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AGX on NYSE

Argan, Inc.

Argan, Inc. is a Construction and engineering holding company.1 It is headquartered in Rockville, United States.1 Its shares trade on NYSE under the symbol AGX.1

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Last updated Oct 21, 2026.

Overview

$944.6MRevenue, fiscal 20264
$137.8MNet income, fiscal 20264

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  • TickerAGX on NYSE1
  • IndustryConstruction - Special Trade Contractors1
  • HeadquartersRockville, United States1
  • Websitearganinc.com
  • Incorporated inDE5
  • Business address4075 Wilson Boulevard Suite 440, Arlington, Va 222035
  • Filer categoryLarge accelerated filer5
  • Legal formCorporation3
  • LEI529900E4KZWBV9KGBS833
  • StatusActive3
  • LEI statusIssued and current3
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 5671153

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Through the Power segment, we provide a full range of engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market. The customers include primarily independent power producers, public utilities, power plant equipment suppliers and other commercial firms with significant power requirements. Customer projects are located in the United States (the “U.S.”), the Republic of Ireland (“Ireland”) and the United Kingdom (the “U.K.”).7 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

20.5%Gross margin4
14.3%Operating margin4
14.6%Net margin4
8.1%Revenue growth, 20264
29.8%Return on equity4
$410.8MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Power Industry Services brought in 80% of the revenue Argan, Inc. broke down this way in fiscal 2026.

  1. Power Industry Services$756.5M480%up 9% from 2025
  2. Industrial Construction Services$167.6M418%down 0% from 2025
  3. Telecommunications Infrastructure Services.$20.6M42%up 52% from 2025
Business segments by year
Business segments202420252026
Power Industry Services$416.3M$693.0M$756.5M
Industrial Construction Services$142.8M$167.6M$167.6M
Telecommunications Infrastructure Services.$14.3M$13.5M$20.6M

Regions

United States brought in 90% of the revenue Argan, Inc. broke down this way in fiscal 2026.

  1. United States$852.2M490%up 9% from 2025
  2. Ireland$65.0M47%down 20% from 2025
  3. United Kingdoms$27.4M43%up 182% from 2025
Regions by year
Regions202420252026
United States$334.2M$783.1M$852.2M
Ireland$198.7M$81.4M$65.0M
United Kingdoms$40.4M$9.7M$27.4M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue77¢$750.9M
  • Selling, general and admin6¢$59.0M
  • Income tax2¢$22.7M
  • Profit14¢$137.8M

Out of $944.6M in revenue.4

Where each dollar of operating cash went, fiscal 2026

  • Capital spending1¢$3.9M
  • Dividends paid6¢$24.3M
  • Share buybacks2¢$9.9M
  • Kept or used elsewhere91¢$376.7M

Out of $414.7M of cash from operations.4

Financial statements

Revenue891011124$944.6M in 2026+96% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $482.2M$482.2M20192020: $239.0M$239.0M2020−50%2021: $392.2M$392.2M2021+64%2022: $509.4M$509.4M2022+30%2023: $455.0M$455.0M2023−11%2024: $573.3M$573.3M2024+26%2025: $874.2M$874.2M2025+52%2026: $944.6M$944.6M2026+8%
Gross profit891011124$193.7M in 2026+135% since 2019
-$100.0M0$100.0M$200.0M2019: $82.4M$82.4M20192020: -$6.8M-$6.8M20202021: $62.1M$62.1M20212022: $99.7M$99.7M2022+61%2023: $86.4M$86.4M2023−13%2024: $80.8M$80.8M2024−6%2025: $141.0M$141.0M2025+74%2026: $193.7M$193.7M2026+37%
Operating income891011124$134.7M in 2026+235% since 2019
-$100.0M-$50.0M0$50.0M$100.0M$150.0M2019: $40.2M$40.2M20192020: -$55.8M-$55.8M20202021: $23.0M$23.0M20212022: $44.5M$44.5M2022+93%2023: $41.7M$41.7M2023−6%2024: $36.5M$36.5M2024−13%2025: $88.2M$88.2M2025+142%2026: $134.7M$134.7M2026+53%
Net income891011124$137.8M in 2026+165% since 2019
-$50.0M0$50.0M$100.0M$150.0M2019: $52.0M$52.0M20192020: -$42.7M-$42.7M20202021: $23.9M$23.9M20212022: $38.2M$38.2M2022+60%2023: $33.1M$33.1M2023−13%2024: $32.4M$32.4M2024−2%2025: $85.5M$85.5M2025+164%2026: $137.8M$137.8M2026+61%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2026-01-312025-01-312024-01-31
REVENUES$944.6M$874.2M$573.3M
Cost of revenues$750.9M$733.2M$492.5M
GROSS PROFIT$193.7M$141.0M$80.8M
Selling, general and administrative expenses$59.0M$52.8M$44.4M
INCOME FROM OPERATIONS$134.7M$88.2M$36.5M
Other income, net$25.8M$23.0M$12.5M
Total income before income taxes$160.5M$111.2M$48.9M
Provision for income taxes$22.7M$25.7M$16.6M
NET INCOME$137.8M$85.5M$32.4M
Foreign currency translation adjustments$4.7M-$2.3M-$920.0K
Net unrealized gains (losses) on available-for-sale securities$2.6M-$619.0K$199.0K
COMPREHENSIVE INCOME$145.1M$82.5M$31.6M
Basic (in dollars per share)$10.00$6.35$2.42
Diluted (in dollars per share)$9.74$6.15$2.39
Basic (in shares)13.8M shares13.4M shares13.4M shares
Diluted (in shares)14.1M shares13.9M shares13.5M shares
CASH DIVIDENDS PER SHARE$1.75$1.35$1.10

