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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission file number: 1-33891

ORION GROUP HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware

State of Incorporation

26-0097459

IRS Employer Identification Number

2940 Riverby Road, Suite 400

Houston, Texas 77020

Address of Principal Executive Office

(713) 852-6500

Registrant’s telephone number (including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

    

Trading Symbol(s)

    

Name of Each Exchange on Which Registered

Common stock, $0.01 par value per share

ORN

The New York Stock Exchange

NYSE Texas

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days:    Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files): Yes   No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, "accelerated filer", "smaller reporting company” and "emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer 

Accelerated filer 

Non-accelerated filer

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes  No

There were 39,735,245 shares of common stock outstanding as of July 25, 2025.

Table of Contents

ORION GROUP HOLDINGS, INC.

Quarterly Report on Form 10-Q for the period ended June 30, 2025

Index

Page

PART I

FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets at June 30, 2025 and December 31, 2024

3

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024

4

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024

5

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024

6

Notes to Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

29

Item 4.

Controls and Procedures

30

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

30

Item 1A.

Risk Factors

30

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

30

Item 3.

Defaults upon Senior Securities

31

Item 4.

Mine Safety Disclosures

31

Item 5.

Other Information

31

Item 6.

Exhibits

31

SIGNATURES

33

2

Table of Contents

Part

PART I.FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

Orion Group Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Information)

    

June 30, 

    

December 31, 

2025

    

2024

ASSETS

 

(Unaudited)

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

1,732

$

28,316

Accounts receivable:

 

  

 

  

Trade, net of allowance for credit losses of $1,099 and $555, respectively

 

168,526

 

106,304

Retainage

 

43,944

 

35,633

Income taxes receivable

 

875

 

483

Other current

 

3,338

 

3,127

Inventory

 

1,841

 

1,974

Contract assets

 

50,951

 

84,407

Prepaid expenses and other

 

8,765

 

9,084

Total current assets

 

279,972

 

269,328

Property and equipment, net of accumulated depreciation

 

97,677

 

86,098

Operating lease right-of-use assets, net of accumulated amortization

23,708

27,101

Financing lease right-of-use assets, net of accumulated amortization

23,061

25,806

Inventory, non-current

 

6,954

 

7,640

Deferred income tax asset

17

17

Other non-current

 

1,334

 

1,327

Total assets

$

432,723

$

417,317

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

  

 

  

Current liabilities:

 

  

 

  

Current debt, net of debt issuance costs

$

1,160

$

426

Accounts payable:

 

 

Trade

 

111,125

 

97,139

Retainage

 

2,847

 

1,310

Accrued liabilities

 

22,610

 

26,294

Income taxes payable

 

2

 

507

Contract liabilities

 

48,762

 

47,371

Current portion of operating lease liabilities

5,549

7,546

Current portion of financing lease liabilities

10,997

10,580

Total current liabilities

203,052

191,173

Long-term debt, net of debt issuance costs

 

32,268

 

22,751

Operating lease liabilities

21,030

20,837

Financing lease liabilities

7,665

11,346

Other long-term liabilities

 

15,484

 

20,503

Deferred income tax liability

 

30

 

28

Total liabilities

 

279,530

266,638

Stockholders’ equity:

 

  

 

  

Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued

 

 

Common stock -- $0.01 par value, 50,000,000 authorized, 40,446,476 and 39,681,597 issued; 39,735,245 and 38,970,366 outstanding at June 30, 2025 and December 31, 2024, respectively

 

404

 

397

Treasury stock, 711,231 shares, at cost, as of June 30, 2025 and December 31, 2024, respectively

 

(6,540)

 

(6,540)

Additional paid-in capital

 

223,593

 

220,513

Retained loss

 

(64,264)

 

(63,691)

Total stockholders’ equity

 

153,193

 

150,679

Total liabilities and stockholders’ equity

$

432,723

$

417,317

The accompanying notes are an integral part of these condensed consolidated financial statements

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Orion Group Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In Thousands, Except Share and Per Share Information)

(Unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2025

    

2024

    

2025

    

2024

Contract revenues

$

205,286

$

192,167

$

393,939

$

352,839

Costs of contract revenues

 

179,489

 

173,886

 

345,127

 

319,020

Gross profit

 

25,797

 

18,281

 

48,812

 

33,819

Selling, general and administrative expenses

 

22,774

 

21,135

 

45,319

 

40,134

Gain on disposal of assets, net

 

(409)

 

(86)

 

(772)

 

(423)

Operating income (loss)

 

3,432

 

(2,768)

 

4,265

 

(5,892)

Other (expense) income:

 

  

 

  

 

  

 

  

Interest expense

 

(2,920)

 

(3,345)

 

(5,254)

 

(6,719)

Other income

 

117

 

127

 

344

 

216

Other expense, net

 

(2,803)

 

(3,218)

 

(4,910)

 

(6,503)

Income (loss) before income taxes

 

629

 

(5,986)

 

(645)

 

(12,395)

Income tax (benefit) expense

 

(212)

 

617

 

(72)

 

265

Net income (loss)

$

841

$

(6,603)

$

(573)

$

(12,660)

Basic income (loss) per share

$

0.02

$

(0.20)

$

(0.01)

$

(0.39)

Diluted income (loss) per share

$

0.02

$

(0.20)

$

(0.01)

$

(0.39)

Shares used to compute income (loss) per share:

 

  

 

  

 

  

 

  

Basic

 

39,765,051

 

33,111,987

 

39,412,681

 

32,832,868

Diluted

 

39,791,164

 

33,111,987

 

39,412,681

 

32,832,868

The accompanying notes are an integral part of these condensed consolidated financial statements

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Orion Group Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(In Thousands, Except Share and Per Share Information) (Unaudited)

   

Common

   

Treasury

   

Additional

   

   

Stock

Stock

 

Paid-In

 

Retained

Shares

   

Amount

Shares

   

Amount

 

Capital

Loss

Total

Balance, January 1, 2025

39,681,597

$

397

 

(711,231)

$

(6,540)

$

220,513

$

(63,691)

$

150,679

Share-based compensation

1,123

1,123

Exercise of stock options

15,000

108

108

Issuance of restricted stock

499,036

5

(5)

Employee share purchase plan issuance

71,133

1

336

337

Forfeiture of restricted stock

(10,960)

Net loss

 

(1,414)

(1,414)

Balance, March 31, 2025

40,255,806

$

403

 

(711,231)

$

(6,540)

$

222,075

$

(65,105)

$

150,833

Share-based compensation

1,519

1,519

Exercise of stock options

Issuance of restricted stock

454,630

4

(4)

Employee share purchase plan issuance

Forfeiture of restricted stock

(263,960)

(3)

3

Net income

 

841

841

Balance, June 30, 2025

40,446,476

$

404

 

(711,231)

$

(6,540)

$

223,593

$

(64,264)

$

153,193

   

Common

   

Treasury

   

Additional

   

   

Stock

Stock

 

Paid-In

 

Retained

Shares

   

Amount

Shares

   

Amount

 

Capital

Loss

Total

Balance, January 1, 2024

33,260,011

$

333

 

(711,231)

$

(6,540)

$

189,729

$

(62,047)

$

121,475

Share-based compensation

358

358

Exercise of stock options

46,322

294

294

Issuance of restricted stock

275,954

3

(3)

Forfeiture of restricted stock

(6,942)

Net loss

 

(6,057)

(6,057)

Balance, March 31, 2024

33,575,345

$

336

 

(711,231)

$

(6,540)

$

190,378

$

(68,104)

$

116,070

Share-based compensation

1,556

1,556

Exercise of stock options

10,246

74

74

Issuance of restricted stock

508,910

5

(5)

Forfeiture of restricted stock

(8,331)

Payments related to tax withholding for share-based compensation

(3,984)

(34)

(34)

Net loss

 

(6,603)

(6,603)

Balance, June 30, 2024

34,082,186

$

341

 

(711,231)

$

(6,540)

$

191,969

$

(74,707)

$

111,063

The accompanying notes are an integral part of these condensed consolidated financial statements

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Orion Group Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in Thousands)

(Unaudited)

Six Months Ended June 30, 

    

2025

    

2024

Cash flows from operating activities:

 

  

 

  

Net loss

$

(573)

$

(12,660)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

Operating activities:

 

 

Depreciation and amortization

 

6,274

 

8,326

Amortization of ROU operating leases

4,848

4,912

Amortization of ROU finance leases

4,360

3,664

Amortization of deferred debt issuance costs

612

995

Deferred income taxes

 

2

 

(38)

Share-based compensation

 

2,642

 

1,914

Gain on disposal of assets, net

 

(772)

 

(423)

Allowance for credit losses

 

544

 

162

Change in operating assets and liabilities:

 

 

Accounts receivable

 

(71,339)

 

(28,135)

Income tax receivable

 

(392)

 

(70)

Inventory

 

819

 

(261)

Prepaid expenses and other

 

312

 

723

Contract assets

 

33,456

 

10,910

Accounts payable

 

13,636

 

7,291

Accrued liabilities

 

(1,141)

 

(14,160)

Operating lease liabilities

(3,179)

(4,492)

Income tax payable

 

(505)

 

166

Contract liabilities

 

1,391

 

(16,981)

Net cash used in operating activities

 

(9,005)

 

(38,157)

Cash flows from investing activities:

 

  

 

  

Proceeds from sale of property and equipment

 

1,189

 

354

Purchase of property and equipment

 

(16,165)

 

(6,487)

Net cash used in investing activities

 

(14,976)

 

(6,133)

Cash flows from financing activities:

 

 

Borrowings on Credit Facility

 

77,007

 

29,216

Payments on Credit Facility

 

(67,212)

 

(6,809)

Payments on failed sale-leasebacks

(7,204)

Loan costs from Credit Agreement and prior credit facility

 

(323)

 

(343)

Payments of finance lease liabilities

(5,316)

(4,209)

Proceeds from issuance of common stock under ESPP

337

Payments related to tax withholding for share-based compensation

(34)

Exercise of stock options

 

108

 

368

Net cash (used in) provided by financing activities

 

(2,603)

 

18,189

Net change in cash, cash equivalents and restricted cash

 

(26,584)

 

(26,101)

Cash, cash equivalents and restricted cash at beginning of period

 

28,316

 

30,938

Cash, cash equivalents and restricted cash at end of period

$

1,732

$

4,837

Supplemental disclosures of cash flow information:

 

  

 

  

Cash paid during the period for:

 

  

 

  

Interest

$

4,504

$

2,597

Taxes, net of refunds

$

824

$

206

Noncash investing activity:

Purchase of property and equipment in accounts payable

$

2,118

$

The accompanying notes are an integral part of these condensed consolidated financial statements

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Orion Group Holdings, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and per Share Amounts)

(Unaudited)

1.Description of Business and Basis of Presentation

Description of Business

Orion Group Holdings, Inc. and its subsidiaries (hereafter collectively referred to as the “Company”), is a leading specialty construction company serving the infrastructure, industrial, and building sectors, providing services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through our marine and concrete segments. We are headquartered in Houston, Texas with regional offices throughout our operating areas.

Basis of Presentation

The accompanying condensed consolidated financial statements and financial information included herein have been prepared pursuant to the interim period reporting requirements of Form 10-Q. Accordingly, these financial statements do not include certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and should be read together with our 2024 Annual Report on Form 10-K. For the periods presented, there were no items of other comprehensive income.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows for the periods presented. Such adjustments are of a normal recurring nature. Interim results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results realizable for the year ending December 31, 2025.

2.Recent Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issues accounting standards and updates (each, an “ASU”) from time to time to its Accounting Standards Codification (“ASC”), which is the primary source of U.S. GAAP. The Company regularly monitors ASUs as they are issued and considers applicability to its business. All ASUs are adopted by their respective due dates and in the manner prescribed by the FASB.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. This will not impact our financial position or results of operations, but is expected to result in expanded tax disclosures in the full year financial statements for the year ended December 31, 2025.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures. The amendments require entities to provide enhanced disaggregation of certain expense categories presented in the income statement, including details on significant

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components within those categories, to provide greater transparency and decision-useful information to users of financial statements. The ASU is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on the disclosures within its consolidated financial statements.

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 June 30,

Six Months Ended June 30,

    

2025

    

2024

    

2025

    

2024

Marine Segment

 

  

 

  

 

  

 

  

Construction

$

114,830

$

116,025

$

219,312

$

204,814

Dredging

 

17,700

 

12,077

 

34,611

 

26,747

Specialty services

 

2,772

 

2,851

 

8,542

 

5,717

Marine segment contract revenues

$

135,302

$

130,953

$

262,465

$

237,278

Concrete Segment

 

  

 

  

 

  

 

  

Structural

$

12,582

$

16,895

$

26,303

$

28,468

Light commercial

 

57,402

 

44,319

 

105,171

 

87,093

Concrete segment contract revenues

$

69,984

$

61,214

$

131,474

$

115,561

Total contract revenues

$

205,286

$

192,167

$

393,939

$

352,839

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 six months ended June 30, 2025 and 2024, respectively:

    

Three Months Ended June 30, 

    

Six Months Ended June 30, 

    

    

2025

    

%

    

2024

    

%

    

2025

    

%

    

2024

    

%

    

Federal Government

 

$

39,429

 

19

%  

$

67,021

 

35

%  

$

81,313

 

21

%  

$

120,403

 

34

%  

State Governments

 

 

36,322

 

18

%  

 

15,453

 

8

%  

 

65,283

 

17

%  

 

29,437

 

8

%  

Local Government

 

 

43,127

 

21

%  

 

26,892

 

14

%  

 

80,164

 

20

%  

 

55,865

 

16

%  

Private Companies

 

 

86,408

 

42

%  

 

82,801

 

43

%  

 

167,179

 

42

%  

 

147,134

 

42

%  

Total contract revenues

 

$

205,286

 

100

%  

$

192,167

 

100

%  

$

393,939

 

100

%  

$

352,839

 

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 $458.7 million.

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For the three months ended June 30, 2025 and 2024, the United States Navy, included in the Federal Government category, accounted for 16.4% and 28.9% of total contract revenues, respectively. For the six months ended June 30, 2025 and 2024, the United States Navy, included in the Federal Government category, accounted for 16.9% and 26.5% of total contract revenues, respectively.

For the three months ended June 30, 2025 and 2024, the Company’s revenue related to the joint venture subcontract was approximately $33.3 million and $55.5 million, respectively. For the six months ended June 30, 2025 and 2024, the Company’s revenue related to the joint venture subcontract was approximately $66.6 million and $93.5 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 5.6% and 8.6% of total revenues for the three months ended June 30, 2025 and 2024, respectively, and 5.9% and 7.4% for the six months ended June 30, 2025 and 2024, respectively, and were primarily located in the Caribbean Basin.

4.Concentration of Risk and Enterprise-Wide Disclosures

Accounts receivable include amounts billed to governmental agencies and private customers and do not bear interest. Balances billed to customers but not paid pursuant to retainage provisions generally become payable upon contract completion and acceptance by the owner.

The table below presents the concentrations of current receivables (trade and retainage) at June 30, 2025 and December 31, 2024, respectively:

June 30, 2025

December 31, 2024

 

Federal Government

    

$

56,499

    

26

%  

$

19,874

    

14

%

State Governments

 

19,692

 

9

%  

 

9,553

 

7

%

Local Governments

 

36,760

 

17

%  

 

24,641

 

17

%

Private Companies

 

100,618

 

48

%  

 

88,424

 

62

%

Gross receivables

213,569

100

%  

142,492

100

%

Allowance for credit losses

(1,099)

(555)

Net receivables

$

212,470

 

$

141,937

 

At June 30, 2025, the United States Navy, which is included in the Federal Government category, accounted for 25.8% of total current receivables. At December 31, 2024, the United States Navy, accounted for 11.1% of total current receivables.

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5.Contracts in Progress

Contracts in progress are as follows at June 30, 2025 and December 31, 2024:

    

June 30, 

    

December 31, 

2025

2024

Costs incurred on uncompleted contracts

$

1,730,265

$

1,561,338

Estimated earnings

 

246,552

 

211,439

 

1,976,817

 

1,772,777

Less: Billings to date

 

(1,974,628)

 

(1,735,741)

$

2,189

$

37,036

Included in the accompanying Consolidated Balance Sheets under the following captions:

 

  

 

  

Contract assets

$

50,951

$

84,407

Contract liabilities

 

(48,762)

 

(47,371)

$

2,189

$

37,036

Included in contract assets is approximately $5.0 million and $19.8 million at June 30, 2025 and December 31, 2024, respectively, related to claims and unapproved change orders.

Remaining performance obligations represent the transaction price of firm orders or other written contractual commitments from customers for which work has not been performed or is partially completed and excludes unexercised contract options and potential orders. As of June 30, 2025, the aggregate amount of the remaining performance obligations was approximately $745.7 million. Of this amount, the current expectation of the Company is that it will recognize $618.3 million, or 83%, in the next 12 months and the remaining balance thereafter.

6.Property and Equipment

The following is a summary of property and equipment at June 30, 2025 and December 31, 2024:

    

June 30, 

    

December 31, 

2025

2024

Construction equipment

$

117,409

$

117,652

Vessels and other equipment

 

103,878

 

96,173

Building and improvements

 

38,701

 

39,401

Automobiles and trucks

 

2,080

 

1,790

Office equipment

 

1,786

 

7,562

 

263,854

 

262,578

Less: Accumulated depreciation

 

(206,833)

 

(209,234)

Net book value of depreciable assets

 

57,021

 

53,344

Construction in progress

 

15,708

 

7,806

Land

 

24,948

 

24,948

Property and equipment, net of depreciation

$

97,677

$

86,098

Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Condensed Consolidated Statements of Operations. Substantially all of the assets of the Company are pledged as collateral under the Company’s Credit Agreement as discussed in Note 9. Substantially all of the Company’s long-lived assets are located in the United States.

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7.Fair Value

Recurring Fair Value Measurements

The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties. Due to their short-term nature, the Company believes that the carrying value of its accounts receivable, other current assets, accounts payable and other current liabilities approximate their fair values.

