Orion (ORN) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
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	12000 Aerospace Avenue
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77034
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	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,901,360
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001402829
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 28,254	$ 30,938
Accounts receivable:
Trade, net of allowance for credit losses of $716 and $361, as of September 30, 2024 and December 31, 2023, respectively	147,446	101,229
Retainage	36,486	42,044
Income taxes receivable	695	626
Other current	3,153	3,864
Inventory	2,317	2,699
Contract assets	58,495	81,522
Prepaid expenses and other	4,141	8,894
Total current assets	280,987	271,816
Property and equipment, net of depreciation	86,254	87,834
Operating lease right-of-use assets, net of amortization	29,202	25,696
Financing lease right-of-use assets, net of amortization	25,179	23,602
Inventory, non-current	7,309	6,361
Deferred income tax asset	27	26
Other non-current	1,371	1,558
Total assets	430,329	416,893
Current liabilities:
Current debt, net of debt issuance costs	4,694	13,453
Accounts payable:
Trade	114,231	80,294
Retainage	2,328	2,527
Accrued liabilities	23,581	37,074
Income taxes payable	516	570
Contract liabilities	44,392	64,079
Current portion of operating lease liabilities	8,215	9,254
Current portion of financing lease liabilities	10,852	8,665
Total current liabilities	208,809	215,916
Long-term debt, net of debt issuance costs	23,276	23,740
Operating lease liabilities	21,844	16,632
Financing lease liabilities	11,300	13,746
Other long-term liabilities	22,656	25,320
Deferred income tax liability	29	64
Total liabilities	287,914	295,418
Stockholders' equity:
Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued
Common stock -- $0.01 par value, 50,000,000 authorized, 39,610,116 and 33,260,011 issued; 38,898,885 and 32,548,780 outstanding at September 30, 2024 and December 31, 2023, respectively	396	333
Treasury stock, 711,231 shares, at cost, as of September 30, 2024 and December 31, 2023, respectively	(6,540)	(6,540)
Additional paid-in capital	219,004	189,729
Retained loss	(70,445)	(62,047)
Total stockholders' equity	142,415	121,475
Total liabilities and stockholders' equity	$ 430,329	$ 416,893

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Allowance for credit losses	$ 716	$ 361
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	39,610,116	33,260,011
Common stock, shares outstanding	38,898,885	32,548,780
Treasury stock, shares (in shares)	711,231	711,231

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement
Contract revenues	$ 226,675	$ 168,476	$ 579,514	$ 510,184
Costs of contract revenues	199,611	149,406	518,631	471,488
Gross profit	27,064	19,070	60,883	38,696
Selling, general and administrative expenses	20,846	17,135	60,980	52,271
Amortization of intangible assets		59		383
Gain on disposal of assets, net	(1,563)	(685)	(1,986)	(7,915)
Operating income (loss)	7,781	2,561	1,889	(6,043)
Other (expense) income:
Other income	107	49	299	592
Interest income	73	21	97	90
Interest expense	(3,617)	(3,414)	(10,336)	(7,674)
Other expense, net	(3,437)	(3,344)	(9,940)	(6,992)
Income (loss) before income taxes	4,344	(783)	(8,051)	(13,035)
Income tax expense (benefit)	82	(123)	347	475
Net income (loss)	$ 4,262	$ (660)	$ (8,398)	$ (13,510)
Basic net income (loss) per share (in dollars per share)	$ 0.12	$ (0.02)	$ (0.25)	$ (0.42)
Diluted net income (loss) per share (in dollars per share)	$ 0.12	$ (0.02)	$ (0.25)	$ (0.42)
Shares used to compute net income (loss) per share:
Basic (in shares)	34,494,302	32,384,446	33,390,722	32,285,921
Diluted (in shares)	34,518,680	32,384,446	33,390,722	32,285,921

Condensed Consolidated Statem_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, 2022	32,770,550
Beginning treasury stock, shares at Dec. 31, 2022		(711,231)
Beginning balance at Dec. 31, 2022	$ 328	$ (6,540)	$ 188,184	$ (44,172)	$ 137,800
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation			524		524
Issuance of restricted stock	$ 2		(2)
Issuance of restricted stock, shares	187,775
Forfeiture of restricted stock, shares	(8,977)
Payments related to tax withholding for share-based compensation	$ (1)		(171)		(172)
Payments related to tax withholding for share-based compensation, shares	(62,876)
Net income (loss)				(12,595)	(12,595)
Ending balance, shares at Mar. 31, 2023	32,886,472
Ending treasury stock, shares at Mar. 31, 2023		(711,231)
Ending balance at Mar. 31, 2023	$ 329	$ (6,540)	188,535	(56,767)	125,557
Beginning balance, shares at Dec. 31, 2022	32,770,550
Beginning treasury stock, shares at Dec. 31, 2022		(711,231)
Beginning balance at Dec. 31, 2022	$ 328	$ (6,540)	188,184	(44,172)	137,800
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)					(13,510)
Ending balance, shares at Sep. 30, 2023	33,053,341
Ending treasury stock, shares at Sep. 30, 2023		(711,231)
Ending balance at Sep. 30, 2023	$ 331	$ (6,540)	189,523	(57,682)	125,632
Beginning balance, shares at Mar. 31, 2023	32,886,472
Beginning treasury stock, shares at Mar. 31, 2023		(711,231)
Beginning balance at Mar. 31, 2023	$ 329	$ (6,540)	188,535	(56,767)	125,557
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation			945		945
Issuance of restricted stock	$ 2		(2)
Issuance of restricted stock, shares	242,637
Payments related to tax withholding for share-based compensation			(17)		(17)
Payments related to tax withholding for share-based compensation, shares	(6,341)
Net income (loss)				(255)	(255)
Ending balance, shares at Jun. 30, 2023	33,122,768
Ending treasury stock, shares at Jun. 30, 2023		(711,231)
Ending balance at Jun. 30, 2023	$ 331	$ (6,540)	189,461	(57,022)	126,230
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation			364		364
Issuance of restricted stock, shares	12,862
Payments related to tax withholding for share-based compensation			(302)		(302)
Payments related to tax withholding for share-based compensation, shares	(82,289)
Net income (loss)				(660)	(660)
Ending balance, shares at Sep. 30, 2023	33,053,341
Ending treasury stock, shares at Sep. 30, 2023		(711,231)
Ending balance at Sep. 30, 2023	$ 331	$ (6,540)	189,523	(57,682)	$ 125,632
Beginning balance, shares at Dec. 31, 2023	33,260,011				33,260,011
Beginning treasury stock, shares at Dec. 31, 2023		(711,231)			(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 income (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				33,260,011
Beginning treasury stock, shares at Dec. 31, 2023		(711,231)			(711,231)
Beginning balance at Dec. 31, 2023	$ 333	$ (6,540)	189,729	(62,047)	$ 121,475
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)					$ (8,398)
Ending balance, shares at Sep. 30, 2024	39,610,116				39,610,116
Ending treasury stock, shares at Sep. 30, 2024		(711,231)			(711,231)
Ending balance at Sep. 30, 2024	$ 396	$ (6,540)	219,004	(70,445)	$ 142,415
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
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 income (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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation			1,016		1,016
Issuance of restricted stock, shares	1,652
Forfeiture of restricted stock, shares	(7,182)
Payments related to tax withholding for share-based compensation	$ (1)		(401)		(402)
Payments related to tax withholding for share-based compensation, shares	(55,540)
Issuance of common stock	$ 56		26,420		26,476
Issuance of common stock, shares	5,589,000
Net income (loss)				4,262	$ 4,262
Ending balance, shares at Sep. 30, 2024	39,610,116				39,610,116
Ending treasury stock, shares at Sep. 30, 2024		(711,231)			(711,231)
Ending balance at Sep. 30, 2024	$ 396	$ (6,540)	$ 219,004	$ (70,445)	$ 142,415

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (8,398)	$ (13,510)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	11,961	13,874
Amortization of ROU operating leases	7,491	4,456
Amortization of ROU finance leases	5,597	3,008
Write-off of debt issuance costs upon debt modification		119
Amortization of deferred debt issuance costs	1,562	1,067
Deferred income taxes	(36)	(76)
Share-based compensation	2,930	1,833
Gain on disposal of assets, net	(1,986)	(7,914)
Allowance for credit losses	355	26
Change in operating assets and liabilities:
Accounts receivable	(40,276)	(9,410)
Income tax receivable	(69)	(66)
Inventory	(567)	(514)
Prepaid expenses and other	4,940	3,076
Contract assets	23,027	(715)
Accounts payable	33,481	(36,223)
Accrued liabilities	(14,333)	7,096
Operating lease liabilities	(6,625)	(4,566)
Income tax payable	(54)	3
Contract liabilities	(19,687)	9,935
Net cash used in operating activities	(687)	(28,501)
Cash flows from investing activities:
Proceeds from sale of property and equipment	1,922	12,069
Purchase of property and equipment	(10,644)	(6,678)
Net cash (used in) provided by investing activities	(8,722)	5,391
Cash flows from financing activities:
Borrowings on credit	39,279	89,491
Payments made on borrowings on credit	(39,671)	(73,236)
Payments made on term loan	(10,000)
Proceeds from failed sale-leaseback arrangements		14,140
Payments made on failed sale-leaseback arrangements	(3,172)
Proceeds from sale-leaseback financing		2,359
Loan costs from Credit Agreement and prior credit facility	(393)	(6,532)
Payments of finance lease liabilities	(6,456)	(2,524)
Proceeds from issuance of common stock	27,206
Payments related to tax withholding for share-based compensation	(436)	(491)
Exercise of stock options	368
Net cash provided by financing activities	6,725	23,207
Net change in cash, cash equivalents and restricted cash	(2,684)	97
Cash, cash equivalents and restricted cash at beginning of period	30,938	3,784
Cash, cash equivalents and restricted cash at end of period	28,254	3,881
Supplemental disclosures of cash flow information, cash paid during the period for:
Interest	5,424	10,111
Taxes, net of refunds	$ 506	$ 615

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	1. Description of Business Orion Group Holdings, Inc. and 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 segment and our concrete segment. Our marine segment provides construction and dredging services including marine transportation facility construction, marine pipeline construction, marine environmental structures construction, dredging of waterways, channels and ports, environmental dredging, design, and specialty services related to marine construction, fabrication, and dredging. 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. We are headquartered in Houston, Texas with regional offices throughout our operating areas. Although we describe the business in this report in terms of the services the Company provides, its base of customers and the areas in which it operates, the Company has determined that its operations currently comprise two reportable segments pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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 its operations that comprise its marine segment. For the marine segment, the methods used, and the internal processes employed, to deliver marine construction services are similar throughout the segment, including standardized estimating, project controls and project management. This segment has the same customers with similar funding drivers and are subject to similar regulatory regimes driven through Federal agencies such as the U.S. Army Corps of Engineers, U.S. Fish and Wildlife Service, U.S. Environmental Protection Agency and U.S. Occupational Safety and Health Administration (“OSHA”), among others. Additionally, the segment is driven by macro-economic considerations including the level of import/export seaborne transportation, development of energy-related infrastructure, cruise line expansion and operations, marine bridge infrastructure development, waterway pipeline crossings and the maintenance of waterways. These considerations, and others, are key catalysts for future prospects and are similar across the segment. For the concrete segment, the Company also considered the similar economic characteristics of these operations. The methods used, and the internal processes employed, to deliver concrete construction services are similar throughout the segment, including standardized estimating, project controls and project management. The projects of this segment are subject to similar regulatory regimes such as OSHA. Additionally, this segment is driven by macro-economic considerations, including movements in population, commercial real estate development, institutional funding and expansion, and recreational development, specifically in metropolitan areas of Texas. These considerations, and others, are key catalysts for current operations and future prospects and are similar across the segment. 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. Consequently, 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”) have been condensed or omitted. Readers of this report should also read the Company’s consolidated financial statements and the notes thereto included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Form 10-K”) as well as Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations 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 nine months ended September 30, 2024 are not necessarily indicative of the results realizable for the year ending December 31, 2024. In connection with preparing consolidated financial statements for each annual and interim reporting period, the Company is required to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Substantial doubt exists when conditions and events, considered in aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the date that the consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans and actions that have not been fully implemented as of the date that the financial statements are issued. When substantial doubt exists, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both: (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued; and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Generally, to be considered probable of being effectively implemented, the plans must have been approved before the date that the financial statements are issued. The assessment of the liquidity and going concern requires the Company to make estimates of future activity and judgments about whether the Company is compliant with financial covenant calculations under its debt and other agreements and has adequate liquidity to operate (See Note 9

