v3.26.1
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting
12.
Segment Reporting

ASC Subtopic 280-10, Segment Reporting, establishes standards for reporting information about operating segments, which are defined as components of an enterprise for which discrete financial information is available and regularly reviewed 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 at a consolidated level. The Company operates as a single operating segment, and the accounting policies of the segment are consistent with those described in the summary of significant accounting policies. The CODM evaluates performance and allocates resources based on consolidated net income, and segment assets are reported as total consolidated assets on the balance sheet.

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

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Revenue

 

$

471,500

 

 

$

345,251

 

 

$

280,705

 

Expenses and other items:

 

 

 

 

 

 

 

 

 

Cost of goods sold:

 

 

 

 

 

 

 

 

 

Labor

 

 

(115,060

)

 

 

(95,404

)

 

 

(80,684

)

Materials

 

 

(133,518

)

 

 

(91,808

)

 

 

(75,469

)

Overhead

 

 

(21,587

)

 

 

(17,100

)

 

 

(12,256

)

Depreciation and amortization

 

 

(11,309

)

 

 

(8,828

)

 

 

(6,747

)

Total cost of goods sold

 

 

(281,474

)

 

 

(213,140

)

 

 

(175,156

)

General and administrative expenses

 

 

(85,656

)

 

 

(44,421

)

 

 

(36,623

)

Depreciation and amortization not included in cost of goods sold

 

 

(31,428

)

 

 

(24,130

)

 

 

(20,432

)

Other income

 

 

4,147

 

 

 

1,502

 

 

 

563

 

Interest expense, net

 

 

(44,567

)

 

 

(50,733

)

 

 

(47,867

)

Income tax provision

 

 

(15,156

)

 

 

(1,628

)

 

 

3,169

 

Net income

 

$

17,366

 

 

$

12,701

 

 

$

4,359

 

General and administrative expenses include share-based compensation of $8.1 million, $1.0 million and $1.3 million and for the years ended December 31, 2025, 2024 and 2023, respectively.

Other income for the years ended December 31, 2025, 2024 and 2023, was $4.1 million, $1.5 million and $0.6 million, respectively. The increase was primarily attributable to the settlement of a shareholder loan in 2024 and the write-off of a contingent consideration liability in 2025.

Capital expenditures, which include purchases of property, plant, and equipment, are assessed and managed at the enterprise level. Refer to “Investing Activities” in the Consolidated Statement of Cash Flows for the amount of cash paid for capital expenditures.

Interest income during the periods presented is insignificant.