14. CONSTRUCTION BACKLOG

The following represents the backlog of signed construction and engineering contracts in existence at December 31, 2025 and 2024, which represents the amount of revenue the Company expects to realize from work to be performed on uncompleted contracts in progress and from contractual agreements in effect at December 31, 2025 and 2024 on which work has not yet begun:

The Company’s remaining backlog as of December 31, 2025 represents the remaining transaction price of firm contracts for which work has not been performed and excludes unexercised contract options. 

The Company expects to satisfy its backlog, which represents the remaining unsatisfied performance obligation on contracts as of December 31, 2025, within one year. The Company has elected the practical expedient that allows it to omit disclosure of remaining performance obligations for contracts with an original expected duration of one year or less. The Company’s backlog, which represents the remaining unsatisfied performance obligations on contracts as of December 31, 2025, is expected to be satisfied within one year.

Although backlog reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may occur. Backlog is adjusted to reflect any known project cancellations, revisions to project scope and cost and project deferrals, as appropriate.