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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-33225

Great Lakes Dredge & Dock Corporation

(Exact name of registrant as specified in its charter)


Delaware		20-5336063
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

9811 Katy Freeway, Suite 1200, Houston, TX		77024
(Address of principal executive offices)		(Zip Code)

(346) 359-1010

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock (Par Value $0.0001)	GLDD	Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 31, 2025, 67,999,305 shares of the Registrant’s Common Stock, par value $.0001 per share, were outstanding.

Great Lakes Dredge & Dock Corporation and Subsidiaries

Quarterly Report Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

For the Quarterly Period ended September 30, 2025

INDEX


		Page

	Part I Financial Information (Unaudited)	3

Item 1	Financial Statements	3

	Condensed Consolidated Balance Sheets at September 30, 2025 and December 31, 2024	3

	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024	4

	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024	5

	Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2025 and 2024	6

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	8

	Notes to Condensed Consolidated Financial Statements	9

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3	Quantitative and Qualitative Disclosures About Market Risk	29

Item 4	Controls and Procedures	29

	Part II Other Information	30

Item 1	Legal Proceedings	30

Item 1A	Risk Factors	30

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	30

Item 3	Defaults Upon Senior Securities	30

Item 4	Mine Safety Disclosures	30

Item 5	Other Information	30

Item 6	Exhibits	31

	Signature	32

PART I — Financial Information

Item 1. Financial Statements.

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets
(Unaudited)

(in thousands, except per share amounts)


	September 30,			December 31,
	2025			2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	12,671		$	10,216
Accounts receivable—net		109,321			118,030
Contract revenues in excess of billings		50,340			74,197
Inventories		27,045			29,866
Prepaid expenses		2,284			2,828
Other current assets		28,183			28,281
Total current assets		229,844			263,418

PROPERTY AND EQUIPMENT—Net		781,039			703,252
OPERATING LEASE ASSETS		67,137			96,099
GOODWILL		76,576			76,576
INVENTORIES—Noncurrent		100,295			95,269
OTHER		12,848			20,489
TOTAL	$	1,267,739		$	1,255,103

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	89,505		$	101,309
Accrued expenses		40,455			41,640
Operating lease liabilities		24,729			47,268
Billings in excess of contract revenues		36,989			25,796
Total current liabilities		191,678			216,013

LONG-TERM DEBT		415,321			448,216
OPERATING LEASE LIABILITIES—Noncurrent		44,705			50,432
DEFERRED INCOME TAXES		98,738			78,985
OTHER		15,185			12,547
Total liabilities		765,627			806,193

COMMITMENTS AND CONTINGENCIES (Note 9)
EQUITY:
Common stock—$.0001 par value; 170,000 shares authorized, 67,999 and 67,280 shares issued at September 30, 2025 and December 31, 2024, respectively, and 66,687 and 67,280 shares outstanding at September 30, 2025 and December 31, 2024, respectively.		7			7
Treasury stock; 1,312 and zero shares at September 30, 2025 and December 31, 2024, respectively.		(11,594	)		—
Additional paid-in capital		325,501			322,383
Accumulated retained earnings		188,320			127,485
Accumulated other comprehensive loss		(122	)		(965	)
Total equity		502,112			448,910
TOTAL	$	1,267,739		$	1,255,103

See notes to unaudited condensed consolidated financial statements.

Great Lakes Dredge & Dock Corporation and Subsidiaries

Condensed Consolidated Statements of Operations
(Unaudited)

(in thousands, except per share amounts)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024

Contract revenues	$	195,205		$	191,173		$	631,825		$	559,919
Costs of contract revenues		151,445			154,940			481,976			448,272
Gross profit		43,760			36,233			149,849			111,647

General and administrative expenses		17,553			19,815			57,069			52,087
Other gains		(1,936	)		(276	)		(2,395	)		(3,198	)
Operating income		28,143			16,694			95,175			62,758

Interest expense—net		(4,558	)		(4,888	)		(13,224	)		(12,977	)
Other income		264			200			142			753
Income before income taxes		23,849			12,006			82,093			50,534

Income tax provision		(6,125	)		(3,154	)		(21,258	)		(12,985	)
Net income	$	17,724		$	8,852		$	60,835		$	37,549

Basic earnings per share	$	0.27		$	0.13		$	0.91		$	0.56
Basic weighted average shares		66,684			67,217			66,920			67,021

Diluted earnings per share	$	0.26		$	0.13		$	0.90		$	0.55
Diluted weighted average shares		67,347			67,830			67,727			67,687

See notes to unaudited condensed consolidated financial statements.

Great Lakes Dredge & Dock Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

(in thousands)


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2025		2024			2025		2024

Net income	$	17,724	$	8,852		$	60,835	$	37,549
Net change in cash flow derivative hedges—net of tax (1)		631		(2,661	)		843		(1,323	)
Comprehensive income	$	18,355	$	6,191		$	61,678	$	36,226

(1)

Net of income tax (provision) benefit of $(214) and $900 for the three months ended September 30, 2025 and 2024, respectively. Net of income tax (provision) benefit of $(285) and $447 for the nine months ended September 30, 2025 and 2024, respectively.

See notes to unaudited condensed consolidated financial statements.