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Corporate structure

Argan, Inc. sits at the top of its group. 15 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Argan, Inc.

  • Argan, Inc. Rockville, Maryland, United States
    • AGX International Limited (“AGXI”) Subsidiary · Ireland
    • Argan, Inc. (“AGX”) Subsidiary · Delaware, United States
    • Atlantic Power Contractors Limited Subsidiary · Hong Kong
    • Atlantic Projects Company (UK) Limited Subsidiary · United Kingdom
    • Atlantic Projects Company Limited (“APCL”) Subsidiary · Ireland
    • Atlantic Projects Company, Inc. Subsidiary · New York, United States
    • Gemma Plant Operations, LLC Subsidiary · Delaware, United States
    • Gemma Power Hartford, LLC Subsidiary · Connecticut, United States
    • Gemma Power Systems, LLC (“GPS”) Subsidiary · Connecticut, United States
    • Gemma Power, Inc. Subsidiary · Connecticut, United States
    • Gemma Renewable Power, LLC Subsidiary · Delaware, United States
    • Southern Maryland Cable, Inc. Subsidiary · Delaware, United States
    • The Roberts Company, Inc. Subsidiary · Delaware, United States
    • TRC Acquisition, LLC (“TRCA”) Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Argan, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$37.9M4 Jan 31, 2026$35.6M4 Jan 31, 2025+6.6%
Accumulated depreciation$21.3M4 Jan 31, 2026$21.1M4 Jan 31, 2025+1.0%
Property and equipment, net$16.6M4 Jan 31, 2026$14.5M4 Jan 31, 2025+14.7%
Operating-lease assets (leased space)$6.3M4 Jan 31, 2026$5.3M4 Jan 31, 2025+18.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$339.5M4 Jan 31, 2026$145.3M4 Jan 31, 2025+133.7%
Marketable securities, current$151.9M4 Jan 31, 2026$153.1M4 Jan 31, 2025−0.8%
Debt securities available for sale$403.6M4 Jan 31, 2026$226.7M4 Jan 31, 2025+78.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$28.0M4 Jan 31, 2026$28.0M4 Jan 31, 20250%
Intangible assets, net (excluding goodwill)$1.4M4 Jan 31, 2026$1.8M4 Jan 31, 2025−20.6%
Finite-lived intangibles, gross$5.4M4 Jan 31, 2026$5.4M4 Jan 31, 20250%
Accumulated amortization$4.0M4 Jan 31, 2026$3.6M4 Jan 31, 2025+10.5%
Finite-lived intangibles, net$1.4M4 Jan 31, 2026$1.8M4 Jan 31, 2025−20.6%

Inventory

ItemLatestA year beforeChange
Raw materials$11.0M4 Jan 31, 2026$320.0K4 Jan 31, 2025+3330.6%

Properties, in its own words

Our corporate headquarters are in Arlington, Virginia, where we lease office space.