The Company classifies financial assets and liabilities into the following three levels based on the inputs used to measure fair value in the order of priority indicated:

Level 1- fair values are based on observable inputs such as quoted prices in active markets for identical assets or liabilities;
Level 2 - fair values are based on pricing inputs other than quoted prices in active markets for identical assets and liabilities and are either directly or indirectly observable as of the measurement date; and
Level 3 - fair values are based on unobservable inputs in which little or no market data exists.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value requires judgment and may affect the placement of assets and liabilities within the fair value hierarchy levels.

Our concrete segment has life insurance policies with a combined face value of $11.1 million as of June 30, 2025. These policies are invested in mutual funds and the fair value measurement of the cash surrender balance associated with these policies is determined using Level 2 inputs within the fair value hierarchy and will vary with investment performance. The fair value of the cash surrender value of these policies at June 30, 2025 and December 31, 2024 was $1.3 million and $1.2 million, respectively. These assets are included in the "Other non-current" asset section in the Company’s Condensed Consolidated Balance Sheets.

Other Fair Value Measurements

The fair value of the Company’s debt at June 30, 2025 and December 31, 2024 approximated its carrying value of $36.6 million and $26.8 million, respectively, as interest is based on current market interest rates for debt with similar risk and maturity.

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8.Accrued Liabilities

Accrued liabilities at June 30, 2025 and December 31, 2024 consisted of the following:

    

June 30, 2025

    

December 31, 2024

Accrued salaries, wages and benefits

$

12,546

$

13,931

Accrued liabilities expected to be covered by insurance

 

3,434

 

4,250

Sales taxes

 

2,210

 

1,605

Property taxes

 

1,271

 

1,814

Sale-leaseback arrangement

1,005

2,852

Other accrued expenses

 

2,144

 

1,842

Total accrued liabilities

$

22,610

$

26,294

9.Debt

The Company’s obligations under debt arrangements consisted of the following:

June 30, 2025

December 31, 2024

    

    

Debt Issuance

    

    

    

Debt Issuance

    

Principal

Costs(1)

Total

Principal

Costs(1)

Total

Other debt

$

1,160

$

1,160

$

426

$

426

Total current debt

 

1,160

 

 

1,160

 

426

 

 

426

Revolver

10,000

(972)

9,028

Term loan

 

23,000

 

(2,237)

 

20,763

 

23,000

 

(3,666)

 

19,334

Other debt

2,477

2,477

3,417

3,417

Total long-term debt

35,477

(3,209)

32,268

26,417

(3,666)

22,751

Total debt

$

36,637

$

(3,209)

$

33,428

$

26,843

$

(3,666)

$

23,177

(1)Total debt issuance costs include underwriter fees, legal fees, syndication fees and fees related to the execution of the Credit Agreement and the termination and repayment of the Company’s prior credit facility.

On May 15, 2023, the Company entered into a Credit Agreement (the “Credit Agreement”) with White Oak ABL, LLC and White Oak Commercial Finance, LLC, providing for a $65.0 million asset-based revolving credit facility (the “Revolver”) and a $38.0 million fixed asset term loan (the “Term Loan”). The Credit Agreement, as subsequently amended, matures on May 15, 2028 and is secured by substantially all of the assets of the Company and its subsidiaries, including fixed assets and accounts receivable.

The Company has a maximum borrowing capacity under the Revolver of $65.0 million. There is a letter of credit sublimit that is equal to the lesser of $5.0 million and the aggregate unused amount of the revolving commitments then in effect.

The Company is subject to a commitment fee for the unused portion of the maximum borrowing availability under the Revolver. The Revolver termination date is the earlier of the Credit Agreement termination date, May 15, 2028, or the date the outstanding balance is permanently reduced to zero, in accordance with the terms of the Credit Agreement.

As of June 30, 2025, the Company had $10.0 million in borrowings under the Revolver. The Company’s borrowing availability under the Revolver at June 30, 2025 was approximately $21.9 million.

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The Credit Agreement is used to finance working capital and general corporate purposes, capital expenditures, permitted acquisitions and associated transaction fees, and to refinance existing indebtedness. Borrowings under the Revolver may be repaid and reborrowed, subject to the borrowing base and other conditions.

As amended, the Revolver and Term Loan bear interest at rates based on 30-day SOFR plus applicable margins, subject to a SOFR floor. As of June 30, 2025, the applicable margin is 4.25% for the Revolver and 6.50% for the Term Loan, with a 4.00% SOFR floor.

The quarterly weighted average interest rate for the Credit Agreement, as of June 30, 2025 and 2024 was 10.46% and 12.07%, respectively.

The Credit Agreement contains customary affirmative and negative covenants, including limitations on indebtedness, liens, investments, asset sales, and dividends, as well as financial maintenance covenants. The financial covenants, as amended, include a minimum Consolidated Fixed Charge Coverage Ratio and/or Consolidated EBITDA thresholds and a minimum liquidity requirement, each tested periodically.

Financial covenants

Restrictive financial covenants under the amended Credit Agreement include:

A Consolidated Fixed Charge Coverage Ratio to not be less than the following during each noted period:
-Trailing Four Quarter Test Period Ending September 30, 2025 and each Fiscal Quarter thereafter, to not be less than 1.00 to 1.00.

A Revolver Loan Turnover Ratio to not be less than the following during each noted period:
-Fiscal Quarter Ending June 30, 2023 and each Fiscal Quarter thereafter, to not be less than 2.50 to 1.00.

A Term Loan Loan-to-Value Ratio to not be greater than the following during each noted period:
-Fiscal Quarter Ending June 30, 2023 and each Fiscal Quarter thereafter, to not be more than 60%.

A Minimum EBITDA to not be less than the following during each noted period:

-Trailing Four Quarter Test Period ending June 30, 2025 - $31,691,000.

Under the Credit Agreement, the Company may not permit Liquidity (as defined in the Credit Agreement) to fall below $15.0 million (i) for more than three (3) consecutive Business Days (as defined in the Credit Agreement) nor (ii) as of the close of business on Friday of each week.

In addition, the Credit Agreement contains events of default that are usual and customary for similar arrangements, including non-payment of principal, interest or fees; breaches of representations and warranties that are not timely cured; violation of covenants; bankruptcy and insolvency events; and, events constituting a change of control.

The Company was in compliance with all financial covenants under the Credit Agreement as of June 30, 2025.

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Other debt

The Company has entered into debt agreements with Mobilease for the purpose of financing equipment purchased.  As of June 30, 2025 and December 31, 2024, the carrying value of this debt was $1.2 million and $1.4 million, respectively. The agreements are secured by the financed equipment assets and the debt is included as a component of current debt and long-term debt on the Condensed Consolidated Balance Sheets.

On June 23, 2023, the Company closed on a land-sale leaseback contract for the Company’s Port Lavaca South Yard property located in Port Lavaca, Texas for a purchase price of $12.0 million. A portion of the operating lease above the fair value of the land was financed by the Company. As of both June 30, 2025 and December 31, 2024, the carrying value of this debt was $2.4 million.

10.Other Long-Term Liabilities

Other long-term liabilities at June 30, 2025 and December 31, 2024 consisted of the following:

    

June 30, 2025

    

December 31, 2024

Sale-leaseback arrangement

$

13,917

$

19,001

Deferred compensation

 

1,175

 

1,194

Other

392

 

308

Total other long-term liabilities

$

15,484

$

20,503

Sale-Leaseback Arrangements

On May 15, 2023, the Company entered into a $13.0 million sale-leaseback of certain equipment pursuant to which the Company leased-back the equipment for terms ranging from one to three years. The transaction above was recorded as a failed sale-leaseback.

Concurrent with the sale of Company’s Port Lavaca South Yard property, the Company entered into a twenty-year lease agreement whereby the Company leased back the property at an annual rental rate of approximately $1.1 million, subject to annual rent increases of 2.5%. Under the lease agreement, the Company has four consecutive options to extend the term of the lease by five years for each such option. The portion of the above transaction related to the building was recorded as a failed sale-leaseback.

On September 27, 2019, the Company entered into a purchase and sale agreement (the “Purchase and Sale Agreement”). Pursuant to the terms of the Purchase and Sale Agreement, the Company sold its 17300 and 17140 Market Street location in Channelview, Texas for a purchase price of $19.1 million. Concurrent with the sale of the property, the Company entered into a fifteen-year lease agreement whereby the Company leased back the property at an annual rental rate of approximately $1.5 million, subject to annual rent increases of 2.0%. Under the lease agreement, the Company has two consecutive options to extend the term of the lease by ten years for each such option. The transaction above was recorded as a failed sale-leaseback.

Related to the failed sale-leasebacks, the Company recorded liabilities for the amounts received, will continue to depreciate the non-land portion of the assets, and has imputed an interest rate so that the net carrying amount of the financial liability and remaining assets will be zero at the end of the initial lease terms.

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11.Income Taxes

The Company’s effective tax rate is based on expected income, statutory rates and tax planning opportunities available to it. For interim financial reporting, the Company estimates its annual tax rate based on projected taxable income for the full year and records a quarterly tax provision in accordance with the anticipated annual rate.

Income tax (benefit) expense included in the Company’s accompanying Condensed Consolidated Statements of Operations was as follows:

Three Months Ended

    

Six Months Ended

 

June 30, 

June 30,

    

2025

2024

2025

2024

Income tax (benefit) expense

$

(212)

$

617

$

(72)

$

265

Effective tax rate

 

(33.7)

%  

 

(10.3)

%  

 

11.2

%  

 

(2.1)

%

The effective rate for the three and six months ended June 30, 2025 differed from the Company’s statutory federal rate of 21% primarily due to the tax impact from the valuation allowance for current year activity, state income taxes and the non-deductibility of other permanent items.

The Company assessed the realizability of its deferred tax assets and determined that it was more likely than not that some portion or all the deferred tax assets would not be realized and therefore recorded a valuation allowance on the net deferred tax assets. The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. The Company considers the scheduled reversal of deferred tax liabilities, available carryback periods, and tax-planning strategies in making this assessment. For the three and six months ended June 30, 2025 the Company evaluated positive and negative evidence in determining the amount of deferred tax assets more likely than not to be realized. Based on the review of available evidence, management believes that a valuation allowance on the net deferred tax assets at June 30, 2025 remains appropriate.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes provisions, that may impact our tax rate such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The Company is currently assessing the potential impact on its consolidated financial statements.

12.Earnings Per Share

Basic earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted earnings per share is based on the weighted average number of common shares outstanding as well as the effect of all dilutive common stock equivalents during each period net income is generated. For the three months ended June 30, 2025 and 2024, the Company had 48,940 and 181,025 shares, respectively, that were potentially dilutive in earnings per share calculations. For the six months ended June 30, 2025 and 2024, the Company had 52,103 and 201,550 shares, respectively, that were potentially dilutive in earnings per share calculations. Such dilution is dependent on the excess of the market price of our stock over the exercise price and other components of the treasury stock method. The exercise price for certain stock options awarded by the Company exceeded the average market price of the Company’s common stock for the three and six months ended June 30, 2025 and 2024. Such stock options are antidilutive and are not included in the computation of earnings per share for those periods. The Company reported a net loss for the three months

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ended June 30, 2024 and the six months ended June 30, 2025 and 2024; therefore, all potentially dilutive securities are antidilutive and are excluded from the computation of diluted loss per share for such periods.

The following table reconciles the denominators used in the computations of both basic and diluted earnings per share:

Three Months Ended June 30,

Six Months Ended June 30,

    

2025

    

2024

    

2025

    

2024

Basic:

 

  

 

.

 

  

 

  

Weighted average shares outstanding

 

39,765,051

 

33,111,987

 

39,412,681

 

32,832,868

Diluted:

 

  

 

  

 

  

 

  

Total basic weighted average shares outstanding

 

39,765,051

 

33,111,987

 

39,412,681

 

32,832,868

Effect of potentially dilutive securities:

 

  

 

  

 

 

Common stock options

 

9,354

 

 

 

Employee stock purchase plan

16,759

 

Total weighted average shares outstanding assuming dilution

 

39,791,164

 

33,111,987

 

39,412,681

 

32,832,868

13.Share-Based Compensation

The Compensation Committee of the Company’s Board of Directors is responsible for the administration of the Company’s stock incentive plans. In general, the Company’s 2022 LTIP provides for grants of restricted stock and performance-based awards to be issued with a per-share price not less than the fair market value of a share of common stock on the date of grant. The Company accounts for forfeitures of awards as they are incurred.

In May 2024 shareholders approved the ESPP, which became effective on September 16, 2024. The Company has reserved a total of 1,000,000 shares under the ESPP, all of which are authorized and available for future issuance under the ESPP. During the six months ended June 30, 2025, there were 71,133 shares issued under the ESPP generating proceeds to the Company of $0.3 million. The Company has an outstanding liability pertaining to the ESPP of $0.3 million as of June 30, 2025, included in accrued expenses, for employee contributions to the ESPP, pending issuance at the end of the offering period.

The table below presents the share-based compensation expense included in the Company’s accompanying condensed consolidated statements of operations:

Three Months Ended June 30,

Six Months Ended June 30,

    

2025

    

2024

2025

    

2024

Restricted stock awards

$

1,456

$

1,186

$

2,189

$

1,477

Performance stock units

 

(25)

 

370

 

282

 

437

Employee share purchase plan

88

 

171

 

Total share-based compensation expense

$

1,519

$

1,556

$

2,642

$

1,914

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Under its approved long-term incentive plan, the Company grants share-based awards to its employees. The following table presents a summary of the Company’s unvested restricted stock awards and performance share units granted under the plan:

Restricted stock awards

Performance stock units

    

    

Weighted

 

    

Weighted

Number

Average

 

Number

Average

of

Fair Value

 

of

Fair Value

Shares

Per Share

 

Shares

Per Share

Nonvested at December 31, 2024

 

1,008,232

$

6.56

534,231

$

3.65

Granted

 

205,963

$

5.94

293,073

$

7.17

Vested

 

(106,475)

$

5.46

$

Forfeited shares

 

(10,960)

$

8.56

$

Nonvested at March 31,  2025

 

1,096,760

$

6.53

827,304

$

4.89

Granted

454,630

$

8.61

$

Vested

(208,108)

$

9.11

$

Forfeited shares

(68,943)

$

6.73

(195,017)

$

4.56

Nonvested at June 30, 2025

1,274,339

$

6.84

632,287

1

$

5.00

(1)A maximum of 1.2 million common shares could be awarded based upon the Company’s achievement of set performance-metrics.

On March 20, 2025, the Company granted certain executives a total of 293,073 performance-based units. The performance-based units will potentially vest 100% if the target is met, with 50% of the units to be earned based on the achievement of an absolute adjusted EBITDA target, measured in the final year of a three-year performance period and 50% of the units to be earned based on the achievement of an objective, tiered return on relative total shareholder return, measured over a three-year performance period. The Company evaluates the probability of achieving targeted award levels each reporting period. The fair value of the grants awarded related to the adjusted EBITDA target was $5.89 per share and the fair value of the grants awarded related to the relative total shareholder return target was $8.45 valued using a Monte Carlo simulation model.

The following table presents the assumptions related to the performance share units granted in 2025 related to the relative total shareholder return, as indicated in the previous summary table:

2025

Grant-date fair value

$

5.89

Risk-free interest rate

 

3.86

%

Volatility factor

 

65.52

%

Contractual term (years)

 

2.78

In the six months ended June 30, 2025, there were 15,000 options exercised generating proceeds to the Company of $0.1 million. In the three months ended June 30, 2024, there were 10,246 options exercised generating proceeds to the Company of $0.1 million. In the six months ended June 30, 2024, there were 56,568 options exercised generating proceeds to the Company of $0.4 million.

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The following table presents a summary of the unrecognized compensation cost, and the related weighted average recognition period associated with unvested awards and units as of June 30, 2025:

Restricted stock awards

Performance stock units

Unrecognized compensation cost

$

7,475

$

2,815

Weighted average period for recognition (years)

 

2.34

 

1.90

14.Commitments and Contingencies

The Company is involved in various legal and other proceedings that are incidental to the conduct of its business, none of which in the opinion of management will have a material effect on the Company’s financial condition, results of operations or cash flows. Management believes that it has recorded adequate accrued liabilities and believes that it has adequate insurance coverage or has meritorious defenses for these claims and contingencies.

15.Segment Information

The Company has determined that it has two reportable segments pursuant to ASC Topic 280, Segment Reporting. The tools used by the chief operating decision maker (“CODM”) to allocate resources and assess performance are based on two reportable and operating segments: marine and concrete, which operate under the Orion brand and logo.

In making this determination, the Company considered the similar economic characteristics of each segment’s operations, including internal processes, customer base, regulatory oversight, and macroeconomic factors that drive each. Both the marine and concrete segments have a single individual responsible for managing the entire segment. Resources are allocated by segment and financial and budgetary information is compiled and reviewed by segment.

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.

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Segment information for the periods presented is provided as follows:

Three Months Ended June 30, 

Six Months Ended June 30, 

2025

2024

2025

2024

Amount

    

Amount

Amount

    

Amount

Marine

(dollar amounts in thousands)

(dollar amounts in thousands)

Contract revenues

$

135,302

 

$

130,953

$

262,465

 

$

237,278

Cost of contract revenues

 

115,156

 

 

120,878

 

223,794

 

 

220,998

Gross profit

 

20,146

 

 

10,075

 

38,671

 

 

16,280

Selling, general and administrative expenses

 

14,141

 

 

15,604

 

28,059

 

 

26,759

Gain on disposal of assets, net

(225)

(62)

(396)

(146)

Operating income (loss)

$

6,230

 

$

(5,467)

$

11,008

 

$

(10,333)

Total assets

$

345,833

$

322,031

$

345,833

$

322,031

Property and equipment, net

$

93,676

$

80,115

$

93,676

$

80,115

Depreciation and amortization

$

4,373

$

4,922

$

8,904

$

9,852

Capital expenditures

$

6,875

$

3,269

$

15,846

$

4,776

Concrete

Contract revenues

$

69,984

 

$

61,214

$

131,474

 

$

115,561

Cost of contract revenues

 

64,333

 

 

53,008

 

121,333

 

 

98,022

Gross profit

 

5,651

 

 

8,206

 

10,141

 

 

17,539

Selling, general and administrative expenses

 

8,633

 

 

5,531

 

17,260

 

 

13,375

Gain on disposal of assets, net

(184)

(24)

(376)

(277)

Operating (loss) income

$

(2,798)

 

$

2,699

$

(6,743)

 

$

4,441

Total assets

$

86,890

$

91,988

$

86,890

$

91,988

Property and equipment, net

$

4,001

$

5,860

$

4,001

$

5,860

Depreciation and amortization

$

858

$

1,049

$

1,730

$

2,138

Capital expenditures

$

257

$

1,365

$

319

$

1,711

There were $0.6 million and $1.1 million in intersegment revenues between the Company’s two reportable segments for the three months ended June 30, 2025 and 2024, respectively. There were $1.6 million and $1.7 million in intersegment revenues between the Company’s two reportable segments for the six months ended June 30, 2025 and 2024, respectively.

