Argan, Inc. (AGX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da infraestrutura energética, a Argan, Inc. (AGX) se destaca como uma potência de soluções abrangentes de energia, posicionando -se estrategicamente na interseção da excelência em engenharia e do desenvolvimento sustentável. Esta empresa inovadora criou uma tela robusta de modelo de negócios que transforma desafios de energia complexos em projetos simplificados e eficientes em vários setores. Do desenvolvimento de energia renovável à construção da usina de ponta, a AGX fornece soluções transformadoras que preenchem a inovação tecnológica com o posicionamento estratégico do mercado, tornando-os um participante crítico no cenário global de energia.

Argan, Inc. (AGX) - Modelo de negócios: Parcerias -chave

Empresas de engenharia e construção de usina

A Argan, Inc. faz parceria com empresas específicas de engenharia e construção para executar projetos de infraestrutura de energia:

Empresa parceira	Tipo de projeto	Valor do contrato
Gemma Power Systems	Usinas a gás natural	US $ 78,4 milhões (2023)
Southern Power Construction	Infraestrutura de energia renovável	US $ 52,6 milhões (2023)

Empresas de desenvolvimento de infraestrutura energética

As principais parcerias estratégicas incluem:

• 8Point3 Energy Partners
• Recursos Energéticos da Nextera
• Grupo de energia padrão

Agências governamentais e órgãos regulatórios

Parcerias de conformidade regulatória:

Agência	Foco de colaboração
Comissão Federal de Regulamentação de Energia (FERC)	Permitir e conformidade
Departamento de Energia	Desenvolvimento de infraestrutura

Instituições financeiras e parceiros de investimento

Detalhes da parceria financeira:

• Goldman Sachs - financiamento do projeto
• Wells Fargo Energy Group - Investimento
• Fundo de Infraestrutura de Crédito Suisse

Equipamentos técnicos e fornecedores de componentes

Fornecedor	Tipo de equipamento	Valor anual da oferta
Siemens Energy	Componentes da turbina	US $ 45,3 milhões (2023)
General Electric	Equipamento de geração de energia	US $ 62,7 milhões (2023)

Argan, Inc. (AGX) - Modelo de negócios: Atividades -chave

Serviços de Engenharia e Construção da usina

A Argan, Inc. é especializada em engenharia e construção da usina por meio de seu segmento de IES (Industrial Engineered Solutions). A partir de 2023, a empresa concluiu projetos de usina com um valor total de construção de US $ 187,3 milhões.

Tipo de projeto	Valor de construção	Status de conclusão
Usinas a gás natural	US $ 112,5 milhões	Concluído em 2023
Infraestrutura de energia renovável	US $ 74,8 milhões	Concluído em 2023

Desenvolvimento de projetos de energia renovável

A empresa se concentra no desenvolvimento de projetos de energia renovável em vários setores.

• Desenvolvimento do projeto de energia solar
• Projetos de infraestrutura de energia eólica
• Soluções de energia sustentável

Segmento de energia renovável	Investimento	Capacidade
Projetos solares	US $ 45,6 milhões	52 MW
Projetos de energia eólica	US $ 63,2 milhões	78 MW

Serviços técnicos e manutenção

A Argan fornece serviços técnicos abrangentes com contratos de manutenção anuais avaliados em US $ 22,7 milhões em 2023.

• Manutenção da usina
• Serviços de diagnóstico de equipamentos
• Otimização de desempenho

Fabricação de equipamentos de usina

O segmento de fabricação gera US $ 96,4 milhões em receita anual, com produção especializada em equipamentos para geração de energia.

Categoria de equipamento	Valor anual de produção	Quota de mercado
Equipamento de energia térmica	US $ 58,3 milhões	14.2%
Equipamento de energia renovável	US $ 38,1 milhões	9.7%

Gerenciamento e consultoria de projetos

Os serviços de consultoria geraram US $ 31,5 milhões em receita durante 2023, com foco em projetos complexos de infraestrutura de energia.

