Argan (AGX) 10-Q 9 Dec 20 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 31, 2020	Dec. 07, 2020
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2020
Document Transition Report	false
Entity File Number	001-31756
Entity Registrant Name	ARGAN INC
Entity Central Index Key	0000100591
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-1947195
Entity Address, Address Line One	One Church Street, Suite 201
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	315-0027
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $.15 par value
Trading Symbol	AGX
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		15,689,969
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
REVENUES	$ 127,331	$ 58,406	$ 274,971	$ 171,009
Cost of revenues	106,988	52,414	234,989	183,078
GROSS PROFIT (LOSS) (Note 2)	20,343	5,992	39,982	(12,069)
Selling, general and administrative expenses	9,398	12,135	28,827	31,761
Impairment loss				2,072
INCOME (LOSS) FROM OPERATIONS	10,945	(6,143)	11,155	(45,902)
Other income, net	175	3,578	1,714	7,472
INCOME (LOSS) BEFORE INCOME TAXES	11,120	(2,565)	12,869	(38,430)
Income tax (expense) benefit (Note 10)	(1,666)	(1,996)	1,391	4,936
NET INCOME (LOSS)	9,454	(4,561)	14,260	(33,494)
Net income (loss) attributable to non-controlling interests		2,294	(40)	2,007
NET INCOME (LOSS) ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	9,454	(6,855)	14,300	(35,501)
Foreign currency translation adjustments	(321)	235	(650)	(825)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	$ 9,133	$ (6,620)	$ 13,650	$ (36,326)
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. (Note 11)
Basic (in Dollars per share)	$ 0.60	$ (0.44)	$ 0.91	$ (2.27)
Diluted (in Dollars per share)	$ 0.60	$ (0.44)	$ 0.91	$ (2.27)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic (in shares)	15,680	15,633	15,659	15,617
Diluted (in shares)	15,833	15,633	15,795	15,617
CASH DIVIDENDS PER SHARE (Note 12)	$ 0.25	$ 0.25	$ 1.75	$ 0.75

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2020	Jan. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 353,213	$ 167,363
Short-term investments	90,017	160,499
Accounts receivable, net	30,607	37,192
Contract assets	27,223	33,379
Other current assets (Note 10)	37,760	23,322
TOTAL CURRENT ASSETS	538,820	421,755
Property, plant and equipment, net	20,966	22,539
Goodwill	27,943	27,943
Other purchased intangible assets, net	4,324	5,001
Deferred taxes		7,894
Right-of-use and other assets	3,447	2,408
TOTAL ASSETS	595,500	487,540
LIABILITIES AND EQUITY CURRENT LIABILITIES
Accounts payable	48,836	35,442
Accrued expenses (Note 10)	51,650	35,907
Contract liabilities	160,544	72,685
TOTAL CURRENT LIABILITIES	261,030	144,034
Deferred taxes	472
Other noncurrent liabilities	3,334	2,476
TOTAL LIABILITIES	264,836	146,510
COMMITMENTS AND CONTINGENCIES (Notes 7 and 8)
STOCKHOLDERS' EQUITY
Preferred stock, par value $0.10 per share - 500,000 shares authorized; no shares issued and outstanding
Common stock, par value $0.15 per share - 30,000,000 shares authorized; 15,693,202 and 15,638,202 shares issued at October 31 and January 31, 2020, respectively; 15,689,969 and 15,634,969 shares outstanding at October 31 and January 31, 2020, respectively	2,354	2,346
Additional paid-in capital	152,149	148,713
Retained earnings	176,186	189,306
Accumulated other comprehensive loss	(1,766)	(1,116)
TOTAL STOCKHOLDERS' EQUITY	328,923	339,249
Non-controlling interests	1,741	1,781
TOTAL EQUITY	330,664	341,030
TOTAL LIABILITIES AND EQUITY	$ 595,500	$ 487,540

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 31, 2020	Jan. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value	$ 0.10	$ 0.10
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.15	$ 0.15
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	15,693,202	15,638,202
Common stock, shares outstanding	15,689,969	15,634,969