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16.Leases

The Company has operating and finance leases for office space, equipment and vehicles.

Leases recorded on the balance sheet consists of the following:

    

June 30, 

December 31,

Leases

2025

2024

Assets

Operating lease right-of-use assets, net (1)

$

23,708

$

27,101

Financing lease right-of-use assets, net (2)

 

23,061

 

25,806

Total assets

$

46,769

$

52,907

Liabilities

 

  

 

  

Current

 

  

 

  

Operating

$

5,549

$

7,546

Financing

 

10,997

 

10,580

Total current

 

16,546

 

18,126

Noncurrent

 

  

 

  

Operating

 

21,030

 

20,837

Financing

 

7,665

 

11,346

Total noncurrent

 

28,695

 

32,183

Total liabilities

$

45,241

$

50,309

(1)Operating lease right-of-use assets are recorded net of accumulated amortization of $30.4 million and $25.6 million as of June 30, 2025 and December 31, 2024, respectively.
(2)Financing lease right-of-use assets are recorded net of accumulated amortization of $21.3 million and $17.0 million as of June 30, 2025 and December 31, 2024, respectively.

Other information related to lease term and discount rate is as follows:

June 30, 

 

December 31,

 

2025

 

2024

 

Weighted Average Remaining Lease Term (in years)

  

  

Operating leases

8.79

8.35

Financing leases

2.20

2.40

Weighted Average Discount Rate

Operating leases

11.39

%

10.66

%

Financing leases

9.15

%

8.74

%

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The components of lease expense are as follows:

Three months ended June 30,

Six months ended June 30, 

    

2025

    

2024

2025

    

2024

 

Operating lease costs:

 

  

 

  

  

 

  

Operating lease cost

$

3,071

$

3,051

$

6,206

$

6,042

Short-term lease cost (1)

 

1,451

 

945

 

2,672

 

1,850

Financing lease costs:

 

 

  

 

 

  

Interest on lease liabilities

 

449

 

424

 

870

 

831

Amortization of right-of-use assets

 

2,132

 

1,853

 

4,360

 

3,664

Total lease cost

$

7,103

$

6,273

$

14,108

$

12,387

(1)Includes expenses related to leases with a lease term of more than one month but less than one year.

Supplemental cash flow information related to leases is as follows:

Six Months Ended June 30, 

2025

2024

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows for operating leases

$

4,638

$

5,656

Operating cash flows for finance leases

$

870

$

831

Financing cash flows for finance leases

$

5,316

$

4,209

Non-cash activity:

 

 

ROU assets obtained in exchange for new operating lease liabilities

$

2,287

$

13,815

ROU assets obtained in exchange for new financing lease liabilities

$

2,182

$

4,208

Maturities of lease liabilities are summarized as follows:

Operating Leases

Finance Leases

Year ending December 31,

2025 (excluding the six months ended June 30, 2025)

$

4,445

$

6,138

2026

 

1,771

 

8,195

2027

 

5,744

 

2,769

2028

 

4,403

 

1,442

2029

 

3,678

 

2,133

Thereafter

 

28,591

 

64

Total future minimum lease payments

 

48,632

 

20,741

Less - amount representing interest

 

22,053

2,079

Present value of future minimum lease payments

 

26,579

 

18,662

Less - current lease obligations

 

5,549

 

10,997

Long-term lease obligations

$

21,030

$

7,665

1

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ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

Unless the context otherwise indicates, all references in this Quarterly Report on Form 10-Q to “Orion,” “the Company,” “we,” “our,” or “us” are to Orion Group Holdings, Inc. and its subsidiaries as a whole.

Certain information in this Quarterly Report on Form 10-Q, including but not limited to Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), may constitute forward-looking statements as such term is defined within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.

All statements other than statements of historical facts, including those that express a belief, expectation, or intention are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, our pipeline of opportunities, conversion of backlog, revenues, income and capital spending. Our forward-looking statements are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “plan,” “goal” or other words that convey the uncertainty of future events or outcomes.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control, including unforeseen productivity delays and other difficulties encountered in project execution, challenges incurred by virtue of our position as a substantial subcontractor that reports to a significantly larger project contractor, levels of government funding or other governmental budgetary constraints, contract modifications and changes, including change orders and contract cancellation at the discretion of the customer, and the general economic impact of tariffs and trade wars. These and other important factors, including those described under “Risk Factors” in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 may cause our actual results, performance- or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this report; we disclaim any obligation to update these statements unless required by securities law, and we caution you not to rely on them unduly.

MD&A provides a narrative analysis explaining the reasons for material changes in the Company’s (i) financial condition since the most recent fiscal year-end, and (ii) results of operations during the current fiscal year-to-date period and current fiscal quarter as compared to the corresponding periods of the preceding fiscal year. In order to better understand such changes, this MD&A should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in our 2024 Form 10-K, Part II, Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our 2024 Form 10-K and with our unaudited condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q.

Overview

Orion Group Holdings, Inc. and its subsidiaries (hereafter collectively referred to as the “Company”), is a leading specialty construction company serving the infrastructure, industrial, and building sectors, providing

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services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through our marine segment and our concrete 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.

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.

Our contracts are obtained primarily through competitive bidding in response to “requests for proposals” by federal, state and local agencies and through negotiation and competitive bidding with private parties and general contractors. Our bidding activity and strategies are affected by factors such as our backlog, current utilization of equipment and other resources, job location, our ability to obtain necessary surety bonds and competitive considerations. The timing and location of awarded contracts may result in unpredictable fluctuations in the results of our operations.

Most of our revenue is derived from fixed-price contracts. We record revenue on construction contracts over time, measured by the percentage of actual contract costs incurred to date to total estimated costs for each contract. There are a number of factors that can create variability in contract performance and therefore impact the results of our operations. The most significant of these include the following:

completeness and accuracy of the original bid;
increases in commodity prices such as concrete, steel and fuel;
customer delays, work stoppages, and other costs due to weather and environmental restrictions;
subcontractor performance;
unforeseen site conditions;
availability and skill level of workers; and
a change in availability and proximity of equipment and materials.

All of these factors can have a negative impact on our contract performance, which can adversely affect the timing of revenue recognition and ultimate contract profitability. We plan our operations and bidding activity with these factors in mind and they generally have not had a material adverse impact on the results of our operations in the past.

Consolidated Results of Operations

Backlog Information

Our contract backlog represents our estimate of the revenues we expect to realize under the portion of contracts remaining to be performed. Given the typical duration of our contracts, which is generally less than a year, our

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backlog at any point in time usually represents only a portion of the revenue that we expect to realize during a twelve-month period. We have not been adversely affected by contract cancellations or modifications in the past, however we may be in the future, especially in periods of economic uncertainty.

Backlog as of the periods ended below are as follows (in millions):

June 30, 2025

    

December 31, 2024

Marine segment

$

554.8

$

582.8

Concrete segment

 

190.9

 

146.3

Consolidated

$

745.7

$

729.1

Backlog is not necessarily indicative of future results. In addition to our backlog under contract, we also have a substantial number of projects in negotiation or pending award at any given time.

Income Statement Comparisons

Three months ended June 30, 2025 compared with three months ended June 30, 2024.

Three Months Ended June 30, 

    

2025

2024

    

Amount

    

Amount

(dollar amounts in thousands)

Contract revenues

$

205,286

 

$

192,167

Cost of contract revenues

 

179,489

 

 

173,886

Gross profit

 

25,797

 

 

18,281

Selling, general and administrative expenses

 

22,774

 

 

21,135

Gain on disposal of assets, net

(409)

(86)

Operating income (loss)

 

3,432

 

 

(2,768)

Other (expense) income:

 

  

 

 

  

Interest expense

 

(2,920)

 

 

(3,345)

Other income

 

117

 

 

127

Other expense, net

 

(2,803)

 

 

(3,218)

Income (loss) before income taxes

 

629

 

 

(5,986)

Income tax (benefit) expense

 

(212)

 

 

617

Net income (loss)

$

841

 

$

(6,603)

Contract Revenues. Contract revenues for the three months ended June 30, 2025 of $205.3 million increased $13.1 million, or 6.8%, as compared to $192.2 million in the prior year period. The increase was primarily due to new awards and higher volume across the marine and concrete segments.

Gross Profit. Gross profit was $25.8 million for the three months ended June 30, 2025 compared to $18.3 million in the prior year period, an increase of $7.5 million, or 41.1%. The increase in gross profit was primarily driven by increased revenue, improvement in marine projects, and reduced indirect expenses, partially offset by favorable concrete project close-outs in 2024 that did not reoccur in 2025.

Selling, General and Administrative Expense. Selling, general and administrative (“SG&A”) expenses were $22.8 million for the three months ended June 30, 2025 compared to $21.1 million in the prior year period, an increase of $1.7 million or 7.8%. The increase in SG&A was primarily due to increased spending to support business growth.

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Table of Contents

Gain on Disposal of Assets, net. During the three months ended June 30, 2025 and 2024 we realized $0.4 million and $0.1 million, respectively, of net gains on disposal of assets.

Other Income, net of Expense. Other expense primarily reflects interest on our borrowings, partially offset by interest income and non-operating gains or losses.

Income Tax (Benefit) Expense. We recorded a tax benefit of $0.2 million in the three months ended June 30, 2025, compared to a tax expense of $0.6 million in the prior year period. Our effective tax rate for the three months ended June 30, 2025 differs from the federal statutory rate primarily due to the tax impact from the valuation allowance for current year activity, state income taxes and the non-deductibility of other permanent items.

Six months ended June 30, 2025 compared with six months ended June 30, 2024.

Six Months Ended June 30, 

    

2025

2024

    

Amount

    

Amount

(dollar amounts in thousands)

Contract revenues

$

393,939

 

$

352,839

Cost of contract revenues

 

345,127

 

 

319,020

Gross profit

 

48,812

 

 

33,819

Selling, general and administrative expenses

 

45,319

 

 

40,134

Gain on disposal of assets, net

(772)

(423)

Operating income (loss) from operations

 

4,265

 

 

(5,892)

Other (expense) income:

 

  

 

 

  

Interest expense

 

(5,254)

 

 

(6,719)

Other income

 

344

 

 

216

Other expense, net

 

(4,910)

 

 

(6,503)

Loss before income taxes

 

(645)

 

 

(12,395)

Income tax (benefit) expense

 

(72)

 

 

265

Net loss

$

(573)

 

$

(12,660)

Contract Revenues. Contract revenues for the six months ended June 30, 2025 of $393.9 million increased $41.1 million or 11.6% as compared to $352.8 million in the prior year period. The increase was primarily due to new awards and higher volume across the marine and concrete segments.

Gross Profit. Gross profit was $48.8 million for the six months ended June 30, 2025 compared to $33.8 million in the prior year period, an increase of $15.0 million, or 44.3%. The increase in gross profit was primarily driven by increased revenue, improvement in marine projects, and reduced indirect expenses, partially offset by favorable concrete project close-outs in 2024 that did not reoccur in 2025.

Selling, General and Administrative Expense.  SG&A expenses were $45.3 million for the six months ended June 30, 2025 compared to $40.1 million in the prior year period, an increase of $5.2 million, or 12.9%. The increase in SG&A was primarily due to increased spending to support business growth.

Gain on Disposal of Assets, net. During the six months ended June 30, 2025 and 2024 we realized $0.8 million and $0.4 million, respectively, of net gains on disposal of assets.

25

Table of Contents

Other Income, net of Expense. Other expense primarily reflects interest on our borrowings, partially offset by interest income and non-operating gains or losses.

Income Tax (Benefit) Expense. We recorded a tax benefit of $0.1 million in the six months ended June 30, 2025, compared to a tax expense of $0.3 million in the prior year period. Our effective tax rate for the six months ended June 30, 2025 differs from the federal statutory rate primarily due to the tax impact from the valuation allowance for current year activity, state income taxes and the non-deductibility of other permanent items.

Segment Results

The following table sets forth, for the periods indicated, statements of operations data by segment, segment revenues as a percentage of consolidated revenues and segment operating income (loss) as a percentage of segment revenues.

Three months ended June 30, 2025 compared with three months ended June 30, 2024.

Three Months Ended June 30, 

2025

2024

    

Amount

    

Amount

(dollar amounts in thousands)

Contract revenues

Marine segment

 

Public sector

$

107,243

$

103,341

Private sector

28,059

27,612

Marine segment total

$

135,302

$

130,953

Concrete segment

 

Public sector

$

11,635

$

6,025

Private sector

58,349

55,189

Concrete segment total

$

69,984

$

61,214

Total

$

205,286

 

$

192,167

Operating income (loss)

 

  

 

 

  

Marine segment

$

6,230

 

$

(5,466)

Concrete segment

 

(2,798)

 

 

2,698

Total

$

3,432

$

(2,768)

Marine Segment

Revenues for our marine segment for the three months ended June 30, 2025 were $135.3 million compared to $131.0 million for the three months ended June 31, 2024, an increase of $4.3 million, or 3.3%. The increase was primarily due to new awards and higher volume on our marine construction contracts.

Operating income for our marine segment for the three months ended June 30, 2025 was $6.2 million, compared to an operating loss of $5.5 million for the three months ended June 30, 2024, an increase of $11.7 million. The increase in gross profit was primarily driven by increased revenue, reduced indirect expenses, and project delays in 2024 that did not reoccur in 2025.

 

26

Table of Contents

Concrete Segment

Revenues for our concrete segment for the three months ended June 30, 2025 were $70.0 million compared to $61.2 million for the three months ended June 30, 2024, an increase of $8.8 million, or 14.3%. This increase was primarily due to new awards and higher volume on our concrete contracts.

Operating loss for our concrete segment for the three months ended June 30, 2025 was $2.8 million, compared to operating income of $2.7 million for the three months ended March 31, 2024, a decrease of $5.5 million. This decrease was primarily driven by favorable concrete project close-outs in 2024 that did not reoccur in 2025.

Six months ended June 30, 2025 compared with six months ended June 30, 2024.

Six Months Ended June 30, 

2025

2024

    

Amount

    

Amount

(dollar amounts in thousands)

Contract revenues

Marine segment

 

Public sector

$

207,464

$

196,276

Private sector

55,001

41,002

Marine segment total

$

262,465

$

237,278

Concrete segment

 

Public sector

$

19,296

$

9,429

Private sector

112,178

106,132

Concrete segment total

$

131,474

$

115,561

Total

$

393,939

 

$

352,839

Operating income (loss)

 

  

 

 

  

Marine segment

$

11,008

 

$

(10,333)

Concrete segment

 

(6,743)

 

 

4,441

Total

$

4,265

$

(5,892)

Marine Segment

Revenues for our marine segment for the six months ended June 30, 2025 were $262.5 million compared to $237.3 million for the six months ended June 30, 2024, an increase of $25.2 million, or 10.6%. The increase was primarily due to new awards and higher volume on our marine construction contracts.

Operating income for our marine segment for the six months ended June 30, 2025 was $11.0 million, compared to an operating loss of $10.3 million for the six months ended June 30, 2024, an increase of $21.3 million. The increase in gross profit was primarily driven by increased revenue, reduced indirect expenses, and project delays in 2024 that did not reoccur in 2025.

 

Concrete Segment

Revenues for our concrete segment for the six months ended June 30, 2025 were $131.5 million compared to $115.6 million for the six months ended June 30, 2024, an increase of $15.9 million, or 13.8%. This increase was primarily due to new awards and higher volume on our concrete contracts.

27

Table of Contents

Operating loss for our concrete segment for the six months ended June 30, 2025 was $6.7 million, compared to operating income of $4.4 million for the six months ended June 30, 2024, a decrease of $11.1 million. This decrease was primarily driven by favorable concrete project close-outs in 2024 that did not reoccur in 2025.

Liquidity and Capital Resources

Changes in working capital are normal within our business given the varying mix in size, scope, seasonality and timing of delivery of our projects. At June 30, 2025, our working capital was $76.9 million, as compared to $78.2 million at December 31, 2024. As of June 30, 2025, we had unrestricted cash on hand of $1.7 million. Our borrowing availability under the revolving portion of our Credit Agreement at June 30, 2025 was approximately $21.9 million.

Our primary liquidity needs are to finance our working capital and fund capital expenditures. Historically, our sources of liquidity have been cash provided by our operating activities, sale of underutilized assets,  borrowings under our credit facilities, and equity issuances. The assessment of our liquidity requires us to make estimates of future activity and judgments about whether we are compliant with financial covenant calculations under our debt and other agreements and have adequate liquidity to operate. Significant assumptions used in our forecasted model of liquidity include forecasted sales, costs, and capital expenditures, as well as expected timing and proceeds of planned asset sale transactions. As of June 30, 2025, management believes the Company will have adequate liquidity for its operations for at least the next 12 months.

