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Revenue (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Summary of Contract Revenues by Type of Work and Customer | The Company’s contract revenues by type of work, for the periods indicated, are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
Revenues |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Capital |  | $ | 105,674 |  |  | $ | 70,747 |  |  | $ | 196,492 |  |  | $ | 140,647 |
Coastal protection |  |  | 65,227 |  |  |  | 70,195 |  |  |  | 185,831 |  |  |  | 134,121 |
Maintenance |  |  | 22,854 |  |  |  | 29,144 |  |  |  | 54,297 |  |  |  | 93,978 |
Total revenues |  | $ | 193,755 |  |  | $ | 170,086 |  |  | $ | 436,620 |  |  | $ | 368,746 |
The Company’s contract revenues by type of customer, for the periods indicated, are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
Revenues |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Federal government |  | $ | 90,941 |  |  | $ | 118,687 |  |  | $ | 225,349 |  |  | $ | 253,476 |
State and local government |  |  | 21,109 |  |  |  | 21,463 |  |  |  | 57,503 |  |  |  | 69,163 |
Private |  |  | 81,705 |  |  |  | 29,936 |  |  |  | 153,768 |  |  |  | 46,107 |
Total revenues |  | $ | 193,755 |  |  | $ | 170,086 |  |  | $ | 436,620 |  |  | $ | 368,746 |
Schedule of Accounts Receivable | Accounts receivable at June 30, 2025 and December 31, 2024 are as follows:
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Completed contracts |  | $ | 12,368 |  |  | $ | 660 |
Contracts in progress |  |  | 89,405 |  |  |  | 105,159 |
Retainage |  |  | 9,678 |  |  |  | 12,575 |
|  |  | 111,451 |  |  |  | 118,394 |
Allowance for credit losses |  |  | (364 | ) |  |  | (364 | )
Total accounts receivable—net |  | $ | 111,087 |  |  | $ | 118,030 |
Components of Contracts in Progress | The components of contracts in progress at June 30, 2025 and December 31, 2024 are as follows:
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Costs and earnings in excess of billings: |  |  |  |  |  |
Costs and earnings for contracts in progress |  | $ | 231,757 |  |  | $ | 206,933 |
Amounts billed |  |  | (184,682 | ) |  |  | (153,208 | )
Costs and earnings in excess of billings for contracts in progress |  |  | 47,075 |  |  |  | 53,725 |
Costs and earnings in excess of billings for completed contracts |  |  | 12,107 |  |  |  | 20,472 |
Total contract revenues in excess of billings |  | $ | 59,182 |  |  | $ | 74,197 |
Current portion of contract revenues in excess of billings |  | $ | 59,182 |  |  | $ | 74,197 |
Billings in excess of costs and earnings: |  |  |  |  |  |
Amounts billed |  | $ | (499,516 | ) |  | $ | (303,810 | )
Costs and earnings for contracts in progress |  |  | 470,760 |  |  |  | 278,014 |
Total billings in excess of contract revenues |  | $ | (28,756 | ) |  | $ | (25,796 | )

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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