v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities:    
Net loss from continuing operations $ (79,622) $ (15,632)
Net income (loss) from discontinued operations 2,677 (6,375)
Net loss attributable to stockholders (76,945) (22,007)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization of long-lived assets 2,501 2,476
Impairment of long-lived assets 0 8,783
Amortization of deferred financing costs and debt premium (1,237) 1,515
Amortization of customer warrants 1,064 0
Change in fair value of customer warrants 70,242 0
Non-cash operating lease expense 929 1,710
Gain on sale of business (2,677) 0
Loss on debt extinguishment 28 0
(Gain) loss on asset disposals, net (69) 8
Benefit from deferred income taxes, including valuation allowances (74) (531)
Prior service cost amortization for pension and postretirement plans (429) 124
Stock-based compensation 13,232 760
Foreign exchange 101 (1,781)
Unrealized loss (gain) on securities 12 (544)
Bad debt expense 31 632
Changes in operating assets and liabilities:    
Accounts receivable – trade, net (8,014) (14,306)
Contracts in progress (18,046) 10,997
Other current and noncurrent assets (4,338) (5,658)
Advance billings on contracts (5,521) (7,526)
Inventories, net 145 (2,957)
Income taxes 2,779 253
Accounts payable 39,561 19,577
Accrued and other current liabilities 5,567 8,884
Accrued contract loss (146) (3,472)
Pension liabilities, accrued postretirement benefits and employee benefits (451) (3,571)
Other, net (456) (1,843)
Net cash provided by (used in) operating activities 17,789 (8,477)
Investing Activities:    
Purchase of property, plant and equipment (7,127) (4,328)
Proceeds from sale of business and assets 3,550 0
Purchases of securities (602) (3,994)
Sales and maturities of securities 642 4,416
Net cash used in investing activities (3,537) (3,906)
Financing Activities:    
Borrowings on loan payable 427 18,992
Repayments on loan payable (29,136) (20,371)
Buyback of Senior Notes due 2026 (15,027) 0
Finance lease payments (466) (401)
Payment of Preferred Stock dividends (3,715) (3,715)
Employee tax withholding on stock-based compensation (6,172) 0
Issuance of common stock, net 34,077 5,187
Payment of non-controlling interest dividends 0 (118)
Debt issuance costs (300) 0
Other, net 0 12
Net cash used in financing activities (20,312) (414)
Effects of exchange rate changes on cash (467) 352
Net decrease in cash, cash equivalents and restricted cash (6,527) (12,445)
Cash, cash equivalents and restricted cash at beginning of period 201,360 131,064
Cash, cash equivalents and restricted cash at end of period 194,833 118,619
Schedule of cash, cash equivalents and restricted cash:    
Cash and cash equivalents [1] 106,545 23,491
Current restricted cash 54,217 84,990
Long-term restricted cash 34,071 10,138
Total cash, cash equivalents and restricted cash at end of period 194,833 118,619
Supplemental cash flow information:    
Income taxes paid, net 1,473 2,533
Interest paid $ 1,194 $ 9,284
[1] Includes cash held at discontinued operations of $1.9 million at March 31, 2025