Cash Flow

The following table provides information regarding our cash flows and our capital expenditures for the three and six months ended June 30, 2025 and 2024:

Six months ended

June 30, 

    

2025

    

2024

Net income (loss)

$

(573)

$

(12,660)

Adjustments to remove non-cash and non-operating items

18,510

19,512

Cash flow from net income after adjusting for non-cash and non-operating items

17,937

6,852

Change in operating assets and liabilities (working capital)

(26,942)

(45,009)

Cash flows used in operating activities

$

(9,005)

$

(38,157)

Cash flows used in investing activities

$

(14,976)

$

(6,133)

Cash flows (used in) provided by financing activities

$

(2,603)

$

18,189

Capital expenditures (included in investing activities above)

$

(16,165)

$

(6,487)

Operating Activities. During the six months ended June 30, 2025 we used approximately $9.0 million of cash in our operating activities. The net cash outflow was comprised of $26.9 million of outflows related to changes in net working capital, partially offset by $17.9 million of cash inflows from net income, after adjusting for non-cash items. The changes in net working capital, which are reflected as changes in operating assets and liabilities in our Condensed Consolidated Statements of Cash Flows, were primarily driven by a $58.8 million cash outflow related to a decrease in our net position of accounts receivable and accounts payable plus accrued liabilities during the period and a $3.2 million decrease in operating lease liabilities, partially offset by $34.8 million of cash inflows pursuant to the relative timing and significance of project progression and billings during the period.

28

Table of Contents

Investing Activities. During the six months ended June 30, 2025, we used approximately $15.0 million of cash in our investing activities. Capital asset additions and betterments to our fleet were $16.2 million and $6.5 million in the six months ended June 30, 2025 and 2024, respectively.

Financing Activities. During the six months ended June 30, 2025, we used approximately $2.6 million of cash in our financing activities.  During the six months ended June 30, 2025, we had borrowings on credit of $77.0 million and repayments of $67.0 million on the White Oak revolving credit line, payments on finance lease liabilities of $5.3 million, payments made on failed sale-leaseback arrangements of $7.2 million.

Sources of Capital

On May 15, 2023, we entered into a new three-year $103.0 million Credit Agreement with White Oak, which includes a $65.0 million asset based revolving credit line and a $38.0 million fixed asset term loan. Please see “Note 9 – Debt” in our unaudited condensed consolidated financial statements for a more detailed description of the Credit Facility.

We were in compliance with all financial covenants under the amended agreement as of June 30, 2025.

Bonding Capacity

We are often required to provide various types of surety bonds that provide additional security to our customers for our performance under certain government and private sector contracts. Our ability to obtain surety bonds depends on our capitalization, working capital, past performance and external factors, including the capacity of the overall surety market. At June 30, 2025, the capacity under our current bonding arrangement was $1.1 billion, with approximately $485 million of projects being bonded. While we believe that our current bonding capacity is sufficient to satisfy current demand for our services, any new major project opportunities may require us to seek additional bonding capacity in the future. We believe our balance sheet and working capital position will allow us to access additional bonding capacity as needed in the future.

Effect of Inflation

We are subject to the effects of inflation through increases in the cost of raw materials, and other items such as fuel, concrete and steel. Due to the relative short-term duration of our projects, we are generally able to include anticipated cost increases in the pricing of our bids.

ITEM 3.            QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In the normal course of business, our results of operations are subject to risks related to fluctuations in commodity prices and fluctuations in interest rates. Historically, our exposure to foreign currency fluctuations has not been material and has been limited to temporary field accounts located in foreign countries where we perform work. Foreign currency fluctuations were immaterial in this reporting period.

Commodity price risk

We are subject to fluctuations in commodity prices for concrete, steel products and fuel. Although we routinely attempt to secure firm quotes from our suppliers, we generally do not hedge against increases in prices for commodity products. Commodity price risks may have an impact on our results of operations due to the fixed-price nature of many of our contracts, although the short-term duration of our projects may allow us to include cost increases to the pricing of our bids.

29

Table of Contents

Interest rate risk

At June 30, 2025, we had $33.0 million in outstanding borrowings under our Credit Agreement, with a weighted average ending interest rate of 10.25%. Based on the amounts outstanding under our Credit Agreement as of June 30, 2025, a 100 basis-point increase in SOFR (or an equivalent successor rate) would increase the Company’s annual interest expense by approximately $0.3 million.

ITEM 4.            CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As required, the Company’s management, with the participation of its Chief Executive Officer and Chief Financial Officer, have conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2025.

Changes in Internal Control over Financial Reporting

During the quarter ended June 30, 2025, we implemented new reporting systems and made changes to related internal controls. There have been no other changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.OTHER INFORMATION

ITEM 1.            LEGAL PROCEEDINGS

For information about litigation involving us, see Note 14 to the condensed consolidated financial statements in Part I of this report, which we incorporate by reference into this Item 1 of Part II.

ITEM 1A.RISK FACTORS

There have been no material changes to the risk factors previously disclosed in Part I, Item 1A, “Risk Factors”, of our 2024 Form 10-K.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

There were no unregistered sales or issuer purchases of equity securities in the period ended June 30, 2025.

30

Table of Contents

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.            MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.            OTHER INFORMATION

None.

ITEM 6.            EXHIBITS

Exhibit
Number

    

Description

3.1

Amended and Restated Certificate of Incorporation of Orion Group Holdings, Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the Securities and Exchange Commission on August 5, 2016 (File No. 001-33891)).

3.2

Amended and Restated Bylaws of Orion Group Holdings, Inc. (incorporated herein by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on March 25, 2025 (File No. 001-33891)).

10.1

Offer Letter for Alison Vasquez dated May 24, 2025 (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on June 10, 2025 (File No. 001-33891)).

10.2

Separation Agreement dated June 30, 2025 (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on July 1, 2025 (File No. 001 33891)).

*31.1

Certification of the Chief Executive Officer Pursuant to Rules 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

*31.2

Certification of the Chief Financial Officer Pursuant to Rules 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

**32.1

Certification of the Chief Executive Officer and the Chief Financial Officer pursuant to Title 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

31

Table of Contents

Exhibit
Number

    

Description

*101.INS

XBRL Instance Document.

*101.SCH

Inline XBRL Taxonomy Extension Schema Document.

*101.CAL

Inline XBRL Extension Calculation Linkbase Document.

*101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document.

*101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document.

*101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

*104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*     Filed herewith

** Furnished herewith 

†     Management contract or compensatory plan or arrangement

32

Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

ORION GROUP HOLDINGS, INC.

July 30, 2025

By:

/s/ Travis J. Boone

Travis J. Boone
President and Chief Executive Officer

July 30, 2025

By:

/s/ Alison G. Vasquez

Alison G. Vasquez
Executive Vice President and Chief Financial Officer

33

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a - 14(a)/15d - 14(a)

OF THE SECURITIES EXCHANGE ACT, AS AMENDED

I, Travis J. Boone, certify that:

1.  I have reviewed this Form 10-Q of Orion Group Holdings, Inc;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:

/s/ Travis J. Boone

July 30, 2025

Travis J. Boone

President and Chief Executive Officer


Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a - 14(a)/15d - 14(a)

OF THE SECURITIES EXCHANGE ACT, AS AMENDED

I, Alison G. Vasquez, certify that:

1.  I have reviewed this Form 10-Q of Orion Group Holdings, Inc;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:

/s/ Alison G. Vasquez

July 30, 2025

Alison G. Vasquez

Executive Vice President and Chief Financial Officer


Exhibit 32.1

SECTION 1350 CERTIFICATIONS

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Orion Group Holdings, Inc (the “Company”) on Form 10-Q for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Travis J. Boone, President and Chief Executive Officer and Alison G. Vasquez, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

By:

/s/ Travis J. Boone

July 30, 2025

Travis J. Boone

President and Chief Executive Officer

By:

/s/ Alison G. Vasquez

July 30, 2025

Alison G. Vasquez

Executive Vice President and Chief Financial Officer


v3.25.2
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2025
Jul. 25, 2025
Document and Entity Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Jun. 30, 2025  
Securities Act File Number 1-33891  
Entity Registrant Name ORION GROUP HOLDINGS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-0097459  
Entity Address, Address Line One 2940 Riverby Road  
Entity Address, Address Line Two Suite 400  
Entity Address, City or Town Houston  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 77020  
City Area Code 713  
Local Phone Number 852-6500  
Title of 12(b) Security Common stock, $0.01 par value per share  
Trading Symbol ORN  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   39,735,245
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001402829  
Amendment Flag false  

v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,732 $ 28,316
Accounts receivable:    
Trade, net of allowance for credit losses of $1,099 and $555, respectively 168,526 106,304
Retainage 43,944 35,633
Income taxes receivable 875 483
Other current 3,338 3,127
Inventory 1,841 1,974
Contract assets 50,951 84,407
Prepaid expenses and other 8,765 9,084
Total current assets 279,972 269,328
Property and equipment, net of accumulated depreciation 97,677 86,098
Operating lease right-of-use assets, net of accumulated amortization 23,708 27,101
Financing lease right-of-use assets, net of accumulated amortization 23,061 25,806
Inventory, non-current 6,954 7,640
Deferred income tax asset 17 17
Other non-current 1,334 1,327
Total assets 432,723 417,317
Current liabilities:    
Current debt, net of debt issuance costs 1,160 426
Accounts payable:    
Trade 111,125 97,139
Retainage 2,847 1,310
Accrued liabilities 22,610 26,294
Income taxes payable 2 507
Contract liabilities 48,762 47,371
Current portion of operating lease liabilities 5,549 7,546
Current portion of financing lease liabilities 10,997 10,580
Total current liabilities 203,052 191,173
Long-term debt, net of debt issuance costs 32,268 22,751
Operating lease liabilities 21,030 20,837
Financing lease liabilities 7,665 11,346
Other long-term liabilities 15,484 20,503
Deferred income tax liability 30 28
Total liabilities 279,530 266,638
Stockholders' equity:    
Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued
Common stock -- $0.01 par value, 50,000,000 authorized, 40,446,476 and 39,681,597 issued; 39,681,597 and 38,970,366 outstanding at March 31, 2025 and December 31, 2024, respectively 404 397
Treasury stock, 711,231 shares, at cost, as of March 31, 2025 and December 31, 2024, respectively (6,540) (6,540)
Additional paid-in capital 223,593 220,513
Retained loss (64,264) (63,691)
Total stockholders' equity 153,193 150,679
Total liabilities and stockholders' equity $ 432,723 $ 417,317

v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Allowance for credit losses $ 1,099 $ 555
Stockholders' Equity:    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 40,446,476 39,681,597
Common stock, shares outstanding 39,735,245 38,970,366
Treasury stock, shares (in shares) 711,231 711,231

v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Condensed Consolidated Statements of Operations        
Contract revenues $ 205,286 $ 192,167 $ 393,939 $ 352,839
Costs of contract revenues 179,489 173,886 345,127 319,020
Gross profit 25,797 18,281 48,812 33,819
Selling, general and administrative expenses 22,774 21,135 45,319 40,134
Gain on disposal of assets, net (409) (86) (772) (423)
Operating income (loss) 3,432 (2,768) 4,265 (5,892)
Other (expense) income:        
Other income 117 127 344 216
Interest expense (2,920) (3,345) (5,254) (6,719)
Other expense, net (2,803) (3,218) (4,910) (6,503)
Loss before income taxes 629 (5,986) (645) (12,395)
Income tax expense (benefit) (212) 617 (72) 265
Net loss $ 841 $ (6,603) $ (573) $ (12,660)
Basic loss per share (in dollars per share) $ 0.02 $ (0.2) $ (0.01) $ (0.39)
Diluted loss per share (in dollars per share) $ 0.02 $ (0.2) $ (0.01) $ (0.39)
Shares used to compute loss per share:        
Basic (in shares) 39,765,051 33,111,987 39,412,681 32,832,868
Diluted (in shares) 39,791,164 33,111,987 39,412,681 32,832,868

v3.25.2
Condensed Consolidated Statement of Stockholders' Equity - USD ($)
$ in Thousands
Common Stock
Treasury Stock
Additional Paid-In Capital
Retained Loss
Total
Beginning balance, shares at Dec. 31, 2023 33,260,011        
Beginning treasury stock, shares at Dec. 31, 2023   (711,231)      
Beginning balance at Dec. 31, 2023 $ 333 $ (6,540) $ 189,729 $ (62,047) $ 121,475
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation     358   358
Exercise of stock options     294   294
Exercise of stock options, shares 46,322        
Issuance of restricted stock $ 3   (3)    
Issuance of restricted stock, shares 275,954        
Forfeiture of restricted stock, shares (6,942)        
Net loss       (6,057) (6,057)
Ending balance, shares at Mar. 31, 2024 33,575,345        
Ending treasury stock, shares at Mar. 31, 2024   (711,231)      
Ending balance at Mar. 31, 2024 $ 336 $ (6,540) 190,378 (68,104) 116,070
Beginning balance, shares at Dec. 31, 2023 33,260,011        
Beginning treasury stock, shares at Dec. 31, 2023   (711,231)      
Beginning balance at Dec. 31, 2023 $ 333 $ (6,540) 189,729 (62,047) $ 121,475
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Exercise of stock options, shares         56,568
Net loss         $ (12,660)
Ending balance, shares at Jun. 30, 2024 34,082,186        
Ending treasury stock, shares at Jun. 30, 2024   (711,231)      
Ending balance at Jun. 30, 2024 $ 341 $ (6,540) 191,969 (74,707) 111,063
Beginning balance, shares at Mar. 31, 2024 33,575,345        
Beginning treasury stock, shares at Mar. 31, 2024   (711,231)      
Beginning balance at Mar. 31, 2024 $ 336 $ (6,540) 190,378 (68,104) 116,070
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation     1,556   1,556
Exercise of stock options     74   $ 74
Exercise of stock options, shares 10,246       10,246
Issuance of restricted stock $ 5   (5)    
Issuance of restricted stock, shares 508,910        
Forfeiture of restricted stock, shares (8,331)        
Payments related to tax withholding for share-based compensation     (34)   $ (34)
Payments related to tax withholding for share-based compensation, shares (3,984)        
Net loss       (6,603) (6,603)
Ending balance, shares at Jun. 30, 2024 34,082,186        
Ending treasury stock, shares at Jun. 30, 2024   (711,231)      
Ending balance at Jun. 30, 2024 $ 341 $ (6,540) 191,969 (74,707) $ 111,063
Beginning balance, shares at Dec. 31, 2024 39,681,597       39,681,597
Beginning treasury stock, shares at Dec. 31, 2024   (711,231)     (711,231)
Beginning balance at Dec. 31, 2024 $ 397 $ (6,540) 220,513 (63,691) $ 150,679
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation     1,123   1,123
Exercise of stock options     108   $ 108
Exercise of stock options, shares 15,000       15,000
Issuance of restricted stock $ 5   (5)    
Issuance of restricted stock, shares 499,036        
Forfeiture of restricted stock, shares (10,960)        
Employee share purchase plan issuance $ 1   336   $ 337
Employee share purchase plan issuance, shares 71,133        
Net loss       (1,414) (1,414)
Ending balance, shares at Mar. 31, 2025 40,255,806        
Ending treasury stock, shares at Mar. 31, 2025   (711,231)      
Ending balance at Mar. 31, 2025 $ 403 $ (6,540) 222,075 (65,105) $ 150,833
Beginning balance, shares at Dec. 31, 2024 39,681,597       39,681,597
Beginning treasury stock, shares at Dec. 31, 2024   (711,231)     (711,231)
Beginning balance at Dec. 31, 2024 $ 397 $ (6,540) 220,513 (63,691) $ 150,679
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net loss         $ (573)
Ending balance, shares at Jun. 30, 2025 40,446,476       40,446,476
Ending treasury stock, shares at Jun. 30, 2025   (711,231)     (711,231)
Ending balance at Jun. 30, 2025 $ 404 $ (6,540) 223,593 (64,264) $ 153,193
Beginning balance, shares at Mar. 31, 2025 40,255,806        
Beginning treasury stock, shares at Mar. 31, 2025   (711,231)      
Beginning balance at Mar. 31, 2025 $ 403 $ (6,540) 222,075 (65,105) 150,833
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation     1,519   1,519
Issuance of restricted stock $ 4   (4)    
Issuance of restricted stock, shares 454,630        
Forfeiture of restricted stock $ (3)   3    
Forfeiture of restricted stock, shares (263,960)        
Net loss       841 $ 841
Ending balance, shares at Jun. 30, 2025 40,446,476       40,446,476
Ending treasury stock, shares at Jun. 30, 2025   (711,231)     (711,231)
Ending balance at Jun. 30, 2025 $ 404 $ (6,540) $ 223,593 $ (64,264) $ 153,193

v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net loss $ (573) $ (12,660)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 6,274 8,326
Amortization of ROU operating leases 4,848 4,912
Amortization of ROU finance leases 4,360 3,664
Amortization of deferred debt issuance costs 612 995
Deferred income taxes 2 (38)
Share-based compensation 2,642 1,914
Gain on disposal of assets, net (772) (423)
Allowance for credit losses 544 162
Change in operating assets and liabilities:    
Accounts receivable (71,339) (28,135)
Income tax receivable (392) (70)
Inventory 819 (261)
Prepaid expenses and other 312 723
Contract assets 33,456 10,910
Accounts payable 13,636 7,291
Accrued liabilities (1,141) (14,160)
Operating lease liabilities (3,179) (4,492)
Income tax payable (505) 166
Contract liabilities 1,391 (16,981)
Net cash used in operating activities (9,005) (38,157)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 1,189 354
Purchase of property and equipment (16,165) (6,487)
Net cash used in investing activities (14,976) (6,133)
Cash flows from financing activities:    
Borrowings on Credit Facility 77,007 29,216
Payments on Credit Facility (67,212) (6,809)
Payments on failed sales-leasebacks (7,204)  
Loan costs from Credit Agreement and prior credit facility (323) (343)
Payments of finance lease liabilities (5,316) (4,209)
Proceeds from issuance of common stock under ESPP 337  
Payments related to tax withholding for share-based compensation   (34)
Exercise of stock options 108 368
Net cash (used in) provided by financing activities (2,603) 18,189
Net change in cash, cash equivalents and restricted cash (26,584) (26,101)
Cash, cash equivalents and restricted cash at beginning of period 28,316 30,938
Cash, cash equivalents and restricted cash at end of period 1,732 4,837
Supplemental disclosures of cash flow information, cash paid during the period for:    
Interest 4,504 2,597
Taxes, net of refunds 824 $ 206
Non-cash investing activity    
Purchase of property and equipment in accounts payable $ 2,118  

v3.25.2
Description of Business and Basis of Presentation
6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation

1.Description of Business and Basis of Presentation

Description of Business

Orion Group Holdings, Inc. and its subsidiaries (hereafter collectively referred to as the “Company”), is a leading specialty construction company serving the infrastructure, industrial, and building sectors, providing services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through our marine and concrete segments. We are headquartered in Houston, Texas with regional offices throughout our operating areas.

