Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

16.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				Nine months ended
	September 30,				September 30,
		2024		2023		2024		2023
Marine
Contract revenues	$	140,013	$	80,913	$	377,291	$	260,754
Operating income (loss)	$	5,485	$	2,001	$	(4,847)	$	(587)
Depreciation and amortization expense	$	(4,552)	$	(4,771)	$	(14,405)	$	(12,418)
Total assets	$	318,864	$	269,409	$	318,864	$	269,409
Property and equipment, net	$	80,916	$	82,914	$	80,916	$	82,914
Concrete
Contract revenues	$	86,662	$	87,563	$	202,223	$	249,430
Operating income (loss)	$	2,296	$	560	$	6,736	$	(5,456)
Depreciation and amortization expense	$	(1,016)	$	(1,322)	$	(3,153)	$	(4,464)
Total assets	$	111,465	$	110,813	$	111,465	$	110,813
Property and equipment, net	$	5,338	$	6,671	$	5,338	$	6,671

There was $0.1 million in intersegment revenues between the Company’s two reportable segments for both the three months ended September 30, 2024 and 2023. There were $1.8 million and $0.1 million in intersegment revenues between the Company’s two reportable segments for the nine months ended September 30, 2024 and 2023, respectively.

The marine segment had foreign revenues of $22.8 million and $4.5 million for the three months ended September 30, 2024 and 2023, respectively. The marine segment has foreign revenues of $48.8 million and $14.5 million for the nine months ended September 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.