Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 28,636 $ 27,284
Restricted cash 1,197 1,197
Short-term investments 37,639 38,784
Contract receivables and retainage, net 25,407 22,487
Contract assets [1],[2] 10,073 8,611
Prepaid expenses and other assets 5,616 5,139
Inventory 3,012 1,907
Total current assets 111,580 105,409
Property, plant and equipment, net 22,933 24,051
Goodwill 2,217 2,217
Other intangibles, net 522 557
Other noncurrent assets 910 982
Total assets 138,162 133,216
Current liabilities:    
Accounts payable 9,518 5,801
Contract liabilities [3],[4] 934 1,278
Accrued expenses and other liabilities 11,220 13,180
Long-term debt, current 1,117 1,117
Total current liabilities 22,789 21,376
Long-term debt, noncurrent 17,886 17,888
Other noncurrent liabilities 782 850
Total liabilities 41,457 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, 16,260 shares issued and outstanding at March 31, 2025 and 16,346 at December 31, 2024 11,645 11,669
Additional paid-in capital 107,865 108,065
Accumulated deficit (22,805) (26,632)
Total shareholders’ equity 96,705 93,102
Total liabilities and shareholders’ equity $ 138,162 $ 133,216
[1] Contract assets at March 31, 2025 and December 31, 2024, excluded $4.5 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 March 31, 2025, was primarily due to lower unbilled positions on various projects for our Services Division.
[2] The increase in contract assets from December 31, 2024 to March 31, 2025, was primarily due to higher unbilled positions on various projects for our Fabrication Division.
[3] Revenue recognized during the three months ended March 31, 2025 and 2024, from amounts included in our contract liabilities balance at December 31, 2024 and 2023, was $0.8 million and $4.2 million, respectively.
[4] The decrease in contract liabilities from December 31, 2024 to March 31, 2025, was primarily due to lower advance billings on various projects for our Fabrication Division.