Basis of Presentation

The accompanying condensed consolidated financial statements and financial information included herein have been prepared pursuant to the interim period reporting requirements of Form 10-Q. Accordingly, these financial statements do not include certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and should be read together with our 2024 Annual Report on Form 10-K. For the periods presented, there were no items of other comprehensive income.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows for the periods presented. Such adjustments are of a normal recurring nature. Interim results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results realizable for the year ending December 31, 2025.

v3.25.2
Summary of Significant Accounting Principles
6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Principles

2.Recent Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issues accounting standards and updates (each, an “ASU”) from time to time to its Accounting Standards Codification (“ASC”), which is the primary source of U.S. GAAP. The Company regularly monitors ASUs as they are issued and considers applicability to its business. All ASUs are adopted by their respective due dates and in the manner prescribed by the FASB.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. This will not impact our financial position or results of operations, but is expected to result in expanded tax disclosures in the full year financial statements for the year ended December 31, 2025.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures. The amendments require entities to provide enhanced disaggregation of certain expense categories presented in the income statement, including details on significant

components within those categories, to provide greater transparency and decision-useful information to users of financial statements. The ASU is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on the disclosures within its consolidated financial statements.

v3.25.2
Revenue
6 Months Ended
Jun. 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 June 30,

Six Months Ended June 30,

    

2025

    

2024

    

2025

    

2024

Marine Segment

 

  

 

  

 

  

 

  

Construction

$

114,830

$

116,025

$

219,312

$

204,814

Dredging

 

17,700

 

12,077

 

34,611

 

26,747

Specialty services

 

2,772

 

2,851

 

8,542

 

5,717

Marine segment contract revenues

$

135,302

$

130,953

$

262,465

$

237,278

Concrete Segment

 

  

 

  

 

  

 

  

Structural

$

12,582

$

16,895

$

26,303

$

28,468

Light commercial

 

57,402

 

44,319

 

105,171

 

87,093

Concrete segment contract revenues

$

69,984

$

61,214

$

131,474

$

115,561

Total contract revenues

$

205,286

$

192,167

$

393,939

$

352,839

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 six months ended June 30, 2025 and 2024, respectively:

    

Three Months Ended June 30, 

    

Six Months Ended June 30, 

    

    

2025

    

%

    

2024

    

%

    

2025

    

%

    

2024

    

%

    

Federal Government

 

$

39,429

 

19

%  

$

67,021

 

35

%  

$

81,313

 

21

%  

$

120,403

 

34

%  

State Governments

 

 

36,322

 

18

%  

 

15,453

 

8

%  

 

65,283

 

17

%  

 

29,437

 

8

%  

Local Government

 

 

43,127

 

21

%  

 

26,892

 

14

%  

 

80,164

 

20

%  

 

55,865

 

16

%  

Private Companies

 

 

86,408

 

42

%  

 

82,801

 

43

%  

 

167,179

 

42

%  

 

147,134

 

42

%  

Total contract revenues

 

$

205,286

 

100

%  

$

192,167

 

100

%  

$

393,939

 

100

%  

$

352,839

 

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 $458.7 million.

For the three months ended June 30, 2025 and 2024, the United States Navy, included in the Federal Government category, accounted for 16.4% and 28.9% of total contract revenues, respectively. For the six months ended June 30, 2025 and 2024, the United States Navy, included in the Federal Government category, accounted for 16.9% and 26.5% of total contract revenues, respectively.

For the three months ended June 30, 2025 and 2024, the Company’s revenue related to the joint venture subcontract was approximately $33.3 million and $55.5 million, respectively. For the six months ended June 30, 2025 and 2024, the Company’s revenue related to the joint venture subcontract was approximately $66.6 million and $93.5 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 5.6% and 8.6% of total revenues for the three months ended June 30, 2025 and 2024, respectively, and 5.9% and 7.4% for the six months ended June 30, 2025 and 2024, respectively, and were primarily located in the Caribbean Basin.

v3.25.2
Concentration of Risk and Enterprise-Wide Disclosures
6 Months Ended
Jun. 30, 2025
Risks and Uncertainties [Abstract]  
Concentration of Risk and Enterprise Wide Disclosures

4.Concentration of Risk and Enterprise-Wide Disclosures

Accounts receivable include amounts billed to governmental agencies and private customers and do not bear interest. Balances billed to customers but not paid pursuant to retainage provisions generally become payable upon contract completion and acceptance by the owner.

The table below presents the concentrations of current receivables (trade and retainage) at June 30, 2025 and December 31, 2024, respectively:

June 30, 2025

December 31, 2024

 

Federal Government

    

$

56,499

    

26

%  

$

19,874

    

14

%

State Governments

 

19,692

 

9

%  

 

9,553

 

7

%

Local Governments

 

36,760

 

17

%  

 

24,641

 

17

%

Private Companies

 

100,618

 

48

%  

 

88,424

 

62

%

Gross receivables

213,569

100

%  

142,492

100

%

Allowance for credit losses

(1,099)

(555)

Net receivables

$

212,470

 

$

141,937

 

At June 30, 2025, the United States Navy, which is included in the Federal Government category, accounted for 25.8% of total current receivables. At December 31, 2024, the United States Navy, accounted for 11.1% of total current receivables.

v3.25.2
Contracts in Progress
6 Months Ended
Jun. 30, 2025
Contracts in Progress  
Contracts in Progress

5.Contracts in Progress

Contracts in progress are as follows at June 30, 2025 and December 31, 2024:

    

June 30, 

    

December 31, 

2025

2024

Costs incurred on uncompleted contracts

$

1,730,265

$

1,561,338

Estimated earnings

 

246,552

 

211,439

 

1,976,817

 

1,772,777

Less: Billings to date

 

(1,974,628)

 

(1,735,741)

$

2,189

$

37,036

Included in the accompanying Consolidated Balance Sheets under the following captions:

 

  

 

  

Contract assets

$

50,951

$

84,407

Contract liabilities

 

(48,762)

 

(47,371)

$

2,189

$

37,036

Included in contract assets is approximately $5.0 million and $19.8 million at June 30, 2025 and December 31, 2024, respectively, related to claims and unapproved change orders.

Remaining performance obligations represent the transaction price of firm orders or other written contractual commitments from customers for which work has not been performed or is partially completed and excludes unexercised contract options and potential orders. As of June 30, 2025, the aggregate amount of the remaining performance obligations was approximately $745.7 million. Of this amount, the current expectation of the Company is that it will recognize $618.3 million, or 83%, in the next 12 months and the remaining balance thereafter.

v3.25.2
Property and Equipment
6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment

6.Property and Equipment

The following is a summary of property and equipment at June 30, 2025 and December 31, 2024:

    

June 30, 

    

December 31, 

2025

2024

Construction equipment

$

117,409

$

117,652

Vessels and other equipment

 

103,878

 

96,173

Building and improvements

 

38,701

 

39,401

Automobiles and trucks

 

2,080

 

1,790

Office equipment

 

1,786

 

7,562

 

263,854

 

262,578

Less: Accumulated depreciation

 

(206,833)

 

(209,234)

Net book value of depreciable assets

 

57,021

 

53,344

Construction in progress

 

15,708

 

7,806

Land

 

24,948

 

24,948

Property and equipment, net of depreciation

$

97,677

$

86,098

Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Condensed Consolidated Statements of Operations. Substantially all of the assets of the Company are pledged as collateral under the Company’s Credit Agreement as discussed in Note 9. Substantially all of the Company’s long-lived assets are located in the United States.

v3.25.2
Fair Value
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value

7.Fair Value

Recurring Fair Value Measurements

The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties. Due to their short-term nature, the Company believes that the carrying value of its accounts receivable, other current assets, accounts payable and other current liabilities approximate their fair values.

The Company classifies financial assets and liabilities into the following three levels based on the inputs used to measure fair value in the order of priority indicated:

Level 1- fair values are based on observable inputs such as quoted prices in active markets for identical assets or liabilities;
Level 2 - fair values are based on pricing inputs other than quoted prices in active markets for identical assets and liabilities and are either directly or indirectly observable as of the measurement date; and
Level 3 - fair values are based on unobservable inputs in which little or no market data exists.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value requires judgment and may affect the placement of assets and liabilities within the fair value hierarchy levels.

Our concrete segment has life insurance policies with a combined face value of $11.1 million as of June 30, 2025. These policies are invested in mutual funds and the fair value measurement of the cash surrender balance associated with these policies is determined using Level 2 inputs within the fair value hierarchy and will vary with investment performance. The fair value of the cash surrender value of these policies at June 30, 2025 and December 31, 2024 was $1.3 million and $1.2 million, respectively. These assets are included in the "Other non-current" asset section in the Company’s Condensed Consolidated Balance Sheets.

Other Fair Value Measurements

The fair value of the Company’s debt at June 30, 2025 and December 31, 2024 approximated its carrying value of $36.6 million and $26.8 million, respectively, as interest is based on current market interest rates for debt with similar risk and maturity.

v3.25.2
Accrued Liabilities
6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Accrued Liabilities

8.Accrued Liabilities

Accrued liabilities at June 30, 2025 and December 31, 2024 consisted of the following:

    

June 30, 2025

    

December 31, 2024

Accrued salaries, wages and benefits

$

12,546

$

13,931

Accrued liabilities expected to be covered by insurance

 

3,434

 

4,250

Sales taxes

 

2,210

 

1,605

Property taxes

 

1,271

 

1,814

Sale-leaseback arrangement

1,005

2,852

Other accrued expenses

 

2,144

 

1,842

Total accrued liabilities

$

22,610

$

26,294

v3.25.2
Debt
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt

9.Debt

The Company’s obligations under debt arrangements consisted of the following:

June 30, 2025

December 31, 2024

    

    

Debt Issuance

    

    

    

Debt Issuance

    

Principal

Costs(1)

Total

Principal

Costs(1)

Total

Other debt

$

1,160

$

1,160

$

426

$

426

Total current debt

 

1,160

 

 

1,160

 

426

 

 

426

Revolver

10,000

(972)

9,028

Term loan

 

23,000

 

(2,237)

 

20,763

 

23,000

 

(3,666)

 

19,334

Other debt

2,477

2,477

3,417

3,417

Total long-term debt

35,477

(3,209)

32,268

26,417

(3,666)

22,751

Total debt

$

36,637

$

(3,209)

$

33,428

$

26,843

$

(3,666)

$

23,177

(1)Total debt issuance costs include underwriter fees, legal fees, syndication fees and fees related to the execution of the Credit Agreement and the termination and repayment of the Company’s prior credit facility.

On May 15, 2023, the Company entered into a Credit Agreement (the “Credit Agreement”) with White Oak ABL, LLC and White Oak Commercial Finance, LLC, providing for a $65.0 million asset-based revolving credit facility (the “Revolver”) and a $38.0 million fixed asset term loan (the “Term Loan”). The Credit Agreement, as subsequently amended, matures on May 15, 2028 and is secured by substantially all of the assets of the Company and its subsidiaries, including fixed assets and accounts receivable.

The Company has a maximum borrowing capacity under the Revolver of $65.0 million. There is a letter of credit sublimit that is equal to the lesser of $5.0 million and the aggregate unused amount of the revolving commitments then in effect.

The Company is subject to a commitment fee for the unused portion of the maximum borrowing availability under the Revolver. The Revolver termination date is the earlier of the Credit Agreement termination date, May 15, 2028, or the date the outstanding balance is permanently reduced to zero, in accordance with the terms of the Credit Agreement.

As of June 30, 2025, the Company had $10.0 million in borrowings under the Revolver. The Company’s borrowing availability under the Revolver at June 30, 2025 was approximately $21.9 million.

The Credit Agreement is used to finance working capital and general corporate purposes, capital expenditures, permitted acquisitions and associated transaction fees, and to refinance existing indebtedness. Borrowings under the Revolver may be repaid and reborrowed, subject to the borrowing base and other conditions.

As amended, the Revolver and Term Loan bear interest at rates based on 30-day SOFR plus applicable margins, subject to a SOFR floor. As of June 30, 2025, the applicable margin is 4.25% for the Revolver and 6.50% for the Term Loan, with a 4.00% SOFR floor.

The quarterly weighted average interest rate for the Credit Agreement, as of June 30, 2025 and 2024 was 10.46% and 12.07%, respectively.

The Credit Agreement contains customary affirmative and negative covenants, including limitations on indebtedness, liens, investments, asset sales, and dividends, as well as financial maintenance covenants. The financial covenants, as amended, include a minimum Consolidated Fixed Charge Coverage Ratio and/or Consolidated EBITDA thresholds and a minimum liquidity requirement, each tested periodically.

Financial covenants

Restrictive financial covenants under the amended Credit Agreement include:

A Consolidated Fixed Charge Coverage Ratio to not be less than the following during each noted period:
-Trailing Four Quarter Test Period Ending September 30, 2025 and each Fiscal Quarter thereafter, to not be less than 1.00 to 1.00.

A Revolver Loan Turnover Ratio to not be less than the following during each noted period:
-Fiscal Quarter Ending June 30, 2023 and each Fiscal Quarter thereafter, to not be less than 2.50 to 1.00.

A Term Loan Loan-to-Value Ratio to not be greater than the following during each noted period:
-Fiscal Quarter Ending June 30, 2023 and each Fiscal Quarter thereafter, to not be more than 60%.

A Minimum EBITDA to not be less than the following during each noted period:

-Trailing Four Quarter Test Period ending June 30, 2025 - $31,691,000.

Under the Credit Agreement, the Company may not permit Liquidity (as defined in the Credit Agreement) to fall below $15.0 million (i) for more than three (3) consecutive Business Days (as defined in the Credit Agreement) nor (ii) as of the close of business on Friday of each week.

In addition, the Credit Agreement contains events of default that are usual and customary for similar arrangements, including non-payment of principal, interest or fees; breaches of representations and warranties that are not timely cured; violation of covenants; bankruptcy and insolvency events; and, events constituting a change of control.

The Company was in compliance with all financial covenants under the Credit Agreement as of June 30, 2025.

Other debt

The Company has entered into debt agreements with Mobilease for the purpose of financing equipment purchased.  As of June 30, 2025 and December 31, 2024, the carrying value of this debt was $1.2 million and $1.4 million, respectively. The agreements are secured by the financed equipment assets and the debt is included as a component of current debt and long-term debt on the Condensed Consolidated Balance Sheets.

On June 23, 2023, the Company closed on a land-sale leaseback contract for the Company’s Port Lavaca South Yard property located in Port Lavaca, Texas for a purchase price of $12.0 million. A portion of the operating lease above the fair value of the land was financed by the Company. As of both June 30, 2025 and December 31, 2024, the carrying value of this debt was $2.4 million.

v3.25.2
Other Long-Term Liabilities
6 Months Ended
Jun. 30, 2025
Liabilities, Other than Long-term Debt, Noncurrent [Abstract]  
Other Long-Term Liabilities

10.Other Long-Term Liabilities

Other long-term liabilities at June 30, 2025 and December 31, 2024 consisted of the following:

    

June 30, 2025

    

December 31, 2024

Sale-leaseback arrangement

$

13,917

$

19,001

Deferred compensation

 

1,175

 

1,194

Other

392

 

308

Total other long-term liabilities

$

15,484

$

20,503

Sale-Leaseback Arrangements

On May 15, 2023, the Company entered into a $13.0 million sale-leaseback of certain equipment pursuant to which the Company leased-back the equipment for terms ranging from one to three years. The transaction above was recorded as a failed sale-leaseback.

Concurrent with the sale of Company’s Port Lavaca South Yard property, the Company entered into a twenty-year lease agreement whereby the Company leased back the property at an annual rental rate of approximately $1.1 million, subject to annual rent increases of 2.5%. Under the lease agreement, the Company has four consecutive options to extend the term of the lease by five years for each such option. The portion of the above transaction related to the building was recorded as a failed sale-leaseback.

On September 27, 2019, the Company entered into a purchase and sale agreement (the “Purchase and Sale Agreement”). Pursuant to the terms of the Purchase and Sale Agreement, the Company sold its 17300 and 17140 Market Street location in Channelview, Texas for a purchase price of $19.1 million. Concurrent with the sale of the property, the Company entered into a fifteen-year lease agreement whereby the Company leased back the property at an annual rental rate of approximately $1.5 million, subject to annual rent increases of 2.0%. Under the lease agreement, the Company has two consecutive options to extend the term of the lease by ten years for each such option. The transaction above was recorded as a failed sale-leaseback.

Related to the failed sale-leasebacks, the Company recorded liabilities for the amounts received, will continue to depreciate the non-land portion of the assets, and has imputed an interest rate so that the net carrying amount of the financial liability and remaining assets will be zero at the end of the initial lease terms.

v3.25.2
Income Taxes
6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

11.Income Taxes

The Company’s effective tax rate is based on expected income, statutory rates and tax planning opportunities available to it. For interim financial reporting, the Company estimates its annual tax rate based on projected taxable income for the full year and records a quarterly tax provision in accordance with the anticipated annual rate.

Income tax (benefit) expense included in the Company’s accompanying Condensed Consolidated Statements of Operations was as follows:

Three Months Ended

    

Six Months Ended

 

June 30, 

June 30,

    

2025

2024

2025

2024

Income tax (benefit) expense

$

(212)

$

617

$

(72)

$

265

Effective tax rate

 

(33.7)

%  

 

(10.3)

%  

 

11.2

%  

 

(2.1)

%

The effective rate for the three and six months ended June 30, 2025 differed from the Company’s statutory federal rate of 21% primarily due to the tax impact from the valuation allowance for current year activity, state income taxes and the non-deductibility of other permanent items.

