Quarterly report [Sections 13 or 15(d)]

Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables)

v3.25.2
Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Disaggregation of Revenue

The following tables summarize revenue for each of our reportable segments, disaggregated by contract type and duration, for the three and six months ended June 30, 2025 and 2024 (in thousands):

 

 

Three Months Ended June 30, 2025

 

 

 

Services(1)

 

 

Fabrication(1)

 

 

Shipyard(2)

 

 

Eliminations

 

 

Total

 

Fixed-price and unit-rate

 

$

141

 

 

$

7,764

 

 

$

—

 

 

$

(9

)

 

$

7,896

 

T&M and cost-reimbursable

 

 

20,906

 

 

 

8,081

 

 

 

—

 

 

 

—

 

 

 

28,987

 

Other

 

 

931

 

 

 

—

 

 

 

—

 

 

 

(276

)

 

 

655

 

Total

 

$

21,978

 

 

$

15,845

 

 

$

—

 

 

$

(285

)

 

$

37,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

$

141

 

 

$

13,628

 

 

$

—

 

 

$

(9

)

 

$

13,760

 

Short-term

 

 

21,837

 

 

 

2,217

 

 

 

—

 

 

 

(276

)

 

 

23,778

 

Total

 

$

21,978

 

 

$

15,845

 

 

$

—

 

 

$

(285

)

 

$

37,538

 

 

 

 

Three Months Ended June 30, 2024

 

 

 

Services

 

 

Fabrication

 

 

Shipyard

 

 

Eliminations

 

 

Total

 

Fixed-price and unit-rate

 

$

514

 

 

$

16,682

 

 

$

36

 

 

$

(3

)

 

$

17,229

 

T&M and cost-reimbursable

 

 

21,589

 

 

 

2,045

 

 

 

—

 

 

 

—

 

 

 

23,634

 

Other

 

 

664

 

 

 

—

 

 

 

—

 

 

 

(265

)

 

 

399

 

Total

 

$

22,767

 

 

$

18,727

 

 

$

36

 

 

$

(268

)

 

$

41,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

$

514

 

 

$

17,656

 

 

$

36

 

 

$

(3

)

 

$

18,203

 

Short-term

 

 

22,253

 

 

 

1,071

 

 

 

—

 

 

 

(265

)

 

 

23,059

 

Total

 

$

22,767

 

 

$

18,727

 

 

$

36

 

 

$

(268

)

 

$

41,262

 

 

 

 

Six Months Ended June 30, 2025

 

 

 

Services(1)

 

 

Fabrication(1)

 

 

Shipyard(2)

 

 

Eliminations

 

 

Total

 

Fixed-price and unit-rate

 

$

359

 

 

$

18,799

 

 

$

—

 

 

$

(78

)

 

$

19,080

 

T&M and cost-reimbursable

 

 

39,095

 

 

 

17,740

 

 

 

—

 

 

 

—

 

 

 

56,835

 

Other

 

 

2,379

 

 

 

—

 

 

 

—

 

 

 

(483

)

 

 

1,896

 

Total

 

$

41,833

 

 

$

36,539

 

 

$

—

 

 

$

(561

)

 

$

77,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

$

359

 

 

$

33,163

 

 

$

—

 

 

$

(78

)

 

$

33,444

 

Short-term

 

 

41,474

 

 

 

3,376

 

 

 

—

 

 

 

(483

)

 

 

44,367

 

Total

 

$

41,833

 

 

$

36,539

 

 

$

—

 

 

$

(561

)

 

$

77,811

 

 

 

 

Six Months Ended June 30, 2024

 

 

 

Services

 

 

Fabrication

 

 

Shipyard

 

 

Eliminations

 

 

Total

 

Fixed-price and unit-rate

 

$

763

 

 

$

32,557

 

 

$

445

 

 

$

(3

)

 

$

33,762

 

T&M and cost-reimbursable

 

 

46,316

 

 

 

3,308

 

 

 

—

 

 

 

—

 

 

 

49,624

 

Other

 

 

1,222

 

 

 

—

 

 

 

—

 

 

 

(465

)

 

 

757

 

Total

 

$

48,301

 

 

$

35,865

 

 

$

445

 

 

$

(468

)

 

$

84,143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

$

763

 

 

$

33,614

 

 

$

445

 

 

$

(3

)

 

$

34,819

 

Short-term

 

 

47,538

 

 

 

2,251

 

 

 

—

 

 

 

(465

)

 

 

49,324

 

Total

 

$

48,301

 

 

$

35,865

 

 

$

445

 

 

$

(468

)

 

$

84,143

 

 

(1)
Operating results for the Services Division include the Engineering Business and the Government Business, and operating results for the Fabrication Division include the Automation Business, from the applicable Acquisition Date. See Note 3 for further discussion of the Englobal Acquisition.
(2)
The Shipyard Division is no longer a reportable segment effective January 1, 2025. Remaining operating results for our former Shipyard Division are included in other (income) expense, net on our Statement of Operations and are reflected within our Corporate Division. See Note 7 for further discussion of our former Shipyard Division and change in reportable segments.
Summary of Remaining Performance Obligations, Disaggregated by Operating Segment and Contract Type

The following table summarizes our remaining performance obligations for each of our reportable segments, disaggregated by contract type, at June 30, 2025 (in thousands):

 

 

June 30, 2025

 

 

 

Services

 

 

Fabrication

 

 

Total

 

Fixed-price and unit-rate(1)

 

$

470

 

 

$

5,146

 

 

$

5,616

 

T&M and cost-reimbursable

 

 

—

 

 

 

1,184

 

 

 

1,184

 

Total(2)

 

$

470

 

 

$

6,330

 

 

$

6,800

 

 

(1)
Performance obligations at June 30, 2025, include approximately $2.1 million related to the Englobal Business. See Note 3 for further discussion of the Englobal Acquisition.
(2)
We expect all of our performance obligations at June 30, 2025, to be recognized as revenue during 2025. Certain factors and circumstances could result in changes in the timing of recognition of our performance obligations as revenue and the amounts ultimately recognized.
Summary of Contract with Customer, Asset and Liability Information with respect to contracts that were incomplete at June 30, 2025 and December 31, 2024, is as follows (in thousands):

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Contract assets(1), (2)

 

$

7,727

 

 

$

8,611

 

Contract liabilities(3), (4)

 

 

(2,078

)

 

 

(1,278

)

Contracts in progress, net

 

$

5,649

 

 

$

7,333

 

 

(1)
The decrease in contract assets from December 31, 2024 to June 30, 2025, was primarily due to lower unbilled positions on various projects for our Fabrication Division, offset partially by contract assets related to the Englobal Business.
(2)
Contract assets at June 30, 2025 and December 31, 2024, excluded $6.1 million and $4.6 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 increase from December 31, 2024 to June 30, 2025, was primarily due to higher unbilled positions on various projects for our Services Division and amounts related to the Englobal Business.
(3)
The increase in contract liabilities from December 31, 2024 to June 30, 2025, was primarily due to contract liabilities related to the Englobal Business.
(4)
Revenue recognized during the three months ended June 30, 2025 and 2024, from amounts included in our contract liabilities balance at March 31, 2025 and 2024, was $0.3 million and $0.8 million, respectively. Revenue recognized during the six months ended June 30, 2025 and 2024, from amounts included in our contract liabilities balance at December 31, 2024 and 2023, was $0.9 million and $4.6 million, respectively.