GLDD · CIK 1372020
What Great Lakes Dredge & Dock Corporation told the SEC could break it.
Great Lakes Dredge & Dock's disclosures center on customer concentration. The U.S. federal government — chiefly the Army Corps of Engineers — supplied 48% of dredging revenue in 2025 ($422.5 million), down from 74% two years earlier but still tying results to federal budget and appropriations cycles, while about 41% of its total backlog came from just five private customers, so the loss of a single large contract could meaningfully cut revenue. The rest of the register reflects its capital- and fuel-intensive operations: diesel is roughly 10% of cost of contract revenues (about 90% hedged through May 2027), and Section 232 tariffs on imported steel and aluminum, raised to 50% in 2025, could lift its vessel-construction costs, though it reports no material impact yet.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- U.S. federal government (Army Corps of Engineers) dredging revenuehigh
The U.S. federal government provided 48% of dredging revenue in 2025 ($422.5M), down from 57% and 74% in prior years, tying revenue to federal budgetary and appropriations processes.
“Federal government revenue (in US $1,000) $ 422,541 $ 430,980 $ 438,790 Percent of revenue from federal government 48 % 57 % 74 %”
SEC filing →As of 2026 - Backlog concentration in five private customersmedium
As of December 31, 2025, approximately 41% of total backlog came from five private customers, so loss of any single large contract could materially reduce revenue.
“As of December 31, 2025, approximately 41% of the Company's total backlog is from five private customers.”
SEC filing →As of 2026
Commodity & input dependence
- Diesel fuel cost exposuremedium
Diesel fuel is roughly 10% of cost of contract revenues; GLDD hedges ~90% of anticipated domestic fuel requirements through May 2027 to dampen price volatility.
“A significant operating cost for the Company is diesel fuel, which represents approximately 10% of our costs of contract revenues.”
Regulatory & policy
- Section 232 steel & aluminum tariffs (vessel inputs)low
U.S. tariffs on imported steel and aluminum (raised from 25% to 50% in 2025) could raise GLDD's vessel-construction input costs; the Company reports no material impact to date but flags future tariffs as a potential material risk.
“in February 2025, President Trump imposed a 25% tariff on imported steel and aluminum and in June 2025 he raised this tariff to 50%.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Philly Shipyard
“In November 2021, the Company entered into a $197 million contract with Philly Shipyard to build the Acadia, the first 45 U.S. flagged Jones Act compliant, inclined fall-pipe subsea rock installation vessel to support the offshore energy industry”
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