Summary of Significant Accounti

Summary of Significant Accounting Principles	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Principles	2. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates, judgments and assumptions are continually evaluated based on available information and experience; however, actual amounts could differ from those estimates. On an ongoing basis, the Company evaluates the significant accounting policies used to prepare its consolidated financial statements, including, but not limited to, those related to: ● Revenue recognition from construction contracts; ● The recording of accounts receivable and allowance for credit losses; ● The carrying value of property, plant and equipment; ● Leases; ● Share-based compensation; ● Income taxes; and ● Self-insurance. Revenue Recognition The Company’s revenue is derived from contracts to provide marine construction, dredging, turnkey concrete services, and other specialty services. The Company’s projects are typically brief in duration, but occasionally, span a period of over one year. The Company determines the appropriate accounting treatment for each contract before work begins and, subject to qualifications discussed in the next paragraph, records contract revenue over time. Performance obligations are promises in a contract to transfer distinct goods or services to the customer and are the unit of account under Topic 606. Each of the Company’s contracts and related change orders typically represent a single performance obligation because the Company provides an integrated service and individual goods and services are not separately identifiable. Revenue is recognized over time because control of the promised goods and services are continuously transferred to the customer over the life of the contract. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the stand-alone selling price of each distinct good or service. Progress is measured by the percentage of actual contract costs incurred to date to total estimated costs for each contract. This method is used because management considers contract costs incurred to be the best available measure of progress on these contracts. Contract costs include all direct costs, such as material and labor, and those indirect costs incurred that are related to contract performance such as payroll taxes and insurance. General and administrative costs are charged to expense as incurred. Upfront costs, such as costs to mobilize personnel and equipment prior to satisfying a performance obligation are capitalized and amortized over the contract performance period. Changes in job performance, job conditions and estimated profitability, including those arising from final contract settlements, may result in revisions to costs and reported revenue and are recognized in the period in which the revisions are determined. The effect of changes in estimates of contract revenue or contract costs is recognized as an adjustment to recognized revenue on a cumulative catch-up basis to match contract progress with revenue recognition. When the Company anticipates a loss on a contract that is not yet complete, it recognizes the entire loss in the period in which such losses are determined. Revenue is recorded net of any sales taxes collected and paid on behalf of the customer, if applicable. Contract revenue is derived from the original contract price as modified by agreed-upon change orders and estimates of variable consideration related to incentive fees and change orders or claims for which price has not yet been agreed by the customer. The Company estimates variable consideration based on its assessment of the most likely amount to which it expects to be entitled. Variable consideration is included in the estimated recognition of revenue to the extent it is probable that a significant reversal of cumulative recognized revenue will not occur. A determination that the collection of a claim is probable is based upon the Company’s evaluation of its compliance with the terms of the contract and the extent to which the Company performed in accordance therewith but does not guarantee collection in full. Assets and liabilities derived from contracts with customers include the following: ● Accounts Receivable: Trade, net of allowance - Represent amounts billed and currently due from customers and are stated at their estimated net realizable value. ● Accounts Receivable: Retainage - Represent amounts which have not been billed to or paid by customers due to retainage provisions in construction contracts, which amounts generally become payable upon contract completion and acceptance by the customer. ● Contract Assets - Represent revenues recognized in excess of amounts billed, which management believes will be billed and collected within one year of the completion of the contract and are recorded as a current asset, until such amounts are either received or written off. ● Contract Liabilities - Represent billings in excess of revenues recognized and are recorded as a current liability, until the underlying obligation has been performed or discharged. ​ Classification of Current Assets and Liabilities The Company includes in current assets and liabilities amounts realizable and payable in the next twelve months. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At times, cash held by financial institutions may exceed federally insured limits. The Company has not historically sustained losses on its cash balances in excess of federally insured limits. Cash equivalents at September 30, 2024 and December 31, 2023 consisted primarily of overnight bank deposits. Risk Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of accounts receivable. A significant portion of the Company’s revenue base depends on its ability to continue to obtain federal, state and local governmental contracts, and indirectly, on the amount of funding available to these agencies for new and current governmental projects. Therefore, a portion of the Company’s operations is dependent upon the level and timing of government funding. Statutory mechanics’ liens provide the Company high priority in the event of lien foreclosures following financial difficulties of private owners, thus minimizing credit risk with private customers. Accounts Receivable Accounts receivable are stated at the historical carrying value, net of allowances for credit losses. The Company had significant investments in billed and unbilled receivables as of September 30, 2024 and December 31, 2023. Billed receivables represent amounts billed upon the completion of small contracts and progress billings on large contracts in accordance with contract terms and milestone achievements. Unbilled receivables on contracts represent recoverable costs and accrued profits that are not yet capable of being billed under the terms of the applicable contracts. Revenue associated with these billings is recorded net of any sales tax, if applicable. In establishing an allowance for credit losses, the Company evaluates its contract receivables and contract assets and thoroughly reviews historical collection experience, the financial condition of its customers, billing disputes and other factors. The Company writes off potentially uncollectible accounts receivable against the allowance for credit losses if it is determined that the amounts will not be collected or if a settlement with respect to a disputed receivable is reached for an amount that is less than its carrying value. As of September 30, 2024 and December 31, 2023, the Company had recorded an allowance for credit losses of $0.7 million and $0.4 million, respectively. Balances billed to customers but not paid pursuant to retainage provisions in construction contracts generally become payable upon contract completion and acceptance by the owner. Retainage at September 30, 2024 totaled $36.5 million, of which $7.9 million is expected to be collected beyond September 30, 2025. Retainage at December 31, 2023 totaled $42.0 million. From time to time, the Company negotiates change orders and claims with its customers. Unsuccessful negotiations of claims could result in a change to contract revenue that is less than amounts previously recorded, which could result in the recording of a loss in the amount of the shortfall. Successful claims negotiations could result in the recovery of previously recorded losses. Significant losses on receivables could adversely affect the Company’s financial position, results of operations and overall liquidity. Advertising Costs The Company primarily obtains contracts through the open bid process, and therefore advertising costs are not a significant component of expense. Advertising costs are expensed as incurred. Environmental Costs Costs related to environmental remediation are charged to expense. Other environmental costs are also charged to expense unless they increase the value of the property and/or provide future economic benefits, in which event the costs are capitalized. Environmental liabilities, if any, are recognized when the liability is considered probable and the amount can be reasonably estimated. The Company did not recognize any environmental liabilities as of September 30, 2024 or December 31, 2023. Fair Value Measurements The Company evaluates and presents certain amounts included in the accompanying consolidated financial statements at “fair value” in accordance with U.S. GAAP, which requires the Company to base its estimates on assumptions that market participants, in an orderly transaction, would use to price an asset or liability, and to establish a hierarchy that prioritizes the information used to determine fair value. Refer to Note 7 The Company generally applies fair value valuation techniques on a non-recurring basis associated with (1) valuing assets and liabilities acquired in connection with business combinations and other transactions; (2) valuing potential impairment loss related to long-lived assets; and (3) valuing potential impairment loss related to goodwill and indefinite-lived intangible assets. Inventory Current inventory consists of parts and small equipment held for use in the ordinary course of business and is valued at the lower of cost (using historical average cost) or net realizable value and is relieved as utilized. Where shipping and handling costs are incurred by the Company, these charges are included in inventory and charged to cost of contract revenue upon use. Non-current inventory consists of spare parts (including engines, cutters and gears) that require special order or long-lead times for manufacture or fabrication but must be kept on hand to reduce downtime and is valued at the lower of cost (using historical average cost) or net realizable value. Property and Equipment Property and equipment are recorded at cost. Ordinary maintenance and repairs that do not improve or extend the useful life of the asset are expensed as incurred. Major renewals and betterments of equipment are capitalized and depreciated generally over three When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in results of operations for the respective period. ​ Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows: ​ ​ ​ ​ Automobiles and trucks 3 to 10 years Buildings and improvements 10 to 30 years Construction equipment 3 to 10 years Vessels and other equipment 3 to 40 years Office equipment 3 to 5 years ​ The Company generally uses accelerated depreciation methods for tax purposes where beneficial. Dry-docking costs are capitalized and amortized using the straight-line method over a period ranging from three Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment loss is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or the fair value, less the costs to sell, and are no longer depreciated. There were no assets classified as held for sale as of September 30, 2024 or December 31, 2023. Leases Management determines if a contract is or contains a lease at inception of the contract or modification of the contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Finance and operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease term includes options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. The Company’s lease arrangements have lease and non-lease components. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. See Note 17 Share-Based Compensation The Company recognizes compensation expense for equity awards over the vesting period based on the fair value of these awards at the date of grant. The computed fair value of these awards is recognized as a non-cash cost over the period the employee provides services, which is typically the vesting period of the award. The fair value of restricted stock grants and restricted stock units is equivalent to the fair value of the stock issued on the date of grant and is measured as the closing price of the stock on the date of grant. Employee Stock Purchase Plan (“ESPP”) compensation fair value is determined using the Black Scholes Merton Option Pricing model, using a six-month expected term to conform with the six-month ESPP offering period. Compensation expense is recognized only for share-based payments expected to vest. See Note 14 Income Taxes The Company determines its consolidated income tax provision using the asset and liability method prescribed by U.S. GAAP, which requires the recognition of income tax expense for the amount of taxes payable or refundable for the current period and for deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. The Company must make significant assumptions, judgments and estimates to determine its current provision for income taxes, its deferred tax assets and liabilities, and any valuation allowance to be recorded against any deferred tax asset. The current provision for income tax is based upon the current tax laws and the Company’s interpretation of these laws, as well as the probable outcomes of any tax audits. The value of any net deferred tax asset depends upon estimates of the amount and category of future taxable income reduced by the amount of any tax benefits that the Company does not expect to realize. Actual operating results and the underlying amount and category of income in future years could render current assumptions, judgments and estimates of recoverable net deferred taxes inaccurate, thus impacting the Company’s financial position and results of operations. The Company computes deferred income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740, Income Taxes See Note 11 Insurance Coverage The Company maintains insurance coverage for its business and operations. Insurance related to property, equipment, automobile, general liability, and a portion of workers’ compensation is provided through traditional policies, subject to a deductible or deductibles. A portion of the Company’s workers’ compensation exposure is covered through a mutual association, which is subject to supplemental calls. The marine segment maintains five levels of excess loss insurance coverage, totaling $300 million in excess of primary coverage. The marine segment’s excess loss coverage responds to most of its policies when a primary limit of $1 million has been exhausted; provided that the primary limit for Contingent Maritime Employer’s Liability is $10 million and the Watercraft Pollution Policy primary limit is $5 million. The concrete segment maintains five levels of excess loss insurance coverage, totaling $300 million in excess of primary coverage. The concrete segment’s excess loss coverage responds to most of its policies when a primary limit of $1 million has been exhausted. If a claim arises and a potential insurance recovery is probable, the impending gain is recognized separately from the related loss. The recovery will only be recognized up to the amount of the loss once the recovery of the claim is deemed probable and any excess gain will fall under contingency accounting and will only be recognized once it is realized. The Company does not net insurance recoveries against the related claim liability as the amount of the claim liability is determined without consideration of the anticipated insurance recoveries from third parties. Separately, the Company’s marine segment employee health care is paid for by general assets of the Company and currently administered by a third party. The administrator has purchased appropriate stop-loss coverage. Losses on these policies up to the deductible amounts are accrued based upon known claims incurred and an estimate of claims incurred but not reported. The accruals are derived from known facts, historical trends and industry averages to determine the best estimate of the ultimate expected loss. Actual claims may vary from estimates. Any adjustments to such reserves are included in the Consolidated Statements of Operations in the period in which they become known. The Company’s concrete segment employee health care is provided through two policies. A fully funded policy is offered primarily to salaried employees and their dependents while a partially self-funded plan with an appropriate stop-loss is offered primarily to hourly employees and their dependents. The self-funded plan is funded to the maximum exposure and, as a result, is expected to receive a partial refund after the policy expiration. The total accrual for insurance claims liabilities was $2.7 million and $7.5 million at September 30, 2024 and December 31, 2023, respectively, reflected as a component of accrued liabilities in the consolidated balance sheet. Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issues accounting standards and updates (each, an “ASU”) from time ​ In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments are intended to increase reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that this guidance will have on the disclosures within its consolidated financial statements. 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. The Company is currently evaluating the impact that this guidance will have on the disclosures within its consolidated financial statements.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	​ ​ 3. ​ 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 September 30, ​ Nine months ended September 30, ​ 2024 2023 2024 2023 Marine Segment ​ ​ ​ ​ Construction ​ $ 123,141 ​ $ 58,162 ​ $ 327,955 ​ $ 189,895 Dredging ​ 12,902 ​ 9,444 ​ 39,649 ​ 44,993 Specialty Services ​ 3,970 ​ 13,307 ​ 9,687 ​ 25,866 Marine segment contract revenues ​ $ 140,013 ​ $ 80,913 ​ $ 377,291 ​ $ 260,754 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concrete Segment ​ ​ ​ ​ Structural ​ $ 15,572 ​ $ 12,268 ​ $ 44,040 ​ $ 41,849 Light Commercial ​ 71,090 ​ 75,295 ​ 158,183 ​ 207,581 Concrete segment contract revenues ​ $ 86,662 ​ $ 87,563 ​ $ 202,223 ​ $ 249,430 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total contract revenues ​ $ 226,675 ​ $ 168,476 ​ $ 579,514 ​ $ 510,184 ​ The Company has determined that it has two reportable segments pursuant to FASB ASC Topic 280, Segment Reporting Note 1 Marine Segment 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 Structural services include elevated concrete pouring for products such as columns, elevated beams and structural walls. Light commercial services include horizontally poured concrete for products such as slabs, sidewalks, ramps and tilt walls. Other services comprise labor related to concrete pouring such as rebar installation and pumping services and typically support the Company’s structural and light commercial services.

