| Schedule of assets, liabilities, Income (loss), certain cash flow items related to discontinued operations |
The following table presents the components of assets and liabilities classified as discontinued operations (in thousands): | | | | | | December 31, | | | 2025 (1) | Cash and cash equivalents | | $ | 26,907 | Accounts receivable, net | | | 63,335 | Other current assets | | | 10,536 | Current assets of discontinued operations | | $ | 100,778 | | | | | Property and equipment, net | | $ | 73,013 | Operating lease right-of-use assets | | | 938 | Deferred certification and dry dock costs, net | | | 4,392 | Other assets, net | | | 976 | Non-current assets of discontinued operations | | $ | 79,319 | | | | | Accounts payable | | $ | 22,700 | Accrued liabilities | | | 3,986 | Current operating lease liabilities | | | 588 | Current liabilities of discontinued operations | | $ | 27,274 | | | | | Operating lease liabilities | | | 351 | Non-current liabilities of discontinued operations | | $ | 351 |
| (1) | The carrying value of Helix Alliance at closing was significantly lower than its carrying value at December 31, 2025 as a portion of its accounts receivable had been collected and approximately $42.0 million of cash was remitted from Helix Alliance to Helix during the four-month period ended April 30, 2026. |
The following table presents the components of “Income (loss) from discontinued operations, net of tax” (in thousands): | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | June 30, | | June 30, | | | | 2026 (1) | | 2025 | | 2026 | | 2025 | | Net revenues | | $ | 8,036 | | $ | 50,606 | | $ | 29,272 | | $ | 67,372 | | Cost of sales | | | 13,745 | | | 49,112 | | | 43,832 | | | 77,460 | | Gross profit (loss) | | | (5,709) | | | 1,494 | | | (14,560) | | | (10,088) | | Transaction-related costs | | | (1,456) | | | — | | | (1,456) | | | — | | Selling, general and administrative expenses | | | (907) | | | (1,604) | | | (2,619) | | | (3,271) | | Loss from operations | | | (8,072) | | | (110) | | | (18,635) | | | (13,359) | | Net interest income | | | 40 | | | 301 | | | 220 | | | 632 | | Gain on sale of discontinued operations | | | 16,114 | | | — | | | 16,114 | | | — | | Income (loss) from discontinued operations before income taxes | | | 8,082 | | | 191 | | | (2,301) | | | (12,727) | | Income tax provision (benefit) | | | 627 | | | (2,273) | | | (1,592) | | | (6,879) | | Income (loss) from discontinued operations, net of tax | | $ | 7,455 | | $ | 2,464 | | $ | (709) | | $ | (5,848) | |
| (1) | Amounts for the three-month period ended June 30, 2026 included one month of Helix Alliance’s operating results, the gain on sale of Helix Alliance as well as immaterial amounts of revenues and costs related to the ongoing arrangement mentioned above. |
The following table presents certain cash flow items related to discontinued operations (in thousands): | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | June 30, | | June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | Capital expenditures | | $ | — | | $ | 164 | | $ | — | | $ | 378 | | Deferred certification and dry dock costs | | | 2,021 | | | 1,941 | | | 7,093 | | | 3,360 | | Depreciation and amortization | | | 1,793 | | | 5,901 | | | 7,248 | | | 11,579 | |
|