Restatement (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The account balances labeled “As Previously Reported” in the following tables for the years ended December 31, 2025 and 2024 represent the previously reported audited balances in our Form 10-K for the years ended December 31, 2025 and 2024. The effects of these prior period errors on the consolidated financial statements are as follows (dollars in thousands, except per share data):


	December 31, 2025
Consolidated Balance Sheet:	As Previously Reported		Adjustments (B)			As Restated
Assets
Current Assets
Cash and cash equivalents	$	45,289	$	—		$	45,289

Accounts receivable (net of allowance for credit losses of $1,802 at December 31, 2025)	124,442		—			124,442
Contract assets	249,845		—			249,845
Inventories	182,788		—			182,788
Production cost of contracts	7,178		—			7,178
Other current assets	16,435		7			16,442

Total Current Assets	625,977		7			625,984
Property and Equipment, Net	107,223		—			107,223
Operating Lease Right-of-Use Assets	40,077		—			40,077
Goodwill	244,600		—			244,600
Intangibles, Net	132,839		—			132,839
Deferred Income Taxes	15,317		183		(A)	15,500
Other Assets	20,192		—			20,192
Total Assets	$	1,186,225	$	190		$	1,186,415
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable	$	74,653	$	—		$	74,653
Contract liabilities	40,694		—			40,694
Accrued and other liabilities	50,934		137		(A)	51,071
Operating lease liabilities	7,817		—			7,817
Current portion of long-term debt	5,000		—			5,000
Total Current Liabilities	179,098		137			179,235
Long-Term Debt, Less Current Portion	298,790		—			298,790
Non-Current Operating Lease Liabilities	34,223		—			34,223

Other Long-Term Liabilities	12,004		682		(A)	12,686
Total Liabilities	524,115		819			524,934
Commitments and Contingencies
Shareholders’ Equity
Common stock - $0.01 par value; 35,000,000 shares authorized; 14,949,671 shares issued and outstanding at December 31, 2025	149		—			149

Additional paid-in capital	235,878		12,604		(A)	248,482
Retained earnings	419,537		(13,233)			406,304
Accumulated other comprehensive income	6,546		—			6,546
Total Shareholders’ Equity	662,110		(629)			661,481
Total Liabilities and Shareholders’ Equity	$	1,186,225	$	190		$	1,186,415

Note A: The correction for the Error impacted (i) accrued and other liabilities by less than $0.1 million, (ii) other long-term liabilities by $0.6 million, and (iii) additional paid-in capital by $12.6 million. The impact to income taxes was immaterial.

Note B: The correction for the other adjustments aside from the Error. Additionally, the impact of the Error and other adjustments on retained earnings. See description of the other adjustments in the paragraphs above.


	December 31, 2024
Consolidated Balance Sheet:	As Previously Reported		Adjustments (B)			As Restated
Assets
Current Assets
Cash and cash equivalents	$	37,139	$	—		$	37,139

Accounts receivable (net of allowance for credit losses of $2,630 at December 31, 2024)	109,716		—			109,716
Contract assets	200,584		(109)			200,475
Inventories	196,881		109			196,990
Production cost of contracts	6,802		—			6,802
Other current assets	16,959		5			16,964

Total Current Assets	568,081		5			568,086
Property and Equipment, Net	109,812		—			109,812
Operating Lease Right-of-Use Assets	28,611		—			28,611
Goodwill	244,600		—			244,600
Intangibles, Net	149,591		—			149,591
Deferred Income Taxes	2,239		167		(A)	2,406
Other Assets	23,167		—			23,167
Total Assets	$	1,126,101	$	172		$	1,126,273
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable	$	75,784	$	—		$	75,784
Contract liabilities	34,445		—			34,445
Accrued and other liabilities	44,214		27		(A)	44,241
Operating lease liabilities	8,531		—			8,531
Current portion of long-term debt	12,500		—			12,500
Total Current Liabilities	175,474		27			175,501
Long-Term Debt, Less Current Portion	229,830		—			229,830
Non-Current Operating Lease Liabilities	21,284		—			21,284

Other Long-Term Liabilities	16,983		2,553		(A)	19,536
Total Liabilities	443,571		2,580			446,151
Commitments and Contingencies
Shareholders’ Equity
Common stock - $0.01 par value; 35,000,000 shares authorized; 14,781,218 shares issued and outstanding at December 31, 2024	148		—			148

Additional paid-in capital	217,523		7,410		(A)	224,933
Retained earnings	453,475		(9,818)			443,657
Accumulated other comprehensive income	11,384		—			11,384
Total Shareholders’ Equity	682,530		(2,408)			680,122
Total Liabilities and Shareholders’ Equity	$	1,126,101	$	172		$	1,126,273

Note A: The correction for the Error impacted (i) accrued and other liabilities by less than $0.1 million, (ii) other long-term liabilities by $2.1 million, and (iii) additional paid-in capital by $7.4 million. The impact to income taxes was immaterial.