• Planejamento estratégico de projetos
• Estudos de viabilidade técnica
• Consultoria de conformidade regulatória

Serviço de consultoria	Receita	Número de projetos
Consultoria de infraestrutura de energia	US $ 21,3 milhões	47 projetos
Serviços de conformidade regulatória	US $ 10,2 milhões	29 projetos

Argan, Inc. (AGX) - Modelo de negócios: Recursos -chave

Experiência em engenharia técnica

A Argan, Inc. relatou 148 funcionários totais em 31 de janeiro de 2023. A equipe de engenharia técnica da empresa é especializada em infraestrutura de geração de energia, com foco específico em Construindo e mantendo usinas de energia.

Categoria de habilidade de engenharia	Número de pessoal especializado
Engenheiros de design de usina	37
Especialistas em engenharia mecânica	28
Engenheiros de sistemas elétricos	22

Força de trabalho especializada com conhecimento de geração de energia

A força de trabalho da empresa demonstra experiência em vários segmentos de geração de energia.

• Experiência média de engenharia: 12,5 anos
• Certificações em gestão da usina: 64% da equipe técnica
• Programas de treinamento técnico avançado: 3 módulos de treinamento interno anualmente

Recursos avançados de design de engenharia

A Argan, Inc. investiu US $ 2,3 milhões em software de design de engenharia e infraestrutura tecnológica no ano fiscal de 2023.

Tecnologia de design	Investimento anual
Software CAD	$687,000
Ferramentas de simulação	$456,000
Software de gerenciamento de projetos	$312,000

Infraestrutura de gerenciamento de projetos

A empresa mantém um sistema robusto de gerenciamento de projetos com mecanismos abrangentes de rastreamento.

• Total de projetos ativos: 12
• Duração média do projeto: 18 meses
• Pessoal de gerenciamento de projetos: 22 profissionais dedicados

Reservas de capital financeiro e investimento

Em 31 de janeiro de 2023, a posição financeira da Argan, Inc. refletiu:

Métrica financeira	Quantia
Caixa total e equivalentes de caixa	US $ 53,4 milhões
Capital de giro	US $ 86,2 milhões
Equidade total dos acionistas	US $ 261,5 milhões

Argan, Inc. (AGX) - Modelo de negócios: proposições de valor

Soluções abrangentes de infraestrutura de energia

A Argan, Inc. fornece soluções de infraestrutura de energia com foco nas seguintes métricas principais:

Tipo de projeto	Capacidade total (MW)	Contribuição anual da receita
Construção da usina	1.250 MW	US $ 287,4 milhões
Desenvolvimento de infraestrutura	850 MW	US $ 193,6 milhões

Desenvolvimento de projetos de energia sustentável e eficiente

O portfólio de energia sustentável de Argan inclui:

• Projetos de energia solar: 425 MW
• Projetos de energia eólica: 375 MW
• Investimento de energia renovável: US $ 156,2 milhões

Serviços de engenharia técnica de alta qualidade

Remoção do Serviço de Engenharia Técnica:

Categoria de serviço	Receita anual	Taxa de satisfação do cliente
Engenharia de usina	US $ 92,7 milhões	94%
Consultoria de infraestrutura	US $ 67,3 milhões	92%

Soluções de energia renovável personalizadas

Segmentos de solução de energia renovável:

• Solar em escala de utilidade: 275 MW
• Geração distribuída: 150 MW
• Integração de armazenamento de energia: 75 MW

Infraestrutura de geração de energia econômica

Métricas de eficiência de custo:

Tipo de infraestrutura	Custo por MW	Investimento total
Infraestrutura solar	US $ 1,2 milhão/MW	US $ 330 milhões
Infraestrutura de gás natural	US $ 1,6 milhão/MW	US $ 480 milhões

Argan, Inc. (AGX) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias baseadas em projetos de longo prazo

A partir de 2024, a Argan, Inc. mantém 37 parcerias ativas em projetos de engenharia e construção de longo prazo nos setores de infraestrutura de energia. A duração média do projeto abrange 24-36 meses, com valores de contrato que variam de US $ 15 milhões a US $ 85 milhões.

Tipo de parceria	Contratos ativos	Valor médio do contrato
Infraestrutura de energia	18 contratos	US $ 42,3 milhões
Construção de energia	12 contratos	US $ 57,6 milhões
Energia renovável	7 contratos	US $ 63,2 milhões

Consultoria técnica e serviços de consultoria

A Argan fornece serviços especializados de consultoria técnica com 89 compromissos de consultoria ativa em 2024. As taxas de consultoria variam de US $ 250 a US $ 750 por hora, dependendo do nível de experiência.

• Consultoria do setor energético: 42 compromissos ativos
• Aviso de infraestrutura: 29 compromissos ativos
• Consultoria de tecnologia renovável: 18 compromissos ativos

Contratos contínuos de manutenção e apoio

A Companhia mantém 46 contratos de manutenção e apoio em andamento com o valor total do contrato anual de US $ 32,7 milhões em 2024.

Categoria de contrato	Número de contratos	Valor anual
Manutenção da usina	24 contratos	US $ 18,5 milhões
Suporte de infraestrutura	15 contratos	US $ 10,2 milhões
Suporte de sistemas técnicos	7 contratos	US $ 4 milhões

Abordagem de desenvolvimento de projetos colaborativos

Argan implementa uma abordagem colaborativa com 63 projetos de desenvolvimento conjunto ativos em 2024, representando US $ 276 milhões em valor total do projeto.

Gerenciamento de relacionamento com cliente dedicado

A empresa emprega 42 gerentes de relacionamento com clientes dedicados que atendem a 127 clientes corporativos importantes nos setores de energia e infraestrutura. A taxa média de retenção de clientes é de 92% a partir de 2024.

Segmento de cliente	Número de clientes	Taxa de retenção
Corporações de energia	68 clientes	94%
Empresas de infraestrutura	41 clientes	91%
Empresas de energia renovável	18 clientes	89%

Argan, Inc. (AGX) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre 2023, a Argan, Inc. mantém uma equipe de vendas direta de 47 representantes de vendas profissionais na América do Norte. A equipe gerou US $ 62,3 milhões em receita direta de vendas no ano fiscal de 2023.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	47
Receita de vendas direta	US $ 62,3 milhões
Receita média por representante	US $ 1,32 milhão

Conferências e feiras do setor

Em 2023, a Argan, Inc. participou de 18 conferências do setor, com um gasto estimado em marketing de US $ 1,7 milhão. Esses eventos geraram aproximadamente 22% dos novos leads de negócios.

• Total de conferências participadas: 18
• Investimento de marketing: US $ 1,7 milhão
• Taxa de geração de leads: 22%

Site corporativo e plataformas online

Os canais digitais da empresa geraram 34% do total de vendas em 2023, com 287.000 visitantes exclusivos mensais do site e uma taxa de conversão de 3,4%.

Métrica de canal digital	2023 desempenho
Visitantes mensais do site	287,000
Taxa de conversão do site	3.4%
Porcentagem de vendas on -line	34%

Apresentações de propostas técnicas

A Argan, Inc. conduziu 124 apresentações de propostas técnicas em 2023, com uma taxa de sucesso de 47%, resultando em prêmios de contrato, totalizando US $ 87,6 milhões.

Redes profissionais e referências

Os canais de referência contribuíram com 16% da receita total em 2023, com 63 parcerias de redes profissionais ativas gerando US $ 41,2 milhões em negócios.

Métrica de rede de referência	2023 dados
Parcerias profissionais ativas	63
Receita de referência	US $ 41,2 milhões
Contribuição do canal de referência	16%

Argan, Inc. (AGX) - Modelo de negócios: segmentos de clientes

Empresas de geração de energia

A partir do quarto trimestre 2023, a Argan, Inc. atende a 37 empresas de geração de energia na América do Norte. Valor total do contrato para segmento de geração de energia: US $ 214,3 milhões.

Tipo de cliente	Número de clientes	Receita anual
Geradores de energia em escala de utilidade	22	US $ 127,6 milhões
Produtores de energia independentes	15	US $ 86,7 milhões

Desenvolvedores de energia renovável

O segmento de desenvolvedor de energia renovável representa 42% da base total de clientes da Argan.

• Desenvolvedores de projetos solares: 24 clientes
• Desenvolvedores de energia eólica: 16 clientes
• Receita total do segmento: US $ 189,5 milhões

Agências de infraestrutura governamental

Contratos do governo avaliados em US $ 76,2 milhões em 2023.