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interests	Total
Balances at Jan. 31, 2019	$ 2,337	$ 144,961	$ 247,616	$ (346)	$ (196)	$ 394,372
Balances (in shares) at Jan. 31, 2019	15,573,869
Net income (loss)			(35,501)		2,007	(33,494)
Foreign currency translation loss				(825)		(825)
Stock compensation expense		1,512				1,512
Stock option exercises	$ 9	1,558				$ 1,567
Stock option exercises (in shares)	59,433					59,000
Cash dividends			(11,714)			$ (11,714)
Balances at Oct. 31, 2019	$ 2,346	148,031	200,401	(1,171)	1,811	351,418
Balances (in shares) at Oct. 31, 2019	15,633,302
Balances at Jul. 31, 2019	$ 2,346	147,445	211,167	(1,406)	(483)	359,069
Balances (in shares) at Jul. 31, 2019	15,633,302
Net income (loss)			(6,855)		2,294	(4,561)
Foreign currency translation loss				235		235
Stock compensation expense		586				586
Cash dividends			(3,911)			(3,911)
Balances at Oct. 31, 2019	$ 2,346	148,031	200,401	(1,171)	1,811	351,418
Balances (in shares) at Oct. 31, 2019	15,633,302
Balances at Jan. 31, 2020	$ 2,346	148,713	189,306	(1,116)	1,781	341,030
Balances (in shares) at Jan. 31, 2020	15,634,969
Net income (loss)			14,300		(40)	14,260
Foreign currency translation loss				(650)		(650)
Stock compensation expense		2,199				2,199
Stock option exercises	$ 8	1,237				$ 1,245
Stock option exercises (in shares)	55,000					55,000
Cash dividends			(27,420)			$ (27,420)
Balances at Oct. 31, 2020	$ 2,354	152,149	176,186	(1,766)	1,741	330,664
Balances (in shares) at Oct. 31, 2020	15,689,969
Balances at Jul. 31, 2020	$ 2,351	150,847	170,653	(1,445)	1,741	324,147
Balances (in shares) at Jul. 31, 2020	15,669,969
Net income (loss)			9,454			9,454
Foreign currency translation loss				(321)		(321)
Stock compensation expense		786				786
Stock option exercises	$ 3	516				519
Stock option exercises (in shares)	20,000
Cash dividends			(3,921)			(3,921)
Balances at Oct. 31, 2020	$ 2,354	$ 152,149	$ 176,186	$ (1,766)	$ 1,741	$ 330,664
Balances (in shares) at Oct. 31, 2020	15,689,969

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 9,454	$ (4,561)	$ 14,260	$ (33,494)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Deferred income tax expense (benefit)			8,366	(4,521)
Depreciation	940	899	2,798	2,610
Stock compensation expense	800	600	2,199	1,512
Lease expense	500	100	1,318	637
Amortization of purchased intangible assets	226	272	677	864
Changes in accrued interest on short-term investments			482	1,106
Impairment loss				2,072
Other			111	60
Changes in operating assets and liabilities
Accounts receivable			6,585	1,274
Contract assets			6,156	7,992
Other assets			(15,976)	(1,760)
Accounts payable and accrued expenses			27,725	(12,523)
Contract liabilities			87,859	50,072
Net cash provided by operating activities			142,560	15,901
CASH FLOWS FROM INVESTING ACTIVITIES
Maturities of short-term investments			170,000	164,000
Purchases of short-term investments			(100,000)	(75,000)
Purchases of property, plant and equipment			(1,412)	(6,308)
Net cash provided by investing activities			68,588	82,692
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of cash dividends			(27,420)	(11,714)
Proceeds from the exercise of stock options			1,245	1,567
Net cash used in financing activities			(26,175)	(10,147)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH			877	(282)
NET INCREASE IN CASH AND CASH EQUIVALENTS			185,850	88,164
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			167,363	164,318
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 353,213	$ 252,482	$ 353,213	$ 252,482