The Company assessed the realizability of its deferred tax assets and determined that it was more likely than not that some portion or all the deferred tax assets would not be realized and therefore recorded a valuation allowance on the net deferred tax assets. The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. The Company considers the scheduled reversal of deferred tax liabilities, available carryback periods, and tax-planning strategies in making this assessment. For the three and six months ended June 30, 2025 the Company evaluated positive and negative evidence in determining the amount of deferred tax assets more likely than not to be realized. Based on the review of available evidence, management believes that a valuation allowance on the net deferred tax assets at June 30, 2025 remains appropriate.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes provisions, that may impact our tax rate such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The Company is currently assessing the potential impact on its consolidated financial statements.

v3.25.2
Earnings Per Share
6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share

12.Earnings Per Share

Basic earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted earnings per share is based on the weighted average number of common shares outstanding as well as the effect of all dilutive common stock equivalents during each period net income is generated. For the three months ended June 30, 2025 and 2024, the Company had 48,940 and 181,025 shares, respectively, that were potentially dilutive in earnings per share calculations. For the six months ended June 30, 2025 and 2024, the Company had 52,103 and 201,550 shares, respectively, that were potentially dilutive in earnings per share calculations. Such dilution is dependent on the excess of the market price of our stock over the exercise price and other components of the treasury stock method. The exercise price for certain stock options awarded by the Company exceeded the average market price of the Company’s common stock for the three and six months ended June 30, 2025 and 2024. Such stock options are antidilutive and are not included in the computation of earnings per share for those periods. The Company reported a net loss for the three months

ended June 30, 2024 and the six months ended June 30, 2025 and 2024; therefore, all potentially dilutive securities are antidilutive and are excluded from the computation of diluted loss per share for such periods.

The following table reconciles the denominators used in the computations of both basic and diluted earnings per share:

Three Months Ended June 30,

Six Months Ended June 30,

    

2025

    

2024

    

2025

    

2024

Basic:

 

  

 

.

 

  

 

  

Weighted average shares outstanding

 

39,765,051

 

33,111,987

 

39,412,681

 

32,832,868

Diluted:

 

  

 

  

 

  

 

  

Total basic weighted average shares outstanding

 

39,765,051

 

33,111,987

 

39,412,681

 

32,832,868

Effect of potentially dilutive securities:

 

  

 

  

 

 

Common stock options

 

9,354

 

 

 

Employee stock purchase plan

16,759

 

Total weighted average shares outstanding assuming dilution

 

39,791,164

 

33,111,987

 

39,412,681

 

32,832,868

v3.25.2
Share-Based Compensation
6 Months Ended
Jun. 30, 2025
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation

13.Share-Based Compensation

The Compensation Committee of the Company’s Board of Directors is responsible for the administration of the Company’s stock incentive plans. In general, the Company’s 2022 LTIP provides for grants of restricted stock and performance-based awards to be issued with a per-share price not less than the fair market value of a share of common stock on the date of grant. The Company accounts for forfeitures of awards as they are incurred.

In May 2024 shareholders approved the ESPP, which became effective on September 16, 2024. The Company has reserved a total of 1,000,000 shares under the ESPP, all of which are authorized and available for future issuance under the ESPP. During the six months ended June 30, 2025, there were 71,133 shares issued under the ESPP generating proceeds to the Company of $0.3 million. The Company has an outstanding liability pertaining to the ESPP of $0.3 million as of June 30, 2025, included in accrued expenses, for employee contributions to the ESPP, pending issuance at the end of the offering period.

The table below presents the share-based compensation expense included in the Company’s accompanying condensed consolidated statements of operations:

Three Months Ended June 30,

Six Months Ended June 30,

    

2025

    

2024

2025

    

2024

Restricted stock awards

$

1,456

$

1,186

$

2,189

$

1,477

Performance stock units

 

(25)

 

370

 

282

 

437

Employee share purchase plan

88

 

171

 

Total share-based compensation expense

$

1,519

$

1,556

$

2,642

$

1,914

Under its approved long-term incentive plan, the Company grants share-based awards to its employees. The following table presents a summary of the Company’s unvested restricted stock awards and performance share units granted under the plan:

Restricted stock awards

Performance stock units

    

    

Weighted

 

    

Weighted

Number

Average

 

Number

Average

of

Fair Value

 

of

Fair Value

Shares

Per Share

 

Shares

Per Share

Nonvested at December 31, 2024

 

1,008,232

$

6.56

534,231

$

3.65

Granted

 

205,963

$

5.94

293,073

$

7.17

Vested

 

(106,475)

$

5.46

$

Forfeited shares

 

(10,960)

$

8.56

$

Nonvested at March 31,  2025

 

1,096,760

$

6.53

827,304

$

4.89

Granted

454,630

$

8.61

$

Vested

(208,108)

$

9.11

$

Forfeited shares

(68,943)

$

6.73

(195,017)

$

4.56

Nonvested at June 30, 2025

1,274,339

$

6.84

632,287

1

$

5.00

(1)A maximum of 1.2 million common shares could be awarded based upon the Company’s achievement of set performance-metrics.

On March 20, 2025, the Company granted certain executives a total of 293,073 performance-based units. The performance-based units will potentially vest 100% if the target is met, with 50% of the units to be earned based on the achievement of an absolute adjusted EBITDA target, measured in the final year of a three-year performance period and 50% of the units to be earned based on the achievement of an objective, tiered return on relative total shareholder return, measured over a three-year performance period. The Company evaluates the probability of achieving targeted award levels each reporting period. The fair value of the grants awarded related to the adjusted EBITDA target was $5.89 per share and the fair value of the grants awarded related to the relative total shareholder return target was $8.45 valued using a Monte Carlo simulation model.

The following table presents the assumptions related to the performance share units granted in 2025 related to the relative total shareholder return, as indicated in the previous summary table:

2025

Grant-date fair value

$

5.89

Risk-free interest rate

 

3.86

%

Volatility factor

 

65.52

%

Contractual term (years)

 

2.78

In the six months ended June 30, 2025, there were 15,000 options exercised generating proceeds to the Company of $0.1 million. In the three months ended June 30, 2024, there were 10,246 options exercised generating proceeds to the Company of $0.1 million. In the six months ended June 30, 2024, there were 56,568 options exercised generating proceeds to the Company of $0.4 million.

The following table presents a summary of the unrecognized compensation cost, and the related weighted average recognition period associated with unvested awards and units as of June 30, 2025:

Restricted stock awards

Performance stock units

Unrecognized compensation cost

$

7,475

$

2,815

Weighted average period for recognition (years)

 

2.34

 

1.90

v3.25.2
Commitments and Contingencies
6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

14.Commitments and Contingencies

The Company is involved in various legal and other proceedings that are incidental to the conduct of its business, none of which in the opinion of management will have a material effect on the Company’s financial condition, results of operations or cash flows. Management believes that it has recorded adequate accrued liabilities and believes that it has adequate insurance coverage or has meritorious defenses for these claims and contingencies.

v3.25.2
Segment Information
6 Months Ended
Jun. 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. The tools used by the chief operating decision maker (“CODM”) to allocate resources and assess performance are based on two reportable and operating segments: marine and concrete, which operate under the Orion brand and logo.

In making this determination, the Company considered the similar economic characteristics of each segment’s operations, including internal processes, customer base, regulatory oversight, and macroeconomic factors that drive each. Both the marine and concrete segments have a single individual responsible for managing the entire segment. Resources are allocated by segment and financial and budgetary information is compiled and reviewed by segment.

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 June 30, 

Six Months Ended June 30, 

2025

2024

2025

2024

Amount

    

Amount

Amount

    

Amount

Marine

(dollar amounts in thousands)

(dollar amounts in thousands)

Contract revenues

$

135,302

 

$

130,953

$

262,465

 

$

237,278

Cost of contract revenues

 

115,156

 

 

120,878

 

223,794

 

 

220,998

Gross profit

 

20,146

 

 

10,075

 

38,671

 

 

16,280

Selling, general and administrative expenses

 

14,141

 

 

15,604

 

28,059

 

 

26,759

Gain on disposal of assets, net

(225)

(62)

(396)

(146)

Operating income (loss)

$

6,230

 

$

(5,467)

$

11,008

 

$

(10,333)

Total assets

$

345,833

$

322,031

$

345,833

$

322,031

Property and equipment, net

$

93,676

$

80,115

$

93,676

$

80,115

Depreciation and amortization

$

4,373

$

4,922

$

8,904

$

9,852

Capital expenditures

$

6,875

$

3,269

$

15,846

$

4,776

Concrete

Contract revenues

$

69,984

 

$

61,214

$

131,474

 

$

115,561

Cost of contract revenues

 

64,333

 

 

53,008

 

121,333

 

 

98,022

Gross profit

 

5,651

 

 

8,206

 

10,141

 

 

17,539

Selling, general and administrative expenses

 

8,633

 

 

5,531

 

17,260

 

 

13,375

Gain on disposal of assets, net

(184)

(24)

(376)

(277)

Operating (loss) income

$

(2,798)

 

$

2,699

$

(6,743)

 

$

4,441

Total assets

$

86,890

$

91,988

$

86,890

$

91,988

Property and equipment, net

$

4,001

$

5,860

$

4,001

$

5,860

Depreciation and amortization

$

858

$

1,049

$

1,730

$

2,138

Capital expenditures

$

257

$

1,365

$

319

$

1,711

There were $0.6 million and $1.1 million in intersegment revenues between the Company’s two reportable segments for the three months ended June 30, 2025 and 2024, respectively. There were $1.6 million and $1.7 million in intersegment revenues between the Company’s two reportable segments for the six months ended June 30, 2025 and 2024, respectively.

v3.25.2
Leases
6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases

16.Leases

The Company has operating and finance leases for office space, equipment and vehicles.

Leases recorded on the balance sheet consists of the following:

    

June 30, 

December 31,

Leases

2025

2024

Assets

Operating lease right-of-use assets, net (1)

$

23,708

$

27,101

Financing lease right-of-use assets, net (2)

 

23,061

 

25,806

Total assets

$

46,769

$

52,907

Liabilities

 

  

 

  

Current

 

  

 

  

Operating

$

5,549

$

7,546

Financing

 

10,997

 

10,580

Total current

 

16,546

 

18,126

Noncurrent

 

  

 

  

Operating

 

21,030

 

20,837

Financing

 

7,665

 

11,346

Total noncurrent

 

28,695

 

32,183

Total liabilities

$

45,241

$

50,309

(1)Operating lease right-of-use assets are recorded net of accumulated amortization of $30.4 million and $25.6 million as of June 30, 2025 and December 31, 2024, respectively.
(2)Financing lease right-of-use assets are recorded net of accumulated amortization of $21.3 million and $17.0 million as of June 30, 2025 and December 31, 2024, respectively.

Other information related to lease term and discount rate is as follows:

June 30, 

 

December 31,

 

2025

 

2024

 

Weighted Average Remaining Lease Term (in years)

  

  

Operating leases

8.79

8.35

Financing leases

2.20

2.40

Weighted Average Discount Rate

Operating leases

11.39

%

10.66

%

Financing leases

9.15

%

8.74

%

The components of lease expense are as follows:

Three months ended June 30,

Six months ended June 30, 

    

2025

    

2024

2025

    

2024

 

Operating lease costs:

 

  

 

  

  

 

  

Operating lease cost

$

3,071

$

3,051

$

6,206

$

6,042

Short-term lease cost (1)

 

1,451

 

945

 

2,672

 

1,850

Financing lease costs:

 

 

  

 

 

  

Interest on lease liabilities

 

449

 

424

 

870

 

831

Amortization of right-of-use assets

 

2,132

 

1,853

 

4,360

 

3,664

Total lease cost

$

7,103

$

6,273

$

14,108

$

12,387

(1)Includes expenses related to leases with a lease term of more than one month but less than one year.

Supplemental cash flow information related to leases is as follows:

Six Months Ended June 30, 

2025

2024

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows for operating leases

$

4,638

$

5,656

Operating cash flows for finance leases

$

870

$

831

Financing cash flows for finance leases

$

5,316

$

4,209

Non-cash activity:

 

 

ROU assets obtained in exchange for new operating lease liabilities

$

2,287

$

13,815

ROU assets obtained in exchange for new financing lease liabilities

$

2,182

$

4,208

Maturities of lease liabilities are summarized as follows:

Operating Leases

Finance Leases

Year ending December 31,

2025 (excluding the six months ended June 30, 2025)

$

4,445

$

6,138

2026

 

1,771

 

8,195

2027

 

5,744

 

2,769

2028

 

4,403

 

1,442

2029

 

3,678

 

2,133

Thereafter

 

28,591

 

64

Total future minimum lease payments

 

48,632

 

20,741

Less - amount representing interest

 

22,053

2,079

Present value of future minimum lease payments

 

26,579

 

18,662

Less - current lease obligations

 

5,549

 

10,997

Long-term lease obligations

$

21,030

$

7,665

v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure            
Net Income (Loss) $ 841 $ (1,414) $ (6,603) $ (6,057) $ (573) $ (12,660)

v3.25.2
Insider Trading Arrangements
3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false

v3.25.2
Summary of Significant Accounting Principles (Policies)
6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

The accompanying condensed consolidated financial statements and financial information included herein have been prepared pursuant to the interim period reporting requirements of Form 10-Q. Accordingly, these financial statements do not include certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and should be read together with our 2024 Annual Report on Form 10-K. For the periods presented, there were no items of other comprehensive income.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows for the periods presented. Such adjustments are of a normal recurring nature. Interim results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results realizable for the year ending December 31, 2025.

Recent Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issues accounting standards and updates (each, an “ASU”) from time to time to its Accounting Standards Codification (“ASC”), which is the primary source of U.S. GAAP. The Company regularly monitors ASUs as they are issued and considers applicability to its business. All ASUs are adopted by their respective due dates and in the manner prescribed by the FASB.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. This will not impact our financial position or results of operations, but is expected to result in expanded tax disclosures in the full year financial statements for the year ended December 31, 2025.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures. The amendments require entities to provide enhanced disaggregation of certain expense categories presented in the income statement, including details on significant

components within those categories, to provide greater transparency and decision-useful information to users of financial statements. The ASU is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on the disclosures within its consolidated financial statements.

v3.25.2
Revenue (Tables)
6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregation of revenue

Three Months Ended June 30,

Six Months Ended June 30,

    

2025

    

2024

    

2025

    

2024

Marine Segment

 

  

 

  

 

  

 

  

Construction

$

114,830

$

116,025

$

219,312

$

204,814

Dredging

 

17,700

 

12,077

 

34,611

 

26,747

Specialty services

 

2,772

 

2,851

 

8,542

 

5,717

Marine segment contract revenues

$

135,302

$

130,953

$

262,465

$

237,278

Concrete Segment

 

  

 

  

 

  

 

  

Structural

$

12,582

$

16,895

$

26,303

$

28,468

Light commercial

 

57,402

 

44,319

 

105,171

 

87,093

Concrete segment contract revenues

$

69,984

$

61,214

$

131,474

$

115,561

Total contract revenues

$

205,286

$

192,167

$

393,939

$

352,839

v3.25.2
Concentration of Risk and Enterprise-Wide Disclosures (Tables)
6 Months Ended
Jun. 30, 2025
Trade and contract retainage receivables  
Concentration Risk [Line Items]  
Schedules of concentration of risk, by risk factor

June 30, 2025

December 31, 2024

 

Federal Government

    

$

56,499

    

26

%  

$

19,874

    

14

%

State Governments

 

19,692

 

9

%  

 

9,553

 

7

%

Local Governments

 

36,760

 

17

%  

 

24,641

 

17

%

Private Companies

 

100,618

 

48

%  

 

88,424

 

62

%

Gross receivables

213,569

100

%  

142,492

100

%

Allowance for credit losses

(1,099)

(555)

Net receivables

$

212,470

 

$

141,937

 

Contract revenues  
Concentration Risk [Line Items]  
Schedules of concentration of risk, by risk factor

    

Three Months Ended June 30, 

    

Six Months Ended June 30, 

    

    

2025

    

%

    

2024

    

%

    

2025

    

%

    

2024

    

%

    

Federal Government

 

$

39,429

 

19

%  

$

67,021

 

35

%  

$

81,313

 

21

%  

$

120,403

 

34

%  

State Governments

 

 

36,322

 

18

%  

 

15,453

 

8

%  

 

65,283

 

17

%  

 

29,437

 

8

%  

Local Government

 

 

43,127

 

21

%  

 

26,892

 

14

%  

 

80,164

 

20

%  

 

55,865

 

16

%  

Private Companies

 

 

86,408

 

42

%  

 

82,801

 

43

%  

 

167,179

 

42

%  

 

147,134

 

42

%  

Total contract revenues

 

$

205,286

 

100

%  

$

192,167

 

100

%  

$

393,939

 

100

%  

$

352,839

 

100

%  

v3.25.2
Contracts in Progress (Tables)
6 Months Ended
Jun. 30, 2025
Contracts in Progress  
Schedule of contracts in progress

    

June 30, 

    

December 31, 

2025

2024

Costs incurred on uncompleted contracts

$

1,730,265

$

1,561,338

Estimated earnings

 

246,552

 

211,439

 

1,976,817

 

1,772,777

Less: Billings to date

 

(1,974,628)

 

(1,735,741)

$

2,189

$

37,036

Included in the accompanying Consolidated Balance Sheets under the following captions:

 

  

 

  

Contract assets

$

50,951

$

84,407

Contract liabilities

 

(48,762)

 

(47,371)

$

2,189

$

37,036

v3.25.2
Property and Equipment (Tables)
6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Summary of property and equipment

    

June 30, 

    

December 31, 

2025

2024

Construction equipment

$

117,409

$

117,652

Vessels and other equipment

 

103,878

 

96,173

Building and improvements

 

38,701

 

39,401

Automobiles and trucks

 

2,080

 

1,790

Office equipment

 

1,786

 

7,562

 

263,854

 

262,578

Less: Accumulated depreciation

 

(206,833)

 

(209,234)

Net book value of depreciable assets

 

57,021

 

53,344

Construction in progress

 

15,708

 

7,806

Land

 

24,948

 

24,948

Property and equipment, net of depreciation

$

97,677

$

86,098

v3.25.2
Accrued Liabilities (Tables)
6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Schedule of accrued liabilities

    

June 30, 2025

    

December 31, 2024

Accrued salaries, wages and benefits

$

12,546

$

13,931

Accrued liabilities expected to be covered by insurance

 

3,434

 

4,250

Sales taxes

 

2,210

 

1,605

Property taxes

 

1,271

 

1,814

Sale-leaseback arrangement

1,005

2,852

Other accrued expenses

 

2,144

 

1,842

Total accrued liabilities

$

22,610

$

26,294

v3.25.2
Debt (Tables)
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of debt

June 30, 2025

December 31, 2024

    

    

Debt Issuance

    

    

    

Debt Issuance

    

Principal

Costs(1)

Total

Principal

Costs(1)

Total

Other debt

$

1,160

$

1,160

$

426

$

426

Total current debt

 

1,160

 

 

1,160

 

426

 

 

426

Revolver

10,000

(972)

9,028

Term loan

 

23,000

 

(2,237)

 

20,763

 

23,000

 

(3,666)

 

19,334

Other debt

2,477

2,477

3,417

3,417

Total long-term debt

35,477

(3,209)

32,268

26,417

(3,666)

22,751

Total debt

$

36,637

$

(3,209)

$

33,428

$

26,843

$

(3,666)

$

23,177

v3.25.2
Other Long-Term Liabilities (Tables)
6 Months Ended
Jun. 30, 2025
Liabilities, Other than Long-term Debt, Noncurrent [Abstract]  
Schedule of other long-term liabilities

    

June 30, 2025

    

December 31, 2024

Sale-leaseback arrangement

$

13,917

$

19,001

Deferred compensation

 

1,175

 

1,194

Other

392

 

308

Total other long-term liabilities

$

15,484

$

20,503

v3.25.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of effective income tax reconciliation

Three Months Ended

    

Six Months Ended

 

June 30, 

June 30,

    

2025

2024

2025

2024

Income tax (benefit) expense

$

(212)

$

617

$

(72)

$

265

Effective tax rate

 

(33.7)

%  

 

(10.3)

%  

 

11.2

%  

 

(2.1)

%

v3.25.2
Earnings Per Share (Tables)
6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of earnings per share, basic and diluted

Three Months Ended June 30,

Six Months Ended June 30,

    

2025

    

2024

    

2025

    

2024

Basic:

 

  

 

.