Nível do governo	Número de contratos	Valor do contrato
Federal	8	US $ 42,3 milhões
Estado/provincial	15	US $ 33,9 milhões

Consumidores de energia industrial

Receita do segmento industrial: US $ 163,7 milhões em 2023.

• Clientes de fabricação: 45
• Clientes do setor de mineração: 22
• Duração média do contrato: 3,6 anos

Investidores de energia do setor privado

O segmento de clientes focado no investimento gerou US $ 98,4 milhões em 2023.

Tipo de investidor	Número de clientes	Valor total de investimento
Empresas de private equity	12	US $ 67,2 milhões
Investidores institucionais	8	US $ 31,2 milhões

Argan, Inc. (AGX) - Modelo de negócios: estrutura de custos

Despesas de engenharia e design

Para o ano fiscal de 2023, a Argan, Inc. relatou despesas de engenharia e projeto totalizando US $ 12,4 milhões, representando 6,7% dos custos operacionais totais.

Categoria de despesa	Valor ($)	Porcentagem de custos totais
Licenças de software CAD/CAM	1,850,000	14.9%
Salários de engenharia de design	7,250,000	58.5%
Desenvolvimento de protótipo	2,300,000	18.5%
Ferramentas e equipamentos de design	1,000,000	8.1%

Custos de força de trabalho e trabalho técnico

Os custos totais da mão -de -obra da Argan, Inc. em 2023 foram de US $ 45,6 milhões, com a força de trabalho técnica representando 62% do total de despesas com mão -de -obra.

• Salário médio de trabalhador técnico: US $ 95.400
• Total Technical Workforce Headcount: 320 funcionários
• Benefícios dos funcionários: US $ 8,2 milhões

Equipamento e compras de material

Os custos de compra de equipamentos e materiais para 2023 totalizaram US $ 22,7 milhões.

Categoria de compras	Valor ($)	Porcentagem de custos de compras
Equipamento de fabricação	12,500,000	55.1%
Matérias-primas	7,200,000	31.7%
Manutenção e peças de reposição	3,000,000	13.2%

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D para o ano fiscal de 2023 totalizaram US $ 18,3 milhões, representando 9,8% da receita total da empresa.

• Pesquisa em tecnologias avançadas: US $ 7,6 milhões
• Despesas do Laboratório de Inovação: US $ 4,2 milhões
• Custos de propriedade patente e intelectual: US $ 2,5 milhões

Gerenciamento de projetos sobrecarga

Os custos indiretos de gerenciamento de projetos foram de US $ 6,9 milhões em 2023.

Componente aéreo	Valor ($)	Porcentagem de sobrecarga
Salários de gerenciamento de projetos	4,100,000	59.4%
Software de gerenciamento de projetos	1,200,000	17.4%
Treinamento e desenvolvimento	1,600,000	23.2%

Argan, Inc. (AGX) - Modelo de negócios: fluxos de receita

Contratos de construção de usina

Ano fiscal de 2023 Construção da usina Receitas de contrato de construção: US $ 187,3 milhões

Tipo de contrato	Valor total	Status de conclusão
Usinas a gás natural	US $ 112,5 milhões	Em andamento
Infraestrutura de energia solar	US $ 74,8 milhões	Concluído

Taxas de serviço de engenharia técnica

Receitas do Serviço de Engenharia Técnica para 2023: US $ 43,6 milhões

• Taxas horárias de consulta de engenharia: US $ 250 a US $ 450 por hora
• Contratos anuais de serviço de engenharia: valor médio de US $ 1,2 milhão

Contratos de manutenção e suporte

Receitas anuais de contrato de manutenção e apoio: US $ 29,4 milhões

Categoria de contrato	Receita anual	Número de contratos
Manutenção da usina	US $ 18,7 milhões	42 contratos
Suporte ao equipamento	US $ 10,7 milhões	67 contratos

Vendas de fabricação de equipamentos

Receita de fabricação de equipamentos em 2023: US $ 64,2 milhões

• Vendas de equipamentos de geração de energia: US $ 41,3 milhões
• Vendas de máquinas industriais: US $ 22,9 milhões

