Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

15.Segment Information

The Company has determined that it has two reportable segments pursuant to ASC Topic 280, Segment Reporting: marine and concrete, both operating under the Orion brand and logo. The Chief Operating Decision Maker (CODM), identified as the Chief Executive Officer, allocates resources and assesses performance based on these two reportable and operating segments.

In making this determination, management considered both quantitative and qualitative factors under ASC 280-10-50-11, including similarities in products and services, production processes, customer types, distribution methods, and regulatory environments. Although the segments share certain macroeconomic drivers, they are managed separately and have distinct operating results reviewed by the CODM for purposes of resource allocation and performance evaluation.

Each segment has a designated management team responsible for day-to-day operations, and discrete

financial information is produced and evaluated at the segment level.

Segment operating income (loss) is the primary performance measure used by the CODM in assessing performance of the segments. Segment operating income (loss) represents revenues, less direct costs of contract revenues, selling, general, and administrative expenses, and gains or losses on the disposal of assets.

The CODM reviews segment results inclusive of all expenses directly attributable to the respective segments. Interest expense, income taxes, and other non-operating items are not allocated to the segments. The total of the segment operating income (loss) measures equals the Company’s consolidated operating income (loss); therefore, no reconciling items are required between total segment operating income and consolidated operating income.

Marine Segment

Our marine segment provides construction, dredging and specialty services. Construction services include construction, restoration, maintenance, dredging and repair of marine transportation facilities, marine pipelines, bridges and causeways and marine environmental structures. Dredging services generally enhance or preserve

the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Specialty services include design, salvage, demolition, surveying, towing, diving and underwater inspection, excavation and repair.

Concrete Segment

Our concrete segment provides turnkey concrete construction services, including concrete surface place and finish, site preparation, layout, forming, and rebar placement for large commercial, structural and other associated business areas.

Segment information for the periods presented is provided as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
		2025	2024			2025	2024
Marine
Contract revenues	$	142,943	$	140,013	$	405,409	$	377,291
Cost of contract revenues		117,061		122,418		340,856		343,416
Gross profit		25,882		17,595		64,553		33,875
Selling, general and administrative expenses		15,143		13,108		43,202		39,867
Gain on disposal of assets, net		(246)		(998)		(642)		(1,144)
Operating income (loss)	$	10,985	$	5,485	$	21,993	$	(4,848)
Total assets	$	342,525	$	322,031	$	342,525	$	322,031
Property and equipment, net	$	97,103	$	80,115	$	97,103	$	80,115
Depreciation and amortization	$	5,081	$	4,553	$	13,985	$	14,405
Capital expenditures	$	8,788	$	3,964	$	24,634	$	8,740
Concrete
Contract revenues	$	82,154	$	86,662	$	213,628	$	202,223
Cost of contract revenues		78,284		77,193		199,617		175,215
Gross profit		3,870		9,469		14,011		27,008
Selling, general and administrative expenses		9,916		7,738		27,176		21,113
Gain on disposal of assets, net		(382)		(565)		(758)		(842)
Operating (loss) income	$	(5,664)	$	2,296	$	(12,407)	$	6,737
Total assets	$	79,850	$	91,988	$	79,850	$	91,988
Property and equipment, net	$	4,011	$	5,860	$	4,011	$	5,860
Depreciation and amortization	$	811	$	1,015	$	2,541	$	3,153
Capital expenditures	$	557	$	193	$	876	$	1,904

Intersegment revenues totaled $1.2 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, and $2.8 million and $1.8 million for the nine months ended September 30, 2025. These primarily relate to labor and equipment services between the Marine and Concrete segments and are eliminated in consolidation.