Orion Group Holdings Inc 10-Q

ITEM 1. FINANCIAL STATEMENTS ​ Orion Group Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheet s (In Thousands, Except Share and Per Share Information) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ December 31, ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (Unaudited) ​ ​ ​ ASSETS ​ ​ ​ ​ Current assets: ​ ​ ​ ​ Cash and cash equivalents ​ $ 2,527 ​ $ 1,588 Restricted cash ​ ​ 1,697 ​ ​ 1,697 Accounts receivable: ​ ​ ​ ​ Trade, net of allowance for credit losses of $ 3,146 and $ 3,461 , respectively ​ 113,317 ​ 175,695 Retainage ​ 58,370 ​ 49,194 Income taxes receivable ​ 619 ​ 256 Other current ​ 5,049 ​ 3,531 Inventory ​ 2,546 ​ 2,432 Contract assets ​ 75,868 ​ 31,083 Prepaid expenses and other ​ 8,817 ​ 12,686 Total current assets ​ 268,810 ​ 278,162 Property and equipment, net of accumulated depreciation ​ 129,629 ​ 88,210 Operating lease right-of-use assets, net of accumulated amortization ​ ​ 23,270 ​ ​ 20,397 Financing lease right-of-use assets, net of accumulated amortization ​ ​ 22,430 ​ ​ 18,360 Inventory, non-current ​ 6,720 ​ 6,395 Other non-current ​ 3,269 ​ 3,128 Goodwill ​ ​ 35,139 ​ ​ — Intangible assets, net of accumulated amortization ​ ​ 6,955 ​ ​ — Total assets ​ $ 496,222 ​ $ 414,652 LIABILITIES AND STOCKHOLDERS’ EQUITY ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ Current debt, net of debt issuance costs ​ $ 6,203 ​ $ 1,789 Accounts payable: ​ ​ ​ ​ Trade ​ 92,379 ​ 107,433 Retainage ​ 1,496 ​ 1,699 Accrued liabilities ​ 21,084 ​ 31,750 Income taxes payable ​ 154 ​ 197 Contract liabilities ​ 41,859 ​ 49,104 Current portion of operating lease liabilities ​ ​ 4,293 ​ ​ 4,418 Current portion of financing lease liabilities ​ ​ 9,352 ​ ​ 7,517 Total current liabilities ​ ​ 176,820 ​ ​ 203,907 Long-term debt, net of debt issuance costs ​ 92,959 ​ 6,085 Operating lease liabilities ​ ​ 27,592 ​ ​ 24,695 Financing lease liabilities ​ ​ 8,379 ​ ​ 5,878 Other long-term liabilities ​ 26,015 ​ 15,055 Total liabilities ​ 331,765 ​ ​ 255,620 Stockholders’ equity: ​ ​ ​ ​ Accumulated other comprehensive income ​ ​ 129 ​ ​ — Preferred stock -- $ 0.01 par value, 10,000,000 authorized, none issued ​ — ​ — Common stock -- $ 0.01 par value, 50,000,000 authorized, 41,206,521 and 40,612,139 issued; 40,495,290 and 39,900,908 outstanding at June 30, 2026 and December 31, 2025, respectively ​ 412 ​ 406 Treasury stock, 711,231 shares, at cost, as of June 30, 2026 and December 31, 2025, respectively ​ ( 6,540 ) ​ ( 6,540 ) Additional paid-in capital ​ 231,117 ​ 226,369 Retained loss ​ ( 60,661 ) ​ ( 61,203 ) Total stockholders’ equity ​ 164,457 ​ 159,032 Total liabilities and stockholders’ equity ​ $ 496,222 ​ $ 414,652 ​ The accompanying notes are an integral part of these condensed consolidated financial statements ​ 3 ​ Table of Contents Orion Group Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In Thousands, Except Share and Per Share Information) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Contract revenues ​ $ 221,878 ​ $ 205,286 ​ $ 438,179 ​ $ 393,939 Costs of contract revenues ​ 198,951 ​ 179,489 ​ 389,373 ​ 345,127 Gross profit ​ 22,927 ​ 25,797 ​ 48,806 ​ 48,812 Selling, general and administrative expenses ​ 24,395 ​ 22,774 ​ 51,104 ​ 45,319 Gain on disposal of assets, net ​ ( 153 ) ​ ( 409 ) ​ ( 188 ) ​ ( 772 ) Operating (loss) income ​ ( 1,315 ) ​ 3,432 ​ ( 2,110 ) ​ 4,265 Other (expense) income: ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ( 2,505 ) ​ ( 2,920 ) ​ ( 4,036 ) ​ ( 5,254 ) Other income ​ 149 ​ 117 ​ 310 ​ 344 Other expense, net ​ ( 2,356 ) ​ ( 2,803 ) ​ ( 3,726 ) ​ ( 4,910 ) (Loss) income before income taxes ​ ( 3,671 ) ​ 629 ​ ( 5,836 ) ​ ( 645 ) Income tax expense (benefit) ​ 474 ​ ( 212 ) ​ ( 6,378 ) ​ ( 72 ) Net (loss) income ​ $ ( 4,145 ) ​ $ 841 ​ $ 542 ​ $ ( 573 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic (loss) income per share ​ $ ( 0.10 ) ​ $ 0.02 ​ $ 0.01 ​ $ ( 0.01 ) Diluted (loss) income per share ​ $ ( 0.10 ) ​ $ 0.02 ​ $ 0.01 ​ $ ( 0.01 ) Shares used to compute (loss) income per share ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 40,479,053 ​ 39,765,051 ​ 40,295,569 ​ 39,412,681 Diluted ​ 40,479,053 ​ 39,791,164 ​ 40,325,118 ​ 39,412,681 ​ The accompanying notes are an integral part of these condensed consolidated financial statements ​ 4 ​ Table of Contents ​ ​ Orion Group Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive (Loss) Income (In Thousands) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Net (loss) income ​ $ ( 4,145 ) ​ $ 841 ​ $ 542 ​ $ ( 573 ) Change in fair value of cash flow hedges, net of tax expense of $ 35 and $ 30 for the three and six months ended June 30, 2026 ​ ​ 117 ​ — ​ 99 ​ — Total comprehensive (loss) income ​ $ ( 4,028 ) ​ $ 841 ​ $ 641 ​ $ ( 573 ) ​ The accompanying notes are an integral part of these condensed consolidated financial statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5 ​ Table of Contents Orion Group Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Stockholders’ Equity (In Thousands, Except Share and Per Share Information) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ ​ Treasury ​ ​ Accumulated Other ​ ​ Additional ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock ​ Stock Comprehensive Paid-In Retained ​ ​ ​ ​ ​ Shares ​ ​ Amount ​ Shares ​ ​ Amount (Loss) Income Capital ​ Loss ​ Total Balance, January 1, 2026 ​ 40,612,139 ​ $ 406 ( 711,231 ) ​ $ ( 6,540 ) ​ $ — ​ $ 226,369 ​ $ ( 61,203 ) ​ $ 159,032 Share-based compensation ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 1,387 ​ ​ — ​ ​ 1,387 Issuance of shares related to acquisition ​ 182,392 ​ ​ 2 ​ — ​ ​ — ​ ​ — ​ ​ 2,396 ​ ​ — ​ ​ 2,398 Issuance of restricted stock ​ 430,799 ​ ​ 4 ​ — ​ ​ — ​ ​ — ​ ​ ( 4 ) ​ ​ — ​ ​ — Employee share purchase plan issuance ​ 65,783 ​ ​ 1 ​ — ​ ​ — ​ ​ — ​ ​ 447 ​ ​ — ​ ​ 448 Forfeiture of restricted stock ​ ( 4,267 ) ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Payments related to tax withholding for share-based compensation ​ ( 96,337 ) ​ ​ ( 1 ) ​ — ​ ​ — ​ ​ — ​ ​ ( 1,260 ) ​ ​ — ​ ​ ( 1,261 ) Net income — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,687 ​ ​ 4,687 Other ​ — ​ ​ — ​ — ​ ​ — ​ ​ ( 23 ) ​ ​ — ​ ​ — ​ ​ ( 23 ) Balance, March 31, 2026 ​ 41,190,509 ​ $ 412 ( 711,231 ) ​ $ ( 6,540 ) ​ $ ( 23 ) ​ $ 229,335 ​ $ ( 56,516 ) ​ $ 166,668 Share-based compensation ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 2,006 ​ ​ — ​ ​ 2,006 Exercise of stock options ​ 3,659 ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 18 ​ ​ — ​ ​ 18 Issuance of restricted stock ​ 36,180 ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Forfeiture of restricted stock ​ ( 3,241 ) ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Payments related to tax withholding for share-based compensation ​ ( 20,586 ) ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 242 ) ​ ​ — ​ ​ ( 242 ) Net loss — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 4,145 ) ​ ​ ( 4,145 ) Other ​ — ​ ​ — ​ — ​ ​ — ​ ​ 152 ​ ​ — ​ ​ — ​ ​ 152 Balance, June 30, 2026 ​ 41,206,521 ​ $ 412 ( 711,231 ) ​ $ ( 6,540 ) ​ $ 129 ​ $ 231,117 ​ $ ( 60,661 ) ​ $ 164,457 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ ​ Treasury ​ ​ Accumulated Other ​ ​ Additional ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock ​ Stock Comprehensive Paid-In Retained ​ ​ ​ ​ ​ Shares ​ ​ Amount ​ Shares ​ ​ Amount (Loss) Income Capital ​ Loss ​ Total Balance, January 1, 2025 ​ 39,681,597 ​ $ 397 ( 711,231 ) ​ $ ( 6,540 ) ​ $ — ​ $ 220,513 ​ $ ( 63,691 ) ​ $ 150,679 Share-based compensation ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 1,123 ​ ​ — ​ ​ 1,123 Exercise of stock options ​ 15,000 ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 108 ​ ​ — ​ ​ 108 Issuance of