Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

17.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:

	Year Ended December 31,
	2025		2024		2023
	Amount		Amount				Amount
Marine	(dollar amounts in thousands)
Contract revenues	$	544,831	$	521,250		$	395,917
Cost of contract revenues		457,725		465,857			355,777
Gross profit		87,106		55,393			40,140
Selling, general and administrative expenses		57,730		54,491			43,307
Gain on disposal of assets, net		(487)		(1,416)			(6,837)
Operating income	$	29,863	$	2,318		$	3,670
Total assets	$	315,474	$	316,199		$	318,684
Property and equipment, net	$	84,332	$	81,342		$	82,215
Depreciation and amortization	$	18,983	$	18,693		$	18,219
Capital expenditures	$	37,579	$	12,187		$	8,375
Concrete
Contract revenues	$	307,429	$	275,144		$	315,861
Cost of contract revenues		288,921		239,377			294,338
Gross profit		18,508		35,767			21,523
Selling, general and administrative expenses		35,741		28,046			26,124
Amortization of intangible assets							427
Gain on disposal of assets, net		(1,981)		(1,482)			(1,618)
Intangible asset impairment loss							6,890
Operating (loss) income	$	(15,252)	$	9,203		$	(10,300)
Total assets	$	99,178	$	101,118		$	98,209
Property and equipment, net	$	3,878	$	4,756		$	5,619
Depreciation and amortization	$	3,279	$	4,072		$	5,659
Capital expenditures	$	1,283	$	1,904		$	534

Intersegment revenues totaled $3.9 million, $1.8 million and less than $0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. These primarily relate to labor and equipment services between the marine and concrete segments and are eliminated in consolidation.