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ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 3 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations | The following tables summarize the operating results of the disposal groups included in discontinued operations in the Condensed Consolidated Statements of Operations:
| Three Months Ended March 31, 2025
(in thousands) | Solar |  | BWRS |  | Vølund |  | Total
Revenues | $ | 10,042 |  |  | $ | — |  |  | $ | 1,171 |  |  | $ | 11,213 |
Cost of operations | 11,850 |  |  | — |  |  | 3,813 |  |  | 15,663 |
Selling general and administrative expenses | 1,487 |  |  | — |  |  | 1,800 |  |  | 3,287 |
Research and development costs | — |  |  | — |  |  | 331 |  |  | 331 |
Impairment of long-lived assets | 7,833 |  |  | — |  |  | — |  |  | 7,833 |
Total costs and expenses | 21,170 |  |  | — |  |  | 5,944 |  |  | 27,114 |
Operating loss | (11,128) |  |  | — |  |  | (4,773) |  |  | (15,901) |
Other (expense) income | (227) |  |  | — |  |  | 975 |  |  | 748 |
Loss from discontinued operations before tax | (11,355) |  |  | — |  |  | (3,798) |  |  | (15,153) |
Expense (benefit) from income taxes | — |  |  | — |  |  | 87 |  |  | 87 |
Gain on divestiture | $ | — |  |  | $ | 1,014 |  |  | $ | — |  |  | $ | 1,014 |
(Loss) income from discontinued operations, net of tax | $ | (11,355) |  |  | $ | 1,014 |  |  | $ | (3,885) |  |  | $ | (14,226) |
| Three Months Ended March 31, 2024
(in thousands) | Solar |  | BWRS |  | SPIG |  | GMAB |  | Vølund |  | Total
Revenues | $ | 11,373 |  |  | $ | 17,517 |  |  | $ | 16,751 |  |  | $ | 2,006 |  |  | $ | 6,994 |  |  | $ | 54,641 |
Cost of operations | 10,366 |  |  | 12,963 |  |  | 13,357 |  |  | 1,103 |  |  | 7,268 |  |  | 45,057 |
Selling general and administrative expenses | 1,734 |  |  | 3,300 |  |  | 2,736 |  |  | 338 |  |  | 3,279 |  |  | 11,387 |
Research and development costs | — |  |  | — |  |  | 85 |  |  | 20 |  |  | 158 |  |  | 263 |
Loss on asset disposals, net | — |  |  | 6 |  |  | 47 |  |  | — |  |  | — |  |  | 53 |
Total costs and expenses | 12,100 |  |  | 16,269 |  |  | 16,225 |  |  | 1,461 |  |  | 10,705 |  |  | 56,760 |
Operating (loss) income | (727) |  |  | 1,248 |  |  | 526 |  |  | 545 |  |  | (3,711) |  |  | (2,119) |
Other (expense) income | (265) |  |  | 123 |  |  | (132) |  |  | 312 |  |  | (1,527) |  |  | (1,489) |
(Loss) income from discontinued operations before tax | (992) |  |  | 1,371 |  |  | 394 |  |  | 857 |  |  | (5,238) |  |  | (3,608) |
Benefit from income taxes | — |  |  | — |  |  | 211 |  |  | 177 |  |  | — |  |  | 388 |
(Loss) income from discontinued operations, net of tax | $ | (992) |  |  | $ | 1,371 |  |  | $ | 183 |  |  | $ | 680 |  |  | $ | (5,238) |  |  | $ | (3,996) |
The following tables provide the major classes of assets and liabilities of the disposal groups included in assets held for sale and liabilities held for sale in the Condensed Consolidated Balance Sheets:
| March 31, 2025
(in thousands) | Solar |  | Vølund |  | Total
Cash | $ | 526 |  |  | $ | 1,337 |  |  | $ | 1,863 |
Accounts receivable – trade, net | 1,273 |  |  | 6,322 |  |  | 7,595 |
Contracts in progress | 11,649 |  |  | 8,293 |  |  | 19,942 |
Inventories, net | — |  |  | 2,725 |  |  | 2,725 |
Other current assets | 59 |  |  | 4,799 |  |  | 4,858 |
Total current assets | 13,507 |  |  | 23,476 |  |  | 36,983 |
Net property, plant and equipment and finance leases | 2,935 |  |  | 146 |  |  | 3,081 |
Intangible assets, net | — |  |  | 219 |  |  | 219 |
Right-of-use assets | 47 |  |  | 1,327 |  |  | 1,374 |
Other assets | — |  |  | 673 |  |  | 673 |
Total noncurrent assets | 2,982 |  |  | 2,365 |  |  | 5,347 |
Total assets held for sale | $ | 16,489 |  |  | $ | 25,841 |  |  | $ | 42,330 |
Accounts payable | $ | 28,487 |  |  | $ | 9,363 |  |  | $ | 37,850 |