	Year Ended December 31, 2025
Consolidated Statement of Operations:	As Previously Reported		Adjustments (B)			As Restated
Net Revenues	$	824,730	$	109		$	824,839
Cost of Sales	603,115		109			603,224
Gross Profit	221,615		—			221,615
Selling, General and Administrative Expenses	144,377		3,431		(A)	147,808


Restructuring Charges	2,237		—			2,237
Litigation Settlement and Related Costs, Net	107,305		—			107,305
Operating Loss	(32,304)		(3,431)			(35,735)
Interest Expense	(12,676)		—			(12,676)

Loss on Extinguishment of Debt	(581)		—			(581)

Other Income, Net	1,746		—			1,746
Loss Before Taxes	(43,815)		(3,431)			(47,246)
Income Tax Benefit	(9,877)		(16)		(A)	(9,893)
Net Loss	$	(33,938)	$	(3,415)		$	(37,353)
Loss Per Share
Basic loss per share	$	(2.27)				$	(2.50)
Diluted loss per share	$	(2.27)				$	(2.50)
Weighted-Average Number of Shares Outstanding
Basic	14,942					14,942
Diluted	14,942					14,942

Note A: The correction for the Error impacted selling, general and administrative expenses by $3.8 million. The impact to income taxes was immaterial.

Note B: The correction for the other adjustments aside from the Error. See description of the other adjustments in the paragraphs above.


	Year Ended December 31, 2024
Consolidated Statement of Income:	As Previously Reported		Adjustments (B)			As Restated
Net Revenues	$	786,551	$	(109)		$	786,442
Cost of Sales	589,286		(109)			589,177
Gross Profit	197,265		—			197,265
Selling, General and Administrative Expenses	138,610		9,991		(A)	148,601


Restructuring Charges	6,444		—			6,444

Operating Income	52,211		(9,991)			42,220
Interest Expense	(15,304)		—			(15,304)




Income Before Taxes	36,907		(9,991)			26,916
Income Tax Expense	5,412		(173)		(A)	5,239
Net Income	$	31,495	$	(9,818)		$	21,677
Earnings Per Share
Basic earnings per share	$	2.13				$	1.47
Diluted earnings per share	$	2.10				$	1.44
Weighted-Average Number of Shares Outstanding
Basic	14,774					14,774
Diluted	15,013					15,013

Note A: The correction for the Error impacted selling, general and administrative expenses by $9.5 million. The impact to income taxes was immaterial.

Note B: The correction for the other adjustments aside from the Error. See description of the other adjustments in the paragraphs above.


	Year Ended December 31, 2025
Consolidated Statement of Comprehensive Loss:	As Previously Reported		Adjustments		As Restated
Net Loss	$	(33,938)	$	(3,415)	$	(37,353)
Other Comprehensive Loss, Net of Tax:
Pension Adjustments:
Amortization of actuarial losses and prior service costs, net of tax of $26 for 2025	78		—		78
Actuarial losses arising during the period, net of tax benefit of $28 for 2025	(85)		—		(85)
Change in net unrealized losses on cash flow hedges, net of tax benefit of $1,457 for 2025	(4,831)		—		(4,831)
Other Comprehensive Loss, Net of Tax	(4,838)		—		(4,838)
Comprehensive Loss	$	(38,776)	$	(3,415)	$	(42,191)


	Year Ended December 31, 2024
Consolidated Statement of Comprehensive Income:	As Previously Reported		Adjustments		As Restated
Net Income	$	31,495	$	(9,818)	$	21,677
Other Comprehensive Income, Net of Tax:
Pension Adjustments:
Amortization of actuarial losses and prior service costs, net of tax of $55 for 2024	178		—		178
Actuarial gains arising during the period, net of tax expense of $527 for 2024	1,752		—		1,752
Change in net unrealized gains on cash flow hedges, net of tax expense of $507 for 2024	1,683		—		1,683
Other Comprehensive Income, Net of Tax	3,613		—		3,613
Comprehensive Income	$	35,108	$	(9,818)	$	25,290


	Year Ended December 31, 2025
Consolidated Statement of Cash Flows:	As Previously Reported		Adjustments (B)			As Restated
Cash Flows from Operating Activities
Net Loss	$	(33,938)	$	(3,415)	(A)	$	(37,353)
Adjustments to Reconcile Net Loss to
Net Cash Used in Operating Activities:
Depreciation and amortization	33,657		—			33,657



Non-cash operating lease cost	8,328		—			8,328

Stock-based compensation expense	24,520		3,931		(A)	28,451
Deferred income taxes	(11,619)		(15)		(A)	(11,634)

