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Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information
10.
Segment information

The Company reports segment information based on the management approach which designates the internal reporting used by the Chief Operating Decision Maker (“CODM”), which is the Company’s Chief Executive Officer, for making decisions and assessing performance as the source of the Company’s reportable segments. The Company has determined it has one reportable segment: dredging.

As the Company operates in one reportable segment, the CODM is provided financial reports which include (i) a consolidated statement of operations, (ii) plant expenses (as described below), (iii) a summary of contract revenues by work type and backlog by customer type, (iv) a consolidated balance sheet and (v) a contract analysis of revenues and margins by project. These financial reports assist the CODM in assessing the Company’s financial performance and in allocating resources appropriately.

The dredging segment provides dredging services, which generally involves the enhancement or preservation of the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. The Company derives its revenue primarily in the United States and manages its business activities on a consolidated basis. The accounting policies of the dredging segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. The CODM uses net income and Adjusted EBITDA to evaluate income generated from segment assets in deciding whether to reinvest profits into the operating segment or into other parts of the entity. Net income and Adjusted EBITDA are used to monitor budgeted versus actual results and to assess performance of the segment.

Net income from the Company’s reportable segment is as follows:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Contract revenues

 

$

193,755

 

 

$

170,086

 

 

$

436,620

 

 

$

368,746

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Direct contract cost

 

 

111,838

 

 

 

101,025

 

 

 

246,007

 

 

 

218,592

 

Plant expenses excluding depreciation expense *

 

 

34,707

 

 

 

28,113

 

 

 

63,349

 

 

 

52,612

 

Depreciation expense

 

 

10,644

 

 

 

11,108

 

 

 

21,175

 

 

 

22,128

 

General and administrative expenses

 

 

19,478

 

 

 

16,161

 

 

 

39,516

 

 

 

32,272

 

Other (gains) losses

 

 

1

 

 

 

(906

)

 

 

(459

)

 

 

(2,922

)

Interest expense

 

 

4,363

 

 

 

4,398

 

 

 

8,859

 

 

 

8,457

 

Interest income

 

 

(148

)

 

 

(200

)

 

 

(193

)

 

 

(368

)

Other expense (income)

 

 

(246

)

 

 

(128

)

 

 

122

 

 

 

(553

)

Income tax provision

 

 

3,423

 

 

 

2,842

 

 

 

15,133

 

 

 

9,831

 

Net income

 

$

9,695

 

 

$

7,673

 

 

$

43,111

 

 

$

28,697

 

 

* Consists of indirect expenses that are allocated to contracts, including, but not limited to: maintenance, supplies, wear and insurance.