restricted stock ​ 499,036 ​ ​ 5 ​ — ​ ​ — ​ ​ — ​ ​ ( 5 ) ​ ​ — ​ ​ — Employee share purchase plan issuance ​ 71,133 ​ ​ 1 ​ — ​ ​ — ​ ​ — ​ ​ 336 ​ ​ — ​ ​ 337 Forfeiture of restricted stock ​ ( 10,960 ) ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Net loss — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 1,414 ) ​ ​ ( 1,414 ) Balance, March 31, 2025 ​ 40,255,806 ​ $ 403 ( 711,231 ) ​ $ ( 6,540 ) ​ $ — ​ $ 222,075 ​ $ ( 65,105 ) ​ $ 150,833 Share-based compensation ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 1,519 ​ ​ — ​ ​ 1,519 Issuance of restricted stock ​ 454,630 ​ ​ 4 ​ — ​ ​ — ​ ​ — ​ ​ ( 4 ) ​ ​ — ​ ​ — Forfeiture of restricted stock ​ ( 263,960 ) ​ ​ ( 3 ) ​ — ​ ​ — ​ ​ — ​ ​ 3 ​ ​ — ​ ​ — Net income — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 841 ​ ​ 841 Balance, June 30, 2025 ​ 40,446,476 ​ $ 404 ( 711,231 ) ​ $ ( 6,540 ) ​ $ — ​ $ 223,593 ​ $ ( 64,264 ) ​ $ 153,193 ​ ​ The accompanying notes are an integral part of these condensed consolidated financial statements ​ ​ ​ 6 ​ Table of Contents Orion Group Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (in Thousands) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Cash flows from operating activities: ​ ​ ​ ​ Net income (loss) ​ $ 542 ​ $ ( 573 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: ​ ​ ​ ​ Depreciation and amortization ​ 9,668 ​ 6,274 Amortization of right-of use ("ROU") operating leases ​ ​ 2,860 ​ ​ 4,848 Amortization of ROU finance leases ​ ​ 3,723 ​ ​ 4,360 Amortization of deferred debt issuance costs ​ ​ 166 ​ ​ 612 Non-cash interest expense on seller note ​ ​ 630 ​ ​ — Deferred income taxes ​ ( 6,117 ) ​ 2 Share-based compensation ​ 3,393 ​ 2,642 Gain on disposal of assets, net ​ ( 189 ) ​ ( 772 ) Allowance for credit losses ​ ( 77 ) ​ 544 Change in operating assets and liabilities: ​ ​ ​ ​ Accounts receivable ​ 55,302 ​ ( 71,339 ) Income tax receivable ​ ( 362 ) ​ ( 392 ) Inventory ​ ( 440 ) ​ 819 Prepaid expenses and other ​ 2,546 ​ 312 Contract assets ​ ( 43,692 ) ​ 33,456 Accounts payable ​ ( 18,743 ) ​ 13,636 Accrued liabilities ​ ( 5,829 ) ​ ( 1,141 ) Operating lease liabilities ​ ​ ( 3,101 ) ​ ​ ( 3,179 ) Income tax payable ​ ( 43 ) ​ ( 505 ) Contract liabilities ​ ( 12,936 ) ​ 1,391 Net cash used in operating activities ​ ( 12,699 ) ​ ( 9,005 ) Cash flows from investing activities: ​ ​ ​ ​ Proceeds from sale of property and equipment ​ 683 ​ 1,189 Purchase of property and equipment ​ ( 20,108 ) ​ ( 16,165 ) Business acquisition, net cash acquired ​ ​ ( 42,871 ) ​ ​ — Net cash used in investing activities ​ ( 62,296 ) ​ ( 14,976 ) Cash flows from financing activities: ​ ​ ​ ​ Borrowings on credit facilities ​ 121,000 ​ 77,007 Payments on credit facilities ​ ( 85,000 ) ​ ( 67,212 ) Proceeds from term loan ​ ​ 41,991 ​ ​ — Proceeds from deemed financing obligation ​ ​ 6,073 ​ ​ — Principal payments on deemed financing obligation ​ ​ ( 1,816 ) ​ ​ ( 7,204 ) Loan costs related to credit facilities ​ ( 419 ) ​ ( 323 ) Payments of finance lease liabilities ​ ​ ( 4,858 ) ​ ​ ( 5,316 ) Employee stock plans, net activity ​ ​ ( 1,037 ) ​ ​ 445 Net cash provided by (used in) financing activities ​ 75,934 ​ ( 2,603 ) Net change in cash, cash equivalents and restricted cash ​ 939 ​ ( 26,584 ) Cash, cash equivalents and restricted cash at beginning of period ​ 3,285 ​ 28,316 Cash, cash equivalents and restricted cash at end of period ​ $ 4,224 ​ $ 1,732 ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 2,527 ​ $ 1,732 Restricted cash ​ ​ 1,697 ​ ​ — Total cash, cash equivalents and restricted cash shown above ​ $ 4,224 ​ $ 1,732 ​ ​ ​ ​ ​ ​ ​ Supplemental disclosures of cash flow information: ​ ​ ​ ​ Cash paid during the period for: ​ ​ ​ ​ Interest, net of amounts capitalized ​ $ 3,008 ​ $ 4,504 Taxes, net of refunds ​ $ 145 ​ $ 824 ​ ​ ​ ​ ​ ​ ​ Noncash financing activity: ​ ​ ​ ​ ​ ​ Capital expenditures included in accounts payable and accrued liabilities ​ $ 2,963 ​ $ 2,118 The accompanying notes are an integral part of these condensed consolidated financial statements ​ 7 ​ Table of Contents Orion Group Holdings, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements (Tabular Amounts in Thousands, Except Share and per Share Amounts) (Unaudited) ​ 1. Description of Business and Basis of Presentation Description of Business Orion Group Holdings, Inc. and its subsidiaries (hereafter collectively referred to as the “Company” or “Orion”), is a leading specialty construction company serving the infrastructure, industrial, and building sectors, providing services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through our marine and concrete segments. We are headquartered in Houston, Texas. Basis of Presentation The accompanying condensed consolidated financial statements and financial information included herein have been prepared pursuant to the interim period reporting requirements of Form 10-Q. Accordingly, these financial statements do not include certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and should be read together with our Annual Report on Form 10-K for the year ended December 31, 2025. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows for the periods presented. Such adjustments are of a normal recurring nature. Interim results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results realizable for the year ending December 31, 2026. ​ 2. Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issues accounting standards and updates (each, an “ASU”) from time to time to its Accounting Standards Codification (“ASC”), which is the primary source of U.S. GAAP. The Company regularly monitors ASUs as they are issued and considers applicability to its business. All ASUs are adopted by their respective due dates and in the manner prescribed by the FASB. ​ In November 2024, the FASB issued ASU No. 2024-03 , Income Statement—Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures . The amendments require entities to provide enhanced disaggregation of certain expense categories presented in the income statement, including details on significant components within those categories, to provide greater transparency and decision-useful information to users of financial statements. The ASU is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on the disclosures within its consolidated financial statements. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets . The amendments introduce a practical expedient that allows entities to assume current conditions as of the balance sheet date remain unchanged over the remaining life of current accounts receivable and current contract assets arising from transactions within the scope of ASC 606 when estimating expected credit losses. The Company adopted ASU 8 ​ Table of Contents 2025 ‑ 05 effective January 1, 2026 and elected to apply the practical expedient. Adoption of the standard did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. 