Great Lakes Dredge & Dock Corporation and Subsidiaries

Condensed Consolidated Statements of Equity
(Unaudited)

(in thousands)


														Accumulated
	Shares of								Additional					Other
	Common			Common		Treasury			Paid-In			Retained		Comprehensive
	Stock			Stock		Stock			Capital			Earnings		Loss			Total

BALANCE—January 1, 2025		67,280		$	7	$	—		$	322,383		$	127,485	$	(965	)	$	448,910
Share-based compensation		17			—		—			3,634			—		—			3,634
Vesting of restricted stock units and impact of shares withheld for taxes		624			—		—			(1,080	)		—		—			(1,080	)
Exercise of options and purchases from employee stock plans		78			—		—			564			—		—			564
Repurchase of common stock		(1,312	)		—		(11,594	)		—			—		—			(11,594	)
Net income		—			—		—			—			60,835		—			60,835
Other comprehensive income—net of tax		—			—		—			—			—		843			843
BALANCE—September 30, 2025		66,687		$	7	$	(11,594	)	$	325,501		$	188,320	$	(122	)	$	502,112

BALANCE—January 1, 2024		66,623		$	6	$	—		$	317,337		$	70,220	$	(2,015	)	$	385,548
Share-based compensation		29			1		—			3,338			—		—			3,339
Vesting of restricted stock units and impact of shares withheld for taxes		411			—		—			(1,332	)		—		—			(1,332	)
Exercise of options and purchases from employee stock plans		209			—		—			1,628			—		—			1,628
Net income		—			—		—			—			37,549		—			37,549
Other comprehensive loss—net of tax		—			—		—			—			—		(1,323	)		(1,323	)
BALANCE—September 30, 2024		67,272		$	7	$	—		$	320,971		$	107,769	$	(3,338	)	$	425,409

See notes to unaudited condensed consolidated financial statements.

Great Lakes Dredge & Dock Corporation and Subsidiaries

Condensed Consolidated Statements of Equity
(Unaudited)

(in thousands)


														Accumulated
	Shares of								Additional					Other
	Common			Common		Treasury			Paid-In			Retained		Comprehensive
	Stock			Stock		Stock			Capital			Earnings		Loss			Total

BALANCE—June 30, 2025		66,681		$	7	$	(11,594	)	$	323,613		$	170,596	$	(753	)	$	481,869
Share-based compensation		(2	)		—		—			1,888			—		—			1,888
Forfeiture of restricted stock units		8			—		—			—			—		—			—
Net income		—			—		—			—			17,724		—			17,724
Other comprehensive income—net of tax		—			—		—			—			—		631			631
BALANCE—September 30, 2025		66,687		$	7	$	(11,594	)	$	325,501		$	188,320	$	(122	)	$	502,112

BALANCE—June 30, 2024		67,189		$	7	$	—		$	319,776		$	98,917	$	(677	)	$	418,023
Share-based compensation		8			—		—			942			—		—			942
Vesting of restricted stock units and impact of shares withheld for taxes		—			—		—			(362	)		—		—			(362	)
Exercise of options and purchases from employee stock plans		75			—		—			615			—		—			615
Net income		—			—		—			—			8,852		—			8,852
Other comprehensive loss—net of tax		—			—		—			—			—		(2,661	)		(2,661	)
BALANCE—September 30, 2024		67,272		$	7	$	—		$	320,971		$	107,769	$	(3,338	)	$	425,409

See notes to unaudited condensed consolidated financial statements.

Great Lakes Dredge & Dock Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Nine Months Ended
	September 30,
	2025			2024
OPERATING ACTIVITIES:
Net income	$	60,835		$	37,549
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization		32,042			32,217
Deferred income taxes		19,468			11,716
Gain on sale of assets		(2,395	)		(3,097	)
Amortization of capitalized contract costs		11,998			12,841
Amortization of deferred financing fees		2,687			1,723
Share-based compensation expense		8,041			6,096
Changes in assets and liabilities:
Accounts receivable		8,709			12,304
Contract revenues in excess of billings		23,857			(23,064	)
Inventories		(2,205	)		1,260
Prepaid expenses and other current assets		(11,328	)		(1,289	)
Accounts payable and accrued expenses		(8,480	)		12,255
Billings in excess of contract revenues		11,193			(13,947	)
Other noncurrent assets and liabilities		12,508			(2,983	)
Cash provided by operating activities		166,930			83,581
INVESTING ACTIVITIES:
Purchases of property and equipment		(117,752	)		(102,532	)
Proceeds from dispositions of property and equipment		2,532			9,329
Cash used in investing activities		(115,220	)		(93,203	)
FINANCING ACTIVITIES:
Deferred financing fees		(610	)		(10,897	)
Taxes paid on settlement of vested share awards		(1,080	)		(1,332	)
Exercise of options and purchases from employee stock plans		564			1,628
Borrowings under revolving loans		165,000			31,000
Borrowings under Second Lien Credit Agreement		—			100,000
Repayments of revolving loans		(200,000	)		(121,000	)
Repurchases of common stock		(11,594	)		—
Payments on finance lease obligations		(1,535	)		(1,501	)
Cash used in financing activities		(49,255	)		(2,102	)
Net increase (decrease) in cash, cash equivalents and restricted cash		2,455			(11,724	)
Cash, cash equivalents and restricted cash at beginning of period		10,216			23,761
Cash, cash equivalents and restricted cash at end of period	$	12,671		$	12,037

Supplemental Cash Flow Information
Cash paid for interest	$	19,614		$	17,452
Cash paid for income taxes	$	2,354		$	1,491

Non-cash Investing and Financing Activities
Property and equipment purchased but not yet paid	$	5,425		$	3,320

See notes to unaudited condensed consolidated financial statements.

GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(dollar amounts in thousands, except per share amounts or as otherwise noted)

Basis of presentation

The unaudited condensed consolidated financial statements and notes herein should be read in conjunction with the audited consolidated financial statements of Great Lakes Dredge & Dock Corporation and Subsidiaries (the “Company” or “Great Lakes”) and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The condensed consolidated financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the SEC’s rules and regulations. Management believes that the disclosures included herein are adequate and make the information presented not misleading. In the opinion of management, all adjustments, which are of a normal and recurring nature (except as otherwise noted), that are necessary to present fairly the Company’s financial position as of September 30, 2025 and December 31, 2024, and its results of operations for the three and nine months ended September 30, 2025 and 2024 and cash flows for the nine months ended September 30, 2025 and 2024 have been included.

The components of costs of contract revenues include labor, equipment (including depreciation, maintenance, insurance and long-term rentals), subcontracts, fuel, supplies, short-term rentals and project overhead. Hourly labor is generally hired on a project-by-project basis. Costs of contract revenues vary significantly depending on the type and location of work performed and assets utilized.

The Company has one operating segment which is also the Company’s reportable segment and reporting unit of which the Company tests goodwill for impairment. When conducting the annual impairment test for goodwill, the Company can choose to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is below its carrying value. If a qualitative assessment determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. The Company also may elect to forego the qualitative and move directly to the quantitative impairment test. The Company performed its annual test of impairment as of July 1, 2025. The Company assessed qualitative factors for any indications of potential impairment of the reporting unit. Upon completing this assessment, it was determined that the fair value of the reporting unit is more likely than not greater than its carrying value as of the assessment date and, as a result, a quantitative test was not performed. The Company will continue to monitor for changes in facts or circumstances that may impact its estimates. The Company will perform its next scheduled annual impairment test of goodwill in the third quarter of 2026.

On March 14, 2025, the Company announced that its board of directors approved a share repurchase program, authorizing, but not obligating, the repurchase of up to an aggregate amount of $50.0 million of its common stock from time to time through March 14, 2026. Of the approved amount under the share repurchase program, the Company repurchased 1,312,493 shares of common stock for approximately $11.6 million of common stock during the nine months ended September 30, 2025.

The condensed consolidated statements of operations and comprehensive income for the interim periods presented herein are not necessarily indicative of the results to be expected for the full year.

Recently Issued Accounting Pronouncements—

In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, Intangibles - Goodwill and Other - Internal-Use Software. The ASU issued updated guidance on accounting for internal-use software, effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments modernize guidance to consider different methods of software development, updating the requirements for capitalization of software costs. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

•

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which amends Topic 326 to provide for a practical expedient for all entities and an accounting policy election for entities other than public business entities related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under FASB ASU 2016-10, Revenue from Contracts with Customers (Topic 606). All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted.

Entities should apply the new guidance prospectively. We are currently evaluating the potential impact of electing the practical expedient and do not expect it to have a material impact on our condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“DISE”). The ASU primarily requires companies to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The new guidance will be effective for the Company’s year ending December 31, 2027 and interim periods during the year ended December 31, 2028. Management is currently evaluating the impact of this guidance.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740)” (“ASU 2023-09”). The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. One of the amendments in ASU 2023-09 includes disclosure of, on an annual basis, a tabular rate reconciliation of (i) the reported income tax expense (or benefit) from continuing operations, to (ii) the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal income tax rate of the jurisdiction of domicile using specific categories, including separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold of 5%. ASU 2023-09 also requires disclosure of, on an annual basis, the year to date amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign jurisdictions, including additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024, and should be applied prospectively. The adoption of ASU 2023-09 is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

Earnings per share

Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock.

The computations for basic and diluted earnings per share are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

Net income	$	17,724	$	8,852	$	60,835	$	37,549

Weighted-average common shares outstanding — basic		66,684		67,217		66,920		67,021
Effect of stock options and restricted stock units		663		613		807		666

Weighted-average common shares outstanding — diluted		67,347		67,830		67,727		67,687

Basic earnings	$	0.27	$	0.13	$	0.91	$	0.56
Diluted earnings	$	0.26	$	0.13	$	0.90	$	0.55

For the three and nine months ended September 30, 2025, respectively, there were 6 and 8 restricted stock units ("RSUs") excluded from the calculation of diluted earnings per share, based on the application of the treasury stock method, as such RSUs were determined to be anti-dilutive. For the three and nine months ended September 30, 2024, respectively, there were 56 and 59 stock options ("NQSOs") and RSUs excluded from the calculation of diluted earnings per share, based on the application of the treasury stock method, as such NQSOs and RSUs were determined to be anti-dilutive.

For the three and nine months ended September 30, 2025, respectively, there were 663 and 807 RSUs included in the diluted weighted average common shares outstanding. For the three and nine months ended September 30, 2024, respectively, there were 613 and 666 NQSOs and RSUs included in the calculation of diluted earnings per share based on the application of the treasury stock method.

