v3.25.3
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 40,482 $ 72,185
Restricted cash 16,862 15,376
Accounts receivable, net 195,072 179,320
Retainage receivables 120,535 112,264
Contract assets 468,551 483,181
Other current assets 28,177 19,326
Total current assets 869,679 881,652
Property and equipment, net 112,188 116,328
Right-of-use assets 9,900 14,897
Investments - unconsolidated entities 134,608 126,705
Investments - limited liability companies 2,590 2,590
Investments - private equity 2,554 2,699
Deferred tax asset 143 54,531
Goodwill 1,528 1,528
Intangible assets, net 1,180 1,180
Other noncurrent assets 1,698 1,539
Total noncurrent assets 266,389 321,997
Total assets 1,136,068 1,203,649
Current liabilities    
Accounts payable 233,895 191,670
Retainage payable 35,413 33,622
Accrued liabilities 76,812 91,515
Current portion of long-term debt 51,356 44,525
Short-term operating lease liabilities 6,272 10,104
Contract liabilities 268,210 249,706
Total current liabilities 671,958 621,142
Long-term debt 216,443 255,625
Long-term operating lease liabilities 16,838 10,791
Deferred tax liabilities 3,071 292
Financing obligations, net 41,462 41,468
Long-term accrued liabilities 58,075 58,075
Other noncurrent liabilities 40,781 40,847
Total long-term liabilities 376,670 407,098
Total liabilities 1,048,628 1,028,240
Commitment and contingencies (Note 6)
Stockholders' equity    
Preferred stock, $0.0001 par value, authorized 50,000,000 shares, none issued and outstanding as of September 30, 2025 and December 31, 2024
Common stock, $0.0001 par value, authorized 500,000,000 shares, 54,113,036 and 53,936,411 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 5 5
Additional paid-in-capital 292,872 292,173
Accumulated deficit (214,745) (124,618)
Accumulated other comprehensive loss (3,155) (3,902)
Total stockholders' equity 74,977 163,658
Noncontrolling interest 12,463 11,751
Total equity 87,440 175,409
Total liabilities and equity $ 1,136,068 $ 1,203,649