3. Acquisition Acquisition Overview On February 3, 2026 (the “Acquisition Date”), the Company completed the acquisition of all of the outstanding capital stock of J.E. McAmis, Inc., a California corporation, and all of the membership interests in JEM Marine Leasing, LLC, a Washington limited liability company (collectively, “JEM”), pursuant to a Securities Purchase Agreement (the “Purchase Agreement”). J.E. McAmis, Inc. specializes in dredging, jetty and breakwater construction, environmental restoration and rehabilitation, and dam and spillway work and has historically operated primarily in Washington and Oregon, with additional projects in Canada, Florida, Alaska, and Hawaii. JEM Marine Leasing, LLC provides marine equipment leasing services to the operating business. The acquisition expands the Company’s marine platform, enhances its presence in West Coast and Pacific markets, and adds specialized dredging and marine construction capabilities. The Company has included the results of JEM in its condensed consolidated financial statements from the Acquisition Date. Consideration Transferred The preliminary purchase consideration consisted of (i) $ 44.9 million in cash, subject to customary post-closing adjustments under the Purchase Agreement, (ii) an unsecured 6 %, five-year subordinated seller promissory note with a principal amount of $ 12.0 million, (iii) 182,392 shares of the Company’s common stock, and (iv) contingent post-closing cash payments dependent upon project profit realized from contracts of JEM under backlog identified in the Purchase Agreement. The following table shows the preliminary purchase consideration transferred: ​ ​ ​ ​ ​ Cash consideration ​ $ 44,907 Fair value of contingent consideration ​ ​ 11,730 Fair value of common stock ​ ​ 2,398 Fair value of promissory note ​ ​ 9,363 Total consideration transferred ​ $ 68,398 ​ The fair value of the common stock was measured based on the closing market price of the Company’s common stock on February 3, 2026, the Acquisition Date. The fair value of the seller promissory note was estimated using a discounted cash flow model based on the contractual payment terms and an estimated market rate of interest for similar debt instruments. The contingent consideration was estimated using a combination of valuation techniques, including a Black-Scholes option pricing model for one tranche and a discounted cash flow model for the other tranche. Unobservable inputs included projected completion and payment dates, expected project profitability, expected volatility of the underlying performance metrics used in the contingent consideration arrangement, discount rates, and risk-adjusted performance scenarios. Because the valuation relies on unobservable inputs, the contingent consideration liability is classified within Level 3 of the fair value hierarchy. During the measurement period, adjustments to the contingent consideration may be recorded as purchase accounting adjustments when based on facts and circumstances that existed as of the Acquisition Date. Thereafter, changes 9 ​ Table of Contents in the fair value will be recognized in earnings in the period of change. As of June 30, 2026, the valuation of the contingent consideration is preliminary. Preliminary Allocation of Purchase Price The acquisition has been accounted for as a business combination in accordance with ASC 805, Business Combinations. The preliminary purchase price allocation reflects management’s current estimates of the fair values of the assets acquired and liabilities assumed as of the Acquisition Date. The following table summarizes the preliminary allocation of the purchase price: ​ ​ ​ ​ ​ Assets acquired and liabilities assumed ​ ​ ​ Cash and cash equivalents ​ $ 2,036 Accounts receivable ​ ​ 3,541 Contract assets ​ ​ 1,093 Other assets ​ ​ 553 Intangible assets ​ ​ 7,740 Property and equipment ​ ​ 32,851 Accounts payable and accrued liabilities ​ ​ ( 2,920 ) Contract liabilities ​ ​ ( 5,691 ) Deferred tax liability ​ ​ ( 5,944 ) ​ ​ ​ ​ Net assets acquired ​ $ 33,259 ​ ​ ​ ​ Goodwill ​ $ 35,139 ​ The excess of the purchase consideration over the preliminary fair value of the net identifiable assets acquired and liabilities assumed was recorded as goodwill in the marine segment. Goodwill primarily reflects the value of the assembled workforce, expected synergies, expanded market opportunities, and future growth opportunities resulting from the acquisition. The goodwill is not deductible for U.S. federal income tax purposes. Property and Equipment Property and equipment acquired primarily consisted of marine construction equipment, vessels, vehicles and related operating assets. The preliminary fair value of the acquired property and equipment was estimated using a combination of the cost and market approaches, as applicable. Under the cost approach, fair value was based on current replacement cost, adjusted for physical deterioration and functional and economic obsolescence. Under the market approach, fair value was based on available market data for comparable assets, adjusted for differences in age, condition, capacity, utilization and other asset-specific factors. The acquired property and equipment will be depreciated over its estimated remaining useful lives, which range from approximately one to ten years. ​ 10 ​ Table of Contents Identifiable Intangible Assets The following table presents the preliminary fair values and weighted-average useful lives of these assets: ​ ​ ​ ​ ​ ​ ​ ​ Intangible Asset ​ ​ Useful life in years ​ ​ Estimated fair value Tradename ​ ​ 1 ​ $ 152 Customer relationships ​ ​ 12 ​ ​ 3,187 Backlog contracts ​ ​ 3 ​ ​ 4,401 ​ The fair values of the identifiable intangible assets were estimated using income‑based approaches (e.g., multi‑period excess earnings method for customer relationships and backlog contracts and relief‑from‑royalty method for tradenames). Inputs include forecasted revenues, attrition rates, royalty rates, contributory asset charges, and discount rates commensurate with the risks of the underlying cash flows. These measurements are categorized as Level 3 in the fair value hierarchy due to the use of unobservable inputs. Measurement Period and Status of Estimates The purchase price allocation is preliminary and subject to change within the measurement period (not to exceed one year from the Acquisition Date) as the Company obtains additional information regarding the facts and circumstances that existed as of the Acquisition Date. ​ During the three months ended June 30, 2026, the Company recorded measurement-period adjustments to the preliminary purchase price allocation. These adjustments reduced total consideration transferred by approximately $ 1.4 million, primarily due to a $ 1.1 million reduction in cash consideration related to the working capital adjustment and a $ 0.3 million reduction in the estimated fair value of contingent consideration. The Company also revised certain preliminary estimates of assets acquired and liabilities assumed, including a $ 1.8 million increase in contract liabilities related to opening work-in-process for projects in process as of the Acquisition Date, a $ 2.0 million decrease in intangible assets, a $ 0.7 million decrease in property and equipment, and a $ 0.8 million decrease in the deferred tax liability. The adjustments were based on additional information obtained during the measurement period regarding facts and circumstances that existed as of the Acquisition Date and resulted in a net increase to goodwill of approximately $ 2.4 million. ​ As of June 30, 2026, the Company’s valuation of property and equipment, intangible assets, working capital, and income taxes remains preliminary and subject to adjustment during the measurement period. ​ Acquisition-Related Costs ​ Acquisition-related costs, consisting primarily of legal, accounting, valuation, and other professional fees, were less than $ 0.1 million and approximately $ 1.6 million for the three and six months ended June 30, 2026, respectively, and were recorded in selling, general and administrative expenses. ​ 11 ​ Table of Contents 4. Revenue Contract revenues are recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The following table represents a disaggregation of the Company’s contract revenues by service line for the marine and concrete segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Marine Segment ​ ​ ​ ​ ​ ​ ​ ​ Construction ​ $ 109,881 ​ $ 114,830 ​ $ 202,564 ​ $ 219,312 Dredging ​ 16,630 ​ 17,700 ​ 30,711 ​ 34,611 Specialty services ​ 4,332 ​ 2,772 ​ 7,697 ​ 8,542 Marine segment contract revenues ​ $ 