Our Power segment owns and occupies a three-story office building in Glastonbury, Connecticut, which serves as its U.S. headquarters. The international operations of our Power segment owns two floors and leases an additional floor of an office building located in Limerick, Ireland, which serves as its headquarters. In addition, it owns an operations support facility in Nenagh, Ireland, that includes approximately 10,663 square feet of warehouse space and a small amount of office space. It also leases office space in a building located in Derby, England.

The rest of Item 2

Our Industrial segment owns and occupies an industrial fabrication and warehouse facility (approximately 90,000 square feet), which includes office space, where it is headquartered in Winterville, North Carolina. In addition, the segment leases several offices that are located nearby.

Our Teledata segment is headquartered in Tracys Landing, Maryland, where it leases facilities that include approximately five acres of land, a 2,400 square foot maintenance facility, and office space. The segment also leases office space and warehouse space (approximately 11,460 square feet) in Hampton, Virginia.

We believe our owned and leased properties are adequate to support our current operations. Our operations in the field may require us to occupy additional facilities for project support, staging, or work performed at or near customer premises or job sites. Accordingly, we may lease local office space, construction offices on or near job sites, storage yards for equipment and materials, and temporary housing units under short-term arrangements. These costs are expensed as incurred and are included primarily in the cost of revenues.

Item 2 of the 10-K filed Mar 26, 2026.7

Leadership

Who has led Argan, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Rainer H. Bosselmann2006–2022
  2. William F. Griffin Jr.2012–2017
  3. Charles Edwin Collins Iv.2022–2023
  4. David Hibbert Watson2023–now

Chair

  1. Rainer H. Bosselmann2006–2022
  2. William F. Griffin Jr.2020–2021

President

  1. Rainer H. Bosselmann2006–2009
  2. Daniel L. Martin2012–2016
  3. Charles Edwin Collins Iv.2019–2021
  4. Terrance Colin Trebilcock2019–2022
  5. David Hibbert Watson2023–now

Chief financial officer

  1. Arthur F. Trudel2006–2014
  2. Cynthia Flanders2015–2016
  3. David Hibbert Watson2015–2022
  4. Richard H. Deily2022–2025
  5. Joshua Scott Baugher2025–now
20052010201520202025
Board members and other officers (21)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • AGX International Limited (“AGXI”) Ireland6
  • Argan, Inc. (“AGX”) Delaware6
  • Atlantic Power Contractors Limited Hong Kong6
  • Atlantic Projects Company (UK) Limited United Kingdom6
  • Atlantic Projects Company Limited (“APCL”) Ireland6
  • Atlantic Projects Company, Inc. New York6
  • Gemma Plant Operations, LLC Delaware6
  • Gemma Power Hartford, LLC Connecticut6
  • Gemma Power Systems, LLC (“GPS”) Connecticut6
  • Gemma Power, Inc. Connecticut6
  • Gemma Renewable Power, LLC Delaware6
  • Southern Maryland Cable, Inc. Delaware6
  • TRC Acquisition, LLC (“TRCA”) Delaware6
  • The Roberts Company, Inc. Delaware6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • PUROFLOW INCSep 19, 1995 to Oct 30, 20035

Timeline

  1. Sep 9, 20268-K Other events48
  2. Sep 2, 20268-K Results of operations49
  3. Aug 4, 20268-K Other events50
  4. Jun 10, 20268-K Shareholder vote; Other events51
  5. Jun 4, 20268-K Results of operations52
  6. Apr 8, 20268-K Other events53
  7. Mar 26, 20268-K Results of operations54
  8. Dec 11, 20258-K Other events55
  9. Dec 4, 20258-K Results of operations56
  10. Nov 7, 20258-K Other events57
  11. Oct 30, 20258-K Other events58
  12. Sep 10, 20258-K Other events59
  13. Apr 19, 2023New chief executive David Hibbert Watson becomes CEO16
  14. Apr 21, 2022New chief executive Charles Edwin Collins Iv. becomes CEO17
  15. Dec 31, 2012New chief executive William F. Griffin Jr. becomes CEO18
  16. Jun 23, 2006New chief executive Rainer H. Bosselmann becomes CEO19
  17. May 15, 1961Founded Argan, Inc. is founded3

Calendar

Coming up

  1. Dec 3, 2026Reports results for the quarter ending Oct/2026 A year earlier it reported $2.17 a share, on Dec 4, 2025.60

