Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

v3.25.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 23,206 $ 27,284
Restricted cash 1,197 1,197
Short-term investments 40,156 38,784
Contract receivables and retainage, net 35,686 22,487
Contract assets [1],[2] 11,679 8,611
Prepaid expenses and other assets 3,602 5,139
Inventory 2,716 1,907
Total current assets 118,242 105,409
Property, plant and equipment, net 21,992 24,051
Goodwill 3,606 2,217
Other intangibles, net 821 557
Other noncurrent assets 2,065 982
Total assets 146,726 133,216
Current liabilities:    
Accounts payable 18,067 5,801
Contract liabilities [3],[4] 981 1,278
Accrued expenses and other liabilities 13,259 13,180
Long-term debt, current 1,117 1,117
Total current liabilities 33,424 21,376
Long-term debt, noncurrent 17,881 17,888
Other noncurrent liabilities 1,117 850
Total liabilities 52,422 40,114
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, 15,999 shares issued and outstanding at September 30, 2025 and 16,346 at December 31, 2024 11,308 11,669
Additional paid-in capital 104,816 108,065
Accumulated deficit (21,820) (26,632)
Total shareholders’ equity 94,304 93,102
Total liabilities and shareholders’ equity $ 146,726 $ 133,216
[1] Contract assets at September 30, 2025 and December 31, 2024, excluded $4.3 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 decrease from December 31, 2024 to September 30, 2025, was primarily due to lower unbilled positions on various projects for our Services Division, offset partially by amounts related to the Englobal Business.
[2] The increase in contract assets from December 31, 2024 to September 30, 2025, was primarily due to higher net unbilled positions on various projects for our Fabrication Division and contract assets related to the Englobal Business.
[3] Revenue recognized during the three months ended September 30, 2025 and 2024, from amounts included in our contract liabilities balance at June 30, 2025 and 2024, was $1.3 million and $3.0 million, respectively. Revenue recognized during the nine months ended September 30, 2025 and 2024, from amounts included in our contract liabilities balance at December 31, 2024 and 2023, was $0.9 million and $4.8 million, respectively.
[4] The decrease in contract liabilities from December 31, 2024 to September 30, 2025, was primarily due to lower advance billings on various projects for our Fabrication Division, offset partially by contract liabilities related to the Englobal Business.