Accrued employee benefits | 39 |  |  | 546 |  |  | 585 |
Advance billings on contracts | 393 |  |  | 3,739 |  |  | 4,132 |
Accrued warranty expense | 1,174 |  |  | 809 |  |  | 1,983 |
Operating lease liabilities | 26 |  |  | 287 |  |  | 313 |
Other accrued liabilities | 2,282 |  |  | 3,046 |  |  | 5,328 |
Current borrowings | 447 |  |  | — |  |  | 447 |
Total current liabilities | 32,848 |  |  | 17,790 |  |  | 50,638 |
Borrowings, net of current portion | 561 |  |  | — |  |  | 561 |
Operating lease liabilities, net of current portion | 22 |  |  | 1,048 |  |  | 1,070 |
Total noncurrent liabilities | 583 |  |  | 1,048 |  |  | 1,631 |
Total liabilities held for sale | $ | 33,431 |  |  | $ | 18,838 |  |  | $ | 52,269 |
Reported as: |  |  |  |  |
Current assets held for sale | $ | 16,489 |  |  | $ | 25,841 |  |  | $ | 42,330 |
Current liabilities held for sale | $ | 33,431 |  |  | $ | 18,838 |  |  | $ | 52,269 |
| December 31, 2024
(in thousands) | Solar |  | Vølund |  | Total
Cash | $ | 1,255 |  |  | $ | 2,200 |  |  | $ | 3,455 |
Accounts receivable – trade, net | 2,814 |  |  | 7,202 |  |  | 10,016 |
Contracts in progress | 4,157 |  |  | 10,023 |  |  | 14,180 |
Inventories, net | — |  |  | 2,365 |  |  | 2,365 |
Other current assets | 90 |  |  | 371 |  |  | 461 |
Total current assets | 8,316 |  |  | 22,161 |  |  | 30,477 |
Net property, plant and equipment and finance leases | 3,246 |  |  | 124 |  |  | 3,370 |
Intangible assets, net | 7,833 |  |  | 211 |  |  | 8,044 |
Right-of-use assets | 53 |  |  | 1,358 |  |  | 1,411 |
Other assets | 9 |  |  | 243 |  |  | 252 |
Total noncurrent assets | 11,141 |  |  | 1,936 |  |  | 13,077 |
Total assets held for sale (1) | $ | 19,457 |  |  | $ | 24,097 |  |  | $ | 43,554 |
Accounts payable | $ | 30,365 |  |  | $ | 5,980 |  |  | $ | 36,345 |
Accrued employee benefits | — |  |  | 518 |  |  | 518 |
Advance billings on contracts | 961 |  |  | 5,855 |  |  | 6,816 |
Accrued warranty expense | 1,176 |  |  | 845 |  |  | 2,021 |
Operating lease liabilities | 26 |  |  | 288 |  |  | 314 |
Other accrued liabilities | 4,504 |  |  | 190 |  |  | 4,694 |
Current borrowings | 511 |  |  | — |  |  | 511 |
Total current liabilities | 37,543 |  |  | 13,676 |  |  | 51,219 |
Borrowings, net of current portion | 874 |  |  | — |  |  | 874 |
Operating lease liabilities, net of current portion | 29 |  |  | 1,075 |  |  | 1,104 |
Other noncurrent liabilities | 1,199 |  |  | — |  |  | 1,199 |
Total noncurrent liabilities | 2,102 |  |  | 1,075 |  |  | 3,177 |
Total liabilities held for sale (1) | $ | 39,645 |  |  | $ | 14,751 |  |  | $ | 54,396 |
Reported as: |  |  |  |  |
Current assets held for sale (1) | $ | 19,457 |  |  | $ | 24,097 |  |  | $ | 43,554 |
Current liabilities held for sale (1) | $ | 39,645 |  |  | $ | 14,751 |  |  | $ | 54,396 |
(1) BWRS, SPIG and GMAB were sold in 2024; therefore, no balances are left to disclose.
The depreciation, amortization, capital expenditures, and significant operating and investing noncash items of the discontinued operations are as follows:
| Three Months Ended March 31, 2025
(in thousands) | Solar |  | BWRS |  | Vølund |  | Total
Impairment of long-lived assets | 7,833 |  |  | — |  |  | — |  |  | 7,833 |
Gain on divestiture | — |  |  | 1,014 |  |  | — |  |  | 1,014 |
Purchase of property, plant and equipment | (95) |  |  | — |  |  | (20) |  |  | (115) |
| Three Months Ended March 31, 2024
(in thousands) | Solar |  | BWRS |  | SPIG |  | GMAB |  | Vølund |  | Total
Depreciation and amortization of long-lived assets | $ | — |  |  | $ | 479 |  |  | $ | 887 |  |  | $ | 1 |  |  | $ | 42 |  |  | $ | 1,409 |
Purchase of property, plant and equipment | (127) |  |  | (114) |  |  | (206) |  |  | — |  |  | — |  |  | (447) |

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