v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 21,328 $ 38,176
Restricted cash 1,475 1,475
Short-term investments 44,022 8,233
Contract receivables and retainage, net 23,504 36,298
Contract assets [1],[2] 5,815 2,739
Prepaid expenses and other assets 4,073 6,994
Inventory 2,266 2,072
Assets held for sale   5,640
Total current assets 102,483 101,627
Property, plant and equipment, net 24,684 23,145
Goodwill 2,217 2,217
Other intangibles, net 593 700
Other noncurrent assets 791 739
Total assets 130,768 128,428
Current liabilities:    
Accounts payable 5,538 8,466
Contract liabilities [3],[4],[5] 1,479 5,470
Accrued expenses and other liabilities 14,161 14,836
Long-term debt, current 1,075 1,075
Total current liabilities 22,253 29,847
Long-term debt, noncurrent 18,925 18,925
Other noncurrent liabilities 791 685
Total liabilities 41,969 49,457
Shareholders’ equity:    
Preferred stock, no par value, 5,000 shares authorized, no shares issued and outstanding
Common stock, no par value, 30,000 shares authorized, 16,405 shares issued and outstanding at September 30, 2024 and 16,258 at December 31, 2023 11,667 11,729
Additional paid-in capital 108,059 108,615
Accumulated deficit (30,927) (41,373)
Total shareholders’ equity 88,799 78,971
Total liabilities and shareholders’ equity $ 130,768 $ 128,428
[1] Contract assets at September 30, 2024 and December 31, 2023, excluded $3.3 million and $6.0 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 decrease from December 31, 2023 to September 30, 2024, was primarily due to lower unbilled positions on various projects for our Services Division.
[2] The increase in contract assets from December 31, 2023 to September 30, 2024, was primarily due to higher unbilled positions on various projects for our Fabrication Division.
[3] Contract liabilities at September 30, 2024 and December 31, 2023, includes accrued contract losses of $0.2 million and $0.4 million, respectively, primarily related to our Ferry Projects for our Shipyard Division.
[4] Revenue recognized during the three months ended September 30, 2024 and 2023, from amounts included in our contract liabilities balance at June 30, 2024 and 2023, was $3.0 million and $1.1 million, respectively. Revenue recognized during the nine months ended September 30, 2024 and 2023, from amounts included in our contract liabilities balance at December 31, 2023 and 2022, was $4.8 million and $6.2 million, respectively.
[5] The decrease in contract liabilities from December 31, 2023 to September 30, 2024, was primarily due to lower advance billings on various projects for our Fabrication Division.

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