Property and equipment

Property and equipment at September 30, 2025 and December 31, 2024 were as follows:


	September 30,			December 31,
	2025			2024

Land	$	9,348		$	9,348
Buildings and improvements		1,315			1,315
Furniture and fixtures		23,307			21,197
Operating equipment		1,054,608			922,402
Construction in progress		222,994			264,525
Total property and equipment		1,311,572			1,218,787
Accumulated depreciation		(530,533	)		(515,535	)
Property and equipment—net	$	781,039		$	703,252

Accrued expenses

Accrued expenses at September 30, 2025 and December 31, 2024 were as follows:


	September 30,		December 31,
	2025		2024

Payroll and employee benefits	$	16,863	$	20,140
Insurance		12,392		13,832
Interest		5,868		1,783
Fuel hedge contracts		—		1,065
Income and other taxes		1,455		2,130
Finance lease liabilities		1,827		1,829
Contract reserves		1,147		148
Other		903		713
Total accrued expenses	$	40,455	$	41,640

Long-term debt

Second lien credit agreement

On April 24, 2024, the Company, Great Lakes Dredge & Dock Company, LLC, NASDI Holdings, LLC, Great Lakes Environmental & Infrastructure Solutions, LLC, Great Lakes U.S. Fleet Management, LLC, and Drews Services LLC (collectively, the “Credit Parties”) entered into a $150.0 million second lien credit agreement (as amended, supplemented or otherwise modified from time to time, the “Second Lien Credit Agreement”) with Guggenheim Corporate Funding, LLC, on behalf of one or more clients, as the lender, and Guggenheim Credit Services, LLC as Administrative Agent, Collateral Agent and Lead Arranger (“GCS”). The material terms of the Second Lien Credit Agreement are summarized below.

The Second Lien Credit Agreement provides for (i) a senior secured second-lien term loan facility in an aggregate principal amount of $100.0 million, which was funded in full on the initial closing date (the “Closing Date”) and (ii) a senior secured second-lien delayed draw term loan facility in the aggregate principal amount up to $50.0 million, which was available to the Company for a period of 12 months following the Closing Date, subject to the terms and conditions as set forth therein. Net proceeds to the Company, after payment of original discount on the initial loans, a closing fee on the delayed draw facility and other debt issuance costs, including those associated with the ABL Credit Agreement described below, were approximately $88.7 million. On April 24, 2025, the senior secured second-lien delayed draw term loan facility of $50.0 million provided for in the Company’s Second Lien Credit Agreement expired undrawn. In connection with the expiration, the Company recognized approximately $0.6 million of interest expense related to previously recognized debt issuance costs in its consolidated balance sheets.

The Second Lien Credit Agreement contains customary representations, mandatory prepayments and affirmative and negative covenants, including a minimum liquidity covenant that requires the Credit Parties to maintain consolidated liquidity of (a) $12.5 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarter period is less than 1.10 to 1.00 and (b) $50.0 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarters is greater than or equal to 1.10 to 1.00. For the first 18 months following the Closing Date, the Company may prepay all or a part of the loans under the Second

Lien Credit Agreement by paying the principal amount of the loans to be prepaid plus a customary “make-whole” premium, subject to a make-whole carveout of up to $25.0 million (less the amount of any undrawn delayed draw term loan commitments at such time) at 103% with proceeds from a qualifying Maritime Administration (“MARAD”) financing. Thereafter, the Company may prepay all or a part of the loans under the Second Lien Credit Agreement by paying, (i) in months 19-30 following the Closing Date, 103% of the principal amount of the loans to be prepaid, plus accrued and unpaid interest and (ii) in months 31 to 42 after the Closing Date, 101% of the principal amount of loans to be prepaid, plus accrued and unpaid interest.

The Second Lien Credit Agreement also contains customary events of default (including non-payment of principal or interest on any material debt and breaches of covenants) as well as events of default relating to certain actions by the Company’s surety bonding providers. The obligations of the Credit Parties under the Second Lien Credit Agreement are unconditionally guaranteed, on a joint and several basis, by each borrower (other than the Company) and subsidiary guarantor under the ABL Credit Agreement (as defined below), each existing or future issuer or guarantor under the indenture governing the Company’s 5.25% Senior Notes due 2029, and each other existing and subsequently acquired or formed material direct or indirect wholly-owned domestic subsidiary of the Company.

The loans under the Second Lien Credit Agreement funded on the Closing Date were used to repay amounts outstanding under the ABL Credit Agreement, to pay fees and expenses associated with the transactions and for general corporate purposes, including to fund upcoming new build payments. The delayed draw portion of the term loans, if funded, will be used to fund future new build payments, ongoing working capital and for other general corporate purposes. The Second Lien Credit Agreement matures on the earlier of April 24, 2029 and the date that is ninety-one (91) days prior to the scheduled maturity date of the Company’s 5.25% Senior Notes due 2029.

The obligations under the Second Lien Credit Agreement are secured on a second-priority basis by substantially all of the assets of the Credit Parties. The outstanding obligations thereunder shall be secured by a valid second priority perfected lien on substantially all of the U.S. flagged and located vessels of the Credit Parties and a valid perfected lien on all domestic accounts receivable and substantially all other assets of the Credit Parties, subject to the permitted liens and interests of other parties (including the Company’s surety bonding providers). Pursuant to the terms of that certain Intercreditor Agreement dated as of April 24, 2024, (as amended, restated, supplemented, or otherwise modified from time to time, the “Intercreditor Agreement”), by and between PNC Bank, National Association, as first lien agent, and GCS, as second lien agent, the obligations under the Second Lien Credit Agreement are subordinated to the first-priority liens securing the obligations under the ABL Credit Agreement.

