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v3.25.2

Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Summary of Disaggregation of Revenue | The following tables summarize revenue for each of our reportable segments, disaggregated by contract type and duration, for the three and six months ended June 30, 2025 and 2024 (in thousands):
|  | Three Months Ended June 30, 2025 |
|  | Services(1) |  |  | Fabrication(1) |  |  | Shipyard(2) |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 141 |  |  | $ | 7,764 |  |  | $ | — |  |  | $ | (9 | ) |  | $ | 7,896 |
T&M and cost-reimbursable |  |  | 20,906 |  |  |  | 8,081 |  |  |  | — |  |  |  | — |  |  |  | 28,987 |
Other |  |  | 931 |  |  |  | — |  |  |  | — |  |  |  | (276 | ) |  |  | 655 |
Total |  | $ | 21,978 |  |  | $ | 15,845 |  |  | $ | — |  |  | $ | (285 | ) |  | $ | 37,538 |
Long-term |  | $ | 141 |  |  | $ | 13,628 |  |  | $ | — |  |  | $ | (9 | ) |  | $ | 13,760 |
Short-term |  |  | 21,837 |  |  |  | 2,217 |  |  |  | — |  |  |  | (276 | ) |  |  | 23,778 |
Total |  | $ | 21,978 |  |  | $ | 15,845 |  |  | $ | — |  |  | $ | (285 | ) |  | $ | 37,538 |
|  | Three Months Ended June 30, 2024 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 514 |  |  | $ | 16,682 |  |  | $ | 36 |  |  | $ | (3 | ) |  | $ | 17,229 |
T&M and cost-reimbursable |  |  | 21,589 |  |  |  | 2,045 |  |  |  | — |  |  |  | — |  |  |  | 23,634 |
Other |  |  | 664 |  |  |  | — |  |  |  | — |  |  |  | (265 | ) |  |  | 399 |
Total |  | $ | 22,767 |  |  | $ | 18,727 |  |  | $ | 36 |  |  | $ | (268 | ) |  | $ | 41,262 |
Long-term |  | $ | 514 |  |  | $ | 17,656 |  |  | $ | 36 |  |  | $ | (3 | ) |  | $ | 18,203 |
Short-term |  |  | 22,253 |  |  |  | 1,071 |  |  |  | — |  |  |  | (265 | ) |  |  | 23,059 |
Total |  | $ | 22,767 |  |  | $ | 18,727 |  |  | $ | 36 |  |  | $ | (268 | ) |  | $ | 41,262 |
|  | Six Months Ended June 30, 2025 |
|  | Services(1) |  |  | Fabrication(1) |  |  | Shipyard(2) |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 359 |  |  | $ | 18,799 |  |  | $ | — |  |  | $ | (78 | ) |  | $ | 19,080 |
T&M and cost-reimbursable |  |  | 39,095 |  |  |  | 17,740 |  |  |  | — |  |  |  | — |  |  |  | 56,835 |
Other |  |  | 2,379 |  |  |  | — |  |  |  | — |  |  |  | (483 | ) |  |  | 1,896 |
Total |  | $ | 41,833 |  |  | $ | 36,539 |  |  | $ | — |  |  | $ | (561 | ) |  | $ | 77,811 |
Long-term |  | $ | 359 |  |  | $ | 33,163 |  |  | $ | — |  |  | $ | (78 | ) |  | $ | 33,444 |
Short-term |  |  | 41,474 |  |  |  | 3,376 |  |  |  | — |  |  |  | (483 | ) |  |  | 44,367 |
Total |  | $ | 41,833 |  |  | $ | 36,539 |  |  | $ | — |  |  | $ | (561 | ) |  | $ | 77,811 |
|  | Six Months Ended June 30, 2024 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 763 |  |  | $ | 32,557 |  |  | $ | 445 |  |  | $ | (3 | ) |  | $ | 33,762 |
T&M and cost-reimbursable |  |  | 46,316 |  |  |  | 3,308 |  |  |  | — |  |  |  | — |  |  |  | 49,624 |
Other |  |  | 1,222 |  |  |  | — |  |  |  | — |  |  |  | (465 | ) |  |  | 757 |
Total |  | $ | 48,301 |  |  | $ | 35,865 |  |  | $ | 445 |  |  | $ | (468 | ) |  | $ | 84,143 |
Long-term |  | $ | 763 |  |  | $ | 33,614 |  |  | $ | 445 |  |  | $ | (3 | ) |  | $ | 34,819 |
Short-term |  |  | 47,538 |  |  |  | 2,251 |  |  |  | — |  |  |  | (465 | ) |  |  | 49,324 |
Total |  | $ | 48,301 |  |  | $ | 35,865 |  |  | $ | 445 |  |  | $ | (468 | ) |  | $ | 84,143 |
