supplies20¢$1.50M
  • Running the business28¢$2.15M
  • Left as profit2¢$138K

The detail behind each cent

SubcontractorsPainters, carpenters, electricians and other trade partners
51¢$3.88M
Materials & suppliesLumber, tile, fixtures, waste removal
20¢$1.50M
Staff & payrollOur own crew and office team
11¢$816K
InsuranceLiability, workers’ comp, vehicles
2¢$184K
Island logisticsFerry, barge, golf carts, parking and storage on Bald Head Island
1¢$109K
Other overheadOffice, accounting, utilities, tools and the like
14¢$1.04M

What we bill clients for

Invoice lines grouped by type. Labor includes trade work we manage on the client’s behalf.

  1. 1Labor$5.04M67%
  2. 2Materials$1.42M19%
  3. 3Overhead & profit$895K12%
  4. 4Specialty trades$183K2%
Biggest overhead lines: Payroll Expenses ($816K), Officer's Compensation ($208K), Insurance ($184K), Payroll Taxes ($96K).

Sales pipeline

167 estimates sent, worth $10.45M

Every estimate we send is a potential job. This shows how many turned into work, how many are still in play, and how many we did not win.

What happened to our estimates

Split by dollar value

  • Won$2.52M59 estimates · Client accepted
  • Awaiting decision$2.12M38 estimates · Sent, no answer yet
  • Not won$5.82M70 estimates · Closed or declined

Win rate: 46% by count and 30% by value, counting only estimates the client has decided on. We win smaller jobs more often than large ones.

Largest estimates awaiting a decision

Worth a follow-up call

  1. Stede Bonnet # 216Estimate #820 · sent Jan 16, 2026
    $352K
  2. Sandpiper #34Estimate #817 · sent Dec 11, 2025
    $213K
  3. White Cliffs #3623Estimate #885 · sent Aug 29, 2026
    $171K
  4. Bramble Reach #901Estimate #819 · sent Dec 19, 2025
    $149K
  5. Peppervine #5Estimate #879 · sent Jul 24, 2026
    $116K
  6. Sabal Palm #19Estimate #814 · sent Dec 2, 2025
    $111K

Money owed to us

$328K in invoices is past due

Invoices the client has received but not yet paid after the due date. Most of it is recent, so this is a follow-up task rather than a collections problem.

Snapshot · Sep 21, 2026

How late are these payments?

19 overdue invoices

  • 0–30 days late$302K
  • 31–60 days late$25K
  • 61–90 days late$450
  • 90+ days late$0

Nothing is more than 90 days late, which is a healthy sign.

Largest unpaid invoices

Ordered by amount owed

Largest overdue invoices
PropertyWas dueDays lateOwed
Red Cedar Trail #23Invoice 2026-220Sep 17, 20264$210,421
Cedar Court #30Invoice 2026-213Sep 14, 20267$84,197
Mourning Warbler #35Invoice 2026-175Aug 10, 202642$10,673
Writer's Way #215Invoice 2026-190Aug 20, 202632$5,625
SE Beach Dr #204Invoice 2026-165Jul 27, 202656$4,615
Silversides #19Invoice 2026-208Sep 3, 202618$2,836

Clients & partners

Who we build for, and who builds with us

Clients are listed by property, which is how Project Works tracks its jobs. Partners are the trade companies and suppliers we pay most.

Top 10 properties by revenue

212 properties billed · 680 invoices · $11K average invoice

  1. 1Currituck #512$462K6%
  2. 2Bayberry #2$445K6%
  3. 3Laughing Gull Trail #20$431K6%
  4. 4Coquina #11$427K6%
  5. 5NBHW #114$195K3%
  6. 6Villa # 4$191K2%
  7. 7Kitty Hawk #455$186K2%
  8. 8Mourning Warbler #16$166K2%
  9. 9Timbercreek # 11A$156K2%
  10. 10SBHW #401$136K2%

Together these 10 make up 37% of revenue.

Top 10 trade partners & suppliers

159 companies paid · $5.14M total spend

  1. 1HCA Painting Company$870K17%
  2. 2BNJ Carpentry, LLC$652K13%
  3. 3Mike Combs$533K10%
  4. 4Dylan Hudson / TNT$508K10%
  5. 5Elite Wood Classics, Inc.$269K5%
  6. 6Urban Coast Electric Inc.$248K5%
  7. 7Waters Investments, LLC$189K4%
  8. 8Milligan Plumbing$139K3%
  9. 9Lowes$116K2%
  10. 10Jomig J. Diaz Ramirez$101K2%

Percentages show each partner’s share of total vendor spend.

Standard price list

45 of 184 standard items are ready for estimating

We are building a standard price list from past invoices so estimates are faster and more consistent. This shows how far along that work is.

Snapshot · Oct 2, 2026

Readiness of the price list

24% ready today

  • Ready to useEstimators can use these today45
  • Needs a quick reviewClose to ready, one check needed6
  • Priced per job (quote)Too variable for a fixed price23
  • On hold — more researchNeed more pricing evidence110

Reviewing past prices has led to 27 increases and 13 decreases so far.

Progress by trade

Green items are ready. Grey items still need work.

  • Carpentry13/43
  • General11/42
  • Plumbing11/35
  • Electrical6/20
  • HVAC1/14
  • Painting0/12
  • Flooring1/10
  • Kitchen2/6
  • Roofing0/1
  • Tile0/1