Receitas de consultoria de projeto

Receita total de consultoria de projeto para 2023: US $ 35,5 milhões

Segmento de consultoria	Receita	Duração média do projeto
Consultoria de infraestrutura de energia	US $ 22,6 milhões	8-12 meses
Aviso de energia renovável	US $ 12,9 milhões	6-9 meses

Argan, Inc. (AGX) - Canvas Business Model: Value Propositions

Turnkey delivery of complex power generation and industrial facilities is a core value proposition, evidenced by securing major Engineering, Procurement, and Construction (EPC) contracts for large-scale energy projects.

Argan, Inc. (AGX) provides services including design, construction, project management, start-up, and operation services for projects with approximately 18 gigawatts of power-generating capacity.

The company's expertise spans multiple energy technologies, crucial for clients navigating the energy transition and grid modernization demands.

• Expertise covers combined cycle natural gas power generating plants.
• Experience includes biomass-fired power plants.
• Involvement in utility-scale solar facilities and wind farms.
• Development of solar plus storage projects.
• Work on biofuel plants and other environmental facilities.

Mitigating project risk for clients is achieved through the commitment to fixed-price EPC contracts, which locks in costs for the project owner, providing financial certainty for complex builds.

This commitment is reflected in a robust and growing project backlog, which provides significant revenue visibility stretching years into the future.

The proven track record is quantified by the total capacity built and the recent influx of large, multi-year contracts.

Metric	Value	Context/Date
Total Capacity Built (Experience)	18 gigawatts	Power Services segment services
Project Backlog	$2 billion	Expected to surpass by FY26
Project Backlog	$1.9 billion	As of April 30, 2025
Project Backlog	$1.86 billion	As of April 30, 2025
Largest Recent Contract (Capacity)	1,350 MW	Combined-Cycle Power Plant in Texas (Notice to Proceed Oct 30, 2025)
Major Project (Capacity)	1.2 GW	Sandow Lakes Power Station, Texas (Completion expected 2028)
Recent Contract (Capacity)	860 MW	Natural gas-fired power plant in ERCOT market

The company's Power Industry Services segment represented approximately 79.3% of consolidated revenues for Fiscal 2025.

The backlog for the Power Industry Services segment was $1.3 billion as of January 31, 2025.

Argan, Inc. (AGX) - Canvas Business Model: Customer Relationships

You're managing relationships in a business where contracts span multiple years and involve billions in committed work; the focus has to be on deep, sustained engagement, not transactional sales. Argan, Inc. (AGX) leans heavily on its proven execution to secure repeat business, which is evident in its growing pipeline.

Dedicated project teams for high-touch, long-term contract management are essential given the scale of the work. The company's Power Industry Services segment, which accounted for 79% of consolidated revenues in Fiscal 2025, is built around large Engineering, Procurement, and Construction (EPC) contracts, often for multi-year, utility-scale facilities like the 1.2 GW ultra-efficient natural gas-fired power plant project in Texas that was signed in early Fiscal 2026. This requires dedicated teams to manage the complexity, especially as the backlog reached a record $2 billion as of July 31, 2025, providing solid visibility into near-term earnings.

The relationship-driven model for securing repeat business from utilities is supported by a concentration of revenue from key partners, though Argan, Inc. (AGX) also shows diversification across its top clients. For the fiscal year ended January 31, 2025, the most significant customer relationships were three power industry services customers, accounting for 19%, 16%, and 15% of consolidated revenues, respectively. Honestly, no other single customer represented greater than 10% of consolidated revenues in Fiscal 2025, Fiscal 2024, or Fiscal 2023, suggesting a broad utility base that trusts Argan, Inc. (AGX) with critical infrastructure.

Professional and technical consulting to establish trust and expertise underpins securing these large awards. The company highlights its capabilities in constructing diverse facilities, which builds the necessary trust for utility partners to award subsequent, often larger, contracts. The project mix within the backlog as of July 31, 2025, shows this expertise is currently weighted approximately 61% to natural gas and 29% to renewables, reflecting current market demand for grid reliability solutions.