(1) Operating results for the Services Division include the Engineering Business and the Government Business, and operating results for the Fabrication Division include the Automation Business, from the applicable Acquisition Date. See Note 3 for further discussion of the Englobal Acquisition. (2) The Shipyard Division is no longer a reportable segment effective January 1, 2025. Remaining operating results for our former Shipyard Division are included in other (income) expense, net on our Statement of Operations and are reflected within our Corporate Division. See Note 7 for further discussion of our former Shipyard Division and change in reportable segments.
Summary of Remaining Performance Obligations, Disaggregated by Operating Segment and Contract Type | The following table summarizes our remaining performance obligations for each of our reportable segments, disaggregated by contract type, at June 30, 2025 (in thousands):
|  | June 30, 2025 |
|  | Services |  |  | Fabrication |  |  | Total |
Fixed-price and unit-rate(1) |  | $ | 470 |  |  | $ | 5,146 |  |  | $ | 5,616 |
T&M and cost-reimbursable |  |  | — |  |  |  | 1,184 |  |  |  | 1,184 |
Total(2) |  | $ | 470 |  |  | $ | 6,330 |  |  | $ | 6,800 |
(1) Performance obligations at June 30, 2025, include approximately $2.1 million related to the Englobal Business. See Note 3 for further discussion of the Englobal Acquisition. (2) We expect all of our performance obligations at June 30, 2025, to be recognized as revenue during 2025. Certain factors and circumstances could result in changes in the timing of recognition of our performance obligations as revenue and the amounts ultimately recognized.
Summary of Contract with Customer, Asset and Liability | Information with respect to contracts that were incomplete at June 30, 2025 and December 31, 2024, is as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Contract assets(1), (2) |  | $ | 7,727 |  |  | $ | 8,611 |
Contract liabilities(3), (4) |  |  | (2,078 | ) |  |  | (1,278 | )
Contracts in progress, net |  | $ | 5,649 |  |  | $ | 7,333 |
(1) The decrease in contract assets from December 31, 2024 to June 30, 2025, was primarily due to lower unbilled positions on various projects for our Fabrication Division, offset partially by contract assets related to the Englobal Business. (2) Contract assets at June 30, 2025 and December 31, 2024, excluded $6.1 million and $4.6 million, respectively, associated with revenue recognized in excess of amounts billed for which we have an unconditional right to the consideration. Such amounts are reflected within contract receivables. The increase from December 31, 2024 to June 30, 2025, was primarily due to higher unbilled positions on various projects for our Services Division and amounts related to the Englobal Business. (3) The increase in contract liabilities from December 31, 2024 to June 30, 2025, was primarily due to contract liabilities related to the Englobal Business. (4) Revenue recognized during the three months ended June 30, 2025 and 2024, from amounts included in our contract liabilities balance at March 31, 2025 and 2024, was $0.3 million and $0.8 million, respectively. Revenue recognized during the six months ended June 30, 2025 and 2024, from amounts included in our contract liabilities balance at December 31, 2024 and 2023, was $0.9 million and $4.6 million, respectively.

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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