Argan Inc. Files 10-K for Fiscal Year Ended January 31, 2024

TL;DR

<b>Argan Inc. has filed its annual 10-K report for the fiscal year ending January 31, 2024, providing a comprehensive overview of its financial performance and business operations.</b>

AI Summary

ARGAN INC (AGX) filed a Annual Report (10-K) with the SEC on April 11, 2024. Argan Inc. filed its 10-K report for the fiscal year ending January 31, 2024. The company's fiscal year end is January 31st. Argan Inc. was formerly known as Puroflow Inc. and Ultra Dynamics Corp. The company is incorporated in Delaware. Its business and mailing address is One Church Street, Suite 201, Rockville, MD 20850.

Why It Matters

For investors and stakeholders tracking ARGAN INC, this filing contains several important signals. This filing provides investors with the latest audited financial statements and management's discussion and analysis, crucial for understanding the company's performance and outlook. The 10-K report details the company's financial health, risks, and strategic direction, enabling informed investment decisions.

Risk Assessment

Risk Level: low — ARGAN INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new risks or material changes that would elevate the risk level.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to assess Argan Inc.'s performance and future prospects.

Key Numbers

• 2024-01-31 — Fiscal Year End Date (Fiscal Year End)
• 2024-04-11 — Filing Date (Date Filed)
• 105 — Public Document Count (Number of documents in the filing)
• 001-31756 — SEC File Number (SEC Filing Identifier)

Key Players & Entities

• ARGAN INC (company) — FILER
• AGX (company) — ticker symbol
• 20240131 (date) — Fiscal Year End
• 20240411 (date) — Filing Date
• PUROFLOW INC (company) — Former Company Name
• ULTRA DYNAMICS CORP (company) — Former Company Name
• DE (jurisdiction) — State of Incorporation
• MD (location) — Business Address State

FAQ

Industry Context

Argan Inc. operates within the construction special trade contractors industry (SIC 1700).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow trends.
2. Review the Management's Discussion and Analysis (MD&A) for insights into business performance and outlook.
3. Examine any disclosed risk factors to understand potential challenges facing the company.

Key Dates

• 2024-01-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-11: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 10-K filing for the fiscal year ended January 31, 2024. Comparative data from previous filings would be needed for a direct comparison.

Key Financial Figures

• $0.15 — ange on Which Registered Common Stock, $0.15 par value AGX The New York Stock Ex
• $416.3 m — industry services business segment were $416.3 million, $346.0 million and $398.1 millio
• $346.0 million — s business segment were $416.3 million, $346.0 million and $398.1 million for the fiscal years
• $398.1 million — were $416.3 million, $346.0 million and $398.1 million for the fiscal years ended January 31,
• $0.6 billion — his reporting segment was approximately $0.6 billion. The comparable backlog amount as of Ja
• $0.7 billion — s of January 31, 2023 was approximately $0.7 billion. Our reported amount of project backlog
• $7.9 m — ject development costs in the amount of $7.9 million, of which $2.5 million was attrib
• $2.5 million — in the amount of $7.9 million, of which $2.5 million was attributed to the non-controlling i

Filing Documents

• agx-20240131x10k.htm (10-K) — 2623KB
• agx-20240131xex23d1.htm (EX-23.1) — 5KB
• agx-20240131xex31d1.htm (EX-31.1) — 10KB
• agx-20240131xex31d2.htm (EX-31.2) — 10KB
• agx-20240131xex32d1.htm (EX-32.1) — 5KB
• agx-20240131xex32d2.htm (EX-32.2) — 6KB
• agx-20240131xex97d1.htm (EX-97.1) — 28KB
• agx-20240131x10k001.jpg (GRAPHIC) — 4KB
• agx-20240131x10k002.jpg (GRAPHIC) — 73KB
• 0001558370-24-004979.txt (&nbsp;) — 11877KB
• agx-20240131.xsd (EX-101.SCH) — 69KB
• agx-20240131_cal.xml (EX-101.CAL) — 80KB
• agx-20240131_def.xml (EX-101.DEF) — 236KB
• agx-20240131_lab.xml (EX-101.LAB) — 573KB
• agx-20240131_pre.xml (EX-101.PRE) — 481KB
• agx-20240131x10k_htm.xml (XML) — 2408KB

BUSINESS

BUSINESS - 3 - ITEM 1A.

RISK FACTORS

RISK FACTORS - 11 - ITEM 1B. UNRESOLVED STAFF COMMENTS - 24 - ITEM 1C. CYBERSECURITY - 24 - ITEM 2.

PROPERTIES

PROPERTIES - 25 - ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS - 26 - ITEM 4. MINE SAFETY DISCLOSURES - 26 - PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES - 27 - ITEM 6. [RESERVED] - 29 - ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - 29 - ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK - 48 - ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - 49 - ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE - 49 - ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES - 49 - ITEM 9B. OTHER INFORMATION - 50 - ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS - 50 - PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE - 51 - ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION - 51 - ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS - 51 - ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE - 51 - ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES - 51 - PART IV ITEM 15 . EXHIBITS AND FINANCIAL STATEMENTS - 52 - ITEM 16. FORM 10-K SUMMARY - 53 -

SIGNATURES

SIGNATURES - 54 - - 2 - Table of Contents PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. We have made statements in this Annual Report on Form 10-K for the fiscal year ended January 31, 2024 (the "2024 Annual Report") that may constitute "forward-looking statements." The words "believe," "expect," "anticipate," "plan," "intend," "estimate," "foresee," "should," "would," "could," or other similar expressions are intended to identify forward-looking statements. Our forward-looking statements, financial position and results of operations, are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts for existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements, by their nature, involve significant risks and uncertainties (some of which are beyond our control) and assumptions. They are subject to change based upon various factors including, but not limited to, the risks and uncertainties described in Item 1A of this 2024 Annual Report. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove to be incorrect, actual results may vary in material respects from those projected in the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

BUSINESS

ITEM 1. BUSINESS. Argan, Inc. ("Argan") is primarily a construction firm that conducts operations through its wholly-owned subsidiaries, Gemma Power Systems, LLC and affiliates ("GPS"), Atlantic Projects Company Limited and affiliates ("APC"), The Roberts Company, Inc. ("TRC") and Southern Maryland Cable, Inc. ("SMC") (together referred to as the "Company," "we," "us," or "our"). GPS and APC constitute our power industry services reportable segment, delivering a comprehensive suite of engineering, procurement, construction, commissioning, maintenance, project development and technical consulting services to the power generation market, including the renewable energy sector. The customers include primarily independent power project owners, public utilities, power plant heavy equipment suppliers and other commercial firms with significant power requirements with customer projects located in the United States (the "U.S."), the Republic of Ireland ("Ireland") and the United Kingdom (the "U.K."). Through TRC, the industrial construction services reportable segment provides field services and project management that support new plant construction and additions, maintenance turnarounds, shutdowns and emergency mobilizations for industrial plants primarily located in the Southeast region of the U.S. and that may include the fabrication, delivery and installation of steel components such as piping systems and pressure vessels. Through SMC, doing business as SMC Infrastructure Solutions, the telecommunications infrastructure services segment provides project management, construction, installation and maintenance services to commercial, local government and federal government customers primarily in the Mid-Atlantic region of the U.S. Together, these subsidiaries enable us to serve a wide range of client needs across power generation, industrial construction, and telecommunications infrastructure, establishing its presence as a diversified provider in the construction and eng

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View this 10-K filing on SEC EDGAR