Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 1,743 $ (4,499)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 2,725 2,524
Allowance for doubtful accounts and credit losses (200)  
Gain on sale or disposal of fixed assets, net (33) (42)
Gain on insurance recoveries (245)  
Stock-based compensation expense 953 1,060
Changes in operating assets and liabilities:    
Contract receivables and retainage, net (7,110) (10,830)
Contract assets (1,823) (426)
Prepaid expenses, inventory and other current assets 955 (430)
Accounts payable 8,742 2,525
Contract liabilities (5,131) (3,339)
Accrued expenses and other current liabilities (2,393) (72)
Noncurrent assets and liabilities, net (376) (346)
Net cash used in operating activities (2,193) (13,875)
Cash flows from investing activities:    
Capital expenditures (1,056) (474)
Proceeds from Shipyard Transaction   886
Proceeds from sale of property and equipment 106 63
Recoveries from insurance claims 245  
Purchases of short-term investments (15,260)  
Maturities of short-term investments 10,000  
Net cash provided by (used in) investing activities (5,965) 475
Cash flows from financing activities:    
Payments on Insurance Finance Arrangements (1,129) (248)
Tax payments for vested stock withholdings (482) (121)
Net cash used in financing activities (1,611) (369)
Net decrease in cash, cash equivalents and restricted cash (9,769) (13,769)
Cash, cash equivalents and restricted cash, beginning of period 34,824 54,589
Cash, cash equivalents and restricted cash, end of period $ 25,055 $ 40,820