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Segment Information
 9 Months Ended
Sep. 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Contract revenues

 

$

195,205

 

 

$

191,173

 

 

$

631,825

 

 

$

559,919

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Direct contract cost

 

 

106,571

 

 

 

116,358

 

 

 

352,579

 

 

 

334,948

 

Plant expenses excluding depreciation expense *

 

 

34,007

 

 

 

28,493

 

 

 

97,355

 

 

 

81,107

 

Depreciation expense

 

 

10,867

 

 

 

10,089

 

 

 

32,042

 

 

 

32,217

 

General and administrative expenses

 

 

17,553

 

 

 

19,815

 

 

 

57,069

 

 

 

52,087

 

Other gains

 

 

(1,936

)

 

 

(276

)

 

 

(2,395

)

 

 

(3,198

)

Interest expense

 

 

4,626

 

 

 

5,107

 

 

 

13,485

 

 

 

13,566

 

Interest income

 

 

(68

)

 

 

(219

)

 

 

(261

)

 

 

(589

)

Other income

 

 

(264

)

 

 

(200

)

 

 

(142

)

 

 

(753

)

Income tax provision

 

 

6,125

 

 

 

3,154

 

 

 

21,258

 

 

 

12,985

 

Net income

 

$

17,724

 

 

$

8,852

 

 

$

60,835

 

 

$

37,549

 

 

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