Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

3.Revenue

Contract revenues are recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The following table represents a disaggregation of the Company’s contract revenues by service line for the marine and concrete segments:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Marine Segment
Construction	$	116,815	$	123,141	$	336,128	$	327,955
Dredging		23,761		12,902		58,372		39,649
Specialty services		2,367		3,970		10,909		9,687
Marine segment contract revenues	$	142,943	$	140,013	$	405,409	$	377,291
Concrete Segment
Structural	$	11,482	$	15,572	$	37,785	$	44,040
Light commercial		70,672		71,090		175,843		158,183
Concrete segment contract revenues	$	82,154	$	86,662	$	213,628	$	202,223
Total contract revenues	$	225,097	$	226,675	$	619,037	$	579,514

The Company has determined that it has two reportable segments as described in Note 15, but has disaggregated its contract revenues in the above chart in terms of services provided within such segments. Additionally, both the marine and concrete segments have limited contracts with multiple performance obligations. The Company’s contracts are often estimated and bid as one project and performance is evaluated as one project, not by individual services performed by each.

Additionally, the table below represents contract revenue by type of customer for the three and nine months ended September 30, 2025 and 2024, respectively:

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2025		%		2024		%		2025		%		2024		%
Federal Government	$	44,924	20	%	$	58,149	26	%	$	126,237	20	%	$	178,552	31	%
State Governments		24,928	11	%		18,748	8	%		90,212	15	%		48,185	8	%
Local Government		42,050	19	%		28,604	13	%		122,214	20	%		84,469	15	%
Private Companies		113,195	50	%		121,174	53	%		280,374	45	%		268,308	46	%
Total contract revenues	$	225,097	100	%	$	226,675	100	%	$	619,037	100	%	$	579,514	100	%

On March 10, 2023, the United States Navy awarded the Dragados/Hawaiian Dredging/Orion Joint Venture a contract to complete the construction of a dry dock at Pearl Harbor Naval Shipyard. The Company’s joint venture with Dragados/Hawaiian Dredging is a related-party transaction. The Company’s portion of work as a dedicated subcontractor totals $461.3 million.

For the three months ended September 30, 2025 and 2024, the United States Navy, included in the Federal Government category, accounted for 15% and 25% of total contract revenues, respectively. For the three months ended September 30, 2024, a customer in the Private Companies category accounted for 10% of total contract revenues. For the nine months ended September 30, 2025 and 2024, the United States Navy, included in the Federal Government category, accounted for 16% and 26% of total contract revenues, respectively.

For the three months ended September 30, 2025 and 2024, the Company’s revenue related to the joint venture subcontract was approximately $33.7 million and $57.2 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company’s revenue related to the joint venture subcontract was approximately $100.4 million and $150.7 million, respectively.

The Company does not believe that the loss of any one of its customers would have a material adverse effect on the Company or its subsidiaries and affiliates since no single specific customer sustains such a large portion of receivables or contract revenue over time.

Contract revenues generated outside the United States totaled 4% and 10% of total revenues for the three months ended September 30, 2025 and 2024, respectively, and 5% and 8% for the nine months ended September 30, 2025 and 2024, respectively, and were primarily located in the Caribbean Basin.