Great Lakes Dredge & Dock Corporation Files Amended 10-K/A: Key Financial & Disclosure Highlights

Summary of Report

Great Lakes Dredge & Dock Corporation (“Great Lakes”, Nasdaq: GLDD) has filed Amendment No. 1 to its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. This amendment was submitted primarily to include the conformed signature of its auditor, Deloitte & Touche LLP (PCAOB ID No. 34), and to correct a clerical issue in the auditor’s report. No other changes were made to the original 2025 Form 10-K. The amendment does not reflect events subsequent to the original filing and does not update previously reported disclosures.

Key Points and Financial Highlights

• Auditor’s Report Correction:
  
  The amendment corrects an omission of the conformed signature in the “Report of Independent Registered Public Accounting Firm” relating to Deloitte & Touche LLP’s opinion on the company’s financial statements. There was also a minor textual correction (comma placement). No changes were made to the financial statements or management’s discussion beyond this technical correction.
• Financial Position as of December 31, 2025:
  • Total Assets: \$1,285.7 million (2025), down from \$1,255.1 million (2024)
  • Total Current Assets: \$217.4 million (2025), down from \$263.4 million (2024)
  • Other Current Assets: \$21.8 million (2025), down from \$28.3 million (2024)
  • Aggregate Market Value of Public Float: \$789.5 million as of June 30, 2025
  • Shares Outstanding: 66,698,000 as of February 20, 2026
• Capital Structure:
  • Common Stock: Par value \$0.0001; 170 million shares authorized; 68.1 million issued and 66.8 million outstanding as of year-end 2025
  • Treasury Stock: 1,312,000 shares at year-end 2025
  • Additional Paid-in Capital: \$329.1 million (2025), up from \$322.4 million (2024)
  • Accumulated Retained Earnings: \$200.95 million (2025), up from \$127.49 million (2024)
• Liabilities:
  • Long-term Debt: \$50.4 million in noncurrent operating lease liabilities (2025)
  • Deferred Income Tax Liabilities (Net): \$78.99 million (2025)
  • Other Noncurrent Liabilities: \$14.95 million (2025)
• Compliance and Corporate Status:
  • The company is not a well-known seasoned issuer or a shell company.
  • GLDD is not an emerging growth company and is categorized as a “smaller reporting company.”
  • GLDD has filed all required reports for the preceding 12 months and has submitted all required Interactive Data Files.
  • Securities are listed on Nasdaq Stock Market, LLC under the symbol “GLDD.”
• Auditor’s Opinion & Internal Controls:
  • Deloitte & Touche LLP provided an unqualified (“clean”) opinion on the company’s financial statements and internal controls over financial reporting.
  • There was one critical audit matter highlighted, involving challenging, subjective, or complex judgments related to project contracts and revenue/cost estimates. The audit included in-person site visits and meetings with project managers to assess contract status and validate management’s estimates.
• Commitments & Contingencies:
  
  The balance sheet notes the existence of commitments and contingencies (see Note 12), but the amendment does not provide further detail here.
• Restatements & Corrections:
  • The amendment does not reflect a restatement due to financial statement errors; it is limited to the technical correction of the auditor’s report signature and does not correct prior financial errors or change previously disclosed results.
• Documents Incorporated by Reference:
  
  Portions of the proxy statement for the 2026 annual meeting will be incorporated by reference in Part III of the 10-K/A.

Shareholder-Relevant, Price-Sensitive Information

• No material changes to financial results or disclosures.
  
  The amendment is not the result of a restatement, fraud, or discovery of material misstatement. The update is solely to correct the technical omission of the auditor’s conformed signature. The financial results, business outlook, and all substantive disclosures remain unchanged from the original 10-K.
• Market value and share count updates:
  
  The public float is significant (\$789.5 million) and the share count as of February 2026 is 66.7 million. There are no new share issuances or buybacks disclosed in this amendment.
• Internal Controls:
  
  The company’s auditor found no material weaknesses and provided a clean opinion on internal controls—an important consideration for investors concerned about governance and risk.
• No new litigation, regulatory, or business developments are disclosed.

Conclusion

Investor Takeaway: This 10-K/A amendment is strictly a technical correction and does not contain any new or amended financial, operational, or business disclosures. There is no new information likely to impact the share price. The company remains in compliance with all reporting requirements, retains a strong asset base, and has received an unqualified audit opinion.

Disclaimer

This article is for informational purposes only and does not constitute investment advice or an offer to buy or sell any securities. Investors should review the complete SEC filings and consult their financial advisor before making investment decisions. The author makes no representations or warranties regarding the accuracy or completeness of the information presented herein.

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