XML 29 R22.htm IDEA: XBRL DOCUMENT
v3.25.3

Operating Segments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Summarized Segment Financial Information | 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.

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration