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ESOA on Nasdaq

Energy Services of America CORP

American water company that raised $5 million in 2025 (SEC Form D)2

In its 2025 annual report the company says: “Energy Services of America Corporation, formed in 2006, is a contractor and service company that operates primarily in the mid-Atlantic and central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries.”6 It is headquartered in Huntington, United States.2 Its shares trade on Nasdaq under the symbol ESOA.2

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Last updated Oct 21, 2026.

Overview

$411.0MRevenue, fiscal 20253

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  • TickerESOA on Nasdaq2
  • IndustryWater, Sewer, Pipeline, Comm & Power Line Construction2
  • HeadquartersHuntington, United States2
  • Incorporated inDE4
  • Business address75 West 3Rd Ave., Huntington, Wv 257014
  • Filer categoryAccelerated filer, Smaller reporting company4
  • Legal formCorporation2
  • LEI984500A00BECD43F7B492
  • StatusActive2
  • LEI statusIssued and current2
  • Registered address251 LITTLE FALLS DRIVE, 19808 Wilmington, United States2
  • Registered withSecurities and Exchange Commission, 00013579712

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Energy Services of America Corporation (“Energy Services” or the “Company”), formed in 2006, is a contractor and service company that operates primarily in the mid-Atlantic and central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. For the gas industry, the Company is primarily engaged in the construction, replacement and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. Energy Services is involved in the construction of both interstate and intrastate pipelines, with an emphasis on the latter. For the oil industry, the Company provides a variety of services relating to pipeline, storage facilities and plant work. For the power, chemical, and automotive industries, the Company provides a full range of electrical and m…6 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 2025

9.4%Gross margin3
1.0%Operating margin3
16.8%Revenue growth, 20253
0.85×Debt to equity3
-$2.2MFree cash flow3

What sells

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

Business segments

Underground Infrastructure Construction brought in 27% of the revenue Energy Services of America CORP broke down this way in fiscal 2025.

  1. Underground Infrastructure Construction$223.0M327%up 18% from 2024
  2. Electrical, Mechanical, and General$196.8M324%up 4% from 2024
  3. Gas and Water Distribution$149.6M318%up 81% from 2024
  4. Industrial Construction$138.9M317%up 34% from 2024
  5. Gas and Petroleum Transmission$64.6M38%down 20% from 2024
  6. Building Construction$49.1M36%down 16% from 2024
Business segments by year
Business segments20242025
Underground Infrastructure Construction$189.1M$223.0M
Electrical, Mechanical, and General$188.4M$196.8M
Gas and Water Distribution$82.4M$149.6M
Industrial Construction$104.1M$138.9M
Gas and Petroleum Transmission$81.1M$64.6M
Building Construction$58.7M$49.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue91¢$372.2M
  • Selling, general and admin8¢$34.6M
  • Other costs1¢$3.7M
  • Income tax0¢$485.2K

Out of $411.0M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Capital spending73¢$6.4M
  • Dividends paid17¢$1.5M
  • Share buybacks10¢$844.2K

Out of $4.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3

Financial statements

Revenue78910113$411.0M in 2025+203% since 2018
0$200.0M$400.0M$600.0M2018: $135.5M$135.5M20182019: $174.5M$174.5M2019+29%2020: $119.2M$119.2M2020−32%2021: $122.5M$122.5M2021+3%2022: $197.6M$197.6M2022+61%2023: $304.1M$304.1M2023+54%2024: $351.9M$351.9M2024+16%2025: $411.0M$411.0M2025+17%
Gross profit7891210113$38.8M in 2025+233% since 2018
0$20.0M$40.0M$60.0M2018: $11.6M$11.6M20182019: $12.7M$12.7M2019+9%2020: $13.5M$13.5M2020+6%2021: $12.9M$12.9M2021−4%2022: $22.4M$22.4M2022+73%2023: $36.8M$36.8M2023+65%2024: $50.0M$50.0M2024+36%2025: $38.8M$38.8M2025−22%
Operating income7891210113$4.2M in 2025+8% since 2018
-$10.0M0$10.0M$20.0M2018: $3.9M$3.9M20182019: $3.8M$3.8M2019−3%2020: $3.7M$3.7M2020−4%2021: -$1.1M-$1.1M20212022: $6.5M$6.5M20222023: $13.0M$13.0M2023+101%2024: $19.8M$19.8M2024+52%2025: $4.2M$4.2M2025−79%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2025-09-302024-09-30
Revenue$411.0M$351.9M
Cost of revenue$372.2M$301.9M
Gross profit$38.8M$50.0M
Selling and administrative expenses$34.6M$30.1M
Income from operations$4.2M$19.8M
Proceeds from lawsuit judgement$15.6M
Other nonoperating expense-$224.8K-$21.6K
Interest expense-$3.2M-$2.2M
Gain on sale of equipment$83.6K$261.1K
Other nonoperating income (expense), Total-$3.4M$13.7M
Income before income taxes$864.9K$33.5M
Income tax expense$485.2K$8.4M
Net income$379.7K$25.1M
Weighted average shares outstanding-basic (in shares)16.6M shares16.6M shares
Weighted average shares-diluted (in shares)16.7M shares16.6M shares
Earnings per share available to common shareholders - basic (in dollar per share)$0.02$1.52
Earnings per share available to common shareholders - diluted (in dollar per share)$0.02$1.51

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Corporate structure

Energy Services of America CORP sits at the top of its group. 11 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Energy Services of America CORP

  • Wax Asset Management, LLC Filed SCHEDULE 13G on Energy Services of America CORP, latest Feb 13, 2026 (4 filings since Feb 7, 2023)
  • THOMPSON DAVIS & CO., INC. Filed SC 13G/A on Energy Services of America CORP, latest Aug 23, 2024 (2 filings since Sep 20, 2023)
  • Brian Pratt Filed SC 13G/A on Energy Services of America CORP, latest Feb 17, 2023 (3 filings since Sep 23, 2022)
  • Energy Services of America CORP Huntington, West Virginia, United States
    • C.J. Hughes Construction Company, Inc. Subsidiary · West Virginia, United States
    • Contractors Rental Company, Inc. Subsidiary · West Virginia, United States
    • Nitro Construction Service, Inc. Subsidiary · West Virginia, United States
    • Nitro Electric Company, LLC Subsidiary · Michigan, United States
    • Pinnacle Technical Solutions, Inc. Subsidiary · West Virginia, United States
    • Ryan Construction Services, Inc. Subsidiary · West Virginia, United States
    • SQP Construction Group, Inc. Subsidiary · West Virginia, United States
    • Tri-State Paving & Sealcoating, Inc. Subsidiary · West Virginia, United States
    • Tribute Acquisition Company, Inc. Subsidiary · Ohio, United States
    • West Virginia Pipeline, Inc. Subsidiary · West Virginia, 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 Energy Services of America CORP 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$115.4M3 Sep 30, 2025$91.9M3 Sep 30, 2024+25.6%
Accumulated depreciation$62.0M3 Sep 30, 2025$53.7M3 Sep 30, 2024+15.3%
Property and equipment, net$53.5M3 Sep 30, 2025$38.1M3 Sep 30, 2024+40.2%
Operating-lease assets (leased space)$2.1M3 Sep 30, 2025$2.5M3 Sep 30, 2024−18.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$12.2M3 Sep 30, 2025$12.9M3 Sep 30, 2024−5.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$9.9M3 Sep 30, 2025$4.1M3 Sep 30, 2024+141.4%
Intangible assets, net (excluding goodwill)$4.9M3 Sep 30, 2025$3.1M3 Sep 30, 2024+59.7%
Finite-lived intangibles, gross$7.5M3 Sep 30, 2025$4.7M11 Sep 30, 2024+59.8%
Finite-lived intangibles, net$4.9M3 Sep 30, 2025$3.1M3 Sep 30, 2024+59.7%

Properties, in its own words

The Company and its subsidiaries own the property where its subsidiaries, C.J. Hughes, Nitro, West Virginia Pipeline, Tribute, and the Company’s headquarters are located. We maintain our executive offices at 75 West 3rd Ave., Huntington, West Virginia 25701, which is also the offices of C.J. Hughes and Contractors Rental. Nitro’s office is located at 4300 1st Ave., Nitro, WV 25143. West Virginia Pipeline’s office is located at 300 Pipeline Road, Princeton, WV 24739. Tribute’s office is located at 2125 County Rd 1, South Point, OH 45680.

SQP leases its office space and is located at 281 Smiley Drive, St Albans, WV 25177. TSP leases its office space and is located at 3384 Teays Valley Rd, Hurricane, WV 25526. Ryan Construction leases its office space and is located at 5793 W. Veterans Memorial Highway, Bridgeport, WV 26330. The Company’s management believes that its properties are adequate for the business it conducts. Please see “Liquidity and Capital Resources” for a description of the mortgages and leases on these properties.

Item 2 of the 10-K filed Dec 15, 2025.6

Leadership

Who has led Energy Services of America CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Marshall T. Reynolds2006–2008
  2. Edsel R. Burns2012
  3. Harley F. Mooney Jr.2012

Chair

  1. Marshall T. Reynolds2006–2008

President

  1. Jack M. Reynolds2006
  2. Marshall T. Reynolds2006
  3. Edsel R. Burns2012
  4. Harley F. Mooney Jr.2012
  5. Troy Alan Taylor2026–now

Chief financial officer

  1. Jack M. Reynolds2006
  2. Marshall T. Reynolds2006
  3. Larry A. Blount2010
  4. Charles P. Crimmel2013–now

Chief operating officer

  1. Robert Neil Riddle Jr.2022
  2. Troy Alan Taylor2026–now
2010201520202025
Board members and other officers (15)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorDouglas V Reynolds named May 12, 2022 to Oct 14, 202538
  • DirectorFrank S Lucente named May 12, 2022 to Oct 14, 202538
  • DirectorJoseph L Williams named May 12, 2022 to Oct 14, 202538
  • DirectorPatrick J Farrell named May 12, 2022 to Oct 14, 202538

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • C.J. Hughes Construction Company, Inc. West Virginia (direct)5
  • Contractors Rental Company, Inc. West Virginia (indirect)5
  • Nitro Construction Service, Inc. West Virginia (indirect)5
  • Nitro Electric Company, LLC Michigan (indirect)5
  • Pinnacle Technical Solutions, Inc. West Virginia (indirect)5
  • Ryan Construction Services, Inc. West Virginia (direct)5
  • SQP Construction Group, Inc. West Virginia (direct)5
  • Tri-State Paving & Sealcoating, Inc. West Virginia (direct)5
  • Tribute Acquisition Company, Inc. Ohio (direct)5
  • West Virginia Pipeline, Inc. West Virginia (direct)5

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

Former names

  • Energy Services Acquisition Corp.Apr 7, 2006 to Aug 15, 20084

Timeline

  1. Oct 1, 20268-K Other events39
  2. Sep 17, 20268-K Other events40
  3. Aug 26, 20268-K Other events41
  4. Aug 10, 20268-K Results of operations42
  5. Jun 18, 20268-K Other events43
  6. Jun 11, 20268-K Other events44
  7. Jun 2, 20268-K Other events45
  8. May 21, 20268-K Executive or director change46
  9. May 11, 20268-K Results of operations47
  10. Mar 23, 20268-K Other events48
  11. Mar 20, 20268-K Other events49
  12. Feb 24, 20268-K Other events50
  13. Sep 4, 2012New chief executive Harley F. Mooney Jr. becomes CEO17
  14. Feb 27, 2012New chief executive Edsel R. Burns becomes CEO16
  15. Aug 30, 2006New chief executive Marshall T. Reynolds becomes CEO18
  16. Mar 31, 2006Founded Energy Services of America CORP is founded2

Calendar

Coming up

  1. Dec 8, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.25 a share, on Dec 9, 2025.51

When it reported results

  1. Aug 10, 2026Reported quarterly or annual results42
  2. May 11, 2026Reported quarterly or annual results47
  3. Feb 9, 2026Reported quarterly or annual results52
  4. Dec 10, 2025Reported quarterly or annual results53
  5. Aug 11, 2025Reported quarterly or annual results54
  6. May 12, 2025Reported quarterly or annual results55
  7. Feb 10, 2025Reported quarterly or annual results56
  8. Dec 16, 2024Reported quarterly or annual results57