Interest on the term loan facility under the Second Lien Credit Agreement is equal to either a base rate option (“Base Rate Loan”) or a Secured Overnight Financing Rate (“SOFR”) option (“Term SOFR Loan”) at the Company’s election. In the case of a Base Rate Loan, interest on the unpaid principal amount shall equal (i) the greatest of (a) the “Prime Rate” in the United States as quoted from time to time by The Wall Street Journal or the highest per annum rate of interest published by the Federal Reserve Board, (b) the federal funds effective rate (but not less than zero) plus 0.50% and (c) Term SOFR for a one-month interest period on such day, plus 1.00%, plus (ii) 6.75%. In the case of a Term SOFR Loan, interest on the unpaid principal amount shall equal the Term SOFR Reference Rate on the day that is two business days prior to the first day of such applicable interest period, plus 7.75%. In addition, the Company is required to pay a quarterly fee of 1.00% per annum on the undrawn commitments in respect of the delayed draw term loan facility.

The Company had $100.0 million in borrowings on the Second Lien Credit Agreement as of September 30, 2025 and December 31, 2024. The weighted average interest rate, excluding the effects of interest rate swaps, on the Second Lien Credit Agreement borrowings during the quarter ended September 30, 2025 is 12.07%.

Credit agreement

On April 24, 2024, the Credit Parties, PNC Bank, National Association (“PNC”), as agent for the lenders, and certain financial institutions party thereto entered into an amendment to the ABL Credit Agreement described below (the “ABL Amendment”). The ABL Amendment (w) eliminates the Company’s ability to increase the commitments under the senior secured revolving credit facility (x) modifies the pricing of loans and undrawn commitments as summarized below, (y) adds a minimum liquidity covenant, for so long as the Second Lien Credit Agreement has not been prepaid and terminated, that requires the Credit Parties to maintain consolidated liquidity of (a) $12.5 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarter period is less than 1.10 to 1.00 and (b) $50.0 million at any time the fixed charge coverage ratio for the most recently ended four fiscal quarters is greater than or equal to 1.10 to 1.00 and (z) makes certain other customary changes in connection with the Credit Parties’ entry into the Second Lien Credit Agreement. The Company has availability of up to $200.0 million for the issuance of letters of credit under the ABL Amendment.

The ABL Amendment modifies the Applicable Margin for Advances as follows: (i) following the ABL Amendment closing date through and including the date immediately prior to the date on which the Borrowing Base Certificate is required to be delivered for

most recently completed fiscal quarter (commencing with the fiscal quarter ending on September 30, 2024) (the “Adjustment Date”), (a) the Applicable Margin for Domestic Rate Loans Advances is 1.50% and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.50%, (ii) beginning as of the Adjustment Date, to the extent the quarterly average undrawn availability for the prior fiscal quarter is (x) greater than 66.7% of the Maximum Revolving Advance Amount, (a) the Applicable Margin for Domestic Rate Loans Advances is 1.25% and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.25%; (y) to the extent the quarterly average undrawn availability for the prior fiscal quarter is less than or equal to 66.7% of the Maximum Revolving Advance Amount but greater than 33.3%, (a) the Applicable Margin for Domestic Rate Loans Advances is 1.50% and (b) the Applicable Margins for Term SOFR Rate Loans Advances is 2.50%; and (z) to the extent the quarterly average undrawn availability for the prior fiscal quarter is less than or equal to 33.3% of the Maximum Revolving Advance Amount, (a) Applicable Margin for Domestic Rate Loans Advances is 1.75% and (b) the Applicable Margin for Term SOFR Rate Loans Advances is 2.75%. Additionally, the Company has an option to borrow at Green Loan Advance Rates, each of which will be 0.05% lower than the corresponding applicable rate if the Company certifies that it will use such proceeds to invest in renewable energy and clean transportation projects and it complies with green loan principles.

On May 2, 2025, the Credit Parties, PNC, as agent for the lenders, and certain financial institutions party thereto entered into an amendment to the ABL Credit Agreement (the “ABL Second Amendment”). The ABL Second Amendment increased the aggregate principal amount of the Company’s senior secured revolving credit facility from $300.0 million to $330.0 million, with all other material terms remaining unchanged. The Company incurred approximately $0.6 million in debt issuance costs associated with entering into the ABL Second Amendment. These costs will be amortized over the remaining life of the facility.

On July 29, 2022, the Credit Parties entered into a second amended and restated revolving credit and security agreement (as amended by the ABL Amendment and as may be further amended, supplemented or otherwise modified from time to time, the “ABL Credit Agreement”) with certain financial institutions from time to time party thereto as lenders, PNC Bank, National Association, as Agent (the “Agent”), PNC Capital Markets, CIBC Bank USA, Bank of America, N.A. and Truist Securities, Inc., as Joint Lead Arrangers and Joint Bookrunners, CIBC Bank USA and Truist Bank as Co-Syndication Agents, Bank of America, N.A., as Documentation Agent and PNC Bank National Association, as Green Loan Coordinator. The ABL Credit Agreement amends and restates the prior ABL Credit Agreement dated as of May 3, 2019 by and among the financial institutions from time to time party thereto as lenders, the Agent and the Credit Parties party thereto such that the terms and conditions of the prior credit agreement have been subsumed and replaced in their entirety by the terms and conditions of the ABL Credit Agreement, including the amount available under the revolving credit facility. The terms of the ABL Credit Agreement are summarized below.

