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Argan Inc. (AGX-6.95%) has submitted its 10-K filing for the fiscal year ended January 31, 2025.
The filing includes financial statements for the year, showing an increase in revenues to $874.2 million from $573.3 million in the previous year. This increase is attributed to higher construction activities in the power industry services segment.
The company reported a gross profit of $141.0 million for the year, compared to $80.8 million in the previous year. The gross profit percentage increased due to a change in the mix of projects and contract types.
Selling, general, and administrative expenses increased to $52.8 million from $44.4 million, primarily due to higher compensation and benefits expenses.
Net income for the year was $85.5 million, up from $32.4 million in the previous year. The increase in net income is primarily due to higher revenues and gross profit.
Cash provided by operating activities was $167.6 million, while cash used in investing and financing activities was $193.6 million and $26.1 million, respectively.
Argan had a working capital of $301.4 million as of January 31, 2025. The company maintains significant liquid capital to ensure bonding capacity and provide performance guarantees for construction projects.
The filing also details various financial agreements, including a new credit agreement with Bank of America, N.A., reducing the base lending commitment to $35.0 million with an accordion feature for an additional $30.0 million.
Argan does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Argan continues to focus on expanding its market presence in the power generation sector, with a project backlog of $1.4 billion as of January 31, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Argan Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.