v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 34,878 $ 52,713
Restricted cash 10,845 14,755
Accounts receivable, net 108,371 145,031
Retainage receivables 93,368 101,779
Contract assets 272,344 389,362
Other current assets 26,771 30,326
Total current assets 546,577 733,966
Property and equipment, net 94,580 107,305
Right-of-use assets 8,282 10,524
Investments - unconsolidated entities 126,824 129,696
Investments - limited liability companies 2,262 2,323
Investments - private equity 2,452 2,588
Deferred tax asset 1,049 3
Goodwill 1,528 1,528
Intangible assets, net 1,180 1,180
Other noncurrent assets   167
Total noncurrent assets 238,157 255,314
Total assets 784,734 989,280
Current liabilities    
Accounts payable 80,538 224,915
Retainage payable 28,657 36,977
Accrued liabilities 61,433 80,011
Current portion of long-term debt 58,041 53,731
Short-term operating lease liabilities 5,934 6,808
Contract liabilities 194,416 252,543
Total current liabilities 429,019 654,985
Long-term debt 148,754 203,971
Long-term operating lease liabilities 13,871 16,403
Deferred tax liabilities 2,311 3,032
Financing obligations, net 41,394 41,440
Long-term accrued liabilities 58,075 58,075
Surety payable 298,900 103,205
Other noncurrent liabilities 40,594 40,675
Total long-term liabilities 603,899 466,801
Total liabilities 1,032,918 1,121,786
Commitments and contingencies (Note 6)
Stockholders' equity (deficit)    
Preferred stock, $0.0001 par value, authorized 50,000,000 shares, none issued and outstanding as of June 30, 2026 and December 31, 2025
Common stock, $0.0001 par value, authorized 500,000,000 shares, 54,435,257 and 54,113,036 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 5 5
Additional paid-in-capital 294,022 293,237
Accumulated deficit (543,777) (431,158)
Accumulated other comprehensive loss (3,783) (3,018)
Total stockholders' equity (deficit) (253,533) (140,934)
Noncontrolling interest 5,349 8,428
Total equity (deficit) (248,184) (132,506)
Total liabilities and equity $ 784,734 $ 989,280