The ABL Credit Agreement provides for a senior secured revolving credit facility in an aggregate principal amount of up to $300.0 million. The maximum borrowing capacity under the ABL Credit Agreement is determined by a formula and may fluctuate depending on the value of the collateral included in such formula at the time of determination.

The ABL Credit Agreement contains a green loan option where the Company can borrow at the lower interest rates described below so long as such funds are used to fund capital investments related to renewable energy and clean transportation projects and are consistent with green loan principles. The green loan option is subject to a $35.0 million sublimit.

The ABL Credit Agreement contains customary representations and affirmative and negative covenants, including a springing financial covenant that requires the Credit Parties to maintain a fixed charge coverage ratio (ratio of earnings before income taxes, depreciation and amortization, net interest expenses, non-cash charges and losses and certain other non-recurring charges, minus capital expenditures, income and franchise taxes, to net cash interest expense plus scheduled cash principal payments with respect to debt plus restricted payments paid in cash) of not less than 1.10 to 1.00. The springing financial covenant is triggered when the undrawn availability of the ABL Credit Agreement is less than 12.5% of the maximum loan amount for five consecutive days. The ABL Credit Agreement also contains customary events of default (including non-payment of principal or interest on any material debt and breaches of covenants) as well as events of default relating to certain actions by the Company’s surety bonding providers. The obligations of the Credit Parties under the ABL Credit Agreement are unconditionally guaranteed, on a joint and several basis, by each existing and subsequently acquired or formed material direct and indirect domestic subsidiary of the Company. Borrowings under the ABL Credit Agreement will be used to pay fees and expenses related to the ABL Credit Agreement, finance acquisitions permitted under the ABL Credit Agreement, finance ongoing working capital, for other general corporate purposes, and with respect to any green loan, fund capital investments related to renewable energy and clean transportation projects. The ABL Credit Agreement matures on the earlier of July 29, 2027 or the date that is ninety-one (91) days prior to the scheduled maturity date of the Company’s unsecured senior notes, which is currently June 1, 2029, if the Company fails to refinance its unsecured senior notes prior to their scheduled maturity date but only if such scheduled maturity date is prior to the maturity date of the ABL Credit Agreement.

The obligations under the ABL Credit Agreement are secured by substantially all of the assets of the Credit Parties. The outstanding obligations thereunder shall be secured by a valid first priority perfected lien on substantially all of the U.S. flagged and located vessels of the Credit Parties and a valid perfected lien on all domestic accounts receivable and substantially all other assets of the Credit Parties, subject to the permitted liens and interests of other parties (including the Company’s surety bonding providers).

The Company had no borrowings and $35.0 million borrowings on the revolver as of September 30, 2025 and December 31, 2024, respectively. There were $58.5 million and $43.5 million letters of credit outstanding as of September 30, 2025 and December 31, 2024, respectively. The Company had $271.1 million and $221.2 million of availability under the ABL Credit Agreement as of September 30, 2025 and December 31, 2024, respectively. Availability was suppressed by $0.4 million and $0.3 million as of September 30, 2025 and December 31, 2024, as a result of certain limitations of borrowing related to reserves and compliance with the Company’s obligations set forth in the ABL Credit Agreement.

Capitalized terms used but not defined herein in Note 5, Long-term debt, shall have the meanings ascribed to such terms in the Second Lien Credit Agreement and the ABL Amendment, as applicable.

Senior notes and subsidiary guarantors

In May 2021, the Company sold $325.0 million of unsecured 5.25% Senior Notes (the “2029 Notes”) pursuant to a private offering. The 2029 Notes were priced to investors at par and will mature on June 1, 2029. The Company used the net proceeds from the offering, together with cash on hand, to redeem all $325.0 million aggregate principal amount of its outstanding 8.00% Senior Notes due 2022.

The Company’s obligations under these 2029 Notes are guaranteed by each of the Company’s existing and future 100% owned domestic subsidiaries that are co-borrowers or guarantors under the ABL Credit Agreement. Such guarantees are full, unconditional and joint and several. The parent company issuer has no independent assets or operations and all non-guarantor subsidiaries have been determined to be minor.

The weighted average interest rates on the Company’s outstanding borrowings, after adjusting for the effects of interest rate swaps, was 6.77% as of September 30, 2025 and December 31, 2024.

Fair value measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy has been established by GAAP that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The accounting guidance describes three levels of inputs that may be used to measure fair value:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company is exposed to counterparty credit risk associated with non-performance of its various derivative instruments. The Company’s risk would be limited to any unrealized gains on current positions. To help mitigate this risk, the Company transacts only with counterparties that are rated as investment grade or higher. In addition, all counterparties are monitored on a continuous basis.

The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At times, the Company holds certain derivative contracts that it uses to manage commodity price risk, foreign currency risk or interest rate risk. The Company does not hold or issue derivatives for speculative or trading purposes. The fair values of these financial instruments are summarized as follows:


		Fair Value at
	Fair Value
	Hierarchy	September 30, 2025				December 31, 2024
	Levels	Assets		Liabilities		Assets		Liabilities
Derivatives designated as cash flow hedging instruments:
Fuel hedge contracts	2	$	440	$	—	$	—	$	1,065
Interest rate swaps	2		—		161		217		—
Total derivatives		$	440	$	161	$	217	$	1,065

Fuel hedge contracts

The Company is exposed to certain market risks, primarily commodity price risk as it relates to diesel fuel purchase requirements, which occur in the normal course of business. The Company enters into heating oil commodity swap contracts to hedge the risk that fluctuations in diesel fuel prices could have an adverse impact on cash flows associated with its domestic dredging contracts. The Company’s goal is to hedge approximately 80% of the eligible fuel requirements for work in dredging backlog.