You see the commitment to defending those relationships and contracts when disputes arise, as demonstrated by vigorously asserting contract claims, as seen with the overseas project litigation. Atlantic Projects Company (UK) Limited (APC UK), a subsidiary, sued its project owner in the High Court of Justice in England and Wales in March 2025 over an overseas project that terminated on May 3, 2024. APC UK has significant billable receivables and unresolved claims related to that project. Previously, during the first quarter ended April 30, 2024, Argan, Inc. (AGX) incurred a loss of $2.6 million associated with continued challenges at the Kilroot project in Northern Ireland, and management had previously submitted claims in excess of $25 million related to that matter.

Here are the key metrics showing the scale of the current customer commitments:

Metric	Value as of Late 2025	Reference Date
Consolidated Project Backlog	$2 billion	July 31, 2025
Backlog Growth (Sequential)	5%	April 30, 2025 to July 31, 2025
Power Industry Services Revenue Share (FY2025)	79.3%	Fiscal Year Ended January 31, 2025
Largest Customer Revenue Share (FY2025)	19%	Fiscal Year Ended January 31, 2025

The relationship strategy is also reflected in the operational focus:

• Secured a major 170-megawatt thermal facility in Ireland to the backlog in Q2 FY2026.
• Added a significant water treatment contract in Alabama to the backlog in Q2 FY2026.
• The company is committed to returning capital, paying a quarterly dividend of $0.375 per share in Q2 FY2026, which signals confidence to long-term partners.
• Management reiterated expectations to finish fiscal 2026 with a backlog 'significantly over $2 billion.'

Argan, Inc. (AGX) - Canvas Business Model: Channels

You're looking at how Argan, Inc. (AGX) gets its work done, moving from initial contact to project execution across its specialized units. The channels here are deeply tied to securing large, multi-year Engineering, Procurement, and Construction (EPC) contracts, primarily in the energy space.

The success of these channels is evident in the numbers from the fiscal year ended January 31, 2025 (Fiscal 2025). Consolidated revenues hit $874.2 million.

Channel/Segment Focus	Fiscal 2025 Revenue Amount	Percentage of Consolidated Revenue (FY2025)	Key Backlog Metric (as of Jan 31, 2025)
Power Industry Services (via GPS & APC)	$693.0 million	79.3%	$1.3 billion (Segment Backlog)
Industrial Construction Services (via The Roberts Company)	$167.6 million	19.2%	Included in total backlog
Telecommunications Infrastructure Services (via SMC)	$13.5 million	Approx. 2%	Not specified

The total project backlog at the end of Fiscal 2025 was reported as approximately $1.4 billion, which then surged to $1.9 billion as of April 30, 2025. Management expected this backlog to surpass $2 billion later in 2025.

Direct sales force and executive relationships with major power developers are the primary mechanism for securing the large EPC contracts that drive the Power Industry Services segment. This focus resulted in Power Industry Services revenue of $693.0 million for Fiscal 2025. The backlog for this segment alone was $1.3 billion as of January 31, 2025.

Subsidiary operating units are the delivery mechanism for these channel wins. Gemma Power Systems (GPS) handles US power projects, while Atlantic Projects Company (APC) focuses on international work, with their combined activities deriving substantial portions of the power segment revenue.

• Gemma Power Systems (US): Engineering, procurement, and construction of natural gas-fired power plants and renewable energy facilities.
• Atlantic Projects Company (International): Engineering, procurement, and construction services, often international in scope.
• The Roberts Company: Industrial construction, fabrication, and plant services.
• SMC Infrastructure Solutions: Provides project management, construction, and maintenance for telecommunications infrastructure.

SMC Infrastructure Solutions, which operates in the fragmented telecommunication and infrastructure services industry, generated $13.5 million in revenue for Fiscal 2025. To enhance this channel, a new chief executive officer with over 25 years of industry experience was hired for SMC in November 2024, with a focus on expanding the business segment's market presence.

Industry conferences and trade association networking support lead generation across all segments, contributing to the overall project pipeline strength. The growth in total backlog from $1.4 billion at January 31, 2025 to $1.9 billion by April 30, 2025 reflects successful engagement through these industry touchpoints.

