Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

16.Segment Information

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

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.

General Corporate

General Corporate includes unallocated general and administrative expenses and other corporate activities that support the Company’s overall operations, including executive management, finance, legal, human resources, information technology, treasury, and other shared services, as well as eliminations and other items not directly attributable to the marine or concrete segments.

Segment information for the periods presented is provided as follows:

	For the Three Months Ended March 31, 2026
	Marine		Concrete		General Corporate		Consolidated
Contract revenues	$	110,129	$	106,172	$	—	$	216,301
Cost of contract revenues		95,550		94,872		—		190,422
Gross profit		14,579		11,300		—		25,879
Selling, general and administrative expenses		7,608		3,600		15,111		26,319
Amortization of intangible assets		390		—		—		390
Loss (gain) on disposal of assets, net		1		(36)		—		(35)
Operating income (loss)	$	6,580	$	7,736	$	(15,111)	$	(795)
Other income (expense):
Interest expense								(1,531)
Other income								161
Loss before income taxes								(2,165)
Income tax benefit								(6,852)
Net income							$	4,687
	Marine		Concrete		General Corporate		Consolidated
Total assets	$	352,770	$	98,012	$	27,941	$	478,723
Property and equipment, net	$	104,209	$	4,854	$	16,381	$	125,444
Depreciation and amortization	$	4,981	$	700	$	706	$	6,387
Capital expenditures	$	7,037	$	1,431	$	107	$	8,575

	For the Three Months Ended March 31, 2025
	Marine		Concrete		General Corporate		Consolidated
Contract revenues	$	127,163	$	61,490	$	—	$	188,653
Cost of contract revenues		108,638		57,000		—		165,638
Gross profit		18,525		4,490		—		23,015
Selling, general and administrative expenses		6,373		2,874		13,298		22,545
Gain on disposal of assets, net		(170)		(193)		—		(363)
Operating income (loss)	$	12,322	$	1,809	$	(13,298)	$	833
Other income (expense):
Interest expense								(2,334)
Other income								227
Income before income taxes								(1,274)
Income tax expense								140
Net loss							$	(1,414)
	Marine		Concrete		General Corporate		Consolidated
Total assets	$	290,300	$	99,178	$	25,174	$	414,652
Property and equipment, net	$	67,411	$	3,878	$	16,921	$	88,210
Depreciation and amortization	$	4,378	$	872	$	153	$	5,403
Capital expenditures	$	3,307	$	62	$	5,664	$	9,033

Intersegment revenues totaled $4.7 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively. These primarily relate to labor and equipment services between the marine and concrete segments and are eliminated in consolidation.