As of September 30, 2025, the Company was party to various swap arrangements to hedge the price of a portion of its diesel fuel purchase requirements for work in its backlog to be performed through December 2026. As of September 30, 2025, there were 17.4 million gallons remaining on these contracts representing forecasted domestic fuel purchases through December 2026. Under these swap agreements, the Company will pay fixed prices ranging from $2.03 to $2.55 per gallon.

At September 30, 2025, the fair value assets of the fuel hedge contracts were estimated to be $0.4 million and are recorded in other current assets in the condensed consolidated balance sheets. At December 31, 2024, the fair value liabilities of the fuel hedge contracts were estimated to be $1.1 million and are recorded in accrued expenses in the condensed consolidated balance sheets. For fuel hedge contracts considered to be highly effective, the losses reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the nine months ended September 30, 2025 were $0.5 million. The remaining gains and losses included in accumulated other comprehensive loss at September 30, 2025 will be reclassified into earnings over the next fifteen months, corresponding to the period during which the hedged fuel is expected to be utilized. Changes in the fair value of fuel hedge contracts not considered highly effective are recorded as cost of contract revenues in the condensed consolidated statements of operations. The fair values of fuel hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines fair value of these fuel hedges using Level 2 inputs.

Foreign currency exchange hedge contracts

The Company is exposed to certain market risks, including foreign currency exchange rate risks related to the purchase of new vessel build materials in Europe. The Company sometimes enters into foreign currency exchange forward contracts to hedge the risk that fluctuations in the Euro in relation to the U.S. Dollar could have an adverse impact on cash flows associated with its equipment builds.

The Company did not have any foreign currency exchange hedge contracts as of September 30, 2025 or December 31, 2024. The Company was party to various foreign exchange forward contract arrangements to hedge the purchase of materials through November 2024. Under these hedge contracts, the Company paid fixed prices ranging from $1.01 to $1.13 per Euro.

For foreign currency exchange hedge contracts considered to be highly effective, the losses reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the nine months ended September 30, 2024 were $42. Changes in the fair value of foreign currency exchange hedge contracts not considered highly effective are recorded as other expenses in the condensed consolidated statements of operations. The fair values of foreign currency exchange hedges are corroborated using inputs that are readily observable in public markets; therefore, the Company determines the fair value of these foreign currency exchange hedges using Level 2 inputs.

Interest rate swaps

The Company is exposed to certain market risks, including interest rate risks related to the floating interest rates on its variable rate debt. The Company has entered into interest rate swaps to convert a portion of its variable rate debt into fixed-rate debt and hedge the risk that fluctuations in interest rates could have an adverse impact on net interest expense.

As of September 30, 2025, the Company was party to two interest rate swaps with a total notional value of $75 million effective August 5, 2024 and a maturity date of August 24, 2026. Under these interest rate swaps, the Company will pay a weighted average fixed rate of 3.87% on the notional amount and receive payments from the counterparty based on the 30-day SOFR rate, effectively modifying the Company’s exposure to interest rate risk by converting a portion of its floating-rate debt to a weighted average fixed interest rate of 11.62%.

At September 30, 2025 the fair value liability of the Company’s interest rate swaps was $161 and is recorded in accrued expenses in the condensed consolidated balance sheets. At December 31, 2024, the fair value asset of the Company’s interest rate swaps was $217 and is recorded in other current assets in the condensed consolidated balance sheets. For interest rate swaps considered to be highly effective, the gains reclassified to earnings from changes in fair value of derivatives, net of cash settlements and taxes, for the nine months ended September 30, 2025 were $196. The remaining gains and losses included in accumulated other comprehensive loss at September 30, 2025 will be reclassified into earnings over the next eleven months, corresponding to the period during which the interest rate swap is expected to be utilized. Changes in the fair value of interest rate swaps not considered highly effective are recorded as interest expense in the condensed consolidated statements of operations. The fair values of interest rate swaps are

corroborated using inputs that are readily observable in public markets; therefore, the Company determines the fair value of these interest rate swaps using Level 2 inputs.

Accumulated other comprehensive income (loss)

Changes in the components of the accumulated balances of other comprehensive income (loss) are as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Derivatives:
Fuel Hedge Contracts
Reclassification of derivative (gains) losses to earnings—net of tax	$	(192	)	$	644		$	450		$	882
Change in fair value of derivatives—net of tax		861			(2,993	)		675			(1,293	)
Net change in cash flow derivative fuel hedges—net of tax	$	669		$	(2,349	)	$	1,125		$	(411	)

Foreign Currency Exchange Hedge Contracts
Reclassification of derivative losses to earnings—net of tax	$	—		$	—		$	—		$	42
Change in fair value of derivatives—net of tax		—			89			—			(553	)
Net change in cash flow derivative foreign currency hedges—net of tax	$	—		$	89		$	—		$	(511	)

Interest Rate Swaps
Reclassification of derivative gains to earnings—net of tax	$	(64	)	$	(112	)	$	(196	)	$	(112	)
Change in fair value of derivatives—net of tax		26			(289	)		(86	)		(289	)
Net change in cash flow derivative foreign currency hedges—net of tax	$	(38	)	$	(401	)	$	(282	)	$	(401	)
Total net change in cash flow derivative hedges - net of tax	$	631		$	(2,661	)	$	843		$	(1,323	)

Adjustments reclassified from accumulated balances of other comprehensive income (loss) to earnings are as follows:


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
	Statement of Operations Location	2025			2024			2025			2024
Derivatives:
Fuel hedge contracts	Costs of contract revenues	$	(256	)	$	861		$	603		$	1,180
Foreign currency exchange hedge contracts	Other income		—			—			—			56
Interest rate swaps	Interest expense—net		(85	)		(149	)		(262	)		(149	)
	Income tax (expense) benefit		(85	)		180			87			275
		$	(256	)	$	532		$	254		$	812

Other financial instruments

The carrying value of financial instruments included in current assets and current liabilities approximates fair value due to the short-term maturities of these instruments. Based on timing of the cash flows and comparison to current market interest rates, the carrying values of the ABL Credit Agreement and Second Lien Credit Agreement approximate fair value at September 30, 2025. In May 2021, the Company sold $325.0 million of the 2029 Notes, which were outstanding at September 30, 2025 (see Note 5, Long-term debt). The fair value of the 2029 Notes was $314.9 million at September 30, 2025, which is a Level 1 fair value measurement as the senior notes’ value was obtained using quoted prices in active markets. It is impracticable to determine the fair value of outstanding letters of credit or performance, bid and payment bonds due to uncertainties as to the amount and timing of future obligations, if any.

Share-based compensation

On May 8, 2025, the Company’s stockholders approved the First Amendment to the Great Lakes Dredge & Dock Corporation 2021 Long-Term Incentive Plan (the “Plan Amendment”), which previously had been approved by the Company’s board of directors subject to stockholder approval. The Plan Amendment revised the Incentive Plan (as defined below) to increase the number of shares available for issuance under the Incentive Plan by 3,000,000 shares.

On May 5, 2021, the Company’s stockholders approved the Great Lakes Dredge & Dock Corporation 2021 Long-Term Incentive Plan (the “Incentive Plan”), which previously had been approved by the Company’s board of directors subject to stockholder approval. The Incentive Plan replaced the 2017 Long-Term Incentive Plan (the “Prior Plan”) and is largely based on the Prior Plan, but with updates to the available shares and other administrative changes. The Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees and directors for up to 1.5 million shares of common stock, plus the number of shares that remained available for future grant under the Prior Plan as of the effectiveness of the Incentive Plan.

The Prior Plan permitted the granting of stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees and directors for up to 3.3 million shares of common stock, plus an additional 1.7 million shares underlying equity awards issued under the 2007 Long-Term Incentive Plan. The Company may also issue share-based compensation as inducement awards to new employees upon approval of the Company’s board of directors and/or the applicable committee or committees thereof, as may be required.

During the nine months ended September 30, 2025, the Company granted 556 thousand restricted stock units to certain employees. In addition, all non-employee directors on the Company’s board of directors are paid a portion of their board-related compensation in stock grants or restricted stock units. Compensation cost charged to expense related to share-based compensation arrangements was $2.7 million and $3.5 million for the three months ended September 30, 2025 and 2024, respectively. Compensation cost charged to expense related to share-based compensation arrangements was $8.0 million and $6.1 million for the nine months ended September 30, 2025 and 2024, respectively.

Revenue

At September 30, 2025, the Company had $934.5 million of remaining performance obligations on dredging contracts, which the Company refers to as total dredging backlog. Total dredging backlog does not include $193.5 million of domestic low bids pending formal award and additional phases (“options”) pending on projects currently in dredging backlog at September 30, 2025. Additionally, the Company had $73.0 million of remaining performance obligations related to offshore energy contracts. The Company expects the majority of its dredging backlog and all of its offshore energy backlog at September 30, 2025 to be converted to revenue by the end of 2026.

Revenue by category

The following series of tables presents the Company's revenue disaggregated by several categories.

Domestically, the Company’s work generally is performed in coastal waterways and deep-water ports. The U.S. dredging market consists of three primary types of work: capital, coastal protection and maintenance. Foreign projects typically involve capital work. Offshore energy consists of projects servicing the offshore wind, oil and gas, and power and telecommunications industries, both domestically and internationally.

The Company’s contract revenues by type of work, for the periods indicated, are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Revenues	2025		2024		2025		2024
Capital	$	126,285	$	108,682	$	322,777	$	249,329
Coastal protection		39,807		43,913		225,638		178,034
Maintenance		22,991		38,578		77,288		132,556
Total dredging revenues		189,083		191,173		625,703		559,919
Offshore energy		6,122		—		6,122		—
Total revenues	$	195,205	$	191,173	$	631,825	$	559,919

The Company’s contract revenues by type of customer, for the periods indicated, are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Revenues	2025		2024		2025		2024
Federal government	$	90,306	$	85,876	$	315,655	$	339,352
State and local government		11,886		39,330		69,389		108,493
Private		86,891		65,967		240,659		112,074
Total dredging revenues		189,083		191,173		625,703		559,919
Offshore energy - private		6,122		—		6,122		—
Total revenues	$	195,205	$	191,173	$	631,825	$	559,919

Accounts receivable at September 30, 2025 and December 31, 2024 are as follows:


	September 30,			December 31,
	2025			2024
Completed contracts	$	579		$	660
Contracts in progress		93,073			105,159
Retainage		16,033			12,575
		109,685			118,394
Allowance for credit losses		(364	)		(364	)

Great Lakes Dredge & Dock CORP 10-Q