Recovery of credit losses	(145)		—			(145)
Noncash loss on extinguishment of debt	581		—			581


Gain on sale of property and other assets	(1,746)		—			(1,746)
Litigation settlement and related costs	4,085		—			4,085
Other	1,253		—			1,253
Changes in Assets and Liabilities:
Accounts receivable	(14,580)					(14,580)
Contract assets	(49,261)		(109)			(49,370)
Inventories	14,093		109			14,202
Production cost of contracts	(923)		—			(923)
Other assets	(324)		(2)			(326)
Accounts payable	(551)		—			(551)
Contract liabilities	6,249		—			6,249
Operating lease liabilities	(7,793)		—			(7,793)
Accrued and other liabilities	(5,291)		(499)		(A)	(5,790)
Net Cash Used in Operating Activities	(33,405)		—			(33,405)
Cash Flows from Investing Activities
Purchases of property and equipment	(15,238)		—			(15,238)

Proceeds from sale of property and other assets	1,984		—			1,984
Proceeds from sale of assets	130		—			130











Net Cash Used in Investing Activities	(13,124)		—			(13,124)
Cash Flows from Financing Activities
Borrowings from senior secured revolving credit facility	145,000		—			145,000
Repayments of senior secured revolving credit facility	(48,800)		—			(48,800)
Borrowings from term loans	200,000		—			200,000
Repayments of term loans	(234,375)		—			(234,375)
Repayments of other debt	(368)		—			(368)
Debt issuance costs	(3,554)		—			(3,554)

Net cash paid upon issuance of common stock under stock plans	(3,224)		—			(3,224)
Net Cash Provided by Financing Activities	54,679		—			54,679
Net Increase in Cash and Cash Equivalents	8,150		—			8,150
Cash and Cash Equivalents at Beginning of Year	37,139		—			37,139
Cash and Cash Equivalents at End of Year	$	45,289	$	—		$	45,289

Note A: The correction for the Error impacted (i) selling, general and administrative expenses which impacted net loss by $3.8 million, (ii) accrued and other liabilities by less than $0.1 million, and (iii) other long-term liabilities by less than $(0.1) million. The impact to income taxes was immaterial.

Note B: The correction for the other adjustments aside from the Error. See description of the other adjustments in the paragraphs above.


	Year Ended December 31, 2024
Consolidated Statement of Cash Flows:	As Previously Reported		Adjustments (B)			As Restated
Cash Flows from Operating Activities
Net Income	$	31,495	$	(9,818)	(A)	$	21,677
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities:
Depreciation and amortization	33,438		—			33,438



Non-cash operating lease cost	8,513		—			8,513

Stock-based compensation expense	17,836		9,112		(A)	26,948
Deferred income taxes	(7,454)		(167)		(A)	(7,621)

Provision for credit losses	624		—			624





Other	297		—			297
Changes in Assets and Liabilities:
Accounts receivable	(5,648)		—			(5,648)
Contract assets	(22,898)		109			(22,789)
Inventories	2,320		(109)			2,211
Production cost of contracts	618		—			618
Other assets	(1,507)		(5)			(1,512)
Accounts payable	3,239		—			3,239
Contract liabilities	(19,047)		—			(19,047)
Operating lease liabilities	(8,270)		—			(8,270)
Accrued and other liabilities	624		878		(A)	1,502
Net Cash Provided by Operating Activities	34,180		—			34,180
Cash Flows from Investing Activities
Purchases of property and equipment	(14,129)		—			(14,129)


Proceeds from sale of assets	223		—			223











Net Cash Used in Investing Activities	(13,906)		—			(13,906)
Cash Flows from Financing Activities
Borrowings from senior secured revolving credit facility	20,000		—			20,000
Repayments of senior secured revolving credit facility	(35,000)		—			(35,000)

Repayments of term loans	(7,813)		—			(7,813)
Repayments of other debt	(329)		—			(329)


Net cash paid upon issuance of common stock under stock plans	(2,856)		—			(2,856)
Net Cash Used in Financing Activities	(25,998)		—			(25,998)
Net Decrease in Cash and Cash Equivalents	(5,724)		—			(5,724)
Cash and Cash Equivalents at Beginning of Year	42,863		—			42,863
Cash and Cash Equivalents at End of Year	$	37,139	$	—		$	37,139

Note A: The correction for the Error impacted (i) selling, general and administrative expenses which impacted net income by $9.5 million, (ii) accrued and other liabilities by less than $0.1 million, and (iii) other long-term liabilities by $0.4 million. The impact to income taxes was immaterial.

Note B: The correction for the other adjustments aside from the Error. See description of the other adjustments in the paragraphs above.