130,843 ​ $ 135,302 ​ $ 240,972 ​ $ 262,465 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concrete Segment ​ ​ ​ ​ ​ ​ ​ ​ Structural ​ $ 6,673 ​ $ 12,582 ​ $ 16,426 ​ $ 26,303 Light commercial ​ 84,362 ​ 57,402 ​ 180,781 ​ 105,171 Concrete segment contract revenues ​ $ 91,035 ​ $ 69,984 ​ $ 197,207 ​ $ 131,474 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total contract revenues ​ $ 221,878 ​ $ 205,286 ​ $ 438,179 ​ $ 393,939 ​ The Company has determined that it has two reportable operating segments as described in Note 16, but has disaggregated its contract revenues in the above chart in terms of services provided within such segments. Additionally, both the marine and concrete segments have limited contracts with multiple performance obligations. The Company’s contracts are often estimated and bid as one project and performance is evaluated as one project, not by individual services performed by each. Additionally, the table below represents contract revenue by type of customer for the three and six months ended June 30, 2026 and 2025, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ Six Months Ended ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ June 30, ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ % ​ ​ ​ 2025 ​ ​ ​ % ​ ​ ​ 2026 ​ ​ ​ % ​ ​ ​ 2025 ​ ​ ​ % ​ ​ ​ ​ Federal Government (1) $ 40,113 18 % $ 39,429 19 % $ 69,839 16 % $ 81,313 21 % ​ State Governments (1) 36,886 17 % 36,322 18 % 72,544 17 % 65,283 17 % ​ Local Government (1) 34,322 15 % 43,127 21 % 61,942 14 % 80,164 20 % ​ Private Companies 110,557 50 % 86,408 42 % 233,854 53 % 167,179 42 % ​ Total contract revenues $ 221,878 100 % $ 205,286 100 % $ 438,179 100 % $ 393,939 100 % ​ (1) Sales to federal, state and local governments include sales from contracts for which the Company is the prime contractor, as well as those for which the Company is a subcontractor and the ultimate customer is the federal, state and local governments. On March 10, 2023, the United States Navy awarded the Dragados/Hawaiian Dredging/Orion Joint Venture a contract to complete the construction of a dry dock at Pearl Harbor Naval Shipyard. The Company’s joint 12 ​ Table of Contents venture with Dragados/Hawaiian Dredging is a related-party transaction. The Company’s portion of work as a dedicated subcontractor totals $ 469.3 million. For the three months ended June 30, 2026 and 2025, the Company’s revenue related to the joint venture subcontract was approximately $ 20.9 million and $ 33.3 million, respectively. For the six months ended June 30, 2026 and 2025, the Company’s revenue related to the joint venture subcontract was approximately $ 35.3 million and $ 66.6 million, respectively. For the three and six months ended June 30, 2026, no single customer exceeded 10% of total contract revenues. For the three and six months ended June 30, 2025, the United States Navy, included in the Federal Government category, accounted for 16 % and 17 %, respectively, of total contract revenues. The Company does not believe that the loss of any one of its customers would have a material adverse effect on the Company or its subsidiaries and affiliates since no single specific customer sustains such a large portion of receivables or contract revenue over time. Contract revenues generated outside the United States totaled 2 % and 6 % of total revenues for the three months ended June 30, 2026 and 2025, respectively, and 2 % and 6 % for the six months ended June 30, 2026 and 2025, respectively, and were primarily from the Caribbean Basin. 5. Concentration of Risk and Enterprise-Wide Disclosures Accounts receivable include amounts billed to governmental agencies and private customers and do not bear interest. Balances billed to customers but not paid pursuant to retainage provisions generally become payable upon contract completion and acceptance by the owner. ​ The table below presents the concentrations of current receivables (trade and retainage) at June 30, 2026 and December 31, 2025, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ December 31, 2025 Federal Government (1) ​ ​ ​ $ 20,242 ​ ​ ​ 12 % $ 51,057 ​ ​ ​ 23 % State Governments (1) ​ 19,918 11 % 14,008 6 % Local Governments (1) ​ 24,766 14 % 23,453 10 % Private Companies ​ 109,907 63 % 139,832 61 % Gross receivables ​ ​ 174,833 ​ 100 % ​ 228,350 ​ 100 % Allowance for credit losses ​ ​ ( 3,146 ) ​ ​ ​ ​ ( 3,461 ) ​ ​ ​ Net receivables ​ $ 171,687 ​ ​ $ 224,889 ​ ​ (1) Receivables from federal, state and local governments include sales from contracts for which the Company is the prime contractor, as well as those for which the Company is a subcontractor and the ultimate customer is the federal, state and local governments. At June 30, 2026, no single customer exceeded 10% of total current receivables. At December 31, 2025, the United States Navy, which is included in the Federal Government category, and a customer in the Private Companies category, accounted for 20 % and 12 %, respectively, of total current receivables. 13 ​ Table of Contents 6. Contracts in Progress Contracts in progress were as follows at June 30, 2026 and December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ December 31, ​ ​ 2026 ​ 2025 Costs incurred on uncompleted contracts ​ $ 2,155,012 ​ $ 1,980,625 Estimated earnings ​ 345,881 ​ 292,235 Costs and estimated earnings on uncompleted contracts ​ 2,500,893 ​ 2,272,860 Less: Billings to date ​ ( 2,466,884 ) ​ ( 2,290,881 ) Net contracts in progress ​ $ 34,009 ​ $ ( 18,021 ) ​ ​ ​ ​ ​ ​ ​ Included in the accompanying Consolidated Balance Sheets under the following captions: ​ ​ ​ ​ Contract assets ​ $ 75,868 ​ $ 31,083 Contract liabilities ​ ( 41,859 ) ​ ( 49,104 ) Net contracts in progress ​ $ 34,009 ​ $ ( 18,021 ) ​ Included in contract assets (liabilities) is approximately $ 13.2 million and $ 7.1 million at June 30, 2026 and December 31, 2025, respectively, related to claims and unapproved change orders. Remaining performance obligations represent the transaction price of firm orders or other written contractual commitments from customers for which work has not been performed or is partially completed and excludes unexercised contract options and potential orders. As of June 30, 2026, the aggregate amount of the remaining performance obligations was approximately $ 722 million. Of this amount, the current expectation of the Company is that it will recognize $ 563 million, or 78 %, in the next 12 months and the remaining balance thereafter. 7. Property and Equipment The following is a summary of property and equipment at June 30, 2026 and December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ December 31, ​ ​ 2026 ​ 2025 Construction equipment ​ $ 147,753 ​ $ 113,863 Vessels and other equipment ​ 103,603 ​ 98,505 Building and improvements ​ 36,229 ​ 36,229 Office equipment ​ 6,175 ​ 5,999 Automobiles and trucks ​ 1,593 ​ 1,429 Gross book value of depreciable assets ​ 295,353 ​ 256,025 Less: Accumulated depreciation ​ ( 197,369 ) ​ ( 185,650 ) Net book value of depreciable assets ​ 97,984 ​ 70,375 Construction in progress ​ 22,003 ​ 15,143 Land ​ 9,642 ​ 2,692 Property and equipment, net of depreciation ​ $ 129,629 ​ $ 88,210 ​ 14 ​ Table of Contents Substantially all of the assets of the Company are pledged as collateral under the Company’s UMB Credit Agreement as discussed in Note 10. Substantially all of the Company’s long-lived assets are located in the United States. 