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REPORTABLE SEGMENTS | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
REPORTABLE SEGMENTS | 7. REPORTABLE SEGMENTS During 2021, we sold our former Shipyard Division operating assets and certain construction contracts and commenced the wind down of our remaining Shipyard Division operations, which consisted of completion of a seventy-vehicle ferry and two forty-vehicle ferry projects (collectively, the “Ferry Projects”). The wind down of our Shipyard Division operations was substantially completed in the fourth quarter 2023 and final completion occurred in the first quarter 2025 with the expiration of the last warranty period for the Ferry Projects. While our Shipyard Division represented a reportable segment for the year ended December 31, 2024, the Shipyard Division is no longer a reportable segment effective January 1, 2025. Accordingly, we currently operate and manage our business through two operating divisions (“Services” and “Fabrication”) and one non-operating division (“Corporate”), which represent our reportable segments. Remaining operating results for our former Shipyard Division for the three and nine months ended September 30, 2025 are included in other (income) expense, net on our Statement of Operations and are reflected within our Corporate Division. Further, during the second quarter 2025, we acquired the Automation Business, for which the operating results are reflected within our Fabrication Division from the applicable Acquisition Date, and we acquired the Engineering Business and Government Business, for which the operating results are reflected within our Services Division from the applicable Acquisition Date. The Automation Business provides engineering, design, fabrication and integration of industrial automation systems to the oil and gas, renewable energy and traditional power industries. The Engineering Business provides various engineering solutions to the oil and gas and renewable energy industries. The Government Business provides Englobal’s engineering and automation solutions to federal, state and local governments and educational institutions, generally in the form of technical field services. See Note 3 for further discussion of the Englobal Acquisition. Services Division – Our Services Division provides maintenance, repair, construction, scaffolding, coatings, welding enclosures, cleaning and environmental and other specialty services on offshore platforms and inland structures and at industrial facilities; provides services required to connect production equipment and service modules and equipment on offshore platforms; and provides engineering, design, project management, commissioning and technical field services for the oil and gas and renewable energy industries and federal, state and local governments. Our services activities are managed from our various Facilities. Fabrication Division – Our Fabrication Division fabricates modules, skids and piping systems for onshore refining, petrochemical, LNG and industrial facilities and offshore facilities; fabricates foundations, secondary steel components and support structures for alternative energy developments and coastal mooring facilities; fabricates, assembles and integrates industrial automation systems for the oil and gas, renewable energy and traditional power industries; fabricates offshore production platforms and associated structures, including jacket foundations, piles and topsides for fixed production and utility platforms, as well as hulls and topsides for floating production and utility platforms for the oil and gas industry; and fabricates other complex steel structures and components for a variety of end markets. Our fabrication activities are performed at our Houma Facility and Houston Facility. Corporate Division and Allocations – Our Corporate Division includes costs that do not directly relate to our operating divisions. Such costs include, but are not limited to, costs of maintaining our corporate office, executive management salaries and incentives, Board fees, certain insurance costs and costs associated with overall corporate governance and reporting requirements for a publicly traded company. Shared resources and costs that benefit more than one operating division are allocated amongst the operating divisions based on each operating division’s estimated share of the benefit received. Such costs include, but are not limited to, human resources, insurance, information technology, accounting, business development and certain division leadership costs. Segment Results – Our chief operating decision maker is our chief executive officer and he generally evaluates the performance of, and allocates resources to, our divisions based upon gross profit or loss and operating income or loss. Segment assets are comprised of all assets attributable to each division. Intersegment revenues are priced at the estimated fair value of work performed. Summarized financial information for our segments as of and for the three and nine months ended September 30, 2025 and 2024, is as follows (in thousands):
