Costs and Estimated Earnings on Uncompleted Contracts

12 Months Ended

Dec. 31, 2024

Costs and Estimated Earnings on Uncompleted Contracts [Abstract]

Costs and Estimated Earnings on Uncompleted Contracts

5.COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

The Company’s costs and estimated earnings on uncompleted contracts are comprised of the following:

	As of		As of
	December 31, 2024		December 31, 2023
	(in thousands)
Costs incurred on uncompleted contracts	$	74,474	$	98,674
Estimated earnings		31,514		64,589
Billings to date		(92,082)		(152,608)
	$	13,906	$	10,655

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These amounts are included in the Consolidated Balance Sheets under the following captions:

	As of		As of
	December 31, 2024		December 31, 2023
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	19,198	$	16,252
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(5,292)		(5,597)
	$	13,906	$	10,655

At December 31, 2024 and 2023, the two largest customers comprised 89.0% and 84.6%, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings.