Argan, Inc.

Overview

Argan, Inc. is a Delaware holding company operating through wholly owned subsidiaries in three reportable segments: Power, Industrial, and Teledata. Its core business is engineering, procurement, and construction (EPC) services plus project management, maintenance, and technical services for energy, industrial, and communications infrastructure. Operations are primarily in the United States, with international activities in Ireland and the United Kingdom. Teledata has a presence in the Mid-Atlantic U.S., including an acquisition in Tidewater, Virginia in December 2021.

Segments

Power

• Full-service EPC for power generation projects: engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting.
• Customers include independent power producers, public utilities, equipment suppliers, and commercial firms with large power needs.
• Geographic footprint: United States, Ireland, United Kingdom. International work includes turbine, boiler, and large rotating equipment services and outage work.
• Typical projects: gas-fired combined-cycle and simple-cycle plants, biofuel, biomass, solar with/without storage, and wind.
• Backlog: > $2.7 billion as of January 31, 2026; approx. $1.3 billion as of January 31, 2025.
• Revenue: $756.5 million (Fiscal 2026); $693.0 million (Fiscal 2025); $416.3 million (Fiscal 2024).
• Share of consolidated revenues: 80.1% (2026); 79.3% (2025); 72.6% (2024).
• Top customers: three customers represented about 23%, 16%, and 11% of consolidated revenues in Fiscal 2026 (28%, 13%, and 10% in Fiscal 2025; 19%, 16%, and 15% in Fiscal 2024).
• Key risks: project concentration, variable backlogs, exposure to labor and material costs, supply chain disruptions, tariffs, regulatory changes, and energy market cycles.

Industrial

• Services: on-site industrial construction and field services; fabrication of pipe and vessels; maintenance turnarounds; shutdowns and emergency mobilizations.
• Geography: Southeastern United States; headquarters and fabrication facility near Greenville, North Carolina.
• Facilities: fabrication facility and warehouse of approximately 90,000 sq ft with adjacent offices.
• Revenue: $167.6 million (Fiscal 2026); $167.6 million (Fiscal 2025); $142.8 million (Fiscal 2024).
• Share of consolidated revenues: 17.7% (2026); 19.2% (2025); 24.9% (2024).
• Key customers: large aluminum, datacenter, electric vehicle, chemical, paper and wastewater, and other industrial companies.
• Staffing: mix of permanent staff, temporary labor, and subcontractors; labor availability affects scheduling and costs.

Teledata

• Services: project management, construction, installation, maintenance, repair, and emergency response for power distribution and information/communications/data networks.
• Geography: Mid-Atlantic U.S.; additional markets in New England and the Southeast.
• History: expanded footprint with the Tidewater, Virginia acquisition in December 2021.
• Revenue: $20.6 million (Fiscal 2026); $13.5 million (Fiscal 2025); $14.3 million (Fiscal 2024).
• Share of consolidated revenues: 2.2% (2026); 1.5% (2025); 2.5% (2024).
• Customers: electricity utilities, counties, states, and government contractors; emphasis on security-cleared personnel.

Company structure, people, and facilities

• Employees: 1,409 personnel as of January 31, 2026 (craft and non-craft; primarily full-time).
• Corporate headquarters: Arlington, Virginia (leased office space).
• Power segment headquarters: Glastonbury, Connecticut.
• Ireland: Power segment office in Limerick (two floors) and an operations support facility in Nenagh with approximately 10,663 sq ft of warehouse space.
• United Kingdom: office space in Derby, England.
• Industrial segment: Winterville, North Carolina (fabrication and warehouse facility ~90,000 sq ft; nearby offices).
• Teledata segment: headquarters in Tracys Landing, Maryland (facilities include ~5 acres of land, a 2,400 sq ft maintenance facility, and office space); additional space in Hampton, Virginia (11,460 sq ft).

Financial position and liquidity

• Total consolidated revenue:
  • Fiscal 2026: $944.7 million (Power $756.5; Industrial $167.6; Teledata $20.6).
  • Fiscal 2025: $874.1 million (Power $693.0; Industrial $167.6; Teledata $13.5).
  • Fiscal 2024: $873.4 million (Power $416.3; Industrial $142.8; Teledata $14.3).
• Credit facilities (as of January 31, 2026):
  • Second Amended and Restated Replacement Credit Agreement: base lending commitment $35.0 million; accordion feature up to $30.0 million; maturity May 31, 2027; interest at SOFR + 1.85% on the revolver.
  • Offshore companion facility: $25.0 million for letters of credit, secured by a blanket parent guarantee; enables local issuance via Bank of America entities.
  • As of January 31, 2026: no borrowings outstanding under the Credit Agreement; letter of credit outstanding $0.3 million.
  • Aggregate capacity for outstanding letters of credit under facilities up to $60.0 million; accordion could add $30.0 million.
  • All or substantially all assets pledged as security; covenants include maintaining positive adjusted EBITDA over rolling 12 months and are currently in compliance.
• Risk management: the company maintains insurance programs and other practices to manage exposure to supply chain issues, tariffs, regulatory changes, and project-related risks.

Legal matters

• In March 2025, Argan’s U.K. subsidiary sued EP NI Energy Limited and EP UK Investment Limited in the High Court of Justice for breach of contract and related claims after a project owner drew $10.0 million on an irrevocable letter of credit (an on-demand performance bond). The company contests the draw; the amount remains included in accounts receivable as of January 31, 2026. The U.K. subsidiary also has other receivables, variations, and time-extension claims tied to an overseas project.

Key takeaways

• Argan operates three distinct segments: Power EPC and related services (the largest revenue contributor with international capabilities), Industrial field services and fabrication (in-house fabrication in the Southeast U.S.), and Teledata/network infrastructure services (Mid-Atlantic U.S., with recent expansion via acquisition).
• The Power segment drives the majority of revenue and carries a substantial backlog, while Industrial and Teledata provide diversification across on-site services and communications infrastructure.
• The company employs a mix of direct hires, subcontractors, and temporary labor, and reported about 1,409 employees as of January 31, 2026.
• As of early 2026, consolidated revenue was approximately $945 million; the company maintains credit facilities providing revolving and letter-of-credit capacity, with no borrowings outstanding under the primary credit agreement and limited letter-of-credit exposure.