Overview & Filing Information

Great Lakes Dredge & Dock Corporation (GLDD) has submitted its Form 10-K to the United States Securities and Exchange Commission for the fiscal year ended December 31, 2025. The company’s common stock (Par Value \$0.0001) trades under the symbol GLDD on the Nasdaq Stock Market, LLC.

GLDD is not a well-known seasoned issuer, is not a shell company, and has been compliant with all reporting requirements and interactive data filings for the past 12 months. As of June 30, 2025, the aggregate market value of common stock held by non-affiliates was \$789,491,555. As of February 20, 2026, there were 66,998,698 shares of common stock outstanding.

Business Overview & Operations

The company operates primarily in the dredging sector, which accounted for 97% of 2025 revenue. Dredging activities are critical for the enhancement and preservation of navigability of waterways, beach nourishment, environmental restoration, and infrastructure projects. GLDD is also actively positioning itself to serve as a marshaling port for various offshore energy projects, anticipating increased global energy demand and infrastructure improvements.

This strategic focus on offshore energy infrastructure could be a significant future growth driver, given the global emphasis on energy development and security. Investors should note the company’s intention to capitalize on energy-related projects, which may increase revenue diversification and reduce reliance on traditional dredging contracts.

Risk Factors & Forward-Looking Statements

GLDD has issued cautionary statements regarding forward-looking information. The company acknowledges potential risks, uncertainties, and factors that could impact performance, including those detailed in Item 1A “Risk Factors” of the report.

• Risks include potential changes in government funding for dredging projects, environmental regulations, the competitive landscape, and the company’s ability to secure and execute energy infrastructure contracts.
• The company cannot predict future environmental legislation, enforcement, or the costs associated with compliance or cleanup matters, which could affect future profitability.
• The company’s forward-looking statements are not guarantees of future performance, and actual results may differ materially.

Shareholder & Market-Sensitive Information

• Public Float & Shares Outstanding: \$789.5 million public float as of June 2025 and nearly 67 million shares outstanding as of February 2026.
• Strategic Offshore Energy Focus: GLDD’s positioning for offshore energy projects could potentially drive share price, especially if major contracts are secured in the near future.
• Regulatory Compliance: GLDD reports no material adverse effect from current environmental laws, but warns of unpredictable future costs.

Corporate Governance & Reporting

• GLDD has not corrected any errors in previously issued financial statements that would require a recovery analysis of incentive-based compensation.
• The company has not filed any restatements that would affect executive compensation recovery.
• Interactive data filings and internal control attestation requirements have been met.

Key Takeaways for Investors

• GLDD’s strategic pivot toward offshore energy infrastructure, if successful, could significantly impact future revenue and share price.
• The company remains the leading U.S. dredging contractor, with strong compliance and reporting standards.
• Environmental liabilities are not expected to materially affect the company at present, but future regulatory changes remain a risk factor.

Investors should watch for news of large project wins in offshore energy or significant changes in government funding for dredging activities, as these may be price-sensitive events.