Concentration of Risk and Enter

Concentration of Risk and Enterprise-Wide Disclosures	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
Concentration of Risk and Enterprise Wide Disclosures	4. In both reportable segments 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 September 30, 2024 and December 31, 2023, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ December 31, 2023 Federal Government $ 44,604 24 % $ 8,885 6 % State Governments ​ 6,657 4 % 2,355 2 % Local Governments ​ 26,376 14 % 12,804 9 % Private Companies ​ 107,011 58 % 119,590 83 % Gross receivables ​ ​ 184,648 ​ 100 % ​ 143,634 ​ 100 % Allowance for credit losses ​ ​ (716) ​ ​ ​ ​ (361) ​ ​ ​ Net receivables ​ $ 183,932 ​ ​ $ 143,273 ​ ​ ​ At September 30, 2024, the United States Navy, which is included in the Federal Government category, accounted for 23.7% of total current receivables. At December 31, 2023, a Additionally, the table below represents concentrations of contract revenue by type of customer for the three and nine months ended September 30, 2024 and 2023, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, Nine months ended September 30, ​ 2024 % 2023 % 2024 % 2023 % Federal Government $ 58,149 26 % $ 27,336 16 % $ 178,552 31 % $ 94,808 19 % State Governments 18,748 8 % 12,360 7 % 48,185 8 % 44,864 9 % Local Government 28,604 13 % 29,422 18 % 84,469 15 % 71,803 14 % Private Companies 121,174 53 % 99,358 59 % 268,308 46 % 298,709 58 % Total contract revenues $ 226,675 100 % $ 168,476 100 % $ 579,514 100 % $ 510,184 100 % ​ For the three months ended September 30, 2024, the United States Navy, which is included in the Federal Government category, accounted for 25.2% of total contract revenues and a With the exception of the Unites States Navy, 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 besides the United States Navy sustains such a large portion of receivables or contract revenue over time. On March 10, 2023, the United States Navy awarded the Dragados/Hawaiian Dredging/Orion Joint Venture a $2.8 billion contract to complete the construction of a dry dock at Pearl Harbor Naval Shipyard. The Company’s portion of work as a dedicated subcontractor totals $447.6 million. For the fiscal year ended December 31, 2023 and the three months and nine months ended September 30, 2024, the Company’s revenue related to the joint venture subcontract was approximately $90.5 million, $57.2 million and $150.7 million, respectively. The concrete segment primarily purchases concrete from select suppliers. The loss of any one of these suppliers could adversely impact short-term operations. Contract revenues generated outside the United States totaled 10.1% and 2.7% of total revenues for the three months ended September 30, 2024 and 2023, respectively, and 8.4% and 2.8% for the nine months ended September 30, 2024 and 2023, respectively, and were primarily located in the Caribbean Basin.

Contracts in Progress

Contracts in Progress	9 Months Ended
	Sep. 30, 2024
Contractors [Abstract]
Contracts in Progress	5. Contracts in progress are as follows at September 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Costs incurred on uncompleted contracts ​ $ 1,420,893 ​ $ 1,394,243 Estimated earnings ​ 182,221 ​ 176,904 ​ ​ 1,603,114 ​ 1,571,147 Less: Billings to date ​ (1,589,011) ​ (1,553,704) ​ ​ $ 14,103 ​ $ 17,443 Included in the accompanying Condensed Consolidated Balance Sheets under the following captions: ​ ​ Contract assets ​ $ 58,495 ​ $ 81,522 Contract liabilities ​ (44,392) ​ (64,079) ​ ​ $ 14,103 ​ $ 17,443 ​ Included in contract assets is approximately $15.0 million and $13.0 million at September 30, 2024 and December 31, 2023, respectively, related to claims and unapproved change orders. See Note 2 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 September 30, 2024, the aggregate amount of the remaining performance obligations was approximately $690.5 million. Of this amount, the current expectation of the Company is that it will recognize $578.3 million, or 84%, in the next 12 months and the remaining balance thereafter.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	6. The following is a summary of property and equipment at September 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Automobiles and trucks ​ $ 1,789 ​ $ 1,985 Building and improvements ​ 39,401 ​ 36,931 Construction equipment ​ 120,968 ​ 125,705 Vessels and other equipment ​ 96,009 ​ 94,030 Office equipment ​ 7,177 ​ 6,708 ​ ​ 265,344 ​ 265,359 Less: Accumulated depreciation ​ (209,644) ​ (206,243) Net book value of depreciable assets ​ 55,700 ​ 59,116 Construction in progress ​ 5,606 ​ 3,770 Land ​ 24,948 ​ 24,948 ​ ​ $ 86,254 ​ $ 87,834 ​ For the three months ended September 30, 2024 and 2023, depreciation expense was $3.6 million and $4.5 million, respectively. For the nine months ended September 30, 2024 and 2023, depreciation expense was $12.0 million and $13.5 million, respectively. 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 defined in Note 9 Substantially all of the Company’s long-lived assets are located in the United States. See Note 2

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	7. 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. The following table sets forth by level within the fair value hierarchy the Company’s recurring financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Carrying Value Level 1 Level 2 Level 3 September 30, 2024 ​ ​ ​ ​ ​ Assets: ​ Cash surrender value of life insurance policy ​ $ 1,246 — 1,246 — December 31, 2023 ​ ​ ​ ​ ​ Assets: ​ Cash surrender value of life insurance policy ​ $ 1,299 — 1,299 — ​ Our concrete segment had life insurance policies with a combined face value of $11.1 million as of September 30, 2024. The 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. These assets are included in the "Other noncurrent" asset section in the Company’s Condensed Consolidated Balance Sheets. Other Fair Value Measurements The fair value of the Company’s debt at September 30, 2024 and December 31, 2023 approximated its carrying value of $31.9 million and $42.3 million, respectively, as interest is based on current market interest rates for debt with similar risk and maturity. If the Company’s debt was measured at fair value, it would have been classified as Level 2 in the fair value hierarchy.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	8. Accrued liabilities at September 30, 2024 and December 31, 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Accrued salaries, wages and benefits ​ $ 10,176 ​ $ 19,759 Accrued liabilities expected to be covered by insurance ​ 2,660 ​ 7,478 Sales taxes ​ 2,353 ​ 2,510 Property taxes ​ 2,215 ​ 1,111 Sale-leaseback arrangement ​ ​ 3,485 ​ ​ 3,761 Accounting and audit fees ​ ​ 700 ​ ​ 659 Interest ​ 439 ​ 530 Other accrued expenses ​ 1,553 ​ 1,266 Total accrued liabilities ​ $ 23,581 ​ $ 37,074 ​

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	9. On May 15, 2023, the Company entered into a with which three The Credit Agreement is secured by substantially all of the assets of the Company and its subsidiaries, including fixed assets and account receivables, and is used to finance general corporate and working capital purposes, capital expenditures, and permitted acquisitions and associated fees, to refinance existing indebtedness, and to pay for all expenses related to the Credit Agreement. Amounts repaid under the Revolver can be re-borrowed. The Revolver initially bore interest at a rate of the 30-day SOFR SOFR SOFR SOFR On April 24, 2024, the Company executed Amendment No. 3 to the Loan Agreement with White Oak Commercial Finance, LLC. This amendment, among other things, (i) replaced the Consolidated EBITDA covenant with a Consolidated Fixed Charge Coverage Ratio (FCCR) for the quarter ended March 31, 2024, (ii) lowered the FCCR covenant threshold from 1.10:1.00 to 1.00:1.00 through the quarter ended December 31, 2024, (iii) lowered the $15 million prepayment due June 30, 2024 to $10 million, (iv) extended the maturity of the Loan Agreement by one year to May 15, 2027, and (v) reset the make-whole provision to align with the extension. On June 28, 2024, the Company executed Amendment No. 4 to the Loan Agreement with White Oak Commercial Finance, LLC. This amendment, among other things, (i) revised the Minimum Liquidity covenant to require that the Loan Parties and Subsidiaries cause Liquidity to not fall below the following amounts for more than three three On July 26, 2024, the Company executed Amendment No. 5 to the Loan Agreement with White Oak Commercial Finance, LLC and the Lenders party thereto. This amendment, among other things, (i) replaced the minimum FCCR covenant with a minimum EBITDA covenant for the next four ​ Under the terms of Amendment No. 5, the Company was required to make the following term loan prepayments: July 26, 2024 - $2.0 million, August 30, 2024 - $4.0 million and September 30, 2024 - $4.0 million. The Company is also required to make the following term loan prepayments: October 31, 2024 - $1.67 million, November 29, 2024 - $1.67 million and December 31, 2024 - $1.67 million. ​ Amendment No. 5 also includes other administrative and definitional changes, including changes to the EBITDA requirements used to compute the interest rate margin applicable to the revolving credit facility. ​ The quarterly weighted average interest rate for the Credit Agreement, as of September 30, 2024 was 11.87%. ​ The Company’s obligations under debt arrangements consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ December 31, 2023 ​ ​ Debt Issuance ​ ​ Debt Issuance ​ ​ ​ Principal ​ Costs (1) ​ Total ​ Principal ​ Costs (1) ​ Total Term loan - current ​ $ 5,000 ​ $ (707) ​ $ 4,293 ​ $ 15,000 ​ $ (2,024) ​ $ 12,976 Other debt ​ ​ 401 ​ ​ — ​ ​ 401 ​ ​ 477 ​ ​ — ​ ​ 477 Total current debt ​ 5,401 ​ (707) ​ 4,694 ​ 15,477 ​ (2,024) ​ 13,453 Term loan - long-term ​ 23,000 ​ (3,253) ​ 19,747 ​ 23,000 ​ (3,104) ​ 19,896 Other debt ​ ​ 3,529 ​ ​ — ​ ​ 3,529 ​ ​ 3,844 ​ ​ — ​ ​ 3,844 Total long-term debt ​ ​ 26,529 ​ ​ (3,253) ​ ​ 23,276 ​ ​ 26,844 ​ ​ (3,104) ​ ​ 23,740 Total debt ​ $ 31,930 ​ $ (3,960) ​ $ 27,970 ​ $ 42,321 ​ $ (5,128) ​ $ 37,193 ​ (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. Provisions of the revolving line of credit 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, 2027, or the date the outstanding balance is permanently reduced to zero, in accordance with the terms of the Credit Agreement. As of September 30, 2024, the Company had no borrowings under the Revolver. The Company’s borrowing availability under the Revolver at September 30, 2024 was approximately $46.1 million. During the nine months ended September 30, 2024, the Company had borrowings and repayments of $39.3 million on the Revolver. 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 1.10 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 Ended September 30, 2024 - $33,260,000 . ​ - Trailing Four Quarter Test Period ended December 31, 2024 - $37,188,000 . ​ - Trailing Four Quarter Test Period ended March 31, 2025 - $35,032,000 . ​ - Trailing Four Quarter Test Period ending June 30, 2025 - $31,691,000 . ​ The Company shall not permit Liquidity (as defined in the Credit Agreement) to fall below $20.0 million (i) for more than three 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 amended agreement as of September 30, 2024. ​ Other debt The Company has entered into debt agreements with De Lage Landen Financial Services, Inc. and Mobilease for the purpose of financing equipment purchased. As of September 30, 2024 and December 31, 2023, the carrying value of this debt was $1.5 million and $1.9 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 September 30, 2024 and December 31, 2023, the carrying value of this debt was $2.4 million.

Other Long-Term Liabilities

Other Long-Term Liabilities	9 Months Ended
	Sep. 30, 2024
Liabilities, Other than Long-term Debt, Noncurrent [Abstract]
Other Long-Term Liabilities	​ 10. Other Long-Term Liabilities ​ Other long-term liabilities at September 30, 2024 and December 31, 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Sale-leaseback arrangement ​ $ 20,992 ​ $ 23,689 Deferred compensation ​ 1,230 ​ 1,293 Accrued liabilities expected to be covered by insurance ​ ​ 434 ​ 338 Total other long-term liabilities ​ $ 22,656 ​ $ 25,320 ​ Sale-Leaseback Arrangements On May 15, 2023, the Company entered into a $13.0 million sale-leaseback of certain equipment in which the Company leased-back the equipment for terms ranging from one Concurrent with the sale of Company’s Port Lavaca South Yard property, the Company entered into a twenty-year lease agreement whereby the Company will lease 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 & 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 will lease 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.