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Oct. 31, 2020
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	NOTE 1 – DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Description of the Business Argan, Inc. (“Argan”) conducts operations through its wholly-owned subsidiaries, Gemma Power Systems, LLC and affiliates (“GPS”); The Roberts Company, Inc. (“TRC”); Atlantic Projects Company Limited and affiliates (“APC”) and Southern Maryland Cable, Inc. (“SMC”). Argan and these consolidated subsidiaries are hereinafter collectively referred to as the “Company.” Through GPS and APC, the Company provides a full range of engineering, procurement, construction, commissioning, operations management, maintenance, project development, technical and other consulting services to the power generation market, including the renewable energy sector. The wide range of customers includes independent power producers, public utilities, power plant equipment suppliers and global energy plant construction firms with projects located in the continental United States (the “US”), the Republic of Ireland (“Ireland”) and the United Kingdom (the “UK”). Including consolidated variable interest entities (“VIEs”), GPS and APC represent the Company’s power industry services reportable segment. Through TRC, the industrial fabrication and field services reportable segment provides on-site services that support maintenance turnarounds, shutdowns and emergency mobilizations for industrial plants primarily located in the southeast region of the US and that are based on its expertise in producing, delivering and installing fabricated metal components such as piping systems and pressure vessels. Through SMC, which conducts 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 US. Basis of Presentation and Significant Accounting Policies The condensed consolidated financial statements include the accounts of Argan, its wholly-owned subsidiaries and its financially controlled VIEs. All significant inter-company balances and transactions have been eliminated in consolidation. In Note 14, the Company has provided certain financial information relating to the operating results and assets of its reportable segments based on the manner in which management disaggregates the Company’s financial reporting for purposes of making internal operating decisions. The Company’s fiscal year ends on January 31 each year. The condensed consolidated balance sheet as of October 31, 2020, the condensed consolidated statements of earnings and stockholders’ equity for the three and nine months ended October 31, 2020 and 2019, and the condensed consolidated statements of cash flows for the nine months ended October 31, 2020 and 2019 are unaudited. The condensed consolidated balance sheet as of January 31, 2020 has been derived from audited financial statements. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the US Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. The accompanying condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements, the notes thereto, and the independent registered public accounting firm’s report thereon, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2020 (“Fiscal 2020”). In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, considered necessary to present fairly the financial position of the Company as of October 31, 2020, and its earnings and cash flows for the interim periods presented. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year. Accounting Policies In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes In 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments There are no other recently issued accounting pronouncements that have not yet been adopted that the Company considers material to its condensed consolidated financial statements. The carrying value amounts presented in the condensed consolidated balance sheets for the Company’s current assets, which primarily include cash and cash equivalents, short-term investments, accounts receivable and contract assets, and its current liabilities are reasonable estimates of their fair values due to the short-term nature of these items. Variable Interest Entity In January 2018, the Company was deemed to be the primary beneficiary of a VIE that is performing the project development activities related to the planned construction of a new natural gas-fired power plant. Consideration for the Company’s engineering and financial support includes the right to build the power plant pursuant to a turnkey engineering, procurement and construction (“EPC”) services contract that has been negotiated and announced. The account balances of the VIE are included in the condensed consolidated financial statements, including development costs incurred by the VIE during the three and nine-month periods ended October 31, 2020 and 2019. The total amounts of the project development costs included in the balances for property, plant and equipment as of October 31 and January 31, 2020 were $7.4 million and $6.9 million, respectively. Recovery of the Company's investment in this project will most likely depend on the successful completion of the project development efforts, including the arrangement of financing for the construction and operation of the corresponding power plant.

