Segment Information

3 Months Ended

Mar. 31, 2025

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 March 31,
	2025				2024
	Amount		Percent		Amount		Percent
Marine	(dollar amounts in thousands)
Contract revenues	$	127,163	100.0	%	$	106,325	100.0	%
Cost of contract revenues		108,638	85.4	%		100,120	94.2	%
Gross profit		18,525	14.6	%		6,205	5.8	%
Selling, general and administrative expenses		13,918	10.9	%		11,155	10.5	%
Gain on disposal of assets, net		(171)	(0.1)	%		(84)	(0.1)	%
Operating income (loss)	$	4,778	3.8	%	$	(4,866)	(4.6)	%
Total assets	$	322,937			$	275,969
Property and equipment, net	$	87,665			$	80,261
Depreciation and amortization	$	4,531			$	4,930
Capital expenditures	$	8,971			$	1,507
Concrete
Contract revenues	$	61,490	100.0	%	$	54,347	100.0	%
Cost of contract revenues		57,000	92.7	%		45,014	82.8	%
Gross profit		4,490	7.3	%		9,333	17.2	%
Selling, general and administrative expenses		8,627	14.0	%		7,844	14.5	%
Gain on disposal of assets, net		(192)	(0.3)	%		(253)	(0.5)	%
Operating (loss) income	$	(3,945)	(6.4)	%	$	1,742	3.2	%
Total assets	$	93,373			$	87,615
Property and equipment, net	$	4,291			$	5,212
Depreciation and amortization	$	872			$	1,089
Capital expenditures	$	62			$	346

There were $1.0 million and $0.6 million in intersegment revenues between the Company’s two reportable segments for the three months ended March 31, 2025 and 2024, respectively. The marine segment had foreign revenues of $11.9 million and $9.6 million for the three months ended March 31, 2025 and 2024 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.