Segment Information

6 Months Ended

Jun. 30, 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. We also perform engineering design, analysis, and consulting projects for both internal and external clients.

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 June 30, 2026
	Marine		Concrete		General Corporate		Consolidated
Contract revenues	$	130,842	$	91,036	$	—	$	221,878
Cost of contract revenues		115,658		83,293		—		198,951
Gross profit		15,184		7,743		—		22,927
Selling, general and administrative expenses		7,623		3,557		13,215		24,395
Gain on disposal of assets, net		(140)		(13)		—		(153)
Operating income (loss)	$	7,701	$	4,199	$	(13,215)	$	(1,315)
Other income (expense):
Interest expense								(2,505)
Other income								149
Loss before income taxes								(3,671)
Income tax expense								474
Net loss							$	(4,145)
	Marine		Concrete		General Corporate		Consolidated
Depreciation and amortization	$	5,525	$	767	$	712	$	7,004
Capital expenditures	$	8,375	$	3,089	$	69	$	11,533

	For the Three Months Ended June 30, 2025
	Marine		Concrete		General Corporate		Consolidated
Contract revenues	$	135,302	$	69,984	$	—	$	205,286
Cost of contract revenues		115,156		64,333		—		179,489
Gross profit		20,146		5,651		—		25,797
Selling, general and administrative expenses		6,718		3,241		12,815		22,774
Gain on disposal of assets, net		(233)		(183)		7		(409)
Operating income (loss)	$	13,661	$	2,593	$	(12,822)	$	3,432
Other income (expense):
Interest expense								(2,920)
Other income								117
Income before income taxes								629
Income tax benefit								(212)
Net income							$	841
	Marine		Concrete		General Corporate		Consolidated
Depreciation and amortization	$	4,226	$	858	$	147	$	5,231
Capital expenditures	$	1,863	$	257	$	5,012	$	7,132

	For the Six Months Ended June 30, 2026
	Marine		Concrete		General Corporate		Consolidated
Contract revenues	$	240,971	$	197,208	$	—	$	438,179
Cost of contract revenues		211,208		178,165		—		389,373
Gross profit		29,763		19,043		—		48,806
Selling, general and administrative expenses		15,621		7,157		28,326		51,104
Gain on disposal of assets, net		(139)		(49)		—		(188)
Operating income (loss)	$	14,281	$	11,935	$	(28,326)	$	(2,110)
Other income (expense):
Interest expense								(4,036)
Other income								310
Loss before income taxes								(5,836)
Income tax benefit								(6,378)
Net income							$	542
	Marine		Concrete		General Corporate		Consolidated
Total assets	$	352,974	$	91,391	$	51,857	$	496,222
Property and equipment, net	$	108,572	$	5,001	$	16,056	$	129,629
Depreciation and amortization	$	10,506	$	1,467	$	1,418	$	13,391
Capital expenditures	$	15,412	$	4,520	$	176	$	20,108

	For the Six Months Ended June 30, 2025
	Marine		Concrete		General Corporate		Consolidated
Contract revenues	$	262,465	$	131,474	$	—	$	393,939
Cost of contract revenues		223,794		121,333		—		345,127
Gross profit		38,671		10,141		—		48,812
Selling, general and administrative expenses		13,091		6,115		26,113		45,319
Gain on disposal of assets, net		(403)		(376)		7		(772)
Operating income (loss)	$	25,983	$	4,402	$	(26,120)	$	4,265
Other income (expense):
Interest expense								(5,254)
Other income								344
Loss before income taxes								(645)
Income tax benefit								(72)
Net loss							$	(573)
	Marine		Concrete		General Corporate		Consolidated
Total assets	$	340,797	$	86,890	$	5,036	$	432,723
Property and equipment, net	$	79,800	$	4,001	$	13,876	$	97,677
Depreciation and amortization	$	8,604	$	1,730	$	300	$	10,634
Capital expenditures	$	5,170	$	319	$	10,676	$	16,165

Intersegment revenues totaled $4.1 million and $0.6 million for the three months ended June 30, 2026 and 2025, respectively. Intersegment revenues totaled $8.8 million and $1.6 million for the six months ended June 30, 2026 and 2025, respectively. These primarily relate to labor and equipment services between the marine and concrete segments and are eliminated in consolidation.