v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting
12.
Segment Reporting

ASC Subtopic 280-10, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available. This information is regularly evaluated by the chief operating decision maker (“CODM”) to allocate resources and assess performance. The Company’s Chief Executive Officer serves as the CODM, and reviews financial information on an operating segment basis to make operational decisions and assess financial performance. The Company operates as one segment. The accounting policies of the Company’s segment are the same as those described in the summary of significant accounting policies.

The CODM assesses performance at a consolidated level and decides how to allocate resources based on consolidated net income. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The following table summarizes the Company’s revenue, net income and significant expenses:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Revenue

 

$

115,097

 

 

$

85,039

 

 

$

215,221

 

 

$

168,045

 

Expenses and other items:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold:

 

 

 

 

 

 

 

 

 

 

 

 

Labor

 

 

(28,463

)

 

 

(25,346

)

 

 

(56,140

)

 

 

(47,721

)

Materials

 

 

(31,741

)

 

 

(19,163

)

 

 

(57,977

)

 

 

(44,716

)

Overhead

 

 

(5,052

)

 

 

(3,950

)

 

 

(9,143

)

 

 

(8,090

)

Depreciation and amortization

 

 

(2,820

)

 

 

(1,986

)

 

 

(5,489

)

 

 

(3,924

)

Total cost of goods sold

 

 

(68,076

)

 

 

(50,445

)

 

 

(128,749

)

 

 

(104,451

)

General and administrative expenses

 

 

(19,430

)

 

 

(9,993

)

 

 

(42,718

)

 

 

(20,082

)

Depreciation and amortization not included in cost of goods sold

 

 

(7,487

)

 

 

(6,320

)

 

 

(13,687

)

 

 

(11,732

)

Other income

 

 

380

 

 

 

36

 

 

 

300

 

 

 

806

 

Interest expense, net

 

 

(11,893

)

 

 

(13,401

)

 

 

(23,266

)

 

 

(25,461

)

Income tax provision

 

 

(1,784

)

 

 

(312

)

 

 

(5,092

)

 

 

(399

)

Net income

 

$

6,807

 

 

$

4,604

 

 

$

2,009

 

 

$

6,726

 

General and administrative expenses include employee compensation and benefits of $7.8 million and $5.5 million for the three months ended June 30, 2025 and 2024, respectively, and $14.4 million and $10.4 million for the six months ended June 30, 2025 and 2024, respectively.

Other income for the six months ended June 30, 2024 was $0.8 million, which was primarily attributable to the gain from the settlement of a shareholder note in the three months ended March 2024. Other income for other periods presented was immaterial.

Capital expenditures, which include purchases of property, plant, and equipment, are assessed and managed at the enterprise level. Refer to “Investing Activities” in the condensed consolidated statement of cash flows for the amount of cash paid for capital expenditures.

Interest income during the periods presented is insignificant.