8. Fair Value Recurring Fair Value Measurements The fair value of financial instruments is the amount at which the instrument could be exchanged in a current transaction between willing parties. Due to their short-term nature, the Company believes that the carrying value of its accounts receivable, other current assets, accounts payable and other current liabilities approximate their fair values. The Company classifies financial assets and liabilities into the following three levels based on the inputs used to measure fair value in the order of priority indicated: ● Level 1- fair values are based on observable inputs such as quoted prices in active markets for identical assets or liabilities; ● Level 2 - fair values are based on pricing inputs other than quoted prices in active markets for identical assets and liabilities and are either directly or indirectly observable as of the measurement date; and ● Level 3 - fair values are based on unobservable inputs in which little or no market data exists. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value requires judgment and may affect the placement of assets and liabilities within the fair value hierarchy levels. The Company’s derivatives, which are comprised of interest rate swaps, are valued using a discounted cash flow analysis that incorporates observable market parameters, such as interest rate yield curves and credit risk adjustments, that are necessary to reflect the probability of default by us or the counterparty. The derivatives are classified as a Level 2 measurement within the fair value hierarchy. At June 30, 2026, the fair value of the swap asset was approximately $ 0.1 million. See Note 10 for additional information on the Company’s derivative instruments. Our concrete segment has life insurance policies with a combined face value of $ 11.1 million as of June 30, 2026. These policies are invested in mutual funds and the fair value measurement of the cash surrender balance associated with these policies is determined using Level 2 inputs within the fair value hierarchy and will vary with investment performance. The fair value of the cash surrender value of these policies at both June 30, 2026 and December 31, 2025 was $ 1.3 million. These assets are included in the “Other non-current” asset section in the Company’s Condensed Consolidated Balance Sheets. Other Fair Value Measurements The fair value of the Company’s debt under its UMB Credit Facility at June 30, 2026 and December 31, 2025 approximated its carrying value of $ 78.0 million and zero , respectively, as interest is based on current market interest rates for debt with similar risk and maturity. ​ 15 ​ Table of Contents 9. Accrued Liabilities Accrued liabilities at June 30, 2026 and December 31, 2025 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ ​ ​ December 31, 2025 Accrued salaries, wages and benefits ​ $ 12,153 ​ $ 20,580 Accrued liabilities expected to be covered by insurance ​ 4,038 ​ 5,618 Sales taxes ​ 1,334 ​ 2,904 Property taxes ​ 1,263 ​ 526 Sale-leaseback arrangements ​ ​ 1,094 ​ ​ 1,049 Other accrued expenses ​ 1,202 ​ 1,073 Total accrued liabilities ​ $ 21,084 ​ $ 31,750 ​ ​ 10. Debt On December 23, 2025, the Company entered into a $ 120 million Credit Agreement (as amended, the “UMB Credit Agreement”) with certain financial institutions from time-to-time party thereto, as lenders, and UMB Bank, N.A., as Administrative Agent and Issuing Bank. The UMB Credit Agreement consists of a $ 60 million revolving loan (the “UMB Revolver”), a $ 20 million equipment term loan and a $ 40 million acquisition term loan. In addition, the UMB Credit Agreement provides for a $ 25 million accordion option for future acquisitions (subject to customary conditions). The UMB Credit Agreement is secured by substantially all of the assets of the Company and certain of its domestic subsidiaries, subject to permitted liens, and is guaranteed, on a joint and several basis, by each existing and subsequently acquired or formed direct and indirect domestic subsidiary of the Company. The UMB Credit Agreement is used to finance working capital and general corporate purposes, capital expenditures, permitted acquisitions and associated transaction fees, and to refinance existing indebtedness. Borrowings under the UMB Revolver may be repaid and reborrowed, subject to the borrowing base and other conditions. The UMB Credit Agreement matures in December 2030. The UMB Credit Agreement includes a letter of credit sublimit equal to the lesser of $ 7.5 million and the total amount of the revolving commitments then in effect. The Company is subject to a commitment fee on the average daily unused amount of the revolving commitments, which accrues at a rate per annum equal to the applicable rate set forth in the UMB Credit Agreement. ​ 16 ​ Table of Contents The Company’s obligations under debt arrangements consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ December 31, 2025 Revolver ​ $ 36,000 ​ $ — Term loan ​ ​ 40,000 ​ ​ — Equipment loan ​ ​ 1,991 ​ ​ — Seller note ​ ​ 9,993 ​ ​ — Other ​ 12,674 ​ 7,874 Total debt ​ 100,658 ​ 7,874 Less: current ​ ​ 6,203 ​ ​ 1,789 Less: deferred debt issuance costs (1) ​ ​ 1,496 ​ ​ — Total long-term debt ​ $ 92,959 ​ $ 6,085 ​ (1) Deferred financing costs include lender/arrangement fees, legal fees and other third-party costs incurred in connection with entering into or amending the Company’s credit facilities. Deferred financing costs are presented as a direct deduction from the carrying amount of the related debt when amounts are outstanding. At December 31, 2025, because there were no borrowings outstanding under the Company’s credit facilities, unamortized deferred financing costs of $ 1.7 million related to the UMB Credit Agreement were included in Other long-term assets. The Company’s borrowing availability under the UMB Revolver at June 30, 2026 was approximately $ 22.6 million. Borrowings under the UMB Credit Agreement must be of the same type and may bear interest at either an alternate base rate (“ABR”) or a Secured Overnight Financing Rate (“SOFR”), in each case plus an applicable margin determined by the Company’s consolidated senior leverage ratio. The applicable margin ranges from 2.50 % to 3.00 % for SOFR loans and 1.50 % to 2.00 % for ABR loans, and the interest rate is subject to a 4.00 % per annum floor. The quarterly weighted average interest rate for the UMB Credit Agreement as of June 30, 2026 was 6.29 %. The UMB Credit Agreement contains customary affirmative and negative covenants, including limitations on indebtedness, liens, investments, asset sales, and dividends, and includes financial maintenance covenants requiring the Company to maintain (i) a consolidated fixed charge coverage ratio of not less than 1.20 to 1.00 and (ii) a consolidated senior leverage ratio of not greater than 3.00 to 1.00, each tested periodically. In addition, the Company’s credit agreements contain 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 covenants under its credit agreements as of June 30, 2026 and December 31, 2025. ​ 17 ​ Table of Contents Seller Note In connection with the acquisition of JEM, the Company issued an unsecured subordinated seller promissory note with an original principal amount of $ 12 million on the Acquisition Date. The note bears interest at 6.0 % per annum and is payable in five equal annual installments of principal and interest on each anniversary of the Acquisition Date. At June 30, 2026, the carrying amount of the seller promissory note was the fair value of $ 10.0 million, with $ 1.6 million included in current maturities of long-term debt. Other Debt The Company had $ 10.2 million and $ 4.4 million in construction financing obligations as of June 30, 2026 and December 31, 2025, respectively, related to lessor-financed build-to-suit equipment. Under this arrangement, the lessor funds costs associated with equipment being constructed to the Company’s specifications. Because the Company is deemed to control the equipment during construction, the Company recognizes the equipment as construction in progress within property