| Summarized Segment Financial Information |
Summarized financial information for our segments as of and for the three and nine months ended September 30, 2025 and 2024, is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2025 |
|
|
|
Services(1) |
|
|
Fabrication(1) |
|
|
Shipyard(2) |
|
|
Corporate |
|
|
Consolidated |
|
Revenue (eliminations) |
|
$ |
21,494 |
|
|
$ |
30,551 |
|
|
$ |
— |
|
|
$ |
(505 |
) |
|
$ |
51,540 |
|
Cost of revenue |
|
|
19,668 |
|
|
|
27,497 |
|
|
|
— |
|
|
|
(505 |
) |
|
|
46,660 |
|
Gross profit |
|
|
1,826 |
|
|
|
3,054 |
|
|
|
— |
|
|
|
— |
|
|
|
4,880 |
|
General and administrative expense |
|
|
984 |
|
|
|
978 |
|
|
|
— |
|
|
|
1,689 |
|
|
|
3,651 |
|
Other (income) expense, net |
|
|
(1 |
) |
|
|
(55 |
) |
|
|
— |
|
|
|
139 |
|
|
|
83 |
|
Operating income (loss) |
|
$ |
843 |
|
|
$ |
2,131 |
|
|
$ |
— |
|
|
$ |
(1,828 |
) |
|
$ |
1,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
$ |
439 |
|
|
$ |
765 |
|
|
$ |
— |
|
|
$ |
24 |
|
|
$ |
1,228 |
|
Interest (expense) income, net |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
411 |
|
|
$ |
411 |
|
Capital expenditures |
|
$ |
10 |
|
|
$ |
187 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
197 |
|
Total assets(3) |
|
$ |
23,398 |
|
|
$ |
54,705 |
|
|
$ |
— |
|
|
$ |
68,623 |
|
|
$ |
146,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2024 |
|
|
|
Services |
|
|
Fabrication |
|
|
Shipyard |
|
|
Corporate |
|
|
Consolidated |
|
Revenue (eliminations) |
|
$ |
20,245 |
|
|
$ |
17,110 |
|
|
$ |
490 |
|
|
$ |
(205 |
) |
|
$ |
37,640 |
|
Cost of revenue |
|
|
18,205 |
|
|
|
14,569 |
|
|
|
415 |
|
|
|
(205 |
) |
|
|
32,984 |
|
Gross profit |
|
|
2,040 |
|
|
|
2,541 |
|
|
|
75 |
|
|
|
— |
|
|
|
4,656 |
|
General and administrative expense |
|
|
634 |
|
|
|
489 |
|
|
|
— |
|
|
|
1,862 |
|
|
|
2,985 |
|
Other (income) expense, net |
|
|
10 |
|
|
|
18 |
|
|
|
53 |
|
|
|
(82 |
) |
|
|
(1 |
) |
Operating income (loss) |
|
$ |
1,396 |
|
|
$ |
2,034 |
|
|
$ |
22 |
|
|
$ |
(1,780 |
) |
|
$ |
1,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
$ |
495 |
|
|
$ |
633 |
|
|
$ |
— |
|
|
$ |
80 |
|
|
$ |
1,208 |
|
Interest (expense) income, net |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
647 |
|
|
$ |
647 |
|
Capital expenditures |
|
$ |
17 |
|
|
$ |
1,297 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,314 |
|
Total assets(3) |
|
$ |
24,445 |
|
|
$ |
34,895 |
|
|
$ |
233 |
|
|
$ |
71,195 |
|
|
$ |
130,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2025 |
|
|
|
Services(1) |
|
|
Fabrication(1) |
|
|
Shipyard(2) |
|
|
Corporate |
|
|
Consolidated |
|
Revenue (eliminations) |
|
$ |
63,327 |
|
|
$ |
67,090 |
|
|
$ |
— |
|
|
$ |
(1,066 |
) |
|
$ |
129,351 |
|
Cost of revenue |
|
|
56,820 |
|
|
|
58,541 |
|
|
|
— |
|
|
|
(1,066 |
) |
|
|
114,295 |
|
Gross profit |
|
|
6,507 |
|
|
|
8,549 |
|
|
|
— |
|
|
|
— |
|
|
|
15,056 |
|
General and administrative expense |
|
|
2,513 |
|
|
|
2,373 |
|
|
|
— |
|
|
|
5,286 |
|
|
|
10,172 |
|
Other (income) expense, net |
|
|
(1 |
) |
|
|
(157 |
) |
|
|
— |
|
|
|
1,695 |
|
|
|
1,537 |
|
Operating income (loss) |
|
$ |
3,995 |
|
|
$ |
6,333 |
|
|
$ |
— |
|
|
$ |
(6,981 |
) |
|
$ |
3,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
$ |
1,358 |
|
|
$ |
2,196 |
|
|
$ |
— |
|
|
$ |
124 |
|
|
$ |
3,678 |
|
Interest (expense) income, net |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,470 |
|
|
$ |
1,470 |
|
Capital expenditures |
|
$ |
81 |
|
|
$ |
732 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
813 |
|
Total assets(3) |
|
$ |
23,398 |
|
|
$ |
54,705 |
|
|
$ |
— |
|
|
$ |
68,623 |
|
|
$ |
146,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2024 |
|
|
|
Services |
|
|
Fabrication |
|
|
Shipyard |
|
|
Corporate |
|
|
Consolidated |
|
Revenue (eliminations) |
|
$ |
68,546 |
|
|
$ |
52,975 |
|
|
$ |
935 |
|
|
$ |
(673 |
) |
|
$ |
121,783 |
|
Cost of revenue |
|
|
60,005 |
|
|
|
47,003 |
|
|
|
510 |
|
|
|
(673 |
) |
|
|
106,845 |
|
Gross profit |
|
|
8,541 |
|
|
|
5,972 |
|
|
|
425 |
|
|
|
— |
|
|
|
14,938 |
|
General and administrative expense |
|
|
2,064 |
|
|
|
1,475 |
|
|
|
— |
|
|
|
6,284 |
|
|
|
9,823 |
|
Other (income) expense, net |
|
|
25 |
|
|
|
(3,387 |
) |
|
|
52 |
|
|
|
(238 |
) |
|
|
(3,548 |
) |
Operating income (loss) |
|
$ |
6,452 |
|
|
$ |
7,884 |
|
|
$ |
373 |
|
|
$ |
(6,046 |
) |
|
$ |
8,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
$ |
1,461 |
|
|
$ |
1,942 |
|
|
$ |
— |
|
|
$ |
238 |
|
|
$ |
3,641 |
|
Interest (expense) income, net |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,792 |
|
|
$ |
1,792 |
|
Capital expenditures |
|
$ |
684 |
|
|
$ |
4,196 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,880 |
|
Total assets(3) |
|
$ |
24,445 |
|
|
$ |
34,895 |
|
|
$ |
233 |
|
|
$ |
71,195 |
|
|
$ |
130,768 |
|
(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.
|