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

Filings

256 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 82 major events, 88 insider forms, 9 large holders, 3 private raises, 52 other. The latest 20:

  1. Oct 1, 20268-K EDGAR
  2. Sep 17, 20268-K EDGAR
  3. Aug 26, 20268-K EDGAR
  4. Aug 10, 20268-K EDGAR
  5. Aug 10, 202610-Q EDGAR
  6. Jul 14, 202611-K EDGAR
  7. Jun 29, 2026NT 11-K EDGAR
  8. Jun 22, 20264/A OWNERSHIP DOCUMENT EDGAR
  9. Jun 22, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Jun 22, 20264 OWNERSHIP DOCUMENT EDGAR
  11. Jun 18, 20268-K EDGAR
  12. Jun 11, 20268-K EDGAR
  13. Jun 2, 20268-K EDGAR
  14. Jun 2, 20264 OWNERSHIP DOCUMENT EDGAR
  15. Jun 1, 2026144 EDGAR
  16. May 29, 2026144 EDGAR
  17. May 28, 2026144 EDGAR
  18. May 28, 2026144 EDGAR
  19. May 28, 20264 OWNERSHIP DOCUMENT EDGAR
  20. May 28, 20264 OWNERSHIP DOCUMENT EDGAR

The 256 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

104 open-market trades by officers, directors and large owners since October 2021: 43 buys and 61 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 18, 2026REYNOLDS DOUGLAS VPresidentBuy6,000$16.26$97.6KForm 4
Jun 1, 2026REYNOLDS MARSHALL TDirectorSale35,058$14.98$525.2KForm 4
May 29, 2026REYNOLDS MARSHALL TDirectorSale64,942$15.70$1.0MForm 4
May 28, 2026REYNOLDS MARSHALL TDirectorSale43,243$16.32$705.7KForm 4
May 27, 2026REYNOLDS MARSHALL TDirectorSale56,757$17.19$975.7KForm 4
May 27, 2026Prince MarkDirectorSale33,000$17.80$587.4KForm 4
Mar 20, 2026REYNOLDS DOUGLAS VPresidentBuy4,809$13.26$63.8KForm 4
Mar 19, 2026REYNOLDS DOUGLAS VPresidentBuy1,500$13.04$19.6KForm 4
Dec 19, 2025REYNOLDS DOUGLAS VPresidentBuy4,000$8.07$32.3KForm 4
Dec 18, 2025REYNOLDS DOUGLAS VPresidentBuy2,600$8.35$21.7KForm 4
Dec 17, 2025REYNOLDS DOUGLAS VPresidentBuy2,500$8.65$21.6KForm 4
Dec 17, 2025REYNOLDS MARSHALL TDirectorSale100,000$8.37$837.0KForm 4
May 19, 2025Crimmel Charles P.Chief Financial OfficerBuy500$9.40$4.7KForm 4
May 16, 2025Farrell Patrick JDirectorBuy1,772$8.46$15.0KForm 4
Feb 12, 2025Prince MarkDirectorBuy21,000$10.96$230.2KForm 4
Dec 20, 2024REYNOLDS MARSHALL TDirectorSale34,713$16.04$556.8KForm 4
Dec 19, 2024REYNOLDS MARSHALL TDirectorSale8,212$16.30$133.9KForm 4
Dec 18, 2024REYNOLDS MARSHALL TDirectorSale11,005$17.20$189.3KForm 4
Dec 17, 2024Lucente Frank SDirectorSale5,000$17.50$87.5KForm 4
Sep 20, 2024Reynolds Jack MDirectorSale25,000$10.30$257.5KForm 4

All 104 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
2025Charles P. Crimmel$205.0K$439.2K61
2025Douglas V. Reynolds$200.0K$209.0K61
2024Secretary/Treasurer and Chief Financial Officer$160.0K$270.8K61
2024President and Chief Executive Officer$89.2K$269.4K61