Income Tax

Income Tax	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Tax	11. Income tax expense (benefit) included in the Company’s accompanying Condensed Consolidated Statements of Operations was as follows (in thousands, except percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ September 30, ​ September 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Income tax expense (benefit) ​ $ 82 ​ $ (123) ​ $ 347 ​ $ 475 ​ Effective tax rate ​ 1.9 % 15.7 % (4.3) % (3.6) % ​ The effective rate for the three and nine months ended September 30, 2024 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's effective tax rate is typically based on expected income for the calendar year, statutory rates and tax planning opportunities available. This estimated annual effective tax rate is then applied to year-to-date operations. The Company expects near break-even operations for the full year ended December 31, 2024, such that a small change in the year-to-date operations could result in a large change to the estimated annual effective tax rate. Therefore, the Company’s effective tax rate for the period ending September 30, 2024, is based off actual year-to-date operations. 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 period ended September 30, 2024 the Company evaluated all 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 September 30, 2024 remains appropriate. The Company reduced its previously unrecognized tax benefits by $1.6 million in the quarter ended September 30, 2024 due to a lapse in the statute of limitations. The Company does not have any unrecognized tax benefits as of September 30, 2024.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	12. 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 September 30, 2024 and 2023, the Company had 187,235 and 240,241 securities, respectively, that were potentially dilutive in earnings per share calculations. For the nine months ended September 30, 2024 and 2023, the Company had 196,744 and 256,128 securities, 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 nine months ended September 30, 2024 and 2023. 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 September 30, 2023 and nine months ended September 30, 2024 and 2023; 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 ​ Nine months ended September 30, ​ ​ September 30, ​ September 30, ​ 2024 2023 2024 2023 Basic: Weighted average shares outstanding 34,494,302 32,384,446 33,390,722 32,285,921 Diluted: Total basic weighted average shares outstanding 34,494,302 32,384,446 33,390,722 32,285,921 Effect of potentially dilutive securities: Common stock options 23,815 — — — Employee stock purchase plan ​ 563 — — — Total weighted average shares outstanding assuming dilution 34,518,680 32,384,446 33,390,722 32,285,921 ​

Issuance of Common Stock

Issuance of Common Stock	9 Months Ended
	Sep. 30, 2024
Issuance of Common Stock
Issuance of Common Stock	13. On September 12, 2024, the Company completed the sale of 5,589,000 shares of common stock, including 729,000 shares of common stock pursuant to an option granted to the underwriters, in an underwritten public offering. The Company received net proceeds of approximately $26.5 million, after deducting underwriting discounts and other estimated offering expenses payable by the Company. The net proceeds were used for working capital and for general corporate purposes, including repayment of borrowings under the Credit Agreement.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2024
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	14. The 2022 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. The ESPP provides a means by which eligible employees of the Company are given an opportunity to purchase shares of common stock at a discount as permitted under the Internal Revenue Code of 1986, as amended. During the three and nine months ended September 30, 2024, there were no shares issued under the ESPP. The Company has an outstanding liability pertaining to the ESPP of less than $0.1 million as of September 30, 2024, included in accrued expenses, for employee contributions to the ESPP, pending issuance at the end of the offering period. In the three months ended September 30, 2024 and 2023, compensation expense related to share-based awards outstanding was $1.0 million and $0.4 million, respectively. In the nine months ended September 30, 2024 and 2023, compensation expense related to share-based awards outstanding was $2.9 million and $1.8 million, respectively. In the three months ended September 30, 2024 and 2023, payments related to tax withholding for share-based compensation for certain officers of the Company were $0.4 million and $0.3 million, respectively. In the nine months ended September 30, 2024 and 2023, payments related to tax withholding for share-based compensation for certain officers of the Company were $0.4 million and $0.5 million, respectively. On March 4, 2024, an employee of the Company was awarded a total of 2,197 shares of restricted common stock with a vesting period of three years and a fair value of $6.83 per share. On March 20, 2024, the Company granted certain executives a total of 109,503 shares of restricted common stock with a vesting period of three years and a fair value of $8.36 per share. On March 20, 2024, the Company granted certain executives a total of 205,322 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 objective, tiered return on invested capital, measured over 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 this each reporting period. The fair value of the grants awarded related to the return on invested capital was $8.36 per share and the fair value of the grants awarded related to the relative total shareholder return will be valued using a Monte Carlo simulation. On May 16, 2024, the Company’s six independent directors were awarded an aggregate of 64,170 shares of restricted common stock. The shares vested immediately on the date of the grant. The fair value on the date of grant of all shares awarded was $9.35. On May 17, 2024, the Company granted certain employees a total of 443,258 shares of restricted common stock with a vesting period of three years and a fair value of $9.37 per share. On June 24, 2024, an employee of the Company was awarded a total of 1,482 shares of restricted common stock with a vesting period of three years and a fair value of $8.77 per share. On August 5, 2024, an employee of the Company was awarded a total of 1,652 shares of restricted common stock with a vesting period of three years and a fair value of $6.78 per share. In the three months ended September 30, 2024, there were no options exercised. In the nine months ended September 30, 2024, there were 56,568 options exercised generating proceeds to the Company of $0.4 million. In the three and nine months ended September 30, 2023, there were no options exercised. At September 30, 2024, total unrecognized compensation expense related to unvested stock was approximately $8.1 million, which is expected to be recognized over a period of approximately 2.3 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. The Company is involved in

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	16. The Company currently operates in two reportable segments: marine and concrete. The Company’s financial reporting systems present various data for management to run the business, including profit and loss statements prepared according to the segments presented. Management uses operating income to evaluate performance between the two segments. ​ Segment information for the periods presented is provided as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ September 30, ​ September 30, ​ ​ 2024 ​ ​ 2023 ​ ​ 2024 ​ ​ 2023 Marine ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract revenues $ 140,013 ​ $ 80,913 ​ $ 377,291 ​ $ 260,754 Operating income (loss) $ 5,485 ​ $ 2,001 ​ $ (4,847) ​ $ (587) Depreciation and amortization expense $ (4,552) ​ $ (4,771) ​ $ (14,405) ​ $ (12,418) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 318,864 ​ $ 269,409 ​ $ 318,864 ​ $ 269,409 Property and equipment, net $ 80,916 ​ $ 82,914 ​ $ 80,916 ​ $ 82,914 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concrete ​ ​ ​ ​ Contract revenues $ 86,662 ​ $ 87,563 ​ $ 202,223 ​ $ 249,430 Operating income (loss) $ 2,296 ​ $ 560 ​ $ 6,736 ​ $ (5,456) Depreciation and amortization expense $ (1,016) ​ $ (1,322) ​ $ (3,153) ​ $ (4,464) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 111,465 ​ $ 110,813 ​ $ 111,465 ​ $ 110,813 Property and equipment, net $ 5,338 ​ $ 6,671 ​ $ 5,338 ​ $ 6,671 ​ There was $0.1 million in intersegment revenues between the Company’s two reportable segments for both the three months ended September 30, 2024 and 2023. There were $1.8 million and $0.1 million in intersegment revenues between the Company’s two reportable segments for the nine months ended September 30, 2024 and 2023, respectively. ​ The marine segment had foreign revenues of $22.8 million and $4.5 million for the three months ended September 30, 2024 and 2023, respectively. The marine segment has foreign revenues of $48.8 million and $14.5 million for the nine months ended September 30, 2024 and 2023, respectively. These revenues are derived from projects in the Caribbean Basin and are paid primarily in U.S. dollars. There was no foreign revenue for the concrete segment.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	17. The Company has operating and finance leases for office space, equipment and vehicles. Leases recorded on the balance sheet consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, Leases ​ 2024 2023 Assets ​ ​ ​ ​ ​ Operating lease right-of-use assets, net (1) ​ $ 29,202 $ 25,696 Financing lease right-of-use assets, net (2) ​ 25,179 23,602 Total assets ​ $ 54,381 $ 49,298 Liabilities ​ Current ​ Operating ​ $ 8,215 $ 9,254 Financing ​ 10,852 8,665 Total current ​ 19,067 17,919 Noncurrent ​ Operating ​ 21,844 16,632 Financing ​ 11,300 13,746 Total noncurrent ​ 33,144 30,378 Total liabilities ​ $ 52,211 $ 48,297 (1) Operating lease right-of-use assets are recorded net of accumulated amortization of $23.1 million and $15.6 million as of September 30, 2024 and December 31, 2023, respectively. (2) Financing lease right-of-use assets are recorded net of accumulated amortization of $15.8 million and $10.2 million as of September 30, 2024 and December 31, 2023, respectively. Other information related to lease term and discount rate is as follows: ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2024 2023 Weighted Average Remaining Lease Term (in years) ​ ​ Operating leases 8.11 ​ 5.90 ​ Financing leases 2.48 ​ 2.83 ​ Weighted Average Discount Rate ​ ​ ​ ​ Operating leases 10.50 % 9.32 % Financing leases 8.60 % 7.53 % ​ ​ The components of lease expense are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ 2024 2023 2024 2023 Operating lease costs: ​ ​ ​ ​ Operating lease cost ​ $ 3,374 ​ $ 2,497 $ 9,416 ​ $ 5,440 Short-term lease cost (1) ​ 1,103 ​ 424 2,953 ​ 1,565 Financing lease costs: ​ ​ ​ ​ ​ Interest on lease liabilities ​ 446 ​ 262 1,277 ​ 651 Amortization of right-of-use assets ​ 1,933 ​ 1,533 5,597 ​ 3,008 Total lease cost ​ $ 6,856 ​ $ 4,716 $ 19,243 ​ $ 10,664 (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: ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2024 ​ 2023 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows for operating leases $ 8,567 ​ $ 5,604 Operating cash flows for finance leases $ 1,277 ​ $ 651 Financing cash flows for finance leases $ 6,456 ​ $ 2,524 Non-cash activity: ​ ​ ​ ROU assets obtained in exchange for new operating lease liabilities $ 14,177 ​ $ 17,525 ROU assets obtained in exchange for new financing lease liabilities $ 7,426 ​ $ 11,533 ​ Maturities of lease liabilities are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases Year ending December 31, ​ ​ ​ ​ ​ ​ 2024 (excluding the nine months ended September 30, 2024) ​ $ 1,893 ​ $ 3,434 2025 ​ 9,318 ​ 10,989 2026 ​ 445 ​ 5,162 2027 ​ 5,405 ​ 2,072 2028 ​ 4,352 ​ 1,193 Thereafter ​ 32,241 ​ 1,880 Total future minimum lease payments ​ 53,654 ​ 24,730 Less - amount representing interest ​ 23,595 ​ 2,578 Present value of future minimum lease payments ​ 30,059 ​ 22,152 Less - current lease obligations ​ 8,215 ​ 10,852 Long-term lease obligations ​ $ 21,844 ​ $ 11,300 ​

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transaction
Related Party Transactions	​ ​ 18. Related Party Transaction ​ On March 10, 2023, the United States Navy awarded the Dragados/Hawaiian Dredging/Orion Joint Venture a $2.8 billion contract to complete the construction of a dry dock at Pearl Harbor Naval Shipyard. The Company’s portion of work as a dedicated subcontractor totals $447.6 million. For the three months ended September 30, 2024 and 2023, the Company’s revenue related to the joint venture subcontract was approximately $57.2 million and $17.3 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company’s revenue related to the joint venture subcontract was approximately $150.7 million and $42.8 million, respectively. ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,262	$ (6,603)	$ (6,057)	$ (660)	$ (255)	$ (12,595)	$ (8,398)	$ (13,510)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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