 

  

 

  

Weighted average shares outstanding

 

39,765,051

 

33,111,987

 

39,412,681

 

32,832,868

Diluted:

 

  

 

  

 

  

 

  

Total basic weighted average shares outstanding

 

39,765,051

 

33,111,987

 

39,412,681

 

32,832,868

Effect of potentially dilutive securities:

 

  

 

  

 

 

Common stock options

 

9,354

 

 

 

Employee stock purchase plan

16,759

 

Total weighted average shares outstanding assuming dilution

 

39,791,164

 

33,111,987

 

39,412,681

 

32,832,868

v3.25.2
Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of share-based compensation expense

Three Months Ended June 30,

Six Months Ended June 30,

    

2025

    

2024

2025

    

2024

Restricted stock awards

$

1,456

$

1,186

$

2,189

$

1,477

Performance stock units

 

(25)

 

370

 

282

 

437

Employee share purchase plan

88

 

171

 

Total share-based compensation expense

$

1,519

$

1,556

$

2,642

$

1,914

Schedule of restricted stock activity

Restricted stock awards

Performance stock units

    

    

Weighted

 

    

Weighted

Number

Average

 

Number

Average

of

Fair Value

 

of

Fair Value

Shares

Per Share

 

Shares

Per Share

Nonvested at December 31, 2024

 

1,008,232

$

6.56

534,231

$

3.65

Granted

 

205,963

$

5.94

293,073

$

7.17

Vested

 

(106,475)

$

5.46

$

Forfeited shares

 

(10,960)

$

8.56

$

Nonvested at March 31,  2025

 

1,096,760

$

6.53

827,304

$

4.89

Granted

454,630

$

8.61

$

Vested

(208,108)

$

9.11

$

Forfeited shares

(68,943)

$

6.73

(195,017)

$

4.56

Nonvested at June 30, 2025

1,274,339

$

6.84

632,287

1

$

5.00

Schedule of performance share unit activity

Restricted stock awards

Performance stock units

    

    

Weighted

 

    

Weighted

Number

Average

 

Number

Average

of

Fair Value

 

of

Fair Value

Shares

Per Share

 

Shares

Per Share

Nonvested at December 31, 2024

 

1,008,232

$

6.56

534,231

$

3.65

Granted

 

205,963

$

5.94

293,073

$

7.17

Vested

 

(106,475)

$

5.46

$

Forfeited shares

 

(10,960)

$

8.56

$

Nonvested at March 31,  2025

 

1,096,760

$

6.53

827,304

$

4.89

Granted

454,630

$

8.61

$

Vested

(208,108)

$

9.11

$

Forfeited shares

(68,943)

$

6.73

(195,017)

$

4.56

Nonvested at June 30, 2025

1,274,339

$

6.84

632,287

1

$

5.00

(1)A maximum of 1.2 million common shares could be awarded based upon the Company’s achievement of set performance-metrics.
Schedule of performance share unit valuation assumptions related to relative total shareholder return objective

2025

Grant-date fair value

$

5.89

Risk-free interest rate

 

3.86

%

Volatility factor

 

65.52

%

Contractual term (years)

 

2.78

Schedule of unrecognized compensation cost

The following table presents a summary of the unrecognized compensation cost, and the related weighted average recognition period associated with unvested awards and units as of June 30, 2025:

Restricted stock awards

Performance stock units

Unrecognized compensation cost

$

7,475

$

2,815

Weighted average period for recognition (years)

 

2.34

 

1.90

v3.25.2
Segment Information (Tables)
6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of segment reporting

Three Months Ended June 30, 

Six Months Ended June 30, 

2025

2024

2025

2024

Amount

    

Amount

Amount

    

Amount

Marine

(dollar amounts in thousands)

(dollar amounts in thousands)

Contract revenues

$

135,302

 

$

130,953

$

262,465

 

$

237,278

Cost of contract revenues

 

115,156

 

 

120,878

 

223,794

 

 

220,998

Gross profit

 

20,146

 

 

10,075

 

38,671

 

 

16,280

Selling, general and administrative expenses

 

14,141

 

 

15,604

 

28,059

 

 

26,759

Gain on disposal of assets, net

(225)

(62)

(396)

(146)

Operating income (loss)

$

6,230

 

$

(5,467)

$

11,008

 

$

(10,333)

Total assets

$

345,833

$

322,031

$

345,833

$

322,031

Property and equipment, net

$

93,676

$

80,115

$

93,676

$

80,115

Depreciation and amortization

$

4,373

$

4,922

$

8,904

$

9,852

Capital expenditures

$

6,875

$

3,269

$

15,846

$

4,776

Concrete

Contract revenues

$

69,984

 

$

61,214

$

131,474

 

$

115,561

Cost of contract revenues

 

64,333

 

 

53,008

 

121,333

 

 

98,022

Gross profit

 

5,651

 

 

8,206

 

10,141

 

 

17,539

Selling, general and administrative expenses

 

8,633

 

 

5,531

 

17,260

 

 

13,375

Gain on disposal of assets, net

(184)

(24)

(376)

(277)

Operating (loss) income

$

(2,798)

 

$

2,699

$

(6,743)

 

$

4,441

Total assets

$

86,890

$

91,988

$

86,890

$

91,988

Property and equipment, net

$

4,001

$

5,860

$

4,001

$

5,860

Depreciation and amortization

$

858

$

1,049

$

1,730

$

2,138

Capital expenditures

$

257

$

1,365

$

319

$

1,711

v3.25.2
Leases (Tables)
6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of leases recorded on the balance sheet

    

June 30, 

December 31,

Leases

2025

2024

Assets

Operating lease right-of-use assets, net (1)

$

23,708

$

27,101

Financing lease right-of-use assets, net (2)

 

23,061

 

25,806

Total assets

$

46,769

$

52,907

Liabilities

 

  

 

  

Current

 

  

 

  

Operating

$

5,549

$

7,546

Financing

 

10,997

 

10,580

Total current

 

16,546

 

18,126

Noncurrent

 

  

 

  

Operating

 

21,030

 

20,837

Financing

 

7,665

 

11,346

Total noncurrent

 

28,695

 

32,183

Total liabilities

$

45,241

$

50,309

(1)Operating lease right-of-use assets are recorded net of accumulated amortization of $30.4 million and $25.6 million as of June 30, 2025 and December 31, 2024, respectively.
(2)Financing lease right-of-use assets are recorded net of accumulated amortization of $21.3 million and $17.0 million as of June 30, 2025 and December 31, 2024, respectively.
Schedule of information related to lease terms and discount rates

June 30, 

 

December 31,

 

2025

 

2024

 

Weighted Average Remaining Lease Term (in years)

  

  

Operating leases

8.79

8.35

Financing leases

2.20

2.40

Weighted Average Discount Rate

Operating leases

11.39

%

10.66

%

Financing leases

9.15

%

8.74

%

Schedule of components of lease expense

Three months ended June 30,

Six months ended June 30, 

    

2025

    

2024

2025

    

2024

 

Operating lease costs:

 

  

 

  

  

 

  

Operating lease cost

$

3,071

$

3,051

$

6,206

$

6,042

Short-term lease cost (1)

 

1,451

 

945

 

2,672

 

1,850

Financing lease costs:

 

 

  

 

 

  

Interest on lease liabilities

 

449

 

424

 

870

 

831

Amortization of right-of-use assets

 

2,132

 

1,853

 

4,360

 

3,664

Total lease cost

$

7,103

$

6,273

$

14,108

$

12,387

(1)Includes expenses related to leases with a lease term of more than one month but less than one year.
Schedule of supplemental cash flow information

Six Months Ended June 30, 

2025

2024

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows for operating leases

$

4,638

$

5,656

Operating cash flows for finance leases

$

870

$

831

Financing cash flows for finance leases

$

5,316

$

4,209

Non-cash activity:

 

 

ROU assets obtained in exchange for new operating lease liabilities

$

2,287

$

13,815

ROU assets obtained in exchange for new financing lease liabilities

$

2,182

$

4,208

Schedule of operating lease maturities

Operating Leases

Finance Leases

Year ending December 31,

2025 (excluding the six months ended June 30, 2025)

$

4,445

$

6,138

2026

 

1,771

 

8,195

2027

 

5,744

 

2,769

2028

 

4,403

 

1,442

2029

 

3,678

 

2,133

Thereafter

 

28,591

 

64

Total future minimum lease payments

 

48,632

 

20,741

Less - amount representing interest

 

22,053

2,079

Present value of future minimum lease payments

 

26,579

 

18,662

Less - current lease obligations

 

5,549

 

10,997

Long-term lease obligations

$

21,030

$

7,665

Schedule of finance lease maturities

Operating Leases

Finance Leases

Year ending December 31,

2025 (excluding the six months ended June 30, 2025)

$

4,445

$

6,138

2026

 

1,771

 

8,195

2027

 

5,744

 

2,769

2028

 

4,403

 

1,442

2029

 

3,678

 

2,133

Thereafter

 

28,591

 

64

Total future minimum lease payments

 

48,632

 

20,741

Less - amount representing interest

 

22,053

2,079

Present value of future minimum lease payments

 

26,579

 

18,662

Less - current lease obligations

 

5,549

 

10,997

Long-term lease obligations

$

21,030

$

7,665

v3.25.2
Description of Business and Basis of Presentation (Details)
$ in Thousands
3 Months Ended 6 Months Ended 18 Months Ended
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
segment
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
segment
Jun. 30, 2025
USD ($)
segment
May 15, 2023
USD ($)
Number of reportable segments | segment 2 2 2 2 2  
Revolver            
Principal amount $ 10,000   $ 10,000   $ 10,000  
Line of credit facility, maximum borrowing capacity $ 65,000   $ 65,000   $ 65,000  
White Oak | Revolver            
Line of credit facility, maximum borrowing capacity           $ 65,000
White Oak | Term Loan            
Principal amount           $ 38,000

v3.25.2
Revenue (Details)
$ in Thousands
3 Months Ended 6 Months Ended 18 Months Ended
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
segment
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
segment
Jun. 30, 2025
segment
Disaggregation of Revenue [Line Items]          
Contract revenues $ 205,286 $ 192,167 $ 393,939 $ 352,839  
Number of reportable segments | segment 2 2 2 2 2
Marine          
Disaggregation of Revenue [Line Items]          
Contract revenues $ 135,302 $ 130,953 $ 262,465 $ 237,278  
Marine | Construction          
Disaggregation of Revenue [Line Items]          
Contract revenues 114,830 116,025 219,312 204,814  
Marine | Dredging          
Disaggregation of Revenue [Line Items]          
Contract revenues 17,700 12,077 34,611 26,747  
Marine | Specialty Services          
Disaggregation of Revenue [Line Items]          
Contract revenues 2,772 2,851 8,542 5,717  
Concrete          
Disaggregation of Revenue [Line Items]          
Contract revenues 69,984 61,214 131,474 115,561  
Concrete | Structural          
Disaggregation of Revenue [Line Items]          
Contract revenues 12,582 16,895 26,303 28,468  
Concrete | Light Commercial          
Disaggregation of Revenue [Line Items]          
Contract revenues $ 57,402 $ 44,319 $ 105,171 $ 87,093  

v3.25.2
Concentration of Risk and Enterprise-Wide Disclosures (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Concentration Risk [Line Items]          
Allowance for credit losses $ (1,099)   $ (1,099)   $ (555)
Contract revenues 205,286 $ 192,167 393,939 $ 352,839  
Contract revenues          
Concentration Risk [Line Items]          
Contract revenues 205,286 192,167      
Federal Government          
Concentration Risk [Line Items]          
Contract revenues 39,429 67,021      
State Governments          
Concentration Risk [Line Items]          
Contract revenues 36,322 15,453      
Local Governments          
Concentration Risk [Line Items]          
Contract revenues 43,127 26,892      
Private Companies          
Concentration Risk [Line Items]          
Contract revenues 86,408 $ 82,801      
Customer concentration risk | Trade and contract retainage receivables          
Concentration Risk [Line Items]          
Gross receivables 213,569   213,569   142,492
Allowance for credit losses (1,099)   (1,099)   (555)
Net receivables $ 212,470   $ 212,470   $ 141,937
Concentration risk, percentage     100.00%   100.00%
Customer concentration risk | Contract revenues          
Concentration Risk [Line Items]          
Contract revenues     $ 393,939 $ 352,839  
Concentration risk, percentage 100.00% 100.00% 100.00% 100.00%  
Customer concentration risk | Federal Government | Trade and contract retainage receivables          
Concentration Risk [Line Items]          
Gross receivables $ 56,499   $ 56,499   $ 19,874
Concentration risk, percentage     26.00%   14.00%
Customer concentration risk | Federal Government | Trade and contract retainage receivables | US Navy          
Concentration Risk [Line Items]          
Concentration risk, percentage     25.80%   11.10%
Customer concentration risk | Federal Government | Contract revenues          
Concentration Risk [Line Items]          
Contract revenues     $ 81,313 $ 120,403  
Concentration risk, percentage 19.00% 35.00% 21.00% 34.00%  
Customer concentration risk | Federal Government | Contract revenues | US Navy          
Concentration Risk [Line Items]          
Concentration risk, percentage 16.40% 28.90% 16.90% 26.50%  
Customer concentration risk | State Governments | Trade and contract retainage receivables          
Concentration Risk [Line Items]          
Gross receivables $ 19,692   $ 19,692   $ 9,553
Concentration risk, percentage     9.00%   7.00%
Customer concentration risk | State Governments | Contract revenues          
Concentration Risk [Line Items]          
Contract revenues     $ 65,283 $ 29,437  
Concentration risk, percentage 18.00% 8.00% 17.00% 8.00%  
Customer concentration risk | Local Governments | Trade and contract retainage receivables          
Concentration Risk [Line Items]          
Gross receivables $ 36,760   $ 36,760   $ 24,641
Concentration risk, percentage     17.00%   17.00%
Customer concentration risk | Local Governments | Contract revenues          
Concentration Risk [Line Items]          
Contract revenues     $ 80,164 $ 55,865  
Concentration risk, percentage 21.00% 14.00% 20.00% 16.00%  
Customer concentration risk | Private Companies | Trade and contract retainage receivables          
Concentration Risk [Line Items]          
Gross receivables $ 100,618   $ 100,618   $ 88,424
Concentration risk, percentage     48.00%   62.00%
Customer concentration risk | Private Companies | Contract revenues          
Concentration Risk [Line Items]          
Contract revenues     $ 167,179 $ 147,134  
Concentration risk, percentage 42.00% 43.00% 42.00% 42.00%  
Geographic concentration | Contract revenues | Foreign          
Concentration Risk [Line Items]          
Concentration risk, percentage 5.60% 8.60% 5.90% 7.40%  

v3.25.2
Concentration of Risk and Enterprise-Wide Disclosures - Dragados/Hawaiian Dredging/Orion Joint Venture (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 10, 2023
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Related Party          
Contract revenues   $ 205,286 $ 192,167 $ 393,939 $ 352,839
Dragados/Hawaiian Dredging/Orion Joint Venture          
Related Party          
Contract awarded $ 458,700        
Contract revenues   $ 33,300 $ 55,500 $ 66,600 $ 93,500

v3.25.2
Contracts in Progress (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Contracts in Progress    
Costs incurred on uncompleted contracts $ 1,730,265 $ 1,561,338
Estimated earnings 246,552 211,439
Costs incurred and estimated earnings on uncompleted contracts 1,976,817 1,772,777
Less: Billings to date (1,974,628) (1,735,741)
Costs and estimated earnings in excess of billings on uncompleted contracts, net 2,189 37,036
Contract assets 50,951 84,407
Contract liabilities $ (48,762) $ (47,371)

