Costs and Estimated Earnings on Uncompleted Contracts

3 Months Ended

Mar. 31, 2025

Costs and Estimated Earnings on Uncompleted Contracts [Abstract]

Costs and Estimated Earnings on Uncompleted Contracts

4.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
	March 31, 2025		December 31, 2024
	(in thousands)
Costs incurred on uncompleted contracts	$	84,020	$	74,474
Estimated earnings		34,736		31,514
Billings to date		(95,384)		(92,082)
	$	23,372	$	13,906

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

	As of		As of
	March 31, 2025		December 31, 2024
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	26,840	$	19,198
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(3,468)		(5,292)
	$	23,372	$	13,906

At March 31, 2025 and December 31, 2024, the two largest customers comprised 93.0% and 89.0%, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings.