| Summarized Segment Financial Information |
Summarized financial information for our segments as of and for the three and six months ended June 30, 2025 and 2024, is as follows (in thousands):
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Three Months Ended June 30, 2025 |
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Services(1) |
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Fabrication(1) |
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Shipyard(2) |
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Corporate |
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Consolidated |
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Revenue (eliminations) |
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$ |
21,978 |
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$ |
15,845 |
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$ |
— |
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$ |
(285 |
) |
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$ |
37,538 |
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Cost of revenue |
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19,580 |
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14,682 |
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— |
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(285 |
) |
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33,977 |
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Gross profit |
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2,398 |
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1,163 |
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— |
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— |
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3,561 |
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General and administrative expense |
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|
829 |
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|
828 |
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— |
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1,629 |
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3,286 |
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Other (income) expense, net |
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— |
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(72 |
) |
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— |
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1,426 |
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1,354 |
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Operating income (loss) |
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$ |
1,569 |
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$ |
407 |
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$ |
— |
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$ |
(3,055 |
) |
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$ |
(1,079 |
) |
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Other financial information: |
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Depreciation and amortization expense |
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$ |
437 |
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$ |
733 |
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$ |
— |
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$ |
24 |
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$ |
1,194 |
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Interest (expense) income, net |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
510 |
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$ |
510 |
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Capital expenditures |
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$ |
71 |
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$ |
238 |
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$ |
— |
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$ |
— |
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$ |
309 |
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Total assets(3) |
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$ |
25,659 |
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$ |
41,745 |
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$ |
— |
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$ |
66,944 |
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$ |
134,348 |
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Three Months Ended June 30, 2024 |
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Services |
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Fabrication |
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Shipyard |
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Corporate |
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Consolidated |
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Revenue (eliminations) |
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$ |
22,767 |
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$ |
18,727 |
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$ |
36 |
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$ |
(268 |
) |
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$ |
41,262 |
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Cost of revenue |
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19,879 |
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17,488 |
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5 |
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(268 |
) |
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37,104 |
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Gross profit |
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2,888 |
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1,239 |
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31 |
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— |
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4,158 |
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General and administrative expense |
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|
687 |
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|
545 |
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— |
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2,122 |
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3,354 |
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Other (income) expense, net |
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12 |
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(435 |
) |
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22 |
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(78 |
) |
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(479 |
) |
Operating income (loss) |
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$ |
2,189 |
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$ |
1,129 |
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$ |
9 |
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$ |
(2,044 |
) |
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$ |
1,283 |
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Other financial information: |
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Depreciation and amortization expense |
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$ |
486 |
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$ |
674 |
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$ |
— |
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$ |
80 |
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$ |
1,240 |
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Interest (expense) income, net |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
603 |
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$ |
603 |
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Capital expenditures |
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$ |
373 |
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$ |
640 |
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$ |
— |
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$ |
— |
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$ |
1,013 |
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Total assets(3) |
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$ |
26,179 |
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$ |
39,449 |
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$ |
541 |
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$ |
67,094 |
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$ |
133,263 |
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Six Months Ended June 30, 2025 |
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Services(1) |
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Fabrication(1) |
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Shipyard(2) |
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Corporate |
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Consolidated |
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Revenue (eliminations) |
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$ |
41,833 |
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$ |
36,539 |
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$ |
— |
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$ |
(561 |
) |
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$ |
77,811 |
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Cost of revenue |
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37,152 |
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31,044 |
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— |
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(561 |
) |
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67,635 |
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Gross profit |
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4,681 |
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5,495 |
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— |
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— |
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10,176 |
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General and administrative expense |
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1,529 |
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1,395 |
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— |
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3,597 |
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6,521 |
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Other (income) expense, net |
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— |
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(102 |
) |
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— |
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1,556 |
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1,454 |
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Operating income (loss) |
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$ |
3,152 |
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$ |
4,202 |
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$ |
— |
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$ |
(5,153 |
) |
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$ |
2,201 |
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Other financial information: |
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Depreciation and amortization expense |
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$ |
919 |
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$ |
1,431 |
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$ |
— |
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$ |
100 |
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$ |
2,450 |
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Interest (expense) income, net |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
1,059 |
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$ |
1,059 |
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Capital expenditures |
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$ |
71 |
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$ |
545 |
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$ |
— |
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$ |
— |
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$ |
616 |
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Total assets(3) |
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$ |
25,659 |
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$ |
41,745 |
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$ |
— |
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$ |
66,944 |
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$ |
134,348 |
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Six Months Ended June 30, 2024 |
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Services |
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Fabrication |
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Shipyard |
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Corporate |
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Consolidated |
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Revenue (eliminations) |
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$ |
48,301 |
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$ |
35,865 |
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$ |
445 |
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$ |
(468 |
) |
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$ |
84,143 |
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Cost of revenue |
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|
41,800 |
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|
32,434 |
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|
95 |
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(468 |
) |
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73,861 |
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Gross profit |
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6,501 |
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3,431 |
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|
350 |
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— |
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10,282 |
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General and administrative expense |
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1,430 |
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|
986 |
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— |
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4,422 |
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6,838 |
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Other (income) expense, net |
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15 |
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(3,405 |
) |
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(1 |
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(156 |
) |
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(3,547 |
) |
Operating income (loss) |
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$ |
5,056 |
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$ |
5,850 |
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$ |
351 |
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$ |
(4,266 |
) |
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$ |
6,991 |
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Other financial information: |
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Depreciation and amortization expense |
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$ |
966 |
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$ |
1,309 |
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$ |
— |
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$ |
158 |
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$ |
2,433 |
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Interest (expense) income, net |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
1,145 |
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$ |
1,145 |
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Capital expenditures |
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$ |
667 |
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$ |
2,899 |
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$ |
— |
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$ |
— |
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$ |
3,566 |
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Total assets(3) |
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$ |
26,179 |
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$ |
39,449 |
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$ |
541 |
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$ |
67,094 |
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$ |
133,263 |
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(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.
(3)Cash and short-term investments are reported within our Corporate Division.
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