and equipment and records a corresponding financing obligation (included in other debt). The Company has entered into debt agreements for the purpose of financing equipment purchased. As of June 30, 2026 and December 31, 2025, the carrying value of this debt was zero and $ 1.0 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 million. A portion of the operating lease above the fair value of the land was financed by the Company. As of both June 30, 2026 and December 31, 2025 the carrying value of this debt was $ 2.5 million. ​ Derivative Financial Instruments ​ On March 10, 2026, the Company entered into an interest rate swap with UMB Bank, N.A., to hedge changes in interest payments on a portion of its variable-rate borrowings. The swap became effective on March 1, 2026. It had an initial notional amount of $ 20 million and amortizes to $ 17 million beginning March 1, 2027, $ 14 million beginning March 1, 2028, and $ 7 million beginning March 1, 2029. The swap terminates on March 1, 2030. Under the swap, the Company pays a fixed rate of 3.58 % and receives one-month Chicago Mercantile Exchange (“CME”) Term SOFR. ​ On June 16, 2026, the Company entered into an interest rate swap with UMB Bank, N.A., to hedge changes in interest payments on a portion of its variable-rate borrowings. The swap became effective on July 1, 2026 with a notional amount of $ 20 million. The swap terminates on July 1, 2027. Under the swap, the Company pays a fixed rate of 4.03 % and receives one-month CME Term SOFR. ​ At inception, the Company designated the swaps as cash flow hedges. As a result, the effective portion of changes in the fair value of the swaps are recorded in accumulated other comprehensive income (loss) and later reclassified into interest expense in the periods when the hedged forecasted interest payments affect earnings. Any hedge ineffectiveness is recognized in current-period earnings. At each reporting date, the Company presents the fair value of the swap as a derivative asset or derivative liability in the appropriate balance sheet 18 ​ Table of Contents caption and discloses the related amount recorded in accumulated other comprehensive income (loss). See Note 8 for more information about the valuation of the Company’s derivative instrument. ​ ​ 11. Other Long-Term Liabilities ​ Other long-term liabilities at June 30, 2026 and December 31, 2025 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ ​ ​ December 31, 2025 Sale-leaseback arrangements ​ $ 12,823 ​ $ 13,379 Fair value of contingent consideration ​ ​ 11,730 ​ ​ — Deferred compensation ​ 1,103 ​ 1,239 Other ​ ​ 359 ​ 437 Total other long-term liabilities ​ $ 26,015 ​ $ 15,055 ​ Sale-Leaseback Arrangements On May 15, 2023, the Company entered into a $ 13.0 million sale-leaseback of certain equipment pursuant to which the Company leased-back the equipment for terms ranging from one to three years . This transaction was recorded as a deemed financing obligation. Concurrent with the sale of the Company’s Port Lavaca South Yard property, the Company entered into a twenty-year lease agreement whereby the Company leased back the property at an annual rental rate of approximately $ 1.1 million, subject to annual rent increases of 2.5 %. Under the lease agreement, the Company has four options to extend the term of the lease by five years for each such option. The portion of this transaction related to the building was recorded as a deemed financing obligation. On September 27, 2019, the Company entered into a purchase and sale agreement whereby the Company sold certain properties for a purchase price of $ 19.1 million. Concurrent with the sale of the property, the Company entered into a fifteen-year lease agreement whereby the Company leased back the property at an annual rental rate of approximately $ 1.5 million, subject to annual rent increases of 2.0 %. Under the lease agreement, the Company has two consecutive options to extend the term of the lease by ten years for each such option. This transaction was recorded as a deemed financing obligation. Related to the deemed financing obligation, 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. 12. Income Taxes The Company’s effective tax rate is based on expected income, statutory rates and tax planning opportunities available to it. For interim financial reporting, the Company estimates its annual tax rate based on projected taxable income for the full year and records a quarterly tax provision in accordance with the anticipated annual rate. ​ Income tax expense (benefit) included in the Company’s accompanying Condensed Consolidated Statements of Operations was as follows: ​ 19 ​ Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ Six Months Ended ​ ​ June 30, ​ ​ June 30, ​ ​ ​ ​ ​ ​ 2026 ​ ​ 2025 ​ ​ 2026 ​ ​ 2025 Income tax expense (benefit) ​ $ 474 ​ ​ $ ( 212 ) ​ ​ $ ( 6,378 ) ​ ​ $ ( 72 ) ​ Effective tax rate ​ ( 12.9 ) % ​ ( 33.7 ) % ​ 109.3 % ​ 11.2 % ​ The effective rate for the three and six months ended June 30, 2026 differed from the Company’s statutory federal rate of 21 % primarily due to permanent differences and a decrease in valuation allowance in the period. The decrease in the valuation allowance is attributable to the recognition of the deferred tax liabilities arising from the fair value adjustments recorded as part of the JEM acquisition. These deferred tax liabilities represent a source of future taxable income that supports the realizability of the Company’s deferred tax assets. The Company assessed the realizability of its deferred tax assets and determined that it was more likely than not that some portion or all the deferred tax assets would not be realized and therefore recorded a valuation allowance on the net deferred tax assets. The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. The Company considers the scheduled reversal of deferred tax liabilities, available carryback periods, and tax-planning strategies in making this assessment. For the three and six months ended June 30, 2026, the Company evaluated positive and negative evidence in determining the amount of deferred tax assets more likely than not to be realized. Based on the review of available evidence, management believes that a valuation allowance on the net deferred tax assets at June 30, 2026 remains appropriate. ​ 13. Earnings Per Share The following table reconciles the denominators used in the computations of both basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Total basic weighted average shares outstanding 40,479,053 39,765,051 40,295,569 39,412,681 Effect of potentially dilutive securities: ​ ​ ​ ​ ​ Common stock options — 9,354 20,462 — Performance share units ​ — ​ — ​ 967 ​ — Employee stock purchase plan ​ — ​ 16,759 ​ 8,120 — Total diluted weighted average shares outstanding 40,479,053 39,791,164 40,325,118 39,412,681 ​ For the three months ended June 30, 2026 and 2025, the Company had 150,804 and 48,940 shares, respectively, that were potentially dilutive in earnings per share calculations. For the six months ended June 30, 2026 and 2025, the Company had 117,304 and 52,103 shares, respectively, that were potentially dilutive in earnings per share calculations. Such dilution is dependent on the excess of the market price of the Company’s common stock over the exercise price and other components of the treasury stock method. The Company reported a net loss for the three months ended June 30, 2026 and the six months ended June 30, 2025; therefore, all potentially dilutive securities are antidilutive and are excluded from the computation of diluted loss per share for the periods. 