When it reported results

  1. Sep 2, 2026Reported quarterly or annual results49
  2. Jun 4, 2026Reported quarterly or annual results52
  3. Mar 26, 2026Reported quarterly or annual results54
  4. Dec 4, 2025Reported quarterly or annual results56
  5. Sep 4, 2025Reported quarterly or annual results61
  6. Jun 4, 2025Reported quarterly or annual results62
  7. Mar 27, 2025Reported quarterly or annual results63
  8. Dec 5, 2024Reported quarterly or annual results64

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

426 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 61 major events, 215 insider forms, 25 large holders, 105 other. The latest 20:

  1. Sep 23, 20264 EDGAR
  2. Sep 11, 20264 EDGAR
  3. Sep 9, 20268-K EDGAR
  4. Sep 2, 202610-Q EDGAR
  5. Sep 2, 20268-K EDGAR
  6. Aug 4, 20264 EDGAR
  7. Aug 4, 20268-K EDGAR
  8. Jul 31, 2026SCHEDULE 13G EDGAR
  9. Jul 31, 2026144 EDGAR
  10. Jul 2, 20264 EDGAR
  11. Jun 23, 2026144/A EDGAR
  12. Jun 23, 20264 EDGAR
  13. Jun 22, 2026144 EDGAR
  14. Jun 18, 20264 EDGAR
  15. Jun 18, 2026144 EDGAR
  16. Jun 17, 2026144 EDGAR
  17. Jun 17, 20264 EDGAR
  18. Jun 17, 2026144 EDGAR
  19. Jun 17, 2026144 EDGAR
  20. Jun 17, 20264 EDGAR

The 426 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

119 open-market trades by officers, directors and large owners since October 2021: 4 buys and 115 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 31, 2026Jeffrey John Ronald Jr.DirectorSale5,716$579.64$3.3MForm 4
Jun 22, 2026Griffin William F JrDirectorSale20,000$760.43$15.2MForm 4
Jun 18, 2026Griffin William F JrDirectorSale30,000$725.85$21.8MForm 4
Jun 17, 2026Baugher Joshua ScottChief Financial OfficerSale760$733.30$557.3KForm 4
Jun 17, 2026Sweeney KarenDirectorSale300$705.00$211.5KForm 4
Jun 17, 2026Getsinger Peter WDirectorSale2,000$699.00$1.4MForm 4
Jun 16, 2026Getsinger Peter WDirectorSale4,728$708.65$3.4MForm 4
Jun 16, 2026Watson David HibbertPRESIDENT AND CEOSale1,880$707.35$1.3MForm 4
Jun 15, 2026Watson David HibbertPRESIDENT AND CEOSale9,993$651.22$6.5MForm 4
Jun 15, 2026Flanders CynthiaDirectorSale2,596$666.31$1.7MForm 4
Jun 12, 2026Griffin William F JrDirectorSale50,000$643.46$32.2MForm 4
Apr 29, 2026Larroque Alexander LisaDirectorSale350$630.58$220.7KForm 4
Apr 29, 2026Getsinger Peter WDirectorSale3,000$628.36$1.9MForm 4
Apr 28, 2026Leimkuhler William F.DirectorSale5,800$617.75$3.6MForm 4
Apr 27, 2026Jeffrey John Ronald Jr.DirectorSale2,698$664.84$1.8MForm 4
Apr 21, 2026Collins Charles Edwin IVCHIEF EXECUTIVE OFFICER, GEMMASale11,068$621.61$6.9MForm 4
Apr 21, 2026Jeffrey John Ronald Jr.DirectorSale3,636$615.40$2.2MForm 4
Apr 20, 2026Collins Charles Edwin IVCHIEF EXECUTIVE OFFICER, GEMMASale2,500$610.00$1.5MForm 4
Apr 17, 2026Watson David HibbertPRESIDENT AND CEOSale19,310$602.11$11.6MForm 4
Apr 16, 2026Baugher Joshua ScottChief Financial OfficerSale600$605.60$363.4KForm 4

All 119 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2026Charles E. Collins IV$794.4K$7.4M73
2026David H. Watson$500.0K$2.7M73
2026Joshua S. Baugher$250.0K$1.4M73
2025Chief Executive OfficerGemma$647.8K$4.7M73
2025President and Chief Executive$437.5K$2.3M73
2025Senior Vice PresidentChief$218.8K$678.7K73
2024Chief Executive OfficerGemma$481.4K$2.4M73
2024Officer$400.0K$1.9M73

