Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 27,284 $ 38,176
Restricted cash 1,197 1,475
Short-term investments 38,784 8,233
Contract receivables and retainage, net 22,487 36,298
Contract assets [1],[2] 8,611 2,739
Prepaid expenses and other assets 5,139 6,994
Inventory 1,907 2,072
Assets held for sale   5,640
Total current assets 105,409 101,627
Property, plant and equipment, net 24,051 23,145
Goodwill 2,217 2,217
Other intangibles, net 557 700
Other noncurrent assets 982 739
Total assets 133,216 128,428
Current liabilities:    
Accounts payable 5,801 8,466
Contract liabilities [3],[4],[5] 1,278 5,470
Accrued expenses and other liabilities 13,180 14,836
Long-term debt, current 1,117 1,075
Total current liabilities 21,376 29,847
Long-term debt, noncurrent 17,888 18,925
Other noncurrent liabilities 850 685
Total liabilities 40,114 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, 16,346 issued and outstanding at December 31, 2024 and 16,258 at December 31, 2023 11,669 11,729
Additional paid-in capital 108,065 108,615
Accumulated deficit (26,632) (41,373)
Total shareholders’ equity 93,102 78,971
Total liabilities and shareholders’ equity $ 133,216 $ 128,428
[1] Contract assets at December 31, 2024 and 2023, excluded $4.6 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 December 31, 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 December 31, 2024, was primarily due to higher unbilled positions on various projects for our Fabrication Division.
[3] Contract liabilities at December 31, 2023, included accrued contract losses of $0.4 million, primarily related to projects for our Shipyard Division.
[4] Revenue recognized during 2024 and 2023, related to amounts included in our contract liabilities balance at December 31, 2023 and 2022, was $4.9 million and $6.6 million, respectively.
[5] The decrease in contract liabilities from December 31, 2023 to December 31, 2024, was primarily due to lower advance billings on various projects for our Fabrication Division.