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$5.0M 2022–2025
Money received by yearMoney received by year, 2022–2025: $5.0M in all. Private raises (Form D) $5.0M.$0$500K$1M$1.5M$2M2022 · Private raises (Form D): $1.0M202220232024 · Private raises (Form D): $2.0M20242025 · Private raises (Form D): $2.0M2025
Figures by year
YearPrivate raises (Form D)Total
2025$2.0M$2.0M
2024$2.0M$2.0M
2022$1.0M$1.0M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Sep 30, 2025Raised $2 million in a private offering of equity38 Form D: 2 investors so far Form D
  2. Dec 2, 2024Raised $2 million in a private offering of equity62 Form D: 2 investors so far Form D
  3. Apr 29, 2022Raised $1 million in a private offering of equity63 Form D: 1 investor so far Form D

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.836,211$16.2M0.0%+178,919
Needham Investment Management LLC800,000$15.5M0.5%No change
Huntington National Bank663,588$12.8M0.1%No change
Vanguard Capital Management LLC612,489$11.8M0.0%+25,814
Stokes Family Office, LLC462,149$8.9M1.0%No change
Geode Capital Management, LLC355,827$6.9M0.0%+68,729
Dimensional Fund Advisors LP354,058$6.8M0.0%+4,856
Two Sigma Investments, LP323,147$6.2M0.0%+74,486
Mackenzie Financial Corp303,315$5.9M0.0%+36,957
Raffles Associates LP288,784$5.6M2.5%+118,392
State Street Corp269,752$5.2M0.0%+33,746
Marshall Wace, Llp254,906$4.9M0.0%−31,103
D. E. Shaw & Co., Inc.238,517$4.6M0.0%+86,600
American Century Companies Inc197,786$3.8M0.0%+75,631
Nuveen, LLC196,428$3.8M0.0%+107,730
Algert Global LLC182,808$3.5M0.0%−51,448
Renaissance Technologies LLC164,412$3.2M0.0%−53,088
Bank of New York Mellon Corp155,099$3.0M0.0%−1,053
Bank Of America Corp /de/122,237$2.4M0.0%+31,456
Northern Trust Corp112,818$2.2M0.0%+1,153
Vanguard Portfolio Management LLC109,645$2.1M0.0%+39,380
Bnp Paribas Financial Markets108,198$2.1M0.0%+20,005
Walleye Capital LLC108,099$2.1M0.0%+37,906
Ardsley Advisory Partners LP100,000$1.9M0.2%No change
Vanguard Fiduciary Trust Co96,483$1.9M0.0%+14,259

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

SEC filer profile

How Energy Services of America CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAREnergy Services of America CORP1
  • CIK0001357971
  • Employer ID (EIN)20-46062666
  • Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsSeptember 301
  • Industry code (SIC)1623 Water, Sewer, Pipeline, Comm & Power Line Construction1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address75 West 3Rd Ave., Huntington, WV 257011
  • Phone(304) 522-38681
  • Shares outstanding18,659,181 as of Aug 7, 202615
  • Public float$116.8M as of Mar 31, 20256
  • AuditorUrish Popeck & Co., LLC, Pittsburgh, Pennsylvania PCAOB ID 1013; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceApr 7, 20061
  • Filings721 in all: 8-K (219), 4 (185), 10-Q (60), 144 (25), 3 (22), UPLOAD (22), DEF 14A (21), 10-K (20)1
    All 50 form types

    CORRESP (13), 11-K (11), SC 13G/A (11), 8-K/A (9), 5 (8), SC 13G (7), 4/A (6), EFFECT (6), SC 13D/A (5), SC TO-I/A (5), D (4), S-1/A (4), S-3/A (4), S-8 (4), 10-K/A (3), 10-Q/A (3), 25-NSE (3), ARS (3), NT 10-K (3), POS AM (3), S-3 (3), SC 13D (3), 424B5 (2), 8-A12B (2), D/A (2), NT 11-K (2), PRE 14A (2), PRER14A (2), 424B3 (1), 424B4 (1), 8-A12B/A (1), 8-A12G (1), CERT (1), CERTAMX (1), DEFA14A (1), DEFR14A (1), NT 10-Q (1), RW (1), S-1 (1), SC TO-I (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Dec 15, 2025
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Jan 12, 2026
    Latest 8-K (8-K) Oct 1, 2026