v3.25.2
Contracts in Progress - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Contract Assets    
Unbilled contract claims and change orders    
Claims and unapproved change orders $ 5.0 $ 19.8

v3.25.2
Contracts in Progress - Remaining Performance Obligation (Details)
$ in Millions
6 Months Ended
Jun. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Performance obligations expected to be satisfied $ 745.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Performance obligations expected to be satisfied $ 618.3
Performance obligations expected to be satisfied, percentage 83.00%
Performance obligations expected to be satisfied, expected timing 12 months

v3.25.2
Property and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property and Equipment    
Depreciable property and equipment, gross $ 263,854 $ 262,578
Less: accumulated depreciation (206,833) (209,234)
Net book value of depreciable assets 57,021 53,344
Construction in progress 15,708 7,806
Land 24,948 24,948
Property and equipment, net of depreciation 97,677 86,098
Automobiles and trucks    
Property and Equipment    
Depreciable property and equipment, gross 117,409 117,652
Building and improvements    
Property and Equipment    
Depreciable property and equipment, gross 103,878 96,173
Construction equipment    
Property and Equipment    
Depreciable property and equipment, gross 38,701 39,401
Vessels and other equipment    
Property and Equipment    
Depreciable property and equipment, gross 2,080 1,790
Office equipment    
Property and Equipment    
Depreciable property and equipment, gross $ 1,786 $ 7,562

v3.25.2
Fair Value - Schedule of Fair Value Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Measurements, Recurring | Fair Value Measurement | Fair Value, Inputs, Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash surrender value of life insurance $ 1.3 $ 1.2

v3.25.2
Fair Value - Other Fair Value Measurements (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Concrete | Other non-current    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Life Insurance, face amount $ 11.1  
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of debt $ 36.6 $ 26.8

v3.25.2
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accrued Liabilities, Current [Abstract]    
Accrued salaries, wages and benefits $ 12,546 $ 13,931
Accrued liabilities expected to be covered by insurance 3,434 4,250
Sales taxes 2,210 1,605
Property taxes 1,271 1,814
Sale-leaseback arrangement 1,005 2,852
Other accrued expenses 2,144 1,842
Total accrued liabilities $ 22,610 $ 26,294

v3.25.2
Debt - Obligations under Debt Arrangements (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
May 15, 2023
Debt instruments        
Repayments of line of credit $ 67,212 $ 6,809    
Principal current 1,160   $ 426  
Principal, long-term 35,477   26,417  
Principal 36,637   26,843  
Debt Issuance Costs, long-term (3,209)   (3,666)  
Debt Issuance Costs, Net, Total (3,209)   (3,666)  
Net Value, current 1,160   426  
Net Value, long-term 32,268   22,751  
Total debt 33,428   23,177  
Other Debt        
Debt instruments        
Principal current 1,160   426  
Principal, long-term 2,477   3,417  
Net Value, current 1,160   426  
Net Value, long-term $ 2,477   3,417  
Credit Agreement        
Debt instruments        
Weighted average interest rate 10.46% 12.07%    
Maximum number of consecutive days liquidity value may fall below the minimum requirement 3 days      
Revolver        
Debt instruments        
Line of credit facility, maximum borrowing capacity $ 65,000      
Principal amount $ 10,000      
Basis spread on variable rate 4.25%      
Interest rate floor 4.00%      
Debt instrument, variable interest rate, type us-gaap:SecuredOvernightFinancingRateSofrMember      
Debt Issuance Costs, long-term $ (972)      
Debt Issuance Costs, Net, Total $ (9,028)      
Term Loan        
Debt instruments        
Basis spread on variable rate 6.50%      
Interest rate floor 4.00%      
Debt instrument, variable interest rate, type us-gaap:SecuredOvernightFinancingRateSofrMember      
Principal, long-term $ 23,000   23,000  
Debt Issuance Costs, long-term (2,237)   (3,666)  
Net Value, long-term $ 20,763   $ 19,334  
White Oak | Revolver        
Debt instruments        
Line of credit facility, maximum borrowing capacity       $ 65,000
White Oak | Term Loan        
Debt instruments        
Principal amount       $ 38,000

v3.25.2
Debt - Provisions of Revolving Line of Credit (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Debt instruments    
Proceeds from lines of credit $ 77,007 $ 29,216
Repayments of line of credit 67,212 $ 6,809
Revolver    
Debt instruments    
Line of credit facility, maximum borrowing capacity 65,000  
Amount outstanding 10,000  
Remaining borrowing capacity 21,900  
Letter of Credit    
Debt instruments    
Line of credit facility, maximum borrowing capacity $ 5,000  

v3.25.2
Debt - Financial covenants (Details) - Credit Agreement
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2025
USD ($)
Sep. 30, 2025
Jun. 30, 2025
USD ($)
Debt covenants        
Maximum number of consecutive days liquidity value may fall below the minimum requirement   3 days    
Minimum        
Debt covenants        
Consolidated fixed charge coverage ratio     1  
Revolver loan turnover ratio 2.5      
Minimum EBITDA requirement       $ 31,691
Liquidity value   $ 15,000    
Maximum        
Debt covenants        
Term loan loan-to-value ratio 60.00%      

v3.25.2
Debt - Other Debt (Details) - USD ($)
$ in Thousands
Jun. 23, 2023
Jun. 30, 2025
Dec. 31, 2024
Debt instruments      
Principal   $ 36,637 $ 26,843
Equipment financing | Other Debt | Mobilease      
Debt instruments      
Principal   1,200 1,400
Land Sale Leaseback Contract | Port Lavaca South Yard property      
Debt instruments      
Sale price $ 12,000    
Land Sale Leaseback Contract | Other Debt | Port Lavaca South Yard property      
Debt instruments      
Principal   $ 2,400 $ 2,400

v3.25.2
Other Long-Term Liabilities - Components (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Other long-term liabilities    
Sale-leaseback arrangement $ 13,917 $ 19,001
Deferred compensation 1,175 1,194
Accrued liabilities expected to be covered by insurance 392 308
Total other long-term liabilities $ 15,484 $ 20,503

v3.25.2
Other Long-Term Liabilities - Sale-Leaseback (Details)
$ in Millions
Jun. 23, 2023
USD ($)
Options
May 15, 2023
USD ($)
Sep. 27, 2019
USD ($)
Options
Equipment Sale Leaseback      
Failed Sale Leaseback      
Sale price   $ 13.0  
Equipment Sale Leaseback | Minimum      
Failed Sale Leaseback      
Lease term   1 year  
Equipment Sale Leaseback | Maximum      
Failed Sale Leaseback      
Lease term   3 years  
Port Lavaca South Yard Property Sale Leaseback      
Failed Sale Leaseback      
Lease term 20 years    
Annual rent $ 1.1    
Annual percentage rent increase 2.50%    
Number of consecutive options to extend term | Options 4    
Term of available options 5 years    
17300 and 17140 Market Street Locations, Channelview, Texas Sale Leaseback      
Failed Sale Leaseback      
Sale price     $ 19.1
Lease term     15 years
Annual rent     $ 1.5
Annual percentage rent increase     2.00%
Number of consecutive options to extend term | Options     2
Term of available options     10 years

v3.25.2
Income Taxes (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ (212) $ 617 $ (72) $ 265
Consolidated effective tax rate (33.70%) (10.30%) 11.20% (2.10%)
Federal statutory tax rate 21.00%   21.00%  

v3.25.2
Earnings Per Share - Anti-dilutive Securities (Details) - shares
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Employee Stock Option        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential antidilutive securities excluded from computations of earnings per share 48,940 181,025 52,103 201,550

v3.25.2
Earnings Per Share - Basic and Diluted (Details) - shares
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Basic:        
Weighted average shares outstanding, basic 39,765,051 33,111,987 39,412,681 32,832,868
Effect of dilutive securities:        
Common stock options 9,354 0 0 0
Employee stock purchase plan 16,759      
Total weighted average shares outstanding assuming dilution 39,791,164 33,111,987 39,412,681 32,832,868

v3.25.2
Share-based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Mar. 20, 2025
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
May 31, 2024
Share-based Compensation            
Proceeds from issuance of common stock under ESPP       $ 337    
Payments related to tax withholding for share-based compensation         $ 34  
Proceeds received upon exercise of stock options     $ 100 $ 108 $ 368  
Exercise of stock options, shares   15,000 10,246   56,568  
Performance stock units            
Share-based Compensation            
Awards granted in period (in shares)   293,073        
Grant date fair value   $ 7.17        
Performance stock units | Certain Executives            
Share-based Compensation            
Shares earned based on achievement of objective, percent 100.00%          
Awards granted in period (in shares) 293,073          
Performance stock units | Maximum            
Share-based Compensation            
Approved and authorized maximum number of shares to be issued       1,200,000    
Performance stock units | Vesting on Achievement of Tiered Return on Relative Total Shareholder Return Objective            
Share-based Compensation            
Grant date fair value       $ 5.89    
Performance stock units | Vesting on Achievement of Tiered Return on Relative Total Shareholder Return Objective | Certain Executives            
Share-based Compensation            
Shares earned based on achievement of objective, percent 50.00%          
Grant date fair value $ 8.45          
Performance period 3 years          
Performance stock units | Vesting on achievement of absolute EBITDA target | Certain Executives            
Share-based Compensation            
Shares earned based on achievement of objective, percent 50.00%          
Grant date fair value $ 5.89          
Performance period 3 years          
ESPP            
Share-based Compensation            
Shares issued under the plan       71,133    
Proceeds from issuance of common stock under ESPP       $ 300    
Employee contributions to the ESPP pending stock issuance       $ 300    
ESPP | Maximum            
Share-based Compensation            
Approved and authorized maximum number of shares to be issued           1,000,000

v3.25.2
Share-Based Compensation - Share-based Compensation (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation        
Share-based compensation expense $ 1,519 $ 1,556 $ 2,642 $ 1,914
ESPP        
Share-based Compensation        
Share-based compensation expense 88   171  
Restricted stock        
Share-based Compensation        
Share-based compensation expense 1,456 1,186 2,189 1,477
Performance stock units        
Share-based Compensation        
Share-based compensation expense $ (25) $ 370 $ 282 $ 437

v3.25.2
Share-Based Compensation - Restricted Stock and Performance Share Unit Activity (Details) - $ / shares
3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2025
Restricted stock      
Number of Shares      
Nonvested at beginning of period 1,096,760 1,008,232 1,008,232
Granted 454,630 205,963  
Vested (208,108) (106,475)  
Forfeited shares (68,943) (10,960)  
Nonvested at end of period 1,274,339 1,096,760 1,274,339
Weighted Average Fair Value Per Share      
Nonvested at beginning of period $ 6.53 $ 6.56 $ 6.56
Granted 8.61 5.94  
Vested 9.11 5.46  
Forfeited shares 6.73 8.56  
Nonvested at end of period $ 6.84 $ 6.53 $ 6.84
Performance stock units      
Number of Shares      
Nonvested at beginning of period 827,304 534,231 534,231
Granted   293,073  
Forfeited shares (195,017)    
Nonvested at end of period 632,287 827,304 632,287
Weighted Average Fair Value Per Share      
Nonvested at beginning of period $ 4.89 $ 3.65 $ 3.65
Granted   7.17  
Forfeited shares 4.56    
Nonvested at end of period $ 5 $ 4.89 $ 5
Performance stock units | Maximum      
Weighted Average Fair Value Per Share      
Number of shares that could be awarded 1,200,000   1,200,000

v3.25.2
Share-based Compensation - Performance Share Unit Valuation Assumptions (Details) - Performance stock units - $ / shares
3 Months Ended 6 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Share-based Compensation    
Grant date fair value $ 7.17  
Vesting on Achievement of Tiered Return on Relative Total Shareholder Return Objective    
Share-based Compensation    
Grant date fair value   $ 5.89
Risk-free interest rate   3.86%
Volatility factor   65.52%
Contractual term (years)   2 years 9 months 10 days

v3.25.2
Share-based Compensation - Unrecognized Compensation Cost (Details)
$ in Thousands
6 Months Ended
Jun. 30, 2025
USD ($)
Restricted stock  
Unrecognized compensation cost  
Unrecognized compensation cost $ 7,475
Weighted average period for recognition (years) 2 years 4 months 2 days
Performance stock units  
Unrecognized compensation cost  
Unrecognized compensation cost $ 2,815
Weighted average period for recognition (years) 1 year 10 months 24 days

v3.25.2
Segment Information (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Contract revenues $ 205,286 $ 192,167 $ 393,939 $ 352,839  
Costs of contract revenues 179,489 173,886 345,127 319,020  
Gross profit 25,797 18,281 48,812 33,819  
Selling, general and administrative expenses 22,774 21,135 45,319 40,134  
Gain on disposal of assets, net (409) (86) (772) (423)  
Operating income (loss) 3,432 (2,768) 4,265 (5,892)  
Total assets 432,723   432,723   $ 417,317
Property and equipment, net 97,677   97,677   $ 86,098
Marine          
Segment Reporting Information [Line Items]          
Contract revenues 135,302 130,953 262,465 237,278  
Costs of contract revenues 115,156 120,878 223,794 220,998  
Gross profit 20,146 10,075 38,671 16,280  
Selling, general and administrative expenses 14,141 15,604 28,059 26,759  
Gain on disposal of assets, net (225) (62) (396) (146)  
Operating income (loss) 6,230 (5,467) 11,008 (10,333)  
Total assets 345,833 322,031 345,833 322,031  
Property and equipment, net 93,676 80,115 93,676 80,115  
Depreciation and amortization 4,373 4,922 8,904 9,852  
Capital expenditures 6,875 3,269 15,846 4,776  
Concrete          
Segment Reporting Information [Line Items]          
Contract revenues 69,984 61,214 131,474 115,561  
Costs of contract revenues 64,333 53,008 121,333 98,022  
Gross profit 5,651 8,206 10,141 17,539  
Selling, general and administrative expenses 8,633 5,531 17,260 13,375  
Gain on disposal of assets, net (184) (24) (376) (277)  
Operating income (loss) (2,798) 2,699 (6,743) 4,441  
Total assets 86,890 91,988 86,890 91,988  
Property and equipment, net 4,001 5,860 4,001 5,860  
Depreciation and amortization 858 1,049 1,730 2,138  
Capital expenditures $ 257 $ 1,365 $ 319 $ 1,711  

v3.25.2
Segment Information - Additional Information (Details)
$ in Thousands
3 Months Ended 6 Months Ended 18 Months Ended
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
segment
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
segment
Jun. 30, 2025
segment
Segment Reporting Information [Line Items]          
Number of reportable segments | segment 2 2 2 2 2
Intersegment revenues accounted for at current market prices and not eliminated $ 600 $ 1,100 $ 1,600 $ 1,700  
Contract revenues 205,286 192,167 393,939 352,839  
Marine          
Segment Reporting Information [Line Items]          
Contract revenues 135,302 130,953 262,465 237,278  
Concrete          
Segment Reporting Information [Line Items]          
Contract revenues $ 69,984 $ 61,214 $ 131,474 $ 115,561  

v3.25.2
Leases - Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease right-of-use assets, net of accumulated amortization $ 23,708 $ 27,101
Financing lease right-of-use assets, net of accumulated amortization 23,061 25,806
Total assets 46,769 52,907
Current portion of operating lease liabilities 5,549 7,546
Current portion of financing lease liabilities 10,997 10,580
Total current 16,546 18,126
Operating lease liabilities 21,030 20,837
Financing lease liabilities 7,665 11,346
Total noncurrent 28,695 32,183
Total liabilities 45,241 50,309
Operating lease, right-of-use asset, accumulated amortization 30,400 25,600
Financing lease, right-of-use asset, accumulated amortization $ 21,300 $ 17,000

v3.25.2
Leases - Term and Discount Rate (Details)
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted Average Remaining Lease Term, operating lease 8 years 9 months 14 days 8 years 4 months 6 days
Weighted Average Remaining Lease Term, financing lease 2 years 2 months 12 days 2 years 4 months 24 days
Weighted Average Discount Rate, operating lease 11.39% 10.66%
Weighted Average Discount Rate, financing lease 9.15% 8.74%

v3.25.2
Leases - Lease Cost (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Operating lease cost $ 3,071 $ 3,051 $ 6,206 $ 6,042
Short-term lease cost 1,451 945 2,672 1,850
Interest on lease liabilities 449 424 870 831
Amortization of right-of-use assets 2,132 1,853 4,360 3,664
Total lease cost $ 7,103 $ 6,273 $ 14,108 $ 12,387

v3.25.2
Leases - Supplemental Cash Flows (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]    
Operating cash flows for operating leases $ 4,638 $ 5,656
Operating cash flows for finance leases 870 831
Financing cash flows for finance leases 5,316 4,209
ROU assets obtained in exchange for new operating lease liabilities 2,287 13,815
ROU assets obtained in exchange for new financing lease liabilities $ 2,182 $ 4,208

v3.25.2
Leases - Maturities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Operating Leases    
2025 (excluding the six months ended June 30, 2025) $ 4,445  
2026 1,771  
2027 5,744  
2028 4,403  
2029 3,678  
Thereafter 28,591  
Total future minimum lease payments 48,632  
Less - amount representing interest 22,053  
Present value of future minimum lease payments 26,579  
Less - current lease obligations 5,549 $ 7,546
Long-term lease obligations 21,030 20,837
Finance Leases    
2025 (excluding the six months ended June 30, 2025) 6,138  
2026 8,195  
2027 2,769  
2028 1,442  
2029 2,133  
Thereafter 64  
Total future minimum lease payments 20,741  
Less - amount representing interest 2,079  
Present value of future minimum lease payments 18,662  
Less - current lease obligations 10,997 10,580
Long-term lease obligations $ 7,665 $ 11,346

v3.25.2
Related Party Transaction (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 10, 2023
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Related Party          
Contract revenues   $ 205,286 $ 192,167 $ 393,939 $ 352,839
Dragados/Hawaiian Dredging/Orion Joint Venture          
Related Party          
Contract awarded $ 458,700        
Contract revenues   $ 33,300 $ 55,500 $ 66,600 $ 93,500

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