v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities:    
Net loss from continuing operations $ (65,367) $ (23,068)
Net income (loss) from discontinued operations 2,677 (57,431)
Net loss (62,690) (80,499)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization of long-lived assets 5,008 4,807
Impairment of long-lived assets 0 9,904
Amortization of deferred financing costs and debt premium (1,671) 2,308
Amortization of guaranty fee 0 108
Amortization of customer warrants 4,143 0
Change in fair value of customer warrants 64,384 0
Non-cash operating lease expense 1,791 3,411
(Gain) loss on sale of business (2,677) 35,848
Loss on debt extinguishment 59 0
Loss on asset disposals, net 484 326
Benefit from deferred income taxes, including valuation allowances (180) (471)
Prior service cost amortization for pension and postretirement plans (858) 247
Stock-based compensation 14,823 1,488
Foreign exchange 97 (5,675)
Unrealized loss on securities 24 2,164
Bad debt expense 123 632
Changes in operating assets and liabilities:    
Accounts receivable – trade, net (60,859) (2,574)
Contracts in progress (17,812) 9,824
Other current and noncurrent assets (6,183) (3,022)
Advance billings on contracts (30,485) (1,127)
Inventories, net (98) (7,878)
Income taxes (4,707) (40)
Accounts payable 100,257 (909)
Accrued and other current liabilities (866) 8,085
Accrued contract loss (328) (3,601)
Pension liabilities, accrued postretirement benefits and employee benefits (777) (6,948)
Other, net (628) (195)
Net cash provided by (used in) operating activities 374 (33,787)
Investing Activities:    
Purchase of property, plant and equipment (13,747) (7,076)
Proceeds from sale of business and assets 3,912 20,061
Purchases of securities (2,909) (4,650)
Sales and maturities of securities 2,884 2,314
Net cash (used in) provided by investing activities (9,860) 10,649
Financing Activities:    
Borrowings on loan payable 10,971 53,432
Repayments on loan payable (29,655) (46,572)
Buyback of Senior Notes due 2026 (23,019) 0
Finance lease payments (945) (819)
Payment of Preferred Stock dividends (7,430) (3,715)
Employee tax withholding on stock-based compensation (8,021) 0
Issuance of common stock, net 259,796 5,487
Payment of non-controlling interest dividends 0 (121)
Repurchase of common stock (4,960) 0
Debt issuance costs (5,300) (5,138)
Other, net 0 26
Net cash provided by financing activities 191,437 2,580
Effects of exchange rate changes on cash (481) 301
Net increase (decrease) in cash, cash equivalents and restricted cash 181,470 (20,257)
Cash, cash equivalents and restricted cash at beginning of period 201,360 131,064
Cash, cash equivalents and restricted cash at end of period 382,830 110,807
Schedule of cash, cash equivalents and restricted cash:    
Cash and cash equivalents [1] 308,634 23,429
Current restricted cash 39,444 77,140
Long-term restricted cash 34,752 10,238
Total cash, cash equivalents and restricted cash at end of period 382,830 110,807
Supplemental cash flow information:    
Income taxes paid, net 7,196 4,035
Interest paid $ 11,538 $ 18,513
[1]
(1) Includes cash held at discontinued operations of $1.7 million at June 30, 2025.