|  | Three Months Ended September 30, 2025 |
|  | Services(1) |  |  | Fabrication(1) |  |  | Shipyard(2) |  |  | Corporate |  |  | Consolidated |
Revenue (eliminations) |  | $ | 21,494 |  |  | $ | 30,551 |  |  | $ | — |  |  | $ | (505 | ) |  | $ | 51,540 |
Cost of revenue |  |  | 19,668 |  |  |  | 27,497 |  |  |  | — |  |  |  | (505 | ) |  |  | 46,660 |
Gross profit |  |  | 1,826 |  |  |  | 3,054 |  |  |  | — |  |  |  | — |  |  |  | 4,880 |
General and administrative expense |  |  | 984 |  |  |  | 978 |  |  |  | — |  |  |  | 1,689 |  |  |  | 3,651 |
Other (income) expense, net |  |  | (1 | ) |  |  | (55 | ) |  |  | — |  |  |  | 139 |  |  |  | 83 |
Operating income (loss) |  | $ | 843 |  |  | $ | 2,131 |  |  | $ | — |  |  | $ | (1,828 | ) |  | $ | 1,146 |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | $ | 439 |  |  | $ | 765 |  |  | $ | — |  |  | $ | 24 |  |  | $ | 1,228 |
Interest (expense) income, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 411 |  |  | $ | 411 |
Capital expenditures |  | $ | 10 |  |  | $ | 187 |  |  | $ | — |  |  | $ | — |  |  | $ | 197 |
Total assets(3) |  | $ | 23,398 |  |  | $ | 54,705 |  |  | $ | — |  |  | $ | 68,623 |  |  | $ | 146,726 |
|  | Three Months Ended September 30, 2024 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Corporate |  |  | Consolidated |
Revenue (eliminations) |  | $ | 20,245 |  |  | $ | 17,110 |  |  | $ | 490 |  |  | $ | (205 | ) |  | $ | 37,640 |
Cost of revenue |  |  | 18,205 |  |  |  | 14,569 |  |  |  | 415 |  |  |  | (205 | ) |  |  | 32,984 |
Gross profit |  |  | 2,040 |  |  |  | 2,541 |  |  |  | 75 |  |  |  | — |  |  |  | 4,656 |
General and administrative expense |  |  | 634 |  |  |  | 489 |  |  |  | — |  |  |  | 1,862 |  |  |  | 2,985 |
Other (income) expense, net |  |  | 10 |  |  |  | 18 |  |  |  | 53 |  |  |  | (82 | ) |  |  | (1 | )
Operating income (loss) |  | $ | 1,396 |  |  | $ | 2,034 |  |  | $ | 22 |  |  | $ | (1,780 | ) |  | $ | 1,672 |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | $ | 495 |  |  | $ | 633 |  |  | $ | — |  |  | $ | 80 |  |  | $ | 1,208 |
Interest (expense) income, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 647 |  |  | $ | 647 |
Capital expenditures |  | $ | 17 |  |  | $ | 1,297 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,314 |
Total assets(3) |  | $ | 24,445 |  |  | $ | 34,895 |  |  | $ | 233 |  |  | $ | 71,195 |  |  | $ | 130,768 |
|  | Nine Months Ended September 30, 2025 |
|  | Services(1) |  |  | Fabrication(1) |  |  | Shipyard(2) |  |  | Corporate |  |  | Consolidated |
Revenue (eliminations) |  | $ | 63,327 |  |  | $ | 67,090 |  |  | $ | — |  |  | $ | (1,066 | ) |  | $ | 129,351 |
Cost of revenue |  |  | 56,820 |  |  |  | 58,541 |  |  |  | — |  |  |  | (1,066 | ) |  |  | 114,295 |
Gross profit |  |  | 6,507 |  |  |  | 8,549 |  |  |  | — |  |  |  | — |  |  |  | 15,056 |
General and administrative expense |  |  | 2,513 |  |  |  | 2,373 |  |  |  | — |  |  |  | 5,286 |  |  |  | 10,172 |
Other (income) expense, net |  |  | (1 | ) |  |  | (157 | ) |  |  | — |  |  |  | 1,695 |  |  |  | 1,537 |
Operating income (loss) |  | $ | 3,995 |  |  | $ | 6,333 |  |  | $ | — |  |  | $ | (6,981 | ) |  | $ | 3,347 |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | $ | 1,358 |  |  | $ | 2,196 |  |  | $ | — |  |  | $ | 124 |  |  | $ | 3,678 |
Interest (expense) income, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,470 |  |  | $ | 1,470 |
Capital expenditures |  | $ | 81 |  |  | $ | 732 |  |  | $ | — |  |  | $ | — |  |  | $ | 813 |
Total assets(3) |  | $ | 23,398 |  |  | $ | 54,705 |  |  | $ | — |  |  | $ | 68,623 |  |  | $ | 146,726 |
|  | Nine Months Ended September 30, 2024 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Corporate |  |  | Consolidated |
Revenue (eliminations) |  | $ | 68,546 |  |  | $ | 52,975 |  |  | $ | 935 |  |  | $ | (673 | ) |  | $ | 121,783 |
Cost of revenue |  |  | 60,005 |  |  |  | 47,003 |  |  |  | 510 |  |  |  | (673 | ) |  |  | 106,845 |
Gross profit |  |  | 8,541 |  |  |  | 5,972 |  |  |  | 425 |  |  |  | — |  |  |  | 14,938 |
General and administrative expense |  |  | 2,064 |  |  |  | 1,475 |  |  |  | — |  |  |  | 6,284 |  |  |  | 9,823 |
Other (income) expense, net |  |  | 25 |  |  |  | (3,387 | ) |  |  | 52 |  |  |  | (238 | ) |  |  | (3,548 | )
Operating income (loss) |  | $ | 6,452 |  |  | $ | 7,884 |  |  | $ | 373 |  |  | $ | (6,046 | ) |  | $ | 8,663 |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | $ | 1,461 |  |  | $ | 1,942 |  |  | $ | — |  |  | $ | 238 |  |  | $ | 3,641 |
Interest (expense) income, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,792 |  |  | $ | 1,792 |
Capital expenditures |  | $ | 684 |  |  | $ | 4,196 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,880 |
Total assets(3) |  | $ | 24,445 |  |  | $ | 34,895 |  |  | $ | 233 |  |  | $ | 71,195 |  |  | $ | 130,768 |
(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. (3) Cash and short-term investments are reported within our Corporate Division.

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