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.2,209,112$1.8B0.0%+85,813
Vanguard Portfolio Management LLC778,042$621.3M0.0%+260,418
First Trust Advisors LP754,403$602.4M0.4%−36,950
Renaissance Technologies LLC648,379$517.8M0.7%+37,480
Vanguard Capital Management LLC594,781$475.0M0.0%+7,315
State Street Corp544,200$434.6M0.0%+26,544
Geode Capital Management, LLC506,133$404.2M0.0%+46,830
American Century Companies Inc447,983$357.7M0.2%+26,335
Lone Pine Capital LLC368,673$294.4M1.8%−24,461
Dimensional Fund Advisors LP356,845$285.0M0.1%−41,117
Invesco Ltd.273,125$218.1M0.0%+11,204
Morgan Stanley214,895$171.6M0.0%+54,925
Jacobs Levy Equity Management, Inc186,216$148.7M0.5%−52,522
Epoch Investment Partners, Inc.180,661$144.3M0.8%−21,817
Goldman Sachs Group Inc173,812$138.8M0.0%−1,316
TD Asset Management Inc173,601$138.6M0.1%−34,101
Bank of New York Mellon Corp165,147$131.9M0.0%−135,232
UBS Group AG156,861$125.3M0.0%−167,175
Northern Trust Corp151,510$121.0M0.0%+11,685
SurgoCap Partners LP149,983$119.8M3.9%New
Charles Schwab Investment Management Inc144,771$115.6M0.0%+5,168
Arrowstreet Capital, Limited Partnership123,740$98.8M0.0%−7,194
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.116,754$93.2M0.1%+8,629
Fuller & Thaler Asset Management, Inc.116,481$93.0M0.3%+1,619
Fmr LLC111,906$89.4M0.0%+101,730

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

3 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jun 30, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$15,001 - $50,000−60.1%Report
Dec 11, 2023Thomas R Carper, SenateSale$1,001 - $15,000−624.4%Report
Feb 21, 2023Thomas R Carper, SenateBuy$1,001 - $15,000+683.2%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Argan, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARARGAN INC2
  • CIK0000100591
  • Employer ID (EIN)13-19471957
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company7
  • Incorporated inDelaware7
  • Fiscal year endsJanuary 312
  • Industry code (SIC)1700 Construction - Special Trade Contractors2
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
  • Business address4075 Wilson Boulevard Suite 440, Arlington, VA 222032
  • Phone301 315-00272
  • Shares outstanding14,029,842 as of Aug 28, 202614
  • Public float$2.8B as of Jul 31, 20257
  • AuditorGRANT THORNTON LLP, Arlington, Virginia PCAOB ID 248; it also attests to the company’s internal control over financial reporting7
  • On EDGAR sinceJun 16, 19952
  • Filings1,415 in all: 4 (570), 8-K (262), 144 (81), 10-Q (65), SC 13G/A (55), SC 13D/A (39), DEF 14A (32), 10QSB (30)2
    All 59 form types

    SC 13G (27), 3 (25), 10-K (19), DEFA14A (18), UPLOAD (18), ARS (16), 8-K/A (13), CORRESP (13), SC 13D (11), S-8 (9), S-3 (8), 10KSB (7), PRE 14A (7), S-3/A (7), 4/A (6), 5 (6), EFFECT (6), SCHEDULE 13G/A (5), 10QSB/A (4), DEFR14A (4), 10-K/A (3), 10KSB40 (3), 424B3 (3), 8-A12B (3), POS AM (3), REGDEX (3), 10-K405 (2), 10-K405/A (2), 10KSB/A (2), DFAN14A (2), PREC14A (2), PRER14A (2), S-8 POS (2), SB-2/A (2), SCHEDULE 13G (2), 10-Q/A (1), 144/A (1), 25 (1), 25-NSE (1), 3/A (1), 8-A12B/A (1), 8-A12G (1), CERTAMX (1), CERTBSE (1), CERTNYS (1), DEFC14A (1), NT 10-K (1), NT 10-Q (1), PRRN14A (1), REGDEX/A (1), SB-2 (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Sep 2, 2026
    Proxy statement (DEF 14A) Apr 21, 2026
    Latest 8-K (8-K) Sep 9, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.15 par valueAGXNYSE

From the cover page of the 10-K filed Mar 26, 2026 (Section 12(b) of the Exchange Act).7

Risk factors and legal proceedings

The risks Argan, Inc. names in Item 1A of its 10-K filed Mar 26, 2026: 38 risks under these headings, as written.7

