Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 25,125 $ 33,221
Restricted cash 1,197 1,603
Short-term investments 15,437 9,905
Contract receivables and retainage, net 35,684 29,427
Contract assets [1],[2] 4,305 4,839
Prepaid expenses and other assets 3,438 6,475
Inventory 2,340 1,599
Total current assets 87,526 87,069
Property, plant and equipment, net 29,285 31,154
Goodwill 2,217 2,217
Other intangibles, net 735 842
Other noncurrent assets 839 13,584
Total assets 120,602 134,866
Current liabilities:    
Accounts payable 11,515 8,310
Contract liabilities [3],[4],[5] 3,534 8,196
Accrued expenses and other liabilities 13,247 14,283
Total current liabilities 28,296 30,789
Contract liabilities, non-current 20,000  
Other noncurrent liabilities 822 1,453
Total liabilities 49,118 32,242
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, 16,287 shares issued and outstanding at September 30, 2023 and 15,973 at December 31, 2022 11,690 11,591
Additional paid-in capital 108,257 107,372
Accumulated deficit (48,463) (16,339)
Total shareholders’ equity 71,484 102,624
Total liabilities and shareholders’ equity $ 120,602 $ 134,866
[1] Contract assets at September 30, 2023 and December 31, 2022, excluded $3.8 million and $3.6 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.
[2] The decrease in contract assets compared to December 31, 2022, was primarily due to decreased unbilled positions on our forty-vehicle ferry projects for our Shipyard Division, offset partially by increased unbilled positions on various projects for our Fabrication Division.
[3] Contract liabilities at September 30, 2023 and December 31, 2022, includes accrued contract losses of $0.4 million and $1.6 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses and Note 4 for discussion of the noncurrent contract liability associated with the resolution of our MPSV Litigation.
[4] Revenue recognized during the three months ended September 30, 2023 and 2022, related to amounts included in our contract liabilities balance at June 30, 2023 and 2022 was $1.1 million and $0.6 million, respectively. Revenue recognized during the nine months ended September 30, 2023 and 2022, related to amounts included in our contract liabilities balance at December 31, 2022 and 2021, was $6.2 million and $2.7 million, respectively.
[5] The decrease in contract liabilities compared to December 31, 2022, was primarily due to a decrease in advance billings on our cancelled offshore jackets project for our Fabrication Division and accrued contract losses on our forty-vehicle ferry projects for our Shipyard Division. See “Future Performance Obligations” above for further discussion of the project cancellation.