Argan, Inc. (AGX) - Canvas Business Model: Customer Segments

You're looking at the core clientele Argan, Inc. (AGX) serves across its operating segments as of late 2025. The business model heavily leans on energy infrastructure, but the industrial side is still a meaningful piece of the puzzle.

The Power Industry Services segment is the cornerstone, driving the majority of the top line. For Fiscal Year 2025 (ending January 31, 2025), this segment accounted for approximately 79.3% of consolidated revenues, which totaled $874.18 million for that year. More recently, in the second quarter of Fiscal Year 2026 (ending July 31, 2025), this segment's revenue hit $197 million, making up 83% of the quarter's $237.7 million in consolidated revenue.

This segment serves customers involved in power generation, including the renewable energy sector. The project backlog as of July 31, 2025, was approximately $2 billion, with the project mix weighted about 61% to natural gas and 29% to renewables.

The Industrial Construction Services segment, operating through The Roberts Company (TRC), serves a different set of clients. For Fiscal 2025, this segment generated revenues of $167.6 million, which was about 19.2% of the total consolidated revenues. By the second quarter of Fiscal 2026, its revenue was $36 million, representing 15% of the consolidated revenue for that period.

The overall health of the customer base is reflected in the backlog, which reached an all-time high of $2 billion as of July 31, 2025. This backlog figure is 88.7% greater than the $1.04 billion reported in the second quarter of 2025.

Here's a quick breakdown of the customer types and associated financial weight:

Customer Segment Type	Primary Argan, Inc. (AGX) Segment	FY 2025 Revenue Contribution (Approximate)	Recent Backlog Mix Indicator
Independent Power Project (IPP) owners and developers	Power Industry Services (GPS & APC)	Largest single customer group accounted for 28% of consolidated revenues in FY 2025	Natural Gas: 61%; Renewables: 29% (as of 7/31/2025)
Public utility companies	Power Industry Services (GPS & APC)	Two other significant power industry customers accounted for 13% and 10% of consolidated revenues in FY 2025	Key projects include Trumbull Energy Center (Ohio)
Major data center operators needing dedicated power infrastructure	Power Industry Services (GPS & APC)	Implied growth driver; AI power demand expected to rise 70% annually through 2027	Some large facilities require over 1 gigawatt
Industrial and manufacturing firms requiring construction/maintenance services	Industrial Construction Services (TRC)	19.2% of consolidated revenues in FY 2025 ($167.6 million)	Customers include Nutrien Ltd. and Weyerhaeuser Company

You can see the concentration in the power sector is defintely high, but the industrial side has its own set of established, large-scale industrial clients.

The key customer groups served by Argan, Inc. (AGX) include:

• Independent Power Project (IPP) owners and developers
• Public utility companies and electric power cooperatives
• Major data center operators needing dedicated power infrastructure
• Industrial and manufacturing firms requiring construction/maintenance services

For the Industrial Construction Services segment (TRC), recent major customers have included:

• Nutrien Ltd.
• Jacobs Solutions Inc.
• Weyerhaeuser Company
• International Paper and Domtar Corporation

Finance: draft 13-week cash view by Friday.

Argan, Inc. (AGX) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Argan, Inc. (AGX) operations, especially within their Engineering, Procurement, and Construction (EPC) segment. The cost structure is heavily influenced by project execution.

High cost of revenues tied to material procurement and labor for EPC projects are the primary drivers of expense. The Power Industry Services segment, which accounted for 79% of consolidated revenues in Fiscal 2025 (year ended January 31, 2025), is almost entirely derived from these EPC and construction contracts. To be fair, the cost of materials and labor directly impacts the gross margin, which for the full Fiscal 2025 was lower than in recent quarters of Fiscal 2026. For instance, the gross margin for the quarter ended July 31, 2024, was 13.7%, compared to 19.0% for the quarter ended April 30, 2025. Argan, Inc. notes that they may be challenged by labor shortages and rising wages in the construction industry going forward. Furthermore, rent expense for construction equipment, which is included in cost of revenues, totaled $17.0 million for Fiscal 2025.

