Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 9,509 $ 38,176
Restricted cash 1,475 1,475
Short-term investments 52,115 8,233
Contract receivables and retainage, net 33,433 36,298
Contract assets [1],[2] 2,221 2,739
Prepaid expenses and other assets 4,257 6,994
Inventory 2,331 2,072
Assets held for sale   5,640
Total current assets 105,341 101,627
Property, plant and equipment, net 24,535 23,145
Goodwill 2,217 2,217
Other intangibles, net 628 700
Other noncurrent assets 542 739
Total assets 133,263 128,428
Current liabilities:    
Accounts payable 9,017 8,466
Contract liabilities [3],[4],[5] 4,129 5,470
Accrued expenses and other liabilities 12,884 14,836
Long-term debt, current 1,075 1,075
Total current liabilities 27,105 29,847
Long-term debt, noncurrent 18,925 18,925
Other noncurrent liabilities 551 685
Total liabilities 46,581 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, 16,516 shares issued and outstanding at June 30, 2024 and 16,258 at December 31, 2023 11,688 11,729
Additional paid-in capital 108,238 108,615
Accumulated deficit (33,244) (41,373)
Total shareholders’ equity 86,682 78,971
Total liabilities and shareholders’ equity $ 133,263 $ 128,428
[1] Contract assets at June 30, 2024 and December 31, 2023, excluded $4.4 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 June 30, 2024, was primarily due to lower unbilled positions on various projects for our Services Division.
[2] The decrease in contract assets from December 31, 2023 to June 30, 2024, was primarily due to lower unbilled positions on various projects for our Fabrication Division.
[3] Contract liabilities at June 30, 2024 and December 31, 2023, includes accrued contract losses of $0.4 million and $0.4 million, respectively, primarily related to our Ferry Projects for our Shipyard Division.
[4] Revenue recognized during the three months ended June 30, 2024 and 2023, from amounts included in our contract liabilities balance at March 31, 2024 and 2023 was $0.8 million and $2.3 million, respectively. Revenue recognized during the six months ended June 30, 2024 and 2023, from amounts included in our contract liabilities balance at December 31, 2023 and 2022 was $4.6 million and $6.1 million, respectively.
[5] The decrease in contract liabilities from December 31, 2023 to June 30, 2024, was primarily due to lower advance billings on various projects for our Fabrication Division.