Summary of Significant Accoun_2

Summary of Significant Accounting Principles (Policies)	9 Months Ended
	Sep. 30, 2024
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. Consequently, 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”) have been condensed or omitted. Readers of this report should also read the Company’s consolidated financial statements and the notes thereto included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Form 10-K”) as well as Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations 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 nine months ended September 30, 2024 are not necessarily indicative of the results realizable for the year ending December 31, 2024. In connection with preparing consolidated financial statements for each annual and interim reporting period, the Company is required to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Substantial doubt exists when conditions and events, considered in aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the date that the consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans and actions that have not been fully implemented as of the date that the financial statements are issued. When substantial doubt exists, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both: (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued; and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Generally, to be considered probable of being effectively implemented, the plans must have been approved before the date that the financial statements are issued. The assessment of the liquidity and going concern requires the Company to make estimates of future activity and judgments about whether the Company is compliant with financial covenant calculations under its debt and other agreements and has adequate liquidity to operate (See Note 9
Revenue Recognition	Revenue Recognition The Company’s revenue is derived from contracts to provide marine construction, dredging, turnkey concrete services, and other specialty services. The Company’s projects are typically brief in duration, but occasionally, span a period of over one year. The Company determines the appropriate accounting treatment for each contract before work begins and, subject to qualifications discussed in the next paragraph, records contract revenue over time. Performance obligations are promises in a contract to transfer distinct goods or services to the customer and are the unit of account under Topic 606. Each of the Company’s contracts and related change orders typically represent a single performance obligation because the Company provides an integrated service and individual goods and services are not separately identifiable. Revenue is recognized over time because control of the promised goods and services are continuously transferred to the customer over the life of the contract. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the stand-alone selling price of each distinct good or service. Progress is measured by the percentage of actual contract costs incurred to date to total estimated costs for each contract. This method is used because management considers contract costs incurred to be the best available measure of progress on these contracts. Contract costs include all direct costs, such as material and labor, and those indirect costs incurred that are related to contract performance such as payroll taxes and insurance. General and administrative costs are charged to expense as incurred. Upfront costs, such as costs to mobilize personnel and equipment prior to satisfying a performance obligation are capitalized and amortized over the contract performance period. Changes in job performance, job conditions and estimated profitability, including those arising from final contract settlements, may result in revisions to costs and reported revenue and are recognized in the period in which the revisions are determined. The effect of changes in estimates of contract revenue or contract costs is recognized as an adjustment to recognized revenue on a cumulative catch-up basis to match contract progress with revenue recognition. When the Company anticipates a loss on a contract that is not yet complete, it recognizes the entire loss in the period in which such losses are determined. Revenue is recorded net of any sales taxes collected and paid on behalf of the customer, if applicable. Contract revenue is derived from the original contract price as modified by agreed-upon change orders and estimates of variable consideration related to incentive fees and change orders or claims for which price has not yet been agreed by the customer. The Company estimates variable consideration based on its assessment of the most likely amount to which it expects to be entitled. Variable consideration is included in the estimated recognition of revenue to the extent it is probable that a significant reversal of cumulative recognized revenue will not occur. A determination that the collection of a claim is probable is based upon the Company’s evaluation of its compliance with the terms of the contract and the extent to which the Company performed in accordance therewith but does not guarantee collection in full. Assets and liabilities derived from contracts with customers include the following: ● Accounts Receivable: Trade, net of allowance - Represent amounts billed and currently due from customers and are stated at their estimated net realizable value. ● Accounts Receivable: Retainage - Represent amounts which have not been billed to or paid by customers due to retainage provisions in construction contracts, which amounts generally become payable upon contract completion and acceptance by the customer. ● Contract Assets - Represent revenues recognized in excess of amounts billed, which management believes will be billed and collected within one year of the completion of the contract and are recorded as a current asset, until such amounts are either received or written off. ● Contract Liabilities - Represent billings in excess of revenues recognized and are recorded as a current liability, until the underlying obligation has been performed or discharged.
Classification of Current Assets and Liabilities	Classification of Current Assets and Liabilities The Company includes in current assets and liabilities amounts realizable and payable in the next twelve months.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At times, cash held by financial institutions may exceed federally insured limits. The Company has not historically sustained losses on its cash balances in excess of federally insured limits. Cash equivalents at September 30, 2024 and December 31, 2023 consisted primarily of overnight bank deposits.
Risk Concentrations	Risk Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of accounts receivable. A significant portion of the Company’s revenue base depends on its ability to continue to obtain federal, state and local governmental contracts, and indirectly, on the amount of funding available to these agencies for new and current governmental projects. Therefore, a portion of the Company’s operations is dependent upon the level and timing of government funding. Statutory mechanics’ liens provide the Company high priority in the event of lien foreclosures following financial difficulties of private owners, thus minimizing credit risk with private customers.
Accounts Receivable	Accounts Receivable Accounts receivable are stated at the historical carrying value, net of allowances for credit losses. The Company had significant investments in billed and unbilled receivables as of September 30, 2024 and December 31, 2023. Billed receivables represent amounts billed upon the completion of small contracts and progress billings on large contracts in accordance with contract terms and milestone achievements. Unbilled receivables on contracts represent recoverable costs and accrued profits that are not yet capable of being billed under the terms of the applicable contracts. Revenue associated with these billings is recorded net of any sales tax, if applicable. In establishing an allowance for credit losses, the Company evaluates its contract receivables and contract assets and thoroughly reviews historical collection experience, the financial condition of its customers, billing disputes and other factors. The Company writes off potentially uncollectible accounts receivable against the allowance for credit losses if it is determined that the amounts will not be collected or if a settlement with respect to a disputed receivable is reached for an amount that is less than its carrying value. As of September 30, 2024 and December 31, 2023, the Company had recorded an allowance for credit losses of $0.7 million and $0.4 million, respectively. Balances billed to customers but not paid pursuant to retainage provisions in construction contracts generally become payable upon contract completion and acceptance by the owner. Retainage at September 30, 2024 totaled $36.5 million, of which $7.9 million is expected to be collected beyond September 30, 2025. Retainage at December 31, 2023 totaled $42.0 million. From time to time, the Company negotiates change orders and claims with its customers. Unsuccessful negotiations of claims could result in a change to contract revenue that is less than amounts previously recorded, which could result in the recording of a loss in the amount of the shortfall. Successful claims negotiations could result in the recovery of previously recorded losses. Significant losses on receivables could adversely affect the Company’s financial position, results of operations and overall liquidity.
Advertising Costs	Advertising Costs The Company primarily obtains contracts through the open bid process, and therefore advertising costs are not a significant component of expense. Advertising costs are expensed as incurred.
Environmental Costs	Environmental Costs Costs related to environmental remediation are charged to expense. Other environmental costs are also charged to expense unless they increase the value of the property and/or provide future economic benefits, in which event the costs are capitalized. Environmental liabilities, if any, are recognized when the liability is considered probable and the amount can be reasonably estimated. The Company did not recognize any environmental liabilities as of September 30, 2024 or December 31, 2023.
Fair Value Measurements	Fair Value Measurements The Company evaluates and presents certain amounts included in the accompanying consolidated financial statements at “fair value” in accordance with U.S. GAAP, which requires the Company to base its estimates on assumptions that market participants, in an orderly transaction, would use to price an asset or liability, and to establish a hierarchy that prioritizes the information used to determine fair value. Refer to Note 7 The Company generally applies fair value valuation techniques on a non-recurring basis associated with (1) valuing assets and liabilities acquired in connection with business combinations and other transactions; (2) valuing potential impairment loss related to long-lived assets; and (3) valuing potential impairment loss related to goodwill and indefinite-lived intangible assets.
Inventory	Inventory Current inventory consists of parts and small equipment held for use in the ordinary course of business and is valued at the lower of cost (using historical average cost) or net realizable value and is relieved as utilized. Where shipping and handling costs are incurred by the Company, these charges are included in inventory and charged to cost of contract revenue upon use. Non-current inventory consists of spare parts (including engines, cutters and gears) that require special order or long-lead times for manufacture or fabrication but must be kept on hand to reduce downtime and is valued at the lower of cost (using historical average cost) or net realizable value.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost. Ordinary maintenance and repairs that do not improve or extend the useful life of the asset are expensed as incurred. Major renewals and betterments of equipment are capitalized and depreciated generally over three When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in results of operations for the respective period. ​ Depreciation is computed using the straight-line method over the estimated useful lives of the related assets for financial statement purposes, as follows: ​ ​ ​ ​ Automobiles and trucks 3 to 10 years Buildings and improvements 10 to 30 years Construction equipment 3 to 10 years Vessels and other equipment 3 to 40 years Office equipment 3 to 5 years ​ The Company generally uses accelerated depreciation methods for tax purposes where beneficial. Dry-docking costs are capitalized and amortized using the straight-line method over a period ranging from three Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment loss is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or the fair value, less the costs to sell, and are no longer depreciated. There were no assets classified as held for sale as of September 30, 2024 or December 31, 2023.
Leases	Leases Management determines if a contract is or contains a lease at inception of the contract or modification of the contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Finance and operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease term includes options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. The Company’s lease arrangements have lease and non-lease components. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. See Note 17
Stock-Based Compensation	Share-Based Compensation The Company recognizes compensation expense for equity awards over the vesting period based on the fair value of these awards at the date of grant. The computed fair value of these awards is recognized as a non-cash cost over the period the employee provides services, which is typically the vesting period of the award. The fair value of restricted stock grants and restricted stock units is equivalent to the fair value of the stock issued on the date of grant and is measured as the closing price of the stock on the date of grant. Employee Stock Purchase Plan (“ESPP”) compensation fair value is determined using the Black Scholes Merton Option Pricing model, using a six-month expected term to conform with the six-month ESPP offering period. Compensation expense is recognized only for share-based payments expected to vest. See Note 14
Income Taxes	Income Taxes The Company determines its consolidated income tax provision using the asset and liability method prescribed by U.S. GAAP, which requires the recognition of income tax expense for the amount of taxes payable or refundable for the current period and for deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. The Company must make significant assumptions, judgments and estimates to determine its current provision for income taxes, its deferred tax assets and liabilities, and any valuation allowance to be recorded against any deferred tax asset. The current provision for income tax is based upon the current tax laws and the Company’s interpretation of these laws, as well as the probable outcomes of any tax audits. The value of any net deferred tax asset depends upon estimates of the amount and category of future taxable income reduced by the amount of any tax benefits that the Company does not expect to realize. Actual operating results and the underlying amount and category of income in future years could render current assumptions, judgments and estimates of recoverable net deferred taxes inaccurate, thus impacting the Company’s financial position and results of operations. The Company computes deferred income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740, Income Taxes See Note 11
Insurance Coverage	Insurance Coverage The Company maintains insurance coverage for its business and operations. Insurance related to property, equipment, automobile, general liability, and a portion of workers’ compensation is provided through traditional policies, subject to a deductible or deductibles. A portion of the Company’s workers’ compensation exposure is covered through a mutual association, which is subject to supplemental calls. The marine segment maintains five levels of excess loss insurance coverage, totaling $300 million in excess of primary coverage. The marine segment’s excess loss coverage responds to most of its policies when a primary limit of $1 million has been exhausted; provided that the primary limit for Contingent Maritime Employer’s Liability is $10 million and the Watercraft Pollution Policy primary limit is $5 million. The concrete segment maintains five levels of excess loss insurance coverage, totaling $300 million in excess of primary coverage. The concrete segment’s excess loss coverage responds to most of its policies when a primary limit of $1 million has been exhausted. If a claim arises and a potential insurance recovery is probable, the impending gain is recognized separately from the related loss. The recovery will only be recognized up to the amount of the loss once the recovery of the claim is deemed probable and any excess gain will fall under contingency accounting and will only be recognized once it is realized. The Company does not net insurance recoveries against the related claim liability as the amount of the claim liability is determined without consideration of the anticipated insurance recoveries from third parties. Separately, the Company’s marine segment employee health care is paid for by general assets of the Company and currently administered by a third party. The administrator has purchased appropriate stop-loss coverage. Losses on these policies up to the deductible amounts are accrued based upon known claims incurred and an estimate of claims incurred but not reported. The accruals are derived from known facts, historical trends and industry averages to determine the best estimate of the ultimate expected loss. Actual claims may vary from estimates. Any adjustments to such reserves are included in the Consolidated Statements of Operations in the period in which they become known. The Company’s concrete segment employee health care is provided through two policies. A fully funded policy is offered primarily to salaried employees and their dependents while a partially self-funded plan with an appropriate stop-loss is offered primarily to hourly employees and their dependents. The self-funded plan is funded to the maximum exposure and, as a result, is expected to receive a partial refund after the policy expiration. The total accrual for insurance claims liabilities was $2.7 million and $7.5 million at September 30, 2024 and December 31, 2023, respectively, reflected as a component of accrued liabilities in the consolidated balance sheet.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issues accounting standards and updates (each, an “ASU”) from time ​ In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments are intended to increase reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that this guidance will have on the disclosures within its consolidated financial statements. 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. The Company is currently evaluating the impact that this guidance will have on the disclosures within its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Principles (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of depreciable lives of property, plant and equipment	​ ​ ​ ​ Automobiles and trucks 3 to 10 years Buildings and improvements 10 to 30 years Construction equipment 3 to 10 years Vessels and other equipment 3 to 40 years Office equipment 3 to 5 years

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2024 2023 2024 2023 Marine Segment ​ ​ ​ ​ Construction ​ $ 123,141 ​ $ 58,162 ​ $ 327,955 ​ $ 189,895 Dredging ​ 12,902 ​ 9,444 ​ 39,649 ​ 44,993 Specialty Services ​ 3,970 ​ 13,307 ​ 9,687 ​ 25,866 Marine segment contract revenues ​ $ 140,013 ​ $ 80,913 ​ $ 377,291 ​ $ 260,754 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concrete Segment ​ ​ ​ ​ Structural ​ $ 15,572 ​ $ 12,268 ​ $ 44,040 ​ $ 41,849 Light Commercial ​ 71,090 ​ 75,295 ​ 158,183 ​ 207,581 Concrete segment contract revenues ​ $ 86,662 ​ $ 87,563 ​ $ 202,223 ​ $ 249,430 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total contract revenues ​ $ 226,675 ​ $ 168,476 ​ $ 579,514 ​ $ 510,184

