The following represents the backlog of signed construction and engineering contracts in existence at March 31, 2025 and December 31, 2024, which represents the amount of revenue the Company expects to realize from work to be performed on uncompleted contracts in progress and from contractual agreements in effect at March 31, 2025 and December 31, 2024, respectively, on which work has not yet begun:

The Company’s remaining backlog as of March 31, 2025 represents the remaining transaction price of firm contracts for which work has not been performed and excludes unexercised contract options. 

The Company expects to satisfy its backlog which represents the remaining unsatisfied performance obligation on contracts as of March 31, 2025 over the following period:   

Although backlog reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may occur. Backlog is adjusted to reflect any known project cancellations, revisions to project scope and cost and project deferrals, as appropriate.