Quarterly report [Sections 13 or 15(d)]

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

v3.25.3
Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2025 and 2024 (in thousands):

 

 

Three Months Ended September 30, 2025

 

 

 

Services(1)

 

 

Fabrication(1)

 

 

Shipyard(2)

 

 

Eliminations

 

 

Total

 

Fixed-price and unit-rate

 

$

622

 

 

$

20,999

 

 

$

—

 

 

$

(2

)

 

$

21,619

 

T&M and cost-reimbursable

 

 

19,839

 

 

 

9,552

 

 

 

—

 

 

 

(3

)

 

 

29,388

 

Other

 

 

1,033

 

 

 

—

 

 

 

—

 

 

 

(500

)

 

 

533

 

Total

 

$

21,494

 

 

$

30,551

 

 

$

—

 

 

$

(505

)

 

$

51,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

$

622

 

 

$

28,774

 

 

$

—

 

 

$

(2

)

 

$

29,394

 

Short-term

 

 

20,872

 

 

 

1,777

 

 

 

—

 

 

 

(503

)

 

 

22,146

 

Total

 

$

21,494

 

 

$

30,551

 

 

$

—

 

 

$

(505

)

 

$

51,540

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

Services

 

 

Fabrication

 

 

Shipyard

 

 

Eliminations

 

 

Total

 

Fixed-price and unit-rate

 

$

74

 

 

$

10,235

 

 

$

490

 

 

$

(3

)

 

$

10,796

 

T&M and cost-reimbursable

 

 

19,403

 

 

 

6,875

 

 

 

—

 

 

 

—

 

 

 

26,278

 

Other

 

 

768

 

 

 

—

 

 

 

—

 

 

 

(202

)

 

 

566

 

Total

 

$

20,245

 

 

$

17,110

 

 

$

490

 

 

$

(205

)

 

$

37,640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

$

74

 

 

$

15,786

 

 

$

490

 

 

$

(3

)

 

$

16,347

 

Short-term

 

 

20,171

 

 

 

1,324

 

 

 

—

 

 

 

(202

)

 

 

21,293

 

Total

 

$

20,245

 

 

$

17,110

 

 

$

490

 

 

$

(205

)

 

$

37,640

 

 

 

 

Nine Months Ended September 30, 2025

 

 

 

Services(1)

 

 

Fabrication(1)

 

 

Shipyard(2)

 

 

Eliminations

 

 

Total

 

Fixed-price and unit-rate

 

$

981

 

 

$

39,798

 

 

$

—

 

 

$

(80

)

 

$

40,699

 

T&M and cost-reimbursable

 

 

58,934

 

 

 

27,292

 

 

 

—

 

 

 

(3

)

 

 

86,223

 

Other

 

 

3,412

 

 

 

—

 

 

 

—

 

 

 

(983

)

 

 

2,429

 

Total

 

$

63,327

 

 

$

67,090

 

 

$

—

 

 

$

(1,066

)

 

$

129,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

$

981

 

 

$

61,937

 

 

$

—

 

 

$

(80

)

 

$

62,838

 

Short-term

 

 

62,346

 

 

 

5,153

 

 

 

—

 

 

 

(986

)

 

 

66,513

 

Total

 

$

63,327

 

 

$

67,090

 

 

$

—

 

 

$

(1,066

)

 

$

129,351

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

Services

 

 

Fabrication

 

 

Shipyard

 

 

Eliminations

 

 

Total

 

Fixed-price and unit-rate

 

$

837

 

 

$

42,792

 

 

$

935

 

 

$

(6

)

 

$

44,558

 

T&M and cost-reimbursable

 

 

65,719

 

 

 

10,183

 

 

 

—

 

 

 

—

 

 

 

75,902

 

Other

 

 

1,990

 

 

 

—

 

 

 

—

 

 

 

(667

)

 

 

1,323

 

Total

 

$

68,546

 

 

$

52,975

 

 

$

935

 

 

$

(673

)

 

$

121,783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term

 

$

837

 

 

$

49,400

 

 

$

935

 

 

$

(6

)

 

$

51,166

 

Short-term

 

 

67,709

 

 

 

3,575

 

 

 

—

 

 

 

(667

)

 

 

70,617

 

Total

 

$

68,546

 

 

$

52,975

 

 

$

935

 

 

$

(673

)

 

$

121,783

 

 

(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 September 30, 2025 (in thousands):

 

 

September 30, 2025

 

 

 

Services

 

 

Fabrication

 

 

Total

 

Fixed-price and unit-rate

 

$

7,771

 

 

$

27,319

 

 

$

35,090

 

T&M and cost-reimbursable

 

 

—

 

 

 

1,754

 

 

 

1,754

 

Total(1)

 

$

7,771

 

 

$

29,073

 

 

$

36,844

 

 

(1)
We expect to recognize revenue of approximately $17.4 million, $16.4 million and $3.0 million for the remainder of 2025, 2026 and thereafter, respectively, associated with our performance obligations at September 30, 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 September 30, 2025 and December 31, 2024, is as follows (in thousands):

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Contract assets(1), (2)

 

$

11,679

 

 

$

8,611

 

Contract liabilities(3), (4)

 

 

(981

)

 

 

(1,278

)

Contracts in progress, net

 

$

10,698

 

 

$

7,333

 

 

(1)
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.
(2)
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.
(3)
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.
(4)
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.