Annual report [Section 13 and 15(d), not S-K Item 405]

Construction Contract and Other Service Revenues

v3.25.4
Construction Contract and Other Service Revenues
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Construction Contract and Other Service Revenues Construction Contract and Other Service Revenues
We disaggregate in the table below our construction contract and other service revenues by compensation arrangement as we believe it best depicts the nature, timing and uncertainty of our revenue (in thousands):
For the Years Ended December 31,
2025 2024 2023
Construction contract revenue:
FFP $ 18,925  $ 36,073  $ 30,846 
GMP 15,072  32,002  18,178 
Cost-plus fee 6,924  5,875  9,843 
Other 1,153  1,600  1,312 
$ 42,074  $ 75,550  $ 60,179 

We derived 98% of our construction contract revenue from the USG in 2025 and 2024 and 88% in 2023.

We recognized an insignificant amount of revenue in 2025, 2024 and 2023 from performance obligations satisfied (or partially satisfied) in previous periods.

Accounts receivable related to our construction contract services is included in accounts receivable, net on our consolidated balance sheets. The beginning and ending balances of accounts receivable related to our construction contracts were as follows (in thousands):
For the Years Ended December 31,
2025 2024
Beginning balance $ 8,828  $ 10,500 
Ending balance $ 4,036  $ 8,828 

Contract assets are included in prepaid expenses and other assets, net on our consolidated balance sheets. The beginning and ending balances of our contract assets were as follows (in thousands):
For the Years Ended December 31,
2025 2024
Beginning balance $ 17,050  $ 15,086 
Ending balance $ 17,925  $ 17,050 
Contract liabilities are included in other liabilities on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands):
For the Years Ended December 31,
2025 2024
Beginning balance $ 2,016  $ 4,176 
Ending balance $ 2,183  $ 2,016 
Portion of beginning balance recognized in revenue during the year $ 228  $ 2,290 

Revenue allocated to the remaining performance obligations under existing contracts as of December 31, 2025 that will be recognized as revenue in future periods was $26.7 million, all of which we expect to recognize in 2026.

We have no deferred incremental costs incurred to obtain or fulfill our construction contracts or other service revenues as of December 31, 2025 and 2024. Credit loss expense or recoveries on construction contracts receivable and unbilled construction revenue were insignificant in 2025, 2024 or 2023.