REVENUES FROM CONTRACT WITH CUS

REVENUES FROM CONTRACT WITH CUSTOMERS	9 Months Ended
	Oct. 31, 2020
REVENUES FROM CONTRACT WITH CUSTOMERS
REVENUES FROM CONTRACT WITH CUSTOMERS	NOTE 2 – REVENUES FROM CONTRACTS WITH CUSTOMERS The Company’s recognition of revenues under contracts with customers is based on a single comprehensive five-step model that requires reporting entities to: 1. Identify the contract, 2. Identify the performance obligations of the contract, 3. Determine the transaction price of the contract, 4. Allocate the transaction price to the performance obligations, and 5. Recognize revenue. Major provisions of the standard cover the determination of which goods and services are distinct and represent separate performance obligations, the evaluation of whether revenues should be recognized at a point in time or over time, and the appropriate treatment for variable consideration. The Company’s revenues are recognized primarily under various types of long-term construction contracts, including those for which revenues are based on either a fixed-price or a time-and-materials basis, and are primarily recognized over time as performance obligations are satisfied due to the continuous transfer of control to the project owner or other customer. Revenues from fixed-price contracts, including a portion of estimated gross profit, are recognized as services are provided, based on costs incurred and estimated total contract costs using the percentage-of-completion method. If, at any time, the estimate of contract profitability indicates an anticipated loss on a contract, the Company will recognize the total loss in the reporting period that it is identified and an amount is estimable. Revenues from time-and-materials contracts are recognized when the related services are provided to the customer. Almost all of the Company’s fixed-price contracts are considered to have a single performance obligation. Although multiple promises to transfer individual goods or services may exist, they are not typically distinct within the context of such contracts because contract promises included therein are interrelated or the contracts require the Company to perform critical integration so that the customer receives a completed project. The Company’s accounting for its assurance-type warranties provided under contracts with customers is conducted in accordance with the specific professional guidance established to cover such arrangements. The transaction price for a contract represents the accounting value of the contract awarded to the Company that is used to determine the amount of revenues recognized as of the balance sheet date. It may reflect amounts of variable consideration, which could be either increases or decreases to the transaction price. These adjustments can be made from time-to-time during the period of contract performance as circumstances evolve related to such items as changes in the scope and price of contracts, claims, incentives and liquidated damages. Contract assets generally include amounts that represent the rights to receive payment for goods or services that have been transferred to the project owner, with the rights conditional upon something other than the passage of time. Contract liabilities generally include the amounts that reflect obligations to provide goods or services for which payment has been received. The balances of accounts receivable exclude billed amounts which, pursuant to the terms of the applicable contract, are not paid by project owners until a defined phase of a contract or project has been completed and accepted. These retained amounts are reflected in contract assets or contract liabilities depending on the net contract position of the particular contract. Retention amounts and the length of retention periods may vary. Retention amounts related to active contracts are considered current regardless of the term of the applicable contract; such amounts are generally collected by the completion of the applicable contract. The total of amounts retained by project owners under construction contracts at October 31 and January 31, 2020 were $32.5 million and $20.0 million, respectively. Variable Consideration Amounts for contract variations for which the Company has project-owner directive for additional work or other scope change, but not for the price associated with the corresponding additional effort, are included in the transaction price when it is considered probable that the applicable costs will be recovered through a modification to the contract price. The effects of any revision to a transaction price can be determined at any time and they could be material. The Company may include in the corresponding transaction price a portion of the amount claimed in a dispute that it expects to receive from a project owner. Once a settlement of the dispute has been reached with the project owner, the transaction price may be revised again to reflect the final resolution. The aggregate amount of such contract variations included in the transaction prices that were used to determine project-to-date revenues at October 31, 2020 and January 31, 2020 were $8.0 million and $21.2 million, respectively. Variations related to the Company’s contracts typically represent modifications to the existing contracts and performance obligations, and do not represent new performance obligations. Actual costs related to any changes in the scope of the corresponding contract are expensed as they are incurred. Changes to total estimated contract costs and losses, if any, are reflected in operating results for the period in which they are determined. The Company’s long-term contracts typically have schedule dates and other performance objectives that if not achieved could subject the Company to liquidated damages. At the outset of each of the Company’s contracts, the potential amounts of liquidated damages typically are not constrained, or subtracted, from the transaction price as the Company believes that it has included activities in its contract plan, and the associated costs, that will be effective in preventing such damages. Of course, circumstances may change as the Company executes the corresponding contract. The transaction price is reduced by an applicable amount when the Company no longer considers it probable that a future reversal of revenues will not occur when the matter is resolved. The Company considers potential liquidated damages, the costs of other related items and potential mitigating factors in determining the adequacy of its regularly updated estimates of the amounts of gross profit expected to be earned on active projects. The Company records adjustments to revenues and profits on contracts, including those associated with contract variations and estimated cost changes, using a cumulative catch-up method. Under this method, the impact of an adjustment to the amount of revenues