Concentration of Risk and Ent_2

Concentration of Risk and Enterprise-Wide Disclosures (Tables)	9 Months Ended
	Sep. 30, 2024
Trade and contract retainage receivables
Concentration Risk [Line Items]
Schedules of concentration of risk, by risk factor	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ December 31, 2023 Federal Government $ 44,604 24 % $ 8,885 6 % State Governments ​ 6,657 4 % 2,355 2 % Local Governments ​ 26,376 14 % 12,804 9 % Private Companies ​ 107,011 58 % 119,590 83 % Gross receivables ​ ​ 184,648 ​ 100 % ​ 143,634 ​ 100 % Allowance for credit losses ​ ​ (716) ​ ​ ​ ​ (361) ​ ​ ​ Net receivables ​ $ 183,932 ​ ​ $ 143,273 ​ ​
Contract revenues
Concentration Risk [Line Items]
Schedules of concentration of risk, by risk factor	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, Nine months ended September 30, ​ 2024 % 2023 % 2024 % 2023 % Federal Government $ 58,149 26 % $ 27,336 16 % $ 178,552 31 % $ 94,808 19 % State Governments 18,748 8 % 12,360 7 % 48,185 8 % 44,864 9 % Local Government 28,604 13 % 29,422 18 % 84,469 15 % 71,803 14 % Private Companies 121,174 53 % 99,358 59 % 268,308 46 % 298,709 58 % Total contract revenues $ 226,675 100 % $ 168,476 100 % $ 579,514 100 % $ 510,184 100 %

Contracts in Progress (Tables)

Contracts in Progress (Tables)	9 Months Ended
	Sep. 30, 2024
Contractors [Abstract]
Schedule of contracts in progress	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Costs incurred on uncompleted contracts ​ $ 1,420,893 ​ $ 1,394,243 Estimated earnings ​ 182,221 ​ 176,904 ​ ​ 1,603,114 ​ 1,571,147 Less: Billings to date ​ (1,589,011) ​ (1,553,704) ​ ​ $ 14,103 ​ $ 17,443 Included in the accompanying Condensed Consolidated Balance Sheets under the following captions: ​ ​ Contract assets ​ $ 58,495 ​ $ 81,522 Contract liabilities ​ (44,392) ​ (64,079) ​ ​ $ 14,103 ​ $ 17,443

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Summary of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2024 ​ 2023 Automobiles and trucks ​ $ 1,789 ​ $ 1,985 Building and improvements ​ 39,401 ​ 36,931 Construction equipment ​ 120,968 ​ 125,705 Vessels and other equipment ​ 96,009 ​ 94,030 Office equipment ​ 7,177 ​ 6,708 ​ ​ 265,344 ​ 265,359 Less: Accumulated depreciation ​ (209,644) ​ (206,243) Net book value of depreciable assets ​ 55,700 ​ 59,116 Construction in progress ​ 5,606 ​ 3,770 Land ​ 24,948 ​ 24,948 ​ ​ $ 86,254 ​ $ 87,834

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of fair value, assets and liabilities measured on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ Carrying Value Level 1 Level 2 Level 3 September 30, 2024 ​ ​ ​ ​ ​ Assets: ​ Cash surrender value of life insurance policy ​ $ 1,246 — 1,246 — December 31, 2023 ​ ​ ​ ​ ​ Assets: ​ Cash surrender value of life insurance policy ​ $ 1,299 — 1,299 —

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Accrued salaries, wages and benefits ​ $ 10,176 ​ $ 19,759 Accrued liabilities expected to be covered by insurance ​ 2,660 ​ 7,478 Sales taxes ​ 2,353 ​ 2,510 Property taxes ​ 2,215 ​ 1,111 Sale-leaseback arrangement ​ ​ 3,485 ​ ​ 3,761 Accounting and audit fees ​ ​ 700 ​ ​ 659 Interest ​ 439 ​ 530 Other accrued expenses ​ 1,553 ​ 1,266 Total accrued liabilities ​ $ 23,581 ​ $ 37,074 ​

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ December 31, 2023 ​ ​ Debt Issuance ​ ​ Debt Issuance ​ ​ ​ Principal ​ Costs (1) ​ Total ​ Principal ​ Costs (1) ​ Total Term loan - current ​ $ 5,000 ​ $ (707) ​ $ 4,293 ​ $ 15,000 ​ $ (2,024) ​ $ 12,976 Other debt ​ ​ 401 ​ ​ — ​ ​ 401 ​ ​ 477 ​ ​ — ​ ​ 477 Total current debt ​ 5,401 ​ (707) ​ 4,694 ​ 15,477 ​ (2,024) ​ 13,453 Term loan - long-term ​ 23,000 ​ (3,253) ​ 19,747 ​ 23,000 ​ (3,104) ​ 19,896 Other debt ​ ​ 3,529 ​ ​ — ​ ​ 3,529 ​ ​ 3,844 ​ ​ — ​ ​ 3,844 Total long-term debt ​ ​ 26,529 ​ ​ (3,253) ​ ​ 23,276 ​ ​ 26,844 ​ ​ (3,104) ​ ​ 23,740 Total debt ​ $ 31,930 ​ $ (3,960) ​ $ 27,970 ​ $ 42,321 ​ $ (5,128) ​ $ 37,193

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Liabilities, Other than Long-term Debt, Noncurrent [Abstract]
Schedule of other long-term liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 Sale-leaseback arrangement ​ $ 20,992 ​ $ 23,689 Deferred compensation ​ 1,230 ​ 1,293 Accrued liabilities expected to be covered by insurance ​ ​ 434 ​ 338 Total other long-term liabilities ​ $ 22,656 ​ $ 25,320

Income Tax (Tables)

Income Tax (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of effective income tax reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ September 30, ​ September 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Income tax expense (benefit) ​ $ 82 ​ $ (123) ​ $ 347 ​ $ 475 ​ Effective tax rate ​ 1.9 % 15.7 % (4.3) % (3.6) %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended September 30, ​ ​ September 30, ​ September 30, ​ 2024 2023 2024 2023 Basic: Weighted average shares outstanding 34,494,302 32,384,446 33,390,722 32,285,921 Diluted: Total basic weighted average shares outstanding 34,494,302 32,384,446 33,390,722 32,285,921 Effect of potentially dilutive securities: Common stock options 23,815 — — — Employee stock purchase plan ​ 563 — — — Total weighted average shares outstanding assuming dilution 34,518,680 32,384,446 33,390,722 32,285,921 ​

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of segment reporting	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ September 30, ​ September 30, ​ ​ 2024 ​ ​ 2023 ​ ​ 2024 ​ ​ 2023 Marine ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract revenues $ 140,013 ​ $ 80,913 ​ $ 377,291 ​ $ 260,754 Operating income (loss) $ 5,485 ​ $ 2,001 ​ $ (4,847) ​ $ (587) Depreciation and amortization expense $ (4,552) ​ $ (4,771) ​ $ (14,405) ​ $ (12,418) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 318,864 ​ $ 269,409 ​ $ 318,864 ​ $ 269,409 Property and equipment, net $ 80,916 ​ $ 82,914 ​ $ 80,916 ​ $ 82,914 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concrete ​ ​ ​ ​ Contract revenues $ 86,662 ​ $ 87,563 ​ $ 202,223 ​ $ 249,430 Operating income (loss) $ 2,296 ​ $ 560 ​ $ 6,736 ​ $ (5,456) Depreciation and amortization expense $ (1,016) ​ $ (1,322) ​ $ (3,153) ​ $ (4,464) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 111,465 ​ $ 110,813 ​ $ 111,465 ​ $ 110,813 Property and equipment, net $ 5,338 ​ $ 6,671 ​ $ 5,338 ​ $ 6,671

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of leases recorded on the balance sheet	​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, Leases ​ 2024 2023 Assets ​ ​ ​ ​ ​ Operating lease right-of-use assets, net (1) ​ $ 29,202 $ 25,696 Financing lease right-of-use assets, net (2) ​ 25,179 23,602 Total assets ​ $ 54,381 $ 49,298 Liabilities ​ Current ​ Operating ​ $ 8,215 $ 9,254 Financing ​ 10,852 8,665 Total current ​ 19,067 17,919 Noncurrent ​ Operating ​ 21,844 16,632 Financing ​ 11,300 13,746 Total noncurrent ​ 33,144 30,378 Total liabilities ​ $ 52,211 $ 48,297 (1) Operating lease right-of-use assets are recorded net of accumulated amortization of $23.1 million and $15.6 million as of September 30, 2024 and December 31, 2023, respectively. (2) Financing lease right-of-use assets are recorded net of accumulated amortization of $15.8 million and $10.2 million as of September 30, 2024 and December 31, 2023, respectively.
Schedule of information related to lease terms and discount rates	​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2024 2023 Weighted Average Remaining Lease Term (in years) ​ ​ Operating leases 8.11 ​ 5.90 ​ Financing leases 2.48 ​ 2.83 ​ Weighted Average Discount Rate ​ ​ ​ ​ Operating leases 10.50 % 9.32 % Financing leases 8.60 % 7.53 %
Schedule of components of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ 2024 2023 2024 2023 Operating lease costs: ​ ​ ​ ​ Operating lease cost ​ $ 3,374 ​ $ 2,497 $ 9,416 ​ $ 5,440 Short-term lease cost (1) ​ 1,103 ​ 424 2,953 ​ 1,565 Financing lease costs: ​ ​ ​ ​ ​ Interest on lease liabilities ​ 446 ​ 262 1,277 ​ 651 Amortization of right-of-use assets ​ 1,933 ​ 1,533 5,597 ​ 3,008 Total lease cost ​ $ 6,856 ​ $ 4,716 $ 19,243 ​ $ 10,664 (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	​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2024 ​ 2023 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows for operating leases $ 8,567 ​ $ 5,604 Operating cash flows for finance leases $ 1,277 ​ $ 651 Financing cash flows for finance leases $ 6,456 ​ $ 2,524 Non-cash activity: ​ ​ ​ ROU assets obtained in exchange for new operating lease liabilities $ 14,177 ​ $ 17,525 ROU assets obtained in exchange for new financing lease liabilities $ 7,426 ​ $ 11,533
Schedule of operating lease maturities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases Year ending December 31, ​ ​ ​ ​ ​ ​ 2024 (excluding the nine months ended September 30, 2024) ​ $ 1,893 ​ $ 3,434 2025 ​ 9,318 ​ 10,989 2026 ​ 445 ​ 5,162 2027 ​ 5,405 ​ 2,072 2028 ​ 4,352 ​ 1,193 Thereafter ​ 32,241 ​ 1,880 Total future minimum lease payments ​ 53,654 ​ 24,730 Less - amount representing interest ​ 23,595 ​ 2,578 Present value of future minimum lease payments ​ 30,059 ​ 22,152 Less - current lease obligations ​ 8,215 ​ 10,852 Long-term lease obligations ​ $ 21,844 ​ $ 11,300 ​
Schedule of finance lease maturities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases Year ending December 31, ​ ​ ​ ​ ​ ​ 2024 (excluding the nine months ended September 30, 2024) ​ $ 1,893 ​ $ 3,434 2025 ​ 9,318 ​ 10,989 2026 ​ 445 ​ 5,162 2027 ​ 5,405 ​ 2,072 2028 ​ 4,352 ​ 1,193 Thereafter ​ 32,241 ​ 1,880 Total future minimum lease payments ​ 53,654 ​ 24,730 Less - amount representing interest ​ 23,595 ​ 2,578 Present value of future minimum lease payments ​ 30,059 ​ 22,152 Less - current lease obligations ​ 8,215 ​ 10,852 Long-term lease obligations ​ $ 21,844 ​ $ 11,300 ​

Description of Business and B_2

Description of Business and Basis of Presentation (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2	2	2	2
Number of reportable segments	2	2	2	2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts Receivable
Allowance for credit losses	$ 0.7	$ 0.4
Retainage, gross	36.5	$ 42
Retainage, long-term	$ 7.9

Summary of Significant Accoun_5

Summary of Significant Accounting Principles - Property and Equipment (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Property and Equipment
Assets classified as held-for-sale	$ 0	$ 0
Equipment improvement | Minimum
Property and Equipment
Property and equipment useful life	3 years
Equipment improvement | Maximum
Property and Equipment
Property and equipment useful life	10 years
Automobiles and trucks | Minimum
Property and Equipment
Property and equipment useful life	3 years
Automobiles and trucks | Maximum
Property and Equipment
Property and equipment useful life	10 years
Building and improvements | Minimum
Property and Equipment
Property and equipment useful life	10 years
Building and improvements | Maximum
Property and Equipment
Property and equipment useful life	30 years
Construction equipment | Minimum
Property and Equipment
Property and equipment useful life	3 years
Construction equipment | Maximum
Property and Equipment
Property and equipment useful life	10 years
Vessels and other equipment | Minimum
Property and Equipment
Property and equipment useful life	3 years
Vessels and other equipment | Maximum
Property and Equipment
Property and equipment useful life	40 years
Office equipment | Minimum
Property and Equipment
Property and equipment useful life	3 years
Office equipment | Maximum
Property and Equipment
Property and equipment useful life	5 years
Dry-docking capitalized costs | Minimum
Property and Equipment
Property and equipment useful life	3 years
Dry-docking capitalized costs | Maximum
Property and Equipment
Property and equipment useful life	7 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Insurance Coverage (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Insurance Coverage
Accrued insurance claims liability	$ 2.7	$ 7.5
Marine
Insurance Coverage
Levels of insurance coverage maintained by the Company | item	5
Amount in excess of primary insurance coverage	$ 300
Marine | Other liability policies
Insurance Coverage
Primary limit of insurance coverage	1
Marine | Maritime employer's liability
Insurance Coverage
Primary limit of insurance coverage	10
Marine | Watercraft pollution policy
Insurance Coverage
Primary limit of insurance coverage	$ 5
Concrete
Insurance Coverage
Levels of insurance coverage maintained by the Company | item	5
Amount in excess of primary insurance coverage	$ 300
Number of employee health care insurance policies | item	2
Concrete | Other liability policies
Insurance Coverage
Primary limit of insurance coverage	$ 1

