Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

18.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.

The Company’s CODM, the Company’s President and Chief Executive Officer, evaluates segment performance and allocates resources based on segment operating income, which is defined as revenue less costs of contract revenues, segment-specific selling, general, and administrative (SG&A) expenses, and segment-specific gain on disposal of assets, net. The CODM also considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments.

Additionally, the CODM uses segment gross profit to evaluate projects and segment profit or loss from operations before interest and income taxes to assess segment performance. This assessment includes comparing the results of each segment and incorporating these evaluations in the compensation of certain employees. Interest expense, net, and income taxes are reviewed on a consolidated level rather than by individual segment.

Segment information for the periods presented is provided as follows:

	Year ended December 31,
	2024				2023				2022
	Amount		Percent		Amount		Percent		Amount		Percent
Marine	(dollar amounts in thousands)
Contract revenues	$	521,250	100.0	%	$	395,917	100.0	%	$	339,213	100.0	%
Cost of contract revenues		465,857	89.4	%		355,777	89.9	%		296,594	87.4	%
Gross profit		55,393	10.6	%		40,140	10.1	%		42,619	12.6	%
Selling, general and administrative expenses		54,491	10.5	%		43,307	10.9	%		36,909	10.9	%
Gain on disposal of assets, net		(1,416)	(0.3)	%		(6,837)	(1.7)	%		(4,077)	(1.2)	%
Operating income	$	2,318	0.4	%	$	3,670	0.9	%	$	9,787	2.9	%
Total assets	$	316,199			$	318,684			$	239,369
Property and equipment, net	$	81,342			$	82,215			$	91,390
Depreciation and amortization	$	18,693			$	18,219			$	16,592
Capital expenditures	$	12,187			$	8,375			$	13,323
Concrete
Contract revenues	$	275,144	100.0	%	$	315,861	100.0	%	$	409,109	100.0	%
Cost of contract revenues		239,377	87.0	%		294,338	93.2	%		400,986	98.0	%
Gross profit		35,767	13.0	%		21,523	6.8	%		8,123	2.0	%
Selling, general and administrative expenses		28,046	10.2	%		26,124	8.3	%		25,594	6.3	%
Amortization of intangible assets		—	—	%		427	0.1	%		1,239	0.3	%
Gain on disposal of assets, net		(1,482)	(0.5)	%		(1,618)	(0.5)	%		(893)	(0.2)	%
Intangible asset impairment loss		—	—	%		6,890	2.2	%		—	—	%
Operating income (loss)	$	9,203	3.3	%	$	(10,300)	(3.3)	%	$	(17,817)	(4.4)	%
Total assets	$	101,118			$	98,209			$	127,786
Property and equipment, net	$	4,756			$	5,619			$	9,587
Depreciation and amortization	$	4,072			$	5,659			$	7,465
Capital expenditures	$	1,904			$	534			$	1,261

There was $1.8 million, less than $0.1 million and $0.2 million in intersegment revenues between the Company’s two reportable segments for the years ended December 31, 2024, 2023 and 2022, respectively. The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. The marine segment had foreign revenues of $58.9 million, $36.1 million and $6.7 million for the years ended December 31, 2024,

2023 and 2022, 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.