  • Risks Related to Our Business
  • Demand for our services may decrease during economic downturns or unpredictable economic cycles, which could affect our businesses adversely.
  • Future revenues are dependent on the awards of utility-scale natural gas-fired and renewable energy EPC projects to us, the receipt of corresponding full notices-to-proceed, and our ability to successfully complete the projects that we start.
  • Our financial results may fluctuate due to the timing of large construction projects.
  • Actual results could differ from the assumptions and estimates used to prepare our consolidated financial statements.
  • Project backlog amounts may be uncertain indicators of future revenues as project realization may be subject to unexpected adjustments, delays and cancellations.
  • Unsuccessful efforts to develop energy plant projects could result in write-offs and the loss of future business.
  • Future bonding requirements may adversely affect our ability to compete for certain projects.
  • Our results could be adversely affected by natural disasters, human-made disasters or other catastrophic events.
  • Disruptions or unfavorable changes in power market economics, including reductions in spark spreads or changes in capacity market pricing, could reduce demand for new power generation projects in certain regions.
  • Artificial intelligence poses risks that could adversely affect our business, financial condition, and results of operations.
  • Risks Related to Our Market
The other 28 risks
  • If the price of natural gas increases or becomes more volatile, the demand for our construction services could decline.
  • Soft demand for electrical power may cause deterioration in our financial outlook.
  • Intense global competition for engineering, procurement, and construction contracts could reduce our market share.
  • Changes in electricity generation resource mix could affect demand for new natural gas-fired power plant projects.
  • Unexpected changes in the foreign countries in which we operate could result in project disruptions, increased costs and potential losses.
  • Risks Related to the Regulatory Environment
  • We are required to comply with environmental laws and regulations that may add unforeseen costs to our businesses.
  • Changes in U.S. trade policy, including the imposition of tariffs, could increase our costs, disrupt supply chains, and reduce demand for construction projects.
  • Delays or failures in obtaining required regulatory approvals, including permits, interconnection agreements, and pipeline approvals, could delay or prevent energy projects and adversely affect our results.
  • Risks Related to Our Operational Execution
  • We may experience reduced profits or incur losses under fixed-price contracts if costs increase above estimates.
  • Our continued success depends on our ability to attract, hire and retain talented personnel.
  • The shortage of skilled craft labor may negatively impact our ability to execute on our long-term construction contracts.
  • If we guarantee the timely completion or the performance of a project, we could incur additional costs to fulfill such obligations.
  • We may be involved in litigation, liability claims, and contract disputes which could reduce our profits and cash flows.
  • Our failure to recover adequately on contract variations submitted to project owners could have a material effect on our financial results.
  • Our dependence upon third parties to perform portions of our work and supply materials and equipment could adversely affect our project performance and profitability.
  • Failure to maintain safe work sites could result in significant losses as we work on projects that are inherently dangerous.
  • Work stoppages, union negotiations and other labor problems could adversely affect us.
  • Future acquisitions or investments may not occur, and any acquisitions we complete may not be successfully integrated, which could limit our growth and adversely affect our results.
  • Our failure to protect our management information systems against security breaches could adversely affect our business and results of operations.
  • Changes in tax laws or tax rates could increase our tax expense.
  • Certain of our tax positions may be successfully challenged by tax authorities which could result in additional income tax expense.
  • Violations of the Foreign Corrupt Practices Act or similar anti-bribery laws may harm our business.
  • Risks Related to an Investment in Our Securities
  • Our acquisition strategy may result in dilution to our stockholders.
  • Future restricted stock issuances and stock option exercises will dilute the ownership of the Company’s current stockholders.
  • Our officers, directors and certain unaffiliated stockholders may have meaningful control over the Company.
  • We may not pay cash dividends in the future.
  • We may discontinue the repurchase of our common stock in the future.
  • Provisions of our certificate of incorporation and Delaware law could deter takeover attempts.

Legal proceedings

In the normal course of business, the Company may have pending claims and legal proceedings. We maintain accrued expense balances for the estimated amounts of legal costs expected to be billed related to any significant matter. In the opinion of management, based on information available at this time, there are no current claims and proceedings that would have a material adverse effect on the consolidated financial statements (see Note 10 to the accompanying consolidated financial statements). However, the outcomes of such legal claims and proceedings are subject to inherent uncertainties.

The opening of Item 3, Legal Proceedings.7

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