Revenue (Details)

Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($) segment	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($) segment
Disaggregation of Revenue [Line Items]
Contract revenues	$ 226,675	$ 168,476	$ 579,514	$ 510,184
Number of reportable segments | segment	2	2	2	2
Marine
Disaggregation of Revenue [Line Items]
Contract revenues	$ 140,013	$ 80,913	$ 377,291	$ 260,754
Marine | Construction
Disaggregation of Revenue [Line Items]
Contract revenues	123,141	58,162	327,955	189,895
Marine | Dredging
Disaggregation of Revenue [Line Items]
Contract revenues	12,902	9,444	39,649	44,993
Marine | Specialty Services
Disaggregation of Revenue [Line Items]
Contract revenues	3,970	13,307	9,687	25,866
Concrete
Disaggregation of Revenue [Line Items]
Contract revenues	86,662	87,563	202,223	249,430
Concrete | Structural
Disaggregation of Revenue [Line Items]
Contract revenues	15,572	12,268	44,040	41,849
Concrete | Light Commercial
Disaggregation of Revenue [Line Items]
Contract revenues	$ 71,090	$ 75,295	$ 158,183	$ 207,581

Concentration of Risk and Ent_3

Concentration of Risk and Enterprise-Wide Disclosures (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) customer	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) customer
Concentration Risk [Line Items]
Allowance for credit losses	$ (716)		$ (716)		$ (361)
Contract revenues	226,675	$ 168,476	579,514	$ 510,184
Customer concentration risk | Trade and contract retainage receivables
Concentration Risk [Line Items]
Gross receivables	184,648		184,648		143,634
Allowance for credit losses	(716)		(716)		(361)
Net receivables	183,932		$ 183,932		$ 143,273
Concentration risk, percentage			100%		100%
Customer concentration risk | Contract revenues
Concentration Risk [Line Items]
Contract revenues	$ 226,675	$ 168,476	$ 579,514	$ 510,184
Concentration risk, percentage	100%	100%	100%	100%
Customer concentration risk | Federal Government | Trade and contract retainage receivables
Concentration Risk [Line Items]
Gross receivables	$ 44,604		$ 44,604		$ 8,885
Concentration risk, percentage			24%		6%
Customer concentration risk | Federal Government | Trade and contract retainage receivables | US Navy
Concentration Risk [Line Items]
Concentration risk, percentage			23.70%
Customer concentration risk | Federal Government | Contract revenues
Concentration Risk [Line Items]
Contract revenues	$ 58,149	$ 27,336	$ 178,552	$ 94,808
Concentration risk, percentage	26%	16%	31%	19%
Customer concentration risk | Federal Government | Contract revenues | US Navy
Concentration Risk [Line Items]
Concentration risk, percentage	25.20%	10.20%	26%
Customer concentration risk | State Governments | Trade and contract retainage receivables
Concentration Risk [Line Items]
Gross receivables	$ 6,657		$ 6,657		$ 2,355
Concentration risk, percentage			4%		2%
Customer concentration risk | State Governments | Contract revenues
Concentration Risk [Line Items]
Contract revenues	$ 18,748	$ 12,360	$ 48,185	$ 44,864
Concentration risk, percentage	8%	7%	8%	9%
Customer concentration risk | Local Governments | Trade and contract retainage receivables
Concentration Risk [Line Items]
Gross receivables	$ 26,376		$ 26,376		$ 12,804
Concentration risk, percentage			14%		9%
Customer concentration risk | Local Governments | Contract revenues
Concentration Risk [Line Items]
Contract revenues	$ 28,604	$ 29,422	$ 84,469	$ 71,803
Concentration risk, percentage	13%	18%	15%	14%
Customer concentration risk | Private Companies | Trade and contract retainage receivables
Concentration Risk [Line Items]
Gross receivables	$ 107,011		$ 107,011		$ 119,590
Number of customers exceeding the 10% benchmark percentage | customer					1
Concentration risk, percentage			58%		83%
Customer concentration risk | Private Companies | Trade and contract retainage receivables | Customer One
Concentration Risk [Line Items]
Concentration risk, percentage					19.90%
Customer concentration risk | Private Companies | Contract revenues
Concentration Risk [Line Items]
Number of customers exceeding the 10% benchmark percentage | customer	1
Contract revenues	$ 121,174	$ 99,358	$ 268,308	$ 298,709
Concentration risk, percentage	53%	59%	46%	58%
Customer concentration risk | Private Companies | Contract revenues | Customer One
Concentration Risk [Line Items]
Concentration risk, percentage	10%
Geographic concentration | Contract revenues | Foreign
Concentration Risk [Line Items]
Concentration risk, percentage	10.10%	2.70%	8.40%	2.80%

Contracts in Progress - Dragado

Contracts in Progress - Dragados/Hawaiian Dredging/Orion Joint Venture (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 10, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party
Contract revenues		$ 226,675	$ 168,476	$ 579,514	$ 510,184
Dragados/Hawaiian Dredging/Orion Joint Venture | US Navy
Related Party
Contract awarded	$ 2,800,000
Dragados/Hawaiian Dredging/Orion Joint Venture
Related Party
Contract awarded	$ 447,600
Contract revenues		$ 57,200	$ 17,300	$ 150,700	$ 42,800	$ 90,500

Contracts in Progress (Details)

Contracts in Progress (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Contractors [Abstract]
Costs incurred on uncompleted contracts	$ 1,420,893	$ 1,394,243
Estimated earnings	182,221	176,904
Costs incurred and estimated earnings on uncompleted contracts	1,603,114	1,571,147
Less: Billings to date	(1,589,011)	(1,553,704)
Costs and estimated earnings in excess of billings on uncompleted contracts, net	14,103	17,443
Contract assets	58,495	81,522
Contract liabilities	$ (44,392)	$ (64,079)

Contracts in Progress - Additio

Contracts in Progress - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Contract Assets
Unbilled contract claims and change orders
Claims and unapproved change orders	$ 15	$ 13

Contracts in Progress - Remaini

Contracts in Progress - Remaining Performance Obligation (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Performance obligations expected to be satisfied	$ 690.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Performance obligations expected to be satisfied	$ 578.3
Performance obligations expected to be satisfied, percentage	84%
Performance obligations expected to be satisfied, expected timing	12 months

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property and Equipment
Depreciable property and equipment, gross	$ 265,344	$ 265,359
Less: accumulated depreciation	(209,644)	(206,243)
Net book value of depreciable assets	55,700	59,116
Construction in progress	5,606	3,770
Land	24,948	24,948
Property, Plant and Equipment, Net, Total	86,254	87,834
Automobiles and trucks
Property and Equipment
Depreciable property and equipment, gross	1,789	1,985
Building and improvements
Property and Equipment
Depreciable property and equipment, gross	39,401	36,931
Construction equipment
Property and Equipment
Depreciable property and equipment, gross	120,968	125,705
Vessels and other equipment
Property and Equipment
Depreciable property and equipment, gross	96,009	94,030
Office equipment
Property and Equipment
Depreciable property and equipment, gross	$ 7,177	$ 6,708

Property and Equipment Narrativ

Property and Equipment Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3.6	$ 4.5	$ 12	$ 13.5

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash surrender value of life insurance	$ 1,246	$ 1,299
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	$ 1,246	$ 1,299

Fair Value - Other Fair Value M

Fair Value - Other Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Concrete
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	$ 31.9	$ 42.3

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued salaries, wages and benefits	$ 10,176	$ 19,759
Accrued liabilities expected to be covered by insurance	2,660	7,478
Sales taxes	2,353	2,510
Property taxes	2,215	1,111
Sale-leaseback arrangement	3,485	3,761
Accounting and audit fees	700	659
Interest	439	530
Other accrued expenses	1,553	1,266
Total accrued liabilities	$ 23,581	$ 37,074

Debt - Obligations under Debt A

Debt - Obligations under Debt Arrangements (Details) $ in Thousands

9 Months Ended

12 Months Ended

Jul. 26, 2024 USD ($)

Jun. 28, 2024 USD ($)

Apr. 24, 2024 USD ($)

Apr. 23, 2024 USD ($)

Feb. 27, 2024

Dec. 01, 2023 USD ($)

May 15, 2023 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2025

Jul. 25, 2024 USD ($)

Dec. 31, 2023 USD ($)

Debt instruments

Repayments of line of credit

$ 39,671

$ 73,236

Principal current

5,401

$ 15,477

Principal, long-term

26,529

26,844

Principal

31,930

42,321

Debt Issuance Costs, current

(707)

(2,024)

Debt Issuance Costs, long-term

(3,253)

(3,104)

Debt Issuance Costs, Net, Total

(3,960)

(5,128)

Net Value, current

4,694

13,453

Net Value, long-term

23,276

23,740

Total debt

27,970

37,193

Other Debt

Debt instruments

Principal current

401

477

Principal, long-term

3,529

3,844

Net Value, current

401

477

Net Value, long-term

$ 3,529

3,844

Credit Agreement, Amendment Four

Debt instruments

Proceeds from asset sales required to be raised by the specified target date

$ 45,000

Credit Agreement Amendment Five

Debt instruments

Period during which Fixed Charge Coverage Ratio covenant is replaced with a minimum EBITDA covenant

1 year

Proceeds from asset sales required to be raised by the specified target date

$ 25,000

Credit Agreement Amendment Five | July 26, 2024

Debt instruments

Mandatory loan prepayment

2,000

Credit Agreement Amendment Five | August 30, 2024

Debt instruments

Mandatory loan prepayment

4,000

Credit Agreement Amendment Five | September 30, 2024

Debt instruments

Mandatory loan prepayment

4,000

Credit Agreement Amendment Five | October 31, 2024

Debt instruments

Mandatory loan prepayment due if sale of East-West Jones Property not completed by September 30, 2024

1,670

Credit Agreement Amendment Five | November 29, 2024

Debt instruments

Mandatory loan prepayment due if sale of East-West Jones Property not completed by September 30, 2024

1,670

Credit Agreement Amendment Five | December 31, 2024

Debt instruments

Mandatory loan prepayment due if sale of East-West Jones Property not completed by September 30, 2024

$ 1,670

Credit Agreement

Debt instruments

Debt issuance cost

$ 5,900

Weighted average interest rate

11.87%

Maximum number of consecutive days liquidity value may fall below the minimum requirement

3 days

Credit Agreement | Minimum

Debt instruments

Consolidated fixed charge coverage ratio

1.10

1.10

Liquidity value

$ 20,000

Credit Agreement | Credit Agreement Amendment Three

Debt instruments

Credit facility term extension

1 year

Credit Agreement | Credit Agreement Amendment Three | Minimum

Debt instruments

Consolidated fixed charge coverage ratio

1

Credit Agreement | Credit Agreement Amendment Three | Maximum

Debt instruments

Maximum number of consecutive days liquidity value may fall below the minimum requirement

3 days

Credit Agreement | Credit Agreement, Amendment Four | April 24, 2024 to July 26, 2024

Debt instruments

Liquidity value

$ 8,000

Credit Agreement | Credit Agreement, Amendment Four | April 24, 2024 to July 26, 2024 | Minimum

Debt instruments

Liquidity value

5,000

Credit Agreement | Credit Agreement, Amendment Four | July 27, 2024 to September 30, 2024

Debt instruments

Liquidity value

10,000

Credit Agreement | Credit Agreement, Amendment Four | October 1, 2024 to May 15, 2027

Debt instruments

Liquidity value

$ 15,000

Revolver

Debt instruments

Line of credit facility, maximum borrowing capacity

65,000

Repayments of line of credit

39,300

Basis spread on variable rate

5.50%

Debt instrument, variable interest rate, type

us-gaap:SecuredOvernightFinancingRateSofrMember

Revolver | Credit Agreement Amendment Two

Debt instruments

Basis spread on variable rate

5%

Debt instrument, variable interest rate, type

us-gaap:SecuredOvernightFinancingRateSofrMember

Increase (decrease) in basis points on interest rate

(0.50%)

Term Loan

Debt instruments

Mandatory loan prepayment

$ 15,000

Basis spread on variable rate

8%

Interest rate floor

4%

Debt instrument, variable interest rate, type

us-gaap:SecuredOvernightFinancingRateSofrMember

Principal current

5,000

15,000

Principal, long-term

23,000

23,000

Debt Issuance Costs, current

(707)

(2,024)

Debt Issuance Costs, long-term

(3,253)

(3,104)