recognized to date is recorded in the period that the adjustment is identified. Estimated variable consideration amounts are determined by the Company based primarily on the single most likely amount in the range of possible consideration amounts. Revenues and profits in future periods of contract performance are recognized using the adjusted amounts of transaction price and estimated contract costs. Accounting for the Loss Subcontract In its Form 10-K Annual Report for the year ended January 31, 2019 (“Fiscal 2019”), the Company disclosed that APC was completing the mechanical installation of the boiler for a biomass-fired power plant under construction in Teesside, England (the “TeesREP Project”) that had encountered significant operational and contractual challenges. The consolidated operating results for the year ended January 31, 2019 reflected unfavorable gross profit adjustments related to this project. The disclosure explained that the construction project was behind the schedule originally established for the job and warned that the TeesREP Project may continue to impact the Company’s consolidated operating results negatively until it reaches completion. Subsequent to the release of the Company’s consolidated financial statements for Fiscal 2019, APC’s estimates of the costs of the unfavorable financial impacts of the difficulties on the TeesREP Project escalated substantially. For the nine-month period ended October 31, 2019, the Company recorded a loss related to this project in the amount of $31.2 million, including $0.3 million recorded in the three months ended October 31, 2019, and reversed profit in the amount of $0.7 million that had been recorded in prior fiscal years. Construction activities on the TeesREP Project were suspended on March 24, 2020 due to the COVID-19 pandemic. At that time, APC had completed approximately 90% of its subcontracted work. As a condition for resuming its efforts on the TeesREP Project, APC entered into an amendment to the subcontract with its customer, effective June 1, 2020, covering the various terms and conditions for completion of the installation of the boiler (“Amendment No. 2”). The agreement represented a global settlement of past commercial differences with both parties making significant concessions, and converted the billing arrangements for the remaining work to a time-and-materials basis. Amendment No. 2 was treated as a modification of the original subcontract as the arrangement continued to represent a single performance obligation to its customer, the delivery of a complete functioning and integrated boiler that was only partially satisfied when the modification to the subcontract occurred. During October 2020, APC and its customer agreed to additional contractual changes that effectively recognized APC’s completion of the single performance obligation and that establishes a time-and-materials contractual arrangement covering all works requested by APC’s customer until completion of the power plant construction. The effects of these changes on the financial results reported for the subcontract were the primary reasons for the reductions to the subcontract loss that were recorded during the three and nine months ended October 31, 2020, in the approximate favorable amounts of $2.8 million and $4.1 million, respectively. Accordingly, the final amount of the TeesREP fixed price subcontract loss was $29.5 million, and the remaining subcontract loss reserve balance was eliminated as of October 31, 2020. At January 31, 2020, the subcontract loss reserve balance was $5.8 million. This balance was included in accrued expenses in the accompanying condensed consolidated balance sheet. Final closeout adjustments may result in future changes in the amount of the subcontract loss recognized as of October 31, 2020; however, APC has included an estimate of these costs in accrued expenses in the accompanying condensed consolidated balance sheet as of October 31, 2020. The total amounts of accounts receivable and contract assets related to the TeesREP Project and included in the condensed consolidated balance sheets were $7.3 million as of October 31, 2020 and $19.2 million as of January 31, 2020. Remaining Unsatisfied Performance Obligations (“RUPO”) The amount of RUPO represents the unrecognized revenue value of active contracts with customers as determined under the revenue recognition rules of US GAAP. Increases to RUPO during a reporting period represent the transaction prices associated with new contracts, as well as additions to the transaction prices of existing contracts. The amounts of such changes may vary significantly each reporting period based on the timing of major new contract awards and the occurrence and assessment of contract variations. At October 31, 2020, the Company had RUPO of $604.7 million. The largest portion of RUPO at any date usually relates to EPC service contracts with typical performance durations of 2 to 3 years. However, the length of certain significant construction projects may exceed three years. The Company estimates that approximately 63% of the RUPO amount at October 31, 2020 will be included in the amount of consolidated revenues that will be recognized over the next twelve months. Most of the remaining amount of the RUPO amount at October 31, 2020 is expected to be recognized in revenues over the following eighteen months. Revenues for future periods will also include amounts related to customer contracts started or awarded subsequent to October 31, 2020. It is important to note that estimates may be changed in the future and that cancellations, deferrals, scope adjustments may occur related to work included in the amount of RUPO at October 31, 2020. Accordingly, RUPO may be adjusted to reflect project delays and cancellations, revisions to project scope and cost and foreign currency exchange fluctuations, or to revise estimates, as effects become known. Such adjustments may materially reduce future revenues below Company estimates. Disaggregation of Revenues The following table presents consolidated revenues for the three and nine months ended October 31, 2020 and 2019, disaggregated by the geographic area where the corresponding projects were located: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ October 31, ​ October 31, ​ ​ 2020 2019 ​ 2020 2019 ​ United States ​ $ 109,241 ​ $ 39,629 ​ $ 241,616 ​ $ 117,045 ​ United Kingdom ​ 9,759 ​ 10,349 ​ 22,595 ​ 35,631 ​ Republic of Ireland ​ 8,331 ​ 8,256 ​ 10,760 ​ 18,007 ​ Other ​ — ​ 172 ​ — ​ 326 ​ Consolidated Revenues ​ $ 127,331 ​ $ 58,406 ​ $ 274,971 ​ $ 171,009 ​ ​ Each year, the majority of consolidated revenues are recognized pursuant to fixed-price contracts with most of the remaining portions earned pursuant to time-and-material contracts. Consolidated revenues are disaggregated by reportable segment in Note 14 to the condensed consolidated financial statements.

