v3.25.2
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 46,517 $ 72,185
Restricted cash 16,779 15,376
Accounts receivable, net 158,134 179,320
Retainage receivables 115,529 112,264
Contract assets 500,520 483,181
Other current assets 29,704 19,326
Total current assets 867,183 881,652
Property and equipment, net 108,437 116,328
Right-of-use assets 10,135 14,897
Investments - unconsolidated entities 132,541 126,705
Investments - limited liability companies 2,590 2,590
Investments - private equity 2,580 2,699
Deferred tax asset 57,396 54,531
Goodwill 1,528 1,528
Intangible assets, net 1,180 1,180
Other noncurrent assets 1,698 1,539
Total noncurrent assets 318,085 321,997
Total assets 1,185,268 1,203,649
Current liabilities    
Accounts payable 221,818 191,670
Retainage payable 33,662 33,622
Accrued liabilities 75,459 91,515
Current portion of long-term debt 48,895 44,525
Short-term operating lease liabilities 5,886 10,104
Contract liabilities 250,942 249,706
Total current liabilities 636,662 621,142
Long-term debt 229,728 255,625
Long-term operating lease liabilities 9,952 10,791
Deferred tax liabilities 3,138 292
Financing obligations, net 41,476 41,468
Long-term accrued liabilities 58,075 58,075
Other noncurrent liabilities 40,769 40,847
Total long-term liabilities 383,138 407,098
Total liabilities 1,019,800 1,028,240
Commitment and contingencies (Note 6)
Stockholders' equity    
Preferred stock, $0.0001 par value, authorized 50,000,000 shares, none issued and outstanding as of June 30, 2025 and December 31, 2024
Common stock, $0.0001 par value, authorized 500,000,000 shares, 54,113,036 and 53,936,411 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 5 5
Additional paid-in-capital 292,744 292,173
Accumulated deficit (139,476) (124,618)
Accumulated other comprehensive loss (2,156) (3,902)
Total stockholders' equity 151,117 163,658
Noncontrolling interest 14,351 11,751
Total equity 165,468 175,409
Total liabilities and equity $ 1,185,268 $ 1,203,649