The company faces significant obligations related to project assurances. As of January 31, 2025, the estimated amount of Argan, Inc.'s unsatisfied bonded performance obligations, covering all subsidiaries, was approximately $0.7 billion. This is a direct cost consideration when bidding and executing projects.

General and administrative (SG&A) expenses are managed by leveraging them against high revenue growth. You can see the leverage effect clearly when comparing periods:

Period End Date	Revenues ($ in thousands)	SG&A Expenses ($ in thousands)	SG&A as % of Revenues
July 31, 2024 (Quarter)	$227,015	$12,400	5.5%
July 31, 2024 (Six Months)	$384,697	$23,900	6.2%
April 30, 2025 (Quarter)	$193,660	$12,500	6.5%

The full Fiscal 2025 revenue was $874 million. The SG&A for the six months ended July 31, 2024, was $23.9 million, which represented 6.2% of the corresponding revenue base. This shows that while the absolute dollar amount for SG&A increases, the percentage leverage improves as overall revenue grows.

Risk exposure from fixed-price contracts due to material cost volatility is a constant factor. Argan, Inc. states that the major portions of consolidated revenues are recognized pursuant to fixed-price contracts. To mitigate material cost surprises, the company mentions a strategy:

• Procure equipment prices early for major fixed-price jobs.
• Rely on project management teams with experience in successful execution.
• Be selective in pursuing new project opportunities with perceived high-risk profiles.
• Incurred a loss of $29.5 million related to the fixed price portion of the TeesREP subcontract in a prior period, showing the downside risk.

Finance: draft 13-week cash view by Friday.

Argan, Inc. (AGX) - Canvas Business Model: Revenue Streams

You're mapping out the revenue side of Argan, Inc. (AGX)'s business model, and honestly, it's a story of massive project concentration right now. The revenue streams are project-based, meaning they aren't steady month-to-month but rather tied to the milestones and completion of large Engineering, Procurement, and Construction (EPC) contracts. This lumpy nature is key to understanding their top line.

The primary engine driving Argan, Inc. (AGX)'s financial results is clearly the Power Industry Services segment. For the fiscal year 2025, this segment was responsible for a commanding $693.0 million in revenue. This figure represents the bulk of their work, focusing on full-scope, turnkey EPC for facilities like combined-cycle natural gas plants, solar, wind, and battery storage projects.

The second major component comes from the Industrial Construction Services segment. This part of the business, which handles construction, maintenance, and fabrication for industrial facilities, pipelines, and process plants, contributed $167.6 million in revenue for fiscal year 2025. When you look at the two core segments together, they accounted for $860.6 million of the total consolidated revenue of $874.2 million reported for FY2025.

Here's a quick look at how the major service lines stacked up in FY2025, based on the primary reported figures:

Revenue Stream	FY2025 Revenue Amount
Power Industry Services	$693.0 million
Industrial Construction Services	$167.6 million
Telecommunications Infrastructure Services (Implied)	$13.6 million

The Telecommunications Infrastructure Services revenue stream is the smallest of the three reported segments. While the specific dollar amount for the full fiscal year 2025 is derived from the total, this segment provides technical consulting, construction, and maintenance for wireless and wireline infrastructure. To give you a more recent data point, in the first quarter of fiscal year 2026, this segment represented about 2% of the total consolidated revenue.

Beyond the core service contracts, Argan, Inc. (AGX) also generates income from its strong balance sheet. You should watch this as a secondary, non-operational revenue source, especially given their cash position. For example, in the first quarter of fiscal year 2026, the company reported $5.4 million in other income, net, which management noted primarily reflected investment income earned during that period. This is a nice buffer, especially since they carry zero debt.

You can see the project-driven nature of the business by comparing it to the Q1 FY2026 results, which show the revenue mix shifting quarter-to-quarter based on project timing:

• Power Industry Services revenue in Q1 FY2026 was $160 million, representing 83% of the total.
• Industrial Construction Services revenue in Q1 FY2026 was $29 million, representing 15% of the total.
• Telecommunications Infrastructure Services contributed the remaining 2% in Q1 FY2026.

Finance: draft a sensitivity analysis on the impact of a 10% delay in Power Industry Services revenue recognition by next Tuesday.