20 ​ Table of Contents 14. Share-Based Compensation The Compensation Committee of the Company’s Board of Directors is responsible for the administration of the Company’s stock incentive plans. In general, the Company’s Long-Term Incentive Plan (“ LTIP”) provides for grants of restricted shares and performance-based stock units to be issued with a per-share price not less than the fair market value of a share of common stock on the date of grant. The Company accounts for forfeitures of awards as they are incurred. In May 2024, shareholders approved the Employee Stock Purchase Plan (“ESPP”), which became effective on September 16, 2024. The Company has reserved a total of 1,000,000 shares under the ESPP, all of which are authorized and available for future issuance under the ESPP. During the six months ended June 30, 2026 and 2025, there were 65,783 and 71,133 shares, respectively, issued under the ESPP. The table below presents the share-based compensation expense included in the Company’s accompanying Condensed Consolidated Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ 2026 ​ ​ ​ 2025 Restricted share awards ​ $ 1,387 ​ $ 1,456 ​ $ 2,316 ​ $ 2,189 Performance share unit awards ​ 472 ​ ( 25 ) ​ 835 ​ 282 Employee share purchase plan ​ ​ 147 ​ 88 ​ ​ 242 ​ 171 Total share-based compensation expense ​ $ 2,006 ​ $ 1,519 ​ $ 3,393 ​ $ 2,642 ​ Under its approved LTIP, the Company grants share-based awards to its employees. The following table presents a summary of the Company’s unvested restricted share awards and performance share unit awards granted under the LTIP: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Shares ​ Performance Share Unit Awards ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ ​ Number ​ Average Number ​ Average ​ ​ of ​ Fair Value of ​ Fair Value ​ ​ Shares ​ Per Share Shares ​ Per Share Nonvested at December 31, 2025 1,147,407 ​ $ 7.69 ​ 632,287 ​ $ 6.34 Granted 430,799 ​ $ 12.23 ​ 118,262 ​ $ 16.89 Vested ( 82,515 ) ​ $ 4.95 ​ ( 241,636 ) ​ $ 2.24 Forfeited shares ( 4,267 ) ​ $ 7.83 ​ — ​ $ — Nonvested at March 31, 2026 1,491,424 ​ $ 9.15 ​ 508,913 ​ $ 10.74 Granted ​ 36,180 ​ $ 14.51 ​ — ​ $ — Vested ​ ( 309,944 ) ​ $ 8.46 ​ — ​ $ — Forfeited shares ​ ( 3,241 ) ​ $ 8.87 ​ — ​ $ — Nonvested at June 30, 2026 ​ 1,214,419 ​ $ 9.49 ​ 508,913 (1) $ 10.74 ​ (1) A maximum of 1.0 million common shares could be awarded based upon the Company’s achievement of set performance-metrics. On March 3, 2026, the Company granted certain executives a total of 118,262 performance share units. The performance share units will potentially vest 100 % if the target is met, with 50 % of the units to be earned based on the achievement of adjusted EBITDA targets, 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 targeted award levels each reporting period. The fair value of the units awarded related to the adjusted EBITDA targets 21 ​ Table of Contents was $ 13.41 per share and the fair value of the units awarded related to the relative total shareholder return target was $ 20.36 per share valued using a Monte Carlo simulation model. ​ The following table presents the assumptions related to the performance share units granted in 2026 related to the relative total shareholder return, as indicated in the previous summary table: ​ ​ ​ ​ ​ ​ ​ 2026 ​ Grant-date stock price $ 13.41 ​ Risk-free interest rate 3.44 % Volatility factor 67.27 % Contractual term (years) 2.83 ​ ​ ​ The following table presents a summary of the unrecognized compensation cost, and the related weighted average recognition period associated with unvested restricted shares and performance share units as of June 30, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Shares ​ ​ Performance Share Unit Awards Unrecognized compensation cost $ 9,990 ​ $ 3,001 Weighted average period for recognition (years) 2.13 ​ 2.14 ​ ​ ​ 15. Commitments and Contingencies The Company is involved in various legal, audit, and other proceedings that are incidental to the conduct of its business, none of which in the opinion of management will have a material effect on the Company’s financial condition, results of operations, or cash flows. Management believes that it has recorded adequate reserves and believes that it has adequate insurance coverage or has meritorious defenses for these claims and contingencies. In October 2025, the Company received a sales tax assessment of $ 15 million from the State of Texas covering multiple periods. The Company believes it has meritorious defenses and based on current facts and circumstances does not believe a loss is probable. 16. Segment Information The Company has determined that it has two reportable operating segments pursuant to ASC Topic 280, Segment Reporting: marine and concrete, both operating under the Company brand and logo, and one non-operating segment, general corporate. The Chief Operating Decision Maker (“CODM”), identified as the Chief Executive Officer, allocates resources and assesses performance based on these reportable segments. ​ In making this determination, management considered both quantitative and qualitative factors under ASC 280-10-50-11, including similarities in products and services, production processes, customer types, distribution methods, and regulatory environments. Although the segments share certain macroeconomic drivers, they are managed separately and have distinct operating results reviewed by the CODM for purposes of resource allocation and performance evaluation. ​ Each segment has a designated management team responsible for day-to-day operations, and discrete financial information is produced and evaluated at the segment level. ​ 22 ​ Table of Contents Segment operating income (loss) is the primary performance measure used by the CODM in assessing performance of the segments. Segment operating income (loss) represents revenues, less direct costs of contract revenues, selling, general, and administrative expenses, and gains or losses on the disposal of assets. ​ The CODM reviews segment results inclusive of all expenses directly attributable to the respective segments. Interest expense, income taxes, and other non-operating items are not allocated to the segments. ​ Marine Segment Our marine segment provides construction, dredging and specialty services. Construction services include construction, restoration, maintenance, dredging and repair of marine transportation facilities, marine pipelines, bridges and causeways and marine environmental structures. Dredging services generally enhance or preserve the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Specialty services include design, salvage, demolition, surveying, towing, diving and underwater inspection, excavation and repair. We also perform engineering design, analysis, and consulting projects for both internal and external clients. ​ Concrete Segment Our concrete segment provides turnkey concrete construction services, including concrete surface place and finish, site preparation, layout, forming, and rebar placement for large commercial, structural and other associated business areas. ​ General Corporate General Corporate includes unallocated general and administrative expenses and other corporate activities that support the Company’s overall operations, including executive management, finance, legal, human resources, information technology, treasury, and other shared services, as well as eliminations and other items not directly attributable to the marine or concrete segments. ​ ​ 23 ​ Table of Contents Segment information for the periods presented is provided as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, 2026 ​ ​ Marine ​ Concrete ​ General Corporate ​ Consolidated Contract revenues ​ $ 130,842 ​ $ 91,036 ​ $ — ​ $ 221,878 Cost of contract revenues ​ ​ 115,658 ​ ​ 83,293 ​ ​ — ​ ​ 198,951 Gross profit ​ ​ 15,184 ​ ​ 7,743 ​ ​ — ​ ​ 22,927 Selling, general and administrative expenses ​ ​ 7,623 ​ ​ 3,557 ​ ​ 13,215 ​ ​ 24,395 Gain on disposal of assets, net ​ ​ ( 140 ) ​ ​ ( 13 ) ​ ​ — ​ ​ ( 153 ) Operating income (loss) ​ $ 7,701 ​ $ 4,199 ​ $ ( 13,215 ) ​ $ ( 1,315 ) Other income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 2,505 ) Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 149 Loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 3,671 ) Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 474 Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ( 4,145 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marine ​ Concrete ​ General Corporate ​ Consolidated Depreciation and amortization ​ $ 5,525 ​ $ 767 ​ $ 712 ​ $ 7,004 Capital expenditures ​ $ 8,375 ​ $ 3,089 ​ $ 69 ​ $ 11,533 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, 2025 ​ ​ Marine ​ Concrete ​ General Corporate ​ Consolidated Contract revenues ​ $ 135,302 ​ $ 69,984 ​ $ — ​ $ 205,286 Cost of contract revenues ​ ​ 115,156 ​ ​ 64,333 ​ ​ — ​ ​ 179,489 Gross profit ​ ​ 20,146 ​ ​ 5,651 ​ ​ — ​ ​ 25,797 Selling, general and administrative expenses ​ ​ 6,718 ​ ​ 3,241 ​ ​ 12,815 ​ ​ 22,774 Gain on disposal of assets, net ​ ​ ( 233 ) ​ ​ ( 183 ) ​ ​ 7 ​ ​ ( 409 ) Operating income (loss) ​ $ 13,661 ​ $ 2,593 ​ $ ( 12,822 ) ​ $ 3,432 Other income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 2,920 ) Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 117 Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 629 Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 212 ) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 841 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marine ​ Concrete ​ General Corporate ​ Consolidated Depreciation and amortization ​ $ 4,226 ​ $ 858 ​ $ 147 ​ $ 5,231 Capital expenditures ​ $ 1,863 ​ $ 257 ​ $ 5,012 ​ $ 7,132 ​ ​ 24 ​ Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2026 ​ ​ Marine ​ Concrete ​ General Corporate ​ Consolidated Contract revenues ​ $ 240,971 ​ $ 197,208 ​ $ — ​ $ 438,179 Cost of contract revenues ​ ​ 211,208 ​ ​ 178,165 ​ ​ — ​ ​ 389,373 Gross profit ​ ​ 29,763 ​ ​ 19,043 ​ ​ — ​ ​ 48,806 Selling, general and administrative expenses ​ ​ 15,621 ​ ​ 7,157 ​ ​ 28,326 ​ ​ 51,104 Gain on disposal of assets, net ​ ​ ( 139 ) ​ ​ ( 49 ) ​ ​ — ​ ​ ( 188 ) Operating income (loss) ​ $ 14,281 ​ $ 11,935 ​ $ ( 28,326 ) ​ $ ( 2,110 ) Other income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 4,036 ) Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 310 Loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 5,836 ) Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 6,378 ) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 542 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marine ​ Concrete ​ General Corporate ​ Consolidated Total assets ​ $ 352,974 ​ $ 91,391 ​ $ 51,857 ​ $ 496,222 Property and equipment, net ​ $ 108,572 ​ $ 5,001 ​ $ 16,056 ​ $ 129,629 Depreciation and amortization ​ $ 10,506 ​ $ 1,467 ​ $ 1,418 ​ $ 13,391 Capital expenditures ​ $ 15,412 ​ $ 4,520 ​ $ 176 ​ $ 20,108 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2025 ​ ​ Marine ​ Concrete ​ General Corporate ​ Consolidated Contract revenues ​ $ 262,465 ​ $ 131,474 ​ $ — ​ $ 393,939 Cost of contract revenues ​ ​ 223,794 ​ ​ 121,333 ​ ​ — ​ ​ 345,127 Gross profit ​ ​ 38,671 ​ ​ 10,141 ​ ​ — ​ ​ 48,812 Selling, general and administrative expenses ​ ​ 13,091 ​ ​ 6,115 ​ ​ 26,113 ​ ​ 45,319 Gain on disposal of assets, net ​ ​ ( 403 ) ​ ​ ( 376 ) ​ ​ 7 ​ ​ ( 772 ) Operating income (loss) ​ $ 25,983 ​ $ 4,402 ​ $ ( 26,120 ) ​ $ 4,265 Other income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 5,254 ) Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 344 Loss before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 645 ) Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 72 ) Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ( 573 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marine ​ Concrete ​ General Corporate ​ Consolidated Total assets ​ $ 340,797 ​ $ 86,890 ​ $ 5,036 ​ $ 432,723 Property and equipment, net ​ $ 79,800 ​ $ 4,001 ​ $ 13,876 ​ $ 97,677 Depreciation and amortization ​ $ 8,604 ​ $ 1,730 ​ $ 300 ​ $ 10,634 Capital expenditures ​ $ 5,170 ​ $ 319 ​ $ 10,676 ​ $ 16,165 ​ Intersegment revenues totaled $ 4.1 million and $ 0.6 million for the three months ended June 30, 2026 and 2025, respectively. Intersegment revenues totaled $ 8.8 million and $ 1.6 million for the six months ended June 30, 2026 and 2025, respectively. These primarily relate to labor and equipment services between the marine and concrete segments and are eliminated in consolidation. ​ 25 ​ Table of Contents 17. Leases The Company has operating and finance leases for office space, equipment and vehicles. Leases recorded on the balance sheet consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2026 ​ 2025 Assets ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets, net (1) ​ $ 23,270 ​ $ 20,397 Financing lease right-of-use assets, net (2) ​ 22,430 ​ 18,360 Total assets ​ $ 45,700 ​ $ 38,757 Liabilities ​ ​ ​ ​ Current ​ ​ ​ ​ Operating ​ $ 4,293 ​ $ 4,418 Financing ​ 9,352 ​ 7,517 Total current ​ 13,645 ​ 11,935 Noncurrent ​ ​ ​ ​ Operating ​ 27,592 ​ 24,695 Financing ​ 8,379 ​ 5,878 Total noncurrent ​ 35,971 ​ 30,573 Total liabilities ​ $ 49,616 ​ $ 42,508 (1) Operating lease right-of-use assets are recorded net of accumulated amortization of $ 36.6 million and $ 33.8 million as of June 30, 2026 and December 31, 2025, respectively. (2) Financing lease right-of-use assets are recorded net of accumulated amortization of $ 24.3 million and $ 24.8 million as of June 30, 2026 and December 31, 2025, respectively. Other information related to lease term and discount rate is as follows: ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2026 2025 Weighted Average Remaining Lease Term (in years) ​ ​ ​ ​ Operating leases 8.75 ​ 9.41 ​ Financing leases 2.64 ​ 2.09 ​ Weighted Average Discount Rate ​ ​ ​ ​ Operating leases 10.99 % 11.50 % Financing leases 8.31 % 9.02 % ​ ​ 26 ​ Table of Contents The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ 2026 ​ ​ ​ 2025 Operating lease costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ $ 2,317 ​ $ 3,071 ​ $ 4,509 ​ $ 6,206 Short-term lease cost (1) ​ 1,356 ​ 1,451 ​ 2,697 ​ 2,672 Financing lease costs: ​ ​ ​ ​ ​ ​ ​ ​ Interest on lease liabilities ​ 292 ​ 449 ​ 551 ​ 870 Amortization of right-of-use assets ​ 1,720 ​ 2,132 ​ 3,723 ​ 4,360 Total lease cost ​ $ 5,685 ​ $ 7,103 ​ $ 11,480 ​ $ 14,108 (1) Includes expenses related to leases with a lease term of more than one month but less than one year. Supplemental cash flow information related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ June 30, ​ 2026 ​ 2025 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ Operating cash flows for operating leases $ 4,754 ​ $ 4,638 Operating cash flows for finance leases $ 551 ​ $ 870 Financing cash flows for finance leases $ 4,858 ​ $ 5,316 Non-cash activity: ​ ​ ​ ROU assets obtained in exchange for new operating lease liabilities $ 5,878 ​ $ 2,287 ROU assets obtained in exchange for new financing lease liabilities $ 10,001 ​ $ 2,182 ​ Maturities of lease liabilities are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases Year ending December 31, ​ ​ ​ ​ ​ ​ 2026 (excluding the six months ended June 30, 2026) ​ $ 3,742 ​ $ 5,409 2027 ​ 7,232 ​ 6,457 2028 ​ 5,910 ​ 2,394 2029 ​ 5,000 ​ 3,083 2030 ​ 4,930 ​ 1,000 Thereafter ​ 25,164 ​ 1,592 Total future minimum lease payments ​ 51,978 ​ 19,935 Less - amount representing interest ​ 20,093 ​ ​ 2,204 Present value of future minimum lease payments ​ 31,885 ​ 17,731 Less - current lease obligations ​ 4,293 ​ 9,352 Long-term lease obligations ​ $ 27,592 ​ $ 8,379 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ ​ ​ ​ 27 ​ Table of Contents