Net Value, current

4,293

12,976

Net Value, long-term

$ 19,747

$ 19,896

Term Loan | Credit Agreement Amendment One

Debt instruments

Mandatory loan prepayment

$ 15,000

The number of days after the sale of the East and West Jones Property at which time the mandatory loan prepayment is due

3 days

Term Loan | Credit Agreement Amendment Two

Debt instruments

Basis spread on variable rate

7%

Interest rate floor

4%

Debt instrument, variable interest rate, type

us-gaap:SecuredOvernightFinancingRateSofrMember

Increase (decrease) in basis points on interest rate

(1.00%)

Term Loan | Credit Agreement Amendment Three

Debt instruments

Mandatory loan prepayment

$ 10,000

Term Loan | Credit Agreement, Amendment Four

Debt instruments

The number of days after the sale of the East and West Jones Property at which time the mandatory loan prepayment is due

3 days

Total mandatory loan prepayment due upon completion of East-West Jones Property sale

$ 15,000

Term Loan | Credit Agreement, Amendment Four | July 26, 2024

Debt instruments

Mandatory loan prepayment

2,000

Term Loan | Credit Agreement, Amendment Four | August 30, 2024

Debt instruments

Mandatory loan prepayment

4,000

Term Loan | Credit Agreement, Amendment Four | September 30, 2024

Debt instruments

Mandatory loan prepayment

4,000

Term Loan | Credit Agreement, Amendment Four | October 31, 2024

Debt instruments

Mandatory loan prepayment

$ 5,000

Revolving Credit Facility

Debt instruments

Repayments of line of credit

$ 40,000

Charge-off of unamortized debt issuance costs due to early extinguishment of debt

100

White Oak | Revolver

Debt instruments

Line of credit facility, maximum borrowing capacity

65,000

White Oak | Term Loan

Debt instruments

Principal amount

$ 38,000

Debt - Provisions of Revolving

Debt - Provisions of Revolving Line of Credit (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Debt instruments
Proceeds from lines of credit	$ 39,279	$ 89,491
Repayments of line of credit	39,671	$ 73,236
Revolver
Debt instruments
Line of credit facility, maximum borrowing capacity	65,000
Amount outstanding	0
Remaining borrowing capacity	46,100
Proceeds from lines of credit	39,300
Repayments of line of credit	39,300
Letter of Credit
Debt instruments
Line of credit facility, maximum borrowing capacity	$ 5,000

Debt - Financial covenants (Det

Debt - Financial covenants (Details) - Credit Agreement $ in Thousands				3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 28, 2024	Apr. 24, 2024	Apr. 23, 2024	Jun. 30, 2023	Sep. 30, 2024 USD ($)	Sep. 30, 2025	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 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			1.10			1.10
Revolver loan turnover ratio				2.50
Minimum EBITDA requirement							$ 31,691	$ 35,032	$ 37,188	$ 33,260
Liquidity value					$ 20,000
Maximum
Debt covenants
Term loan loan-to-value ratio				60%
Credit Agreement Amendment Three | Minimum
Debt covenants
Consolidated fixed charge coverage ratio		1
Credit Agreement Amendment Three | Maximum
Debt covenants
Maximum number of consecutive days liquidity value may fall below the minimum requirement	3 days

Debt - Other Debt (Details)

Debt - Other Debt (Details) - USD ($) $ in Thousands	Jun. 23, 2023	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal		$ 31,930	$ 42,321
Equipment financing | Other Debt
Debt Instrument [Line Items]
Principal		1,500	1,900
Land Sale Leaseback Contract | Port Lavaca South Yard property
Debt Instrument [Line Items]
Sale price	$ 12,000
Land Sale Leaseback Contract | Other Debt
Debt Instrument [Line Items]
Principal		$ 2,400	$ 2,400

Other Long-Term Liabilities - C

Other Long-Term Liabilities - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other long-term liabilities
Sale-leaseback arrangement	$ 20,992	$ 23,689
Deferred compensation	1,230	1,293
Accrued liabilities expected to be covered by insurance	434	338
Total other long-term liabilities	$ 22,656	$ 25,320

Other Long-Term Liabilities - S

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
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%
Number of consecutive options to extend term | Options			2
Term of available options			10 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 82	$ (123)	$ 347	$ 475
Consolidated effective tax rate	1.90%	15.70%	(4.30%)	(3.60%)
Federal statutory tax rate	21%	21%	21%	21%
Reduction in unrecognized tax benefits due to lapse in statute of limitations	$ 1,600

Earnings Per Share - Anti-dilut

Earnings Per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Potential antidilutive securities excluded from computations of earnings per share	187,235	240,241	196,744	256,128

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic:
Weighted average shares outstanding, basic	34,494,302	32,384,446	33,390,722	32,285,921
Effect of dilutive securities:
Common stock options	23,815	0	0	0
Employee stock purchase plan	563	0	0	0
Total weighted average shares outstanding assuming dilution	34,518,680	32,384,446	33,390,722	32,285,921

Issuance of Common Stock (Detai

Issuance of Common Stock (Details) - USD ($) $ in Thousands		3 Months Ended
	Sep. 12, 2024	Sep. 30, 2024
Issuance of Common Stock
Net proceeds from issuance of stock		$ 26,476
Public offering
Issuance of Common Stock
Issuance of common stock, shares	5,589,000
Net proceeds from issuance of stock	$ 26,500
Underwriter over-allotment
Issuance of Common Stock
Issuance of common stock, shares	729,000

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Aug. 05, 2024 $ / shares shares

Jun. 24, 2024 $ / shares shares

May 17, 2024 $ / shares shares

May 16, 2024 director $ / shares shares

Mar. 20, 2024 $ / shares shares

Mar. 04, 2024 $ / shares shares

Sep. 30, 2024 USD ($) shares

Sep. 30, 2023 USD ($) shares

Sep. 30, 2024 USD ($) shares

Sep. 30, 2023 USD ($) shares

May 31, 2024 shares

May 31, 2022 shares

Share-based Compensation

Compensation expense related to share- based awards outstanding | $

$ 1,000

$ 400

$ 2,900

$ 1,800

Payments related to tax withholding for share-based compensation | $

436

491

Proceeds received upon exercise of stock options | $

368

Total share-based compensation cost not yet recognized | $

8,100

$ 8,100

Share-based compensation cost not yet recognized, period for recognition

2 years 3 months 18 days

Certain Officers

Share-based Compensation

Payments related to tax withholding for share-based compensation | $

$ 400

$ 300

$ 400

$ 500

Employee Stock Option

Share-based Compensation

Proceeds received upon exercise of stock options | $

$ 400

Exercise of stock options, shares

0

0

56,568

0

Restricted stock | Independent Directors

Share-based Compensation

Number of independent directors receiving awards | director

6

Awards granted in period (in shares)

64,170

Grant date fair value (in dollars per share) | $ / shares

$ 9.35

Restricted stock | Certain Executives

Share-based Compensation

Vesting period

3 years

Awards granted in period (in shares)

109,503

Grant date fair value (in dollars per share) | $ / shares

$ 8.36

Restricted stock | Certain employees

Share-based Compensation

Vesting period

3 years

Awards granted in period (in shares)

443,258

Grant date fair value (in dollars per share) | $ / shares

$ 9.37

Restricted stock | Employee

Share-based Compensation

Vesting period

3 years

3 years

3 years

Awards granted in period (in shares)

1,652

1,482

2,197

Grant date fair value (in dollars per share) | $ / shares

$ 6.78

$ 8.77

$ 6.83

Performance Units | Certain Executives

Share-based Compensation

Vesting percentage

100%

Awards granted in period (in shares)

205,322

Performance Units | Vesting on Achievement of Tiered Return on Invested Capital Objective | Certain Executives

Share-based Compensation

Shares earned based on achievement of objective, percent

50%

Grant date fair value (in dollars per share) | $ / shares

$ 8.36

Performance period

3 years

Performance 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%

Performance period

3 years

ESPP

Share-based Compensation

Shares issued under the plan

0

0

ESPP | Maximum

Share-based Compensation

Approved and authorized maximum number of shares to be issued

1,000,000

ESPP | Maximum | Accrued liabilities

Share-based Compensation

Employee contributions to the ESPP pending stock issuance | $

$ 100

$ 100

2022 LTIP | Maximum

Share-based Compensation

Approved and authorized maximum number of shares to be issued

3,735,000

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($) segment	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2	2	2	2
Contract revenues	$ 226,675	$ 168,476	$ 579,514	$ 510,184
Operating income (loss)	7,781	2,561	1,889	(6,043)
Depreciation and amortization			(11,961)	(13,874)
Assets	430,329		430,329		$ 416,893
Property and equipment, net of depreciation	86,254		86,254		$ 87,834
Marine
Segment Reporting Information [Line Items]
Contract revenues	140,013	80,913	377,291	260,754
Marine | Foreign
Segment Reporting Information [Line Items]
Contract revenues	22,800	4,500	48,800	14,500
Concrete
Segment Reporting Information [Line Items]
Contract revenues	86,662	87,563	202,223	249,430
Concrete | Foreign
Segment Reporting Information [Line Items]
Contract revenues	0	0	0	0
Operating Segments | Marine
Segment Reporting Information [Line Items]
Contract revenues	140,013	80,913	377,291	260,754
Operating income (loss)	5,485	2,001	(4,847)	(587)
Depreciation and amortization	(4,552)	(4,771)	(14,405)	(12,418)
Assets	318,864	269,409	318,864	269,409
Property and equipment, net of depreciation	80,916	82,914	80,916	82,914
Operating Segments | Concrete
Segment Reporting Information [Line Items]
Contract revenues	86,662	87,563	202,223	249,430
Operating income (loss)	2,296	560	6,736	(5,456)
Depreciation and amortization	(1,016)	(1,322)	(3,153)	(4,464)
Assets	111,465	110,813	111,465	110,813
Property and equipment, net of depreciation	5,338	6,671	5,338	6,671
Intersegment Eliminations
Segment Reporting Information [Line Items]
Contract revenues	$ 100	$ 100	$ 1,800	$ 100

Leases - Assets and Liabilities

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets, net of amortization	$ 29,202	$ 25,696
Financing lease right-of-use assets, net of amortization	25,179	23,602
Total assets	54,381	49,298
Current portion of operating lease liabilities	8,215	9,254
Current portion of financing lease liabilities	10,852	8,665
Total current	19,067	17,919
Operating lease liabilities	21,844	16,632
Financing lease liabilities	11,300	13,746
Total noncurrent	33,144	30,378
Total liabilities	52,211	48,297
Operating lease, right-of-use asset, accumulated amortization	23,100	15,600
Finance lease, right-of-use asset, accumulated amortization	$ 15,800	$ 10,200

Leases - Term and Discount Rate

Leases - Term and Discount Rate (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted Average Remaining Lease Term, operating lease	8 years 1 month 9 days	5 years 10 months 24 days
Weighted Average Remaining Lease Term, finance lease	2 years 5 months 23 days	2 years 9 months 29 days
Weighted Average Discount Rate, operating lease	10.50%	9.32%
Weighted Average Discount Rate, finance lease	8.60%	7.53%

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 3,374	$ 2,497	$ 9,416	$ 5,440
Short-term lease cost	1,103	424	2,953	1,565
Interest on lease liabilities	446	262	1,277	651
Amortization of right-of-use assets	1,933	1,533	5,597	3,008
Total lease cost	$ 6,856	$ 4,716	$ 19,243	$ 10,664

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating cash flows for operating leases	$ 8,567	$ 5,604
Operating cash flows for finance leases	1,277	651
Financing cash flows for finance leases	6,456	2,524
ROU assets obtained in exchange for new operating lease liabilities	14,177	17,525
ROU assets obtained in exchange for new financing lease liabilities	$ 7,426	$ 11,533

Leases - Maturities (Details)

Leases - Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (excluding the nine months ended September 30, 2024)	$ 1,893
2025	9,318
2026	445
2027	5,405
2028	4,352
Thereafter	32,241
Total future minimum lease payments	53,654
Less - amount representing interest	23,595
Operating Lease, Liability, Total	30,059
Less - current lease obligations	8,215	$ 9,254
Long-term lease obligations	21,844	16,632
Finance Leases
2024 (excluding the nine months ended September 30, 2024)	3,434
2025	10,989
2026	5,162
2027	2,072
2028	1,193
Thereafter	1,880
Total future minimum lease payments	24,730
Less - amount representing interest	2,578
Present value of future minimum lease payments	22,152
Less - current lease obligations	10,852	8,665
Long-term lease obligations	$ 11,300	$ 13,746

Related Party Transaction (Deta

Related Party Transaction (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 10, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party
Contract revenues		$ 226,675	$ 168,476	$ 579,514	$ 510,184
Dragados/Hawaiian Dredging/Orion Joint Venture | US Navy
Related Party
Contract awarded	$ 2,800,000
Dragados/Hawaiian Dredging/Orion Joint Venture
Related Party
Contract awarded	$ 447,600
Contract revenues		$ 57,200	$ 17,300	$ 150,700	$ 42,800	$ 90,500