Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

15.Segment Information

The Company currently operates in two reportable segments: marine and concrete. The Company’s financial reporting systems present various data for management to run the business, including profit and loss statements prepared according to the segments presented. Management uses operating income to evaluate performance between the two segments.

Segment information for the periods presented is provided as follows:

	Three months ended				Six months ended
	June 30,				June 30,
		2024		2023		2024		2023
Marine
Contract revenues	$	130,953	$	100,543	$	237,278	$	179,841
Operating (loss) income	$	(5,466)	$	3,492	$	(10,332)	$	(2,588)
Depreciation and amortization expense	$	(4,922)	$	(3,812)	$	(9,853)	$	(7,647)
Total assets	$	322,031	$	265,913	$	322,031	$	265,913
Property and equipment, net	$	80,115	$	84,251	$	80,115	$	84,251
Concrete
Contract revenues	$	61,214	$	81,991	$	115,561	$	161,867
Operating income (loss)	$	2,698	$	(1,453)	$	4,440	$	(6,016)
Depreciation and amortization expense	$	(1,048)	$	(1,531)	$	(2,137)	$	(3,142)
Total assets	$	91,988	$	103,296	$	91,988	$	103,296
Property and equipment, net	$	5,860	$	7,542	$	5,860	$	7,542

There were $1.1 million and none in intersegment revenues between the Company’s two reportable segments for the three months ended June 30, 2024 and 2023, respectively. There were $1.7 million and less than $0.1 million in intersegment revenues between the Company’s two reportable segments for the six months ended June 30, 2024 and 2023, respectively.

The marine segment had foreign revenues of $16.5 million and $7.3 million for the three months ended June 30, 2024 and 2023, respectively. The marine segment has foreign revenues of $26.0 million and $10.0 million for the six months ended June 30, 2024 and 2023, respectively. These revenues are derived from projects in the Caribbean Basin and are paid primarily in U.S. dollars. There was no foreign revenue for the concrete segment.