GULF ISLAND FABRICATION INC

CIK:0001031623|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenue	$ 51,540	$ 37,640	$ 129,351	$ 121,783
Cost of revenue	46,660	32,984	114,295	106,845
Gross profit	4,880	4,656	15,056	14,938
General and administrative expense	3,651	2,985	10,172	9,823
Other (income) expense, net	83	(1)	1,537	(3,548)
Operating income	1,146	1,672	3,347	8,663
Interest (expense) income, net	411	647	1,470	1,792
Income before income taxes	1,557	2,319	4,817	10,455
Income tax (expense) benefit	2	(2)	(5)	(9)
Net income	$ 1,559	$ 2,317	$ 4,812	$ 10,446
Per share data:
Basic income per share	$ 0.1	$ 0.14	$ 0.3	$ 0.64
Diluted income per share	$ 0.1	$ 0.14	$ 0.29	$ 0.62

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net Income (Loss)	$ 4,812	$ 10,446
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,678	3,641
Change in allowance for doubtful accounts and credit losses	1,500	(28)
(Gain) loss on sale or disposal of property and equipment, net	8	(3,942)
Stock-based compensation expense	908	1,444
Changes in operating assets and liabilities:
Contract receivables and retainage, net	(11,037)	12,822
Contract assets	(2,345)	(3,076)
Prepaid expenses, inventory and other current assets	820	2,401
Accounts payable	11,919	(2,843)
Contract liabilities	(1,735)	(3,991)
Accrued expenses and other current liabilities	(548)	(494)
Noncurrent assets and liabilities, net and other	(366)	(437)
Net cash provided by operating activities	7,614	15,943
Cash flows from investing activities:
Capital expenditures	(813)	(4,880)
Acquisition of business	(3,500)	0
Purchase of loan	(1,500)	0
Proceeds from sale of property and equipment	11	9,614
Recoveries from insurance claims	0	326
Purchases of short-term investments	(63,792)	(71,744)
Maturities of short-term investments	62,420	35,955
Net cash used in investing activities	(7,174)	(30,729)
Cash flows from financing activities:
Tax payments for vested stock withholdings	(860)	(1,183)
Repurchases of common stock	(3,658)	(879)
Net cash used in financing activities	(4,518)	(2,062)
Net decrease in cash, cash equivalents and restricted cash	(4,078)	(16,848)
Cash, cash equivalents and restricted cash, beginning of period	28,481	39,651
Cash, cash equivalents and restricted cash, end of period	$ 24,403	$ 22,803

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Current assets:

Cash and cash equivalents

$ 23,206

$ 27,284

Restricted cash

1,197

Short-term investments

40,156

38,784

Contract receivables and retainage, net

35,686

22,487

Contract assets

^[1],[2]

11,679

8,611

Prepaid expenses and other assets

3,602

5,139

Inventory

2,716

1,907

Total current assets

118,242

105,409

Property, plant and equipment, net

21,992

24,051

Goodwill

3,606

2,217

Other intangibles, net

821

557

Other noncurrent assets

2,065

982

Total assets

146,726

133,216

Current liabilities:

Accounts payable

18,067

5,801

Contract liabilities

^[3],[4]

981

1,278

Accrued expenses and other liabilities

13,259

13,180

Long-term debt, current

1,117

Total current liabilities

33,424

21,376

Long-term debt, noncurrent

17,881

17,888

Other noncurrent liabilities

1,117

850

Total liabilities

52,422

40,114

Shareholders’ equity:

Preferred stock, no par value, 5,000 shares authorized, no shares issued and outstanding

Common stock, no par value, 30,000 shares authorized, 15,999 shares issued and outstanding at September 30, 2025 and 16,346 at December 31, 2024

11,308

11,669

Additional paid-in capital

104,816

108,065

Accumulated deficit

(21,820)

(26,632)

Total shareholders’ equity

94,304

93,102

Total liabilities and shareholders’ equity

$ 146,726

$ 133,216

[1]	Contract assets at September 30, 2025 and December 31, 2024, excluded $4.3 million and $4.6 million, respectively, associated with revenue recognized in excess of amounts billed for which we have an unconditional right to the consideration. Such amounts are reflected within contract receivables. The decrease from December 31, 2024 to September 30, 2025, was primarily due to lower unbilled positions on various projects for our Services Division, offset partially by amounts related to the Englobal Business.
[2]	The increase in contract assets from December 31, 2024 to September 30, 2025, was primarily due to higher net unbilled positions on various projects for our Fabrication Division and contract assets related to the Englobal Business.
[3]	Revenue recognized during the three months ended September 30, 2025 and 2024, from amounts included in our contract liabilities balance at June 30, 2025 and 2024, was $1.3 million and $3.0 million, respectively. Revenue recognized during the nine months ended September 30, 2025 and 2024, from amounts included in our contract liabilities balance at December 31, 2024 and 2023, was $0.9 million and $4.8 million, respectively.
[4]	The decrease in contract liabilities from December 31, 2024 to September 30, 2025, was primarily due to lower advance billings on various projects for our Fabrication Division, offset partially by contract liabilities related to the Englobal Business.