Securities registered for trading

ClassSymbolExchange
ESOANasdaq

From the cover page of the 10-K filed Dec 15, 2025 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Energy Services of America CORP names in Item 1A of its 10-K filed Dec 15, 2025: 28 risks under these headings, as written.6

  • Risk Related to our Operations
  • Our operating results may vary significantly from quarter to quarter.
  • Future acquisitions could disrupt the Company’s business and adversely affect our results of operations, financial condition and cash flows.
  • Risk Related to our Business
  • The type of contracts we obtain could adversely affect our profitability.
  • A portion of our business depends on our ability to provide surety bonds. We may be unable to compete on certain projects if we are not able to obtain the necessary surety bonds.
  • Many of our contracts can be cancelled or delayed or may not be renewed upon completion.
  • Our business requires a skilled labor force and if we are unable to attract and retain qualified employees, our ability to maintain our productivity could be impaired.
  • Our backlog may not be realized.
  • We extend credit to customers for purchases of our services and therefore have risk that they may not be able to repay us.
  • Our dependence on suppliers, subcontractors and equipment manufacturers could expose us to risk of loss in our operations.
  • We face cybersecurity risk including breach of confidential personal information, Company or customer intellectual properties, and delays related to data loss.
The other 18 risks
  • Inflation can have an adverse impact on our business and on our customers.
  • Societal responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers.
  • The SBA may review the Company’s PPP Loan forgiveness application and if the SBA disagrees with the Company’s certification the Company could be subject to penalties and the repayment of the PPP Loans, which could negatively impact the Company’s business, financial condition and results of operations and prospects.
  • Risk Related to our Industry
  • An economic downturn in the industries we serve could lead to less demand for our services.
  • Project delays or cancellations may result in additional costs to us, reductions in revenues or the payment of liquidated damages.
  • Our industry is highly competitive.
  • We may be unsuccessful at generating internal growth.
  • Risk Related to Financing
  • Credit facilities to fund our operations and growth might not be available.
  • Risk Related to our Financial Performance
  • Revenue and cost estimates on projects may differ from actual results.
  • Risk Related to Law and Regulatory Compliance
  • During the ordinary course of business, we may become subject to lawsuits or indemnity claims, which could materially and adversely affect our business and results of operations.
  • We may incur liabilities or suffer negative financial or reputational harm relating to occupational health and safety matters.
  • Changes by the government in laws regulating the industries we serve could reduce our sales volumes.
  • Our failure to comply with environmental laws could result in significant liabilities.
  • We have operations in multiple states and face risks related to pandemics such as the Coronavirus/COVID 19 global pandemic that could impact our results of operations.
  • Risks Relating to Ownership of Our Common Stock
  • Our common stock is not heavily traded, and the stock price may fluctuate significantly.
  • Our directors beneficially own a significant portion of our common stock and have substantial influence over us.
  • Our dividend policy may change without notice and any payment of dividends in the future is subject to the discretion of our board of directors.
  • Increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks.

Legal proceedings

On November 12, 2021, the Company received a withdrawal liability claim from a pension plan to which the Company made pension contributions for union construction employees performing covered work in a particular jurisdiction. The Company has not performed covered work in their jurisdiction since 2011; however, the Company disagrees with the withdrawal claim and believes it is covered by an exemption under federal law. The demand called for thirty-four quarterly installment payments of $41,000 starting December 15, 2021. The Company complied with the demand according to federal pension law; however, the Company firmly believes no withdrawal liability exists. The Company is in negotiations with the pension fund to resolve the matter and all future payments have been suspended as part of the negotiation. The Company has expensed all $164,000 in payments made through September 30, 2022 and does not expect any future liabilities related to this claim. The Company did not make any payments during the twelve months ended September 30, 2024 or 2025.

Other than described above, at September 30, 2025, the Company was not involved in any legal proceedings other than in the ordinary course of business. The Company is a party from time to time to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract and/or property damages, punitive damages, civil penalties, or other losses, or injunctive or declaratory relief. With respect to all such lawsuits, claims, and proceedings, we record reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. At September 30, 2025, the Company does not believe that any of these proceedings, separately or in aggregate, would be expected to have a material adverse effect on our financial position, results of operations or cash flows.

The opening of Item 3, Legal Proceedings.6

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