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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 32,469 $ 38,176
Restricted cash 1,475 1,475
Short-term investments 27,352 8,233
Contract receivables and retainage, net 26,892 36,298
Contract assets [1],[2] 4,905 2,739
Prepaid expenses and other assets 4,634 6,994
Inventory 2,004 2,072
Assets held for sale   5,640
Total current assets 99,731 101,627
Property, plant and equipment, net 24,501 23,145
Goodwill 2,217 2,217
Other intangibles, net 664 700
Other noncurrent assets 645 739
Total assets 127,758 128,428
Current liabilities:    
Accounts payable 6,625 8,466
Contract liabilities [3],[4],[5] 1,740 5,470
Accrued expenses and other liabilities 13,390 14,836
Long-term debt, current 1,075 1,075
Total current liabilities 22,830 29,847
Long-term debt, noncurrent 18,925 18,925
Other noncurrent liabilities 559 685
Total liabilities 42,314 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, 16,197 shares issued and outstanding at March 31, 2024 and 16,258 at December 31, 2023 11,752 11,729
Additional paid-in capital 108,825 108,615
Accumulated deficit (35,133) (41,373)
Total shareholders’ equity 85,444 78,971
Total liabilities and shareholders’ equity $ 127,758 $ 128,428
[1] Contract assets at March 31, 2024 and December 31, 2023, excluded $5.8 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.
[2] The increase in contract assets from December 31, 2023 to March 31, 2024, was primarily due to increased unbilled positions on various projects for our Fabrication Division.
[3] Contract liabilities at March 31, 2024 and December 31, 2023, includes accrued contract losses of $0.3 million and $0.4 million, respectively, primarily related to projects for our Shipyard Division. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.
[4] Revenue recognized during the three months ended March 31, 2024 and 2023, related to amounts included in our contract liabilities balance at December 31, 2023 and 2022 was $4.2 million and $6.0 million, respectively.
[5] The decrease in contract liabilities from December 31, 2023 to March 31, 2024, was primarily due to a decrease in advance billings on various projects for our Fabrication Division.

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