Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (24,402) $ (3,352)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 5,466 5,098
Asset impairments   484
Change in allowance for doubtful accounts and credit losses (410)  
Loss on sale or disposal of fixed assets, net 27 19
Gain on insurance recoveries (571) (1,200)
Stock-based compensation expense 1,991 2,302
Changes in operating assets and liabilities:    
Contract receivables and retainage, net (7,093) (13,441)
Contract assets 2,100 (80)
Prepaid expenses, inventory and other current assets (133) 2,224
Accounts payable (9) (1,088)
Contract liabilities (2,726) 1,548
Accrued expenses and other current liabilities 1,206 (561)
Noncurrent assets and liabilities, net 31,751 (876)
Net cash provided by (used in) operating activities 7,197 (8,923)
Cash flows from investing activities:    
Capital expenditures (2,876) (3,086)
Proceeds from Shipyard Transaction   886
Proceeds from sale of property and equipment 456 2,035
Recoveries from insurance claims 245 1,200
Purchases of short-term investments (39,028) (9,905)
Maturities of short-term investments 40,700  
Net cash used in investing activities (503) (8,870)
Cash flows from financing activities:    
Payments on Insurance Finance Arrangement (1,257) (1,738)
Repurchases of common stock (128)  
Tax payments for vested stock withholdings (482) (234)
Net cash used in financing activities (1,867) (1,972)
Net increase (decrease) in cash, cash equivalents and restricted cash 4,827 (19,765)
Cash, cash equivalents and restricted cash, beginning of period 34,824 54,589
Cash, cash equivalents and restricted cash, end of period 39,651 34,824
Supplemental cash flow information:    
Interest paid 49 149
Accounts payable excluded from capital expenditures 383 $ 217
Reclassification of property, plant and equipment to assets held for sale $ 5,640