| Summarized Segment Financial Information |
Summarized financial information for our segments as of and for the three months ended March 31, 2025 and 2024, is as follows (in thousands):
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Three Months Ended March 31, 2025 |
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Services |
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Fabrication |
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Shipyard(1) |
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Corporate |
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Consolidated |
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Revenue (eliminations) |
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$ |
19,855 |
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$ |
20,694 |
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$ |
— |
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$ |
(276 |
) |
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$ |
40,273 |
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Cost of revenue |
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17,572 |
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|
16,362 |
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— |
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(276 |
) |
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33,658 |
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Gross profit |
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2,283 |
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4,332 |
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— |
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— |
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6,615 |
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General and administrative expense |
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|
700 |
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|
567 |
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— |
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1,968 |
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3,235 |
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Other (income) expense, net |
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— |
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(30 |
) |
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— |
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130 |
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|
100 |
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Operating income (loss) |
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$ |
1,583 |
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$ |
3,795 |
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$ |
— |
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$ |
(2,098 |
) |
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$ |
3,280 |
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Other financial information: |
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Depreciation and amortization expense |
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$ |
482 |
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$ |
698 |
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$ |
— |
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$ |
76 |
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$ |
1,256 |
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Interest (expense) income, net |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
549 |
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$ |
549 |
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Capital expenditures |
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$ |
— |
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$ |
307 |
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$ |
— |
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$ |
— |
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$ |
307 |
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Total assets(2) |
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$ |
23,077 |
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$ |
41,311 |
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$ |
— |
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$ |
73,774 |
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$ |
138,162 |
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Three Months Ended March 31, 2024 |
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Services |
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Fabrication |
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Shipyard |
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Corporate |
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Consolidated |
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Revenue (eliminations) |
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$ |
25,534 |
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$ |
17,138 |
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$ |
409 |
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$ |
(200 |
) |
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$ |
42,881 |
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Cost of revenue |
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21,921 |
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14,946 |
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|
90 |
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(200 |
) |
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36,757 |
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Gross profit |
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3,613 |
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|
2,192 |
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|
319 |
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— |
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6,124 |
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General and administrative expense |
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|
743 |
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|
441 |
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— |
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2,300 |
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|
3,484 |
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Other (income) expense, net |
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|
3 |
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(2,970 |
) |
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(23 |
) |
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(78 |
) |
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(3,068 |
) |
Operating income (loss) |
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$ |
2,867 |
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$ |
4,721 |
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$ |
342 |
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$ |
(2,222 |
) |
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$ |
5,708 |
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Other financial information: |
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Depreciation and amortization expense |
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$ |
480 |
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$ |
635 |
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$ |
— |
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$ |
78 |
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$ |
1,193 |
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Interest (expense) income, net |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
542 |
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$ |
542 |
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Capital expenditures |
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$ |
294 |
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$ |
2,259 |
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$ |
— |
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$ |
— |
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$ |
2,553 |
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Total assets(2) |
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$ |
28,228 |
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$ |
33,172 |
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$ |
541 |
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$ |
65,817 |
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$ |
127,758 |
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(1)Effective January 1, 2025, the Shipyard Division is no longer a reportable segment. Remaining operating results for our Shipyard Division are not material and are reflected within our Corporate Division.
(2)Cash and short-term investments are reported within our Corporate Division.
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