AGX

EX-99.1

2 agx-20260902xex99d1.htm

EX-99.1

Exhibit 99.1

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Argan, Inc. Reports Second Quarter Fiscal 2027 Results

Record Revenue of $384 Million; Record Net Income of $53.3 Million

September 2, 2026 – ARLINGTON, VA – Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces financial results for its second quarter of fiscal year 2027 ended July 31, 2026. The Company will host an investor conference call today, September 2, 2026, at 5:00 p.m. ET.

Consolidated Financial Highlights

($ in thousands, except per share data)

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July 31,

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For the Quarter Ended:

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

Change

Revenues

​

$

383,976

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$

237,743

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$

146,233

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Gross profit

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​

74,218

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44,267

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29,951

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Gross margin %

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19.3

%

18.6

%

0.7

%

Net income

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$

53,302

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$

35,275

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$

18,027

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Diluted earnings per share

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​

3.76

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2.50

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1.26

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Adjusted EBITDA(1)

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70,030

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38,490

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31,540

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Adjusted EBITDA margin(1)

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18.2

%

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16.2

%

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2.0

%

Cash dividends per share

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$

0.500

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$

0.375

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$

0.125

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July 31,

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For the Six Months Ended:

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2026

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2025

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Change

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Revenues

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$

674,930

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$

431,403

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$

243,527

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Gross profit

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135,332

​

81,130

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54,202

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Gross margin %

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20.1

%

18.8

%

1.3

%

Net income

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$

99,365

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$

57,825

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$

41,540

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Diluted earnings per share

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7.01

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4.09

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2.92

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Adjusted EBITDA(1)

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126,469

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69,977

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​

56,492

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Adjusted EBITDA margin(1)

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​

18.7

%

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16.2

%

​

2.5

%

Cash dividends per share

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1.000

​

0.750

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0.250

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July 31,

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January 31,

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As of:

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2026

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2026

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Change

Cash, cash equivalents and investments

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$

1,028,446

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$

894,981

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$

133,465

Net liquidity(2)

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440,360

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421,000

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19,360

Share repurchase treasury stock, at cost

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​

144,914

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114,361

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30,553

Project backlog

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2,518,000

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2,929,000

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(411,000)

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(1)​

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Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Please refer to “Non-GAAP Financial Measures.”

(2)​

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Net liquidity, or working capital, is defined as total current assets less total current liabilities.

David Watson, President and Chief Executive Officer of Argan, commented, “We delivered a strong second quarter, highlighted by record revenue of $384 million, a gross margin of 19.3%, record net income of $53 million, and record adjusted EBITDA of $70 million.

“Our Power segment continued to execute extremely well during the second quarter, growing revenue 53% year over year to $301 million at a gross margin of 22%. Following the close of the quarter, we achieved final completion on the remaining project of our Midwest Solar and Battery Projects. In our Industrial segment, construction of our new fabrication facility continues to progress as planned, with expected completion next quarter. The plant will support heightened demand for the fabrication of vessels for data centers. In our Teledata segment, we closed the acquisition of ValCor Communications, a Connecticut-based provider of installation and repair services for information, communication, and data networks. The addition of ValCor increases our geographic presence and expands the segment’s client base to defense, aerospace, and technology clients in the region.

“We are energized by the opportunities we are seeing across all three of our business segments and believe that our diverse capabilities, proven track record of excellent execution, and strong balance sheet position us well to benefit from the current demand environment. This is an exciting time for Argan and we remain focused on capturing the right projects with the right partners in the right geographies.”

Second Quarter Results

Consolidated revenues for the quarter ended July 31, 2026, were $384.0 million, an increase of $146.2 million, or 61.5%, from consolidated revenues of $237.7 million reported for the comparable prior-year quarter. The year-over-year increase reflects higher revenues across all of the Company’s business segments. In the Power segment, revenue growth was driven by the continued ramp-up of construction activities on several contracts that have not yet reached peak construction.

For the quarter ended July 31, 2026, Argan's consolidated gross profit was $74.2 million, or 19.3% of consolidated revenues, compared to $44.3 million, or 18.6% of consolidated revenues, for the quarter ended July 31, 2025. The gross profit percentage increased between periods primarily due to the changing mix of projects and contract types and strong execution in our Power segment. The increase in gross profit percentage was partially offset by decreased performance on certain projects in our Industrial and Teledata segments.

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