CASH, CASH EQUIVALENTS AND SHOR

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	9 Months Ended
	Oct. 31, 2020
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	NOTE 3 – CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS At October 31 and January 31, 2020, significant amounts of cash and cash equivalents were invested in mutual funds with net assets invested in high-quality money market instruments. Such investments include US Treasury obligations; obligations of US government agencies, authorities, instrumentalities or sponsored enterprises; and repurchase agreements secured by US government obligations. Due to market conditions, returns on money market instruments are currently minimal. The Company considers all liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Short-term investments as of October 31 and January 31, 2020 consisted solely of certificates of deposit purchased from Bank of America (the “Bank”) with weighted average initial maturities of 292 days and 165 days, respectively (the “CDs”). The Company has the intent and ability to hold the CDs until they mature, and they are carried at cost plus accrued interest which approximates fair value. The total carrying value amounts as of October 31 and January 31, 2020 included accrued interest, which was $0.5 million at January 31, 2020. The amount of accrued interest at October 31, 2020 was insignificant. Interest income is recorded when earned and is included in other income. At October 31 and January 31, 2020, the weighted average annual interest rates of the outstanding CDs were 0.2% and 1.8%, respectively. In addition, the Company has a substantial portion of its cash on deposit in the US at the Bank in excess of federally insured limits. Management does not believe that the combined amount of the CD investments and the cash deposited with the Bank represents a material risk. The Company also maintain certain Euro-based bank accounts in Ireland and certain pound sterling-based bank accounts in the UK in support of the operations of APC.

ACCOUNTS AND NOTES RECEIVABLE

ACCOUNTS AND NOTES RECEIVABLE	9 Months Ended
	Oct. 31, 2020
ACCOUNTS AND NOTES RECEIVABLE
ACCOUNTS AND NOTES RECEIVABLE	NOTE 4 – ACCOUNTS AND NOTES RECEIVABLE The Company generally extends credit to a customer based on an evaluation of the customer’s financial condition without requiring tangible collateral. Exposure to losses on accounts and notes receivable is expected to differ due to the varying financial condition of each customer. The Company monitors its exposure to credit losses and may establish an allowance for a credit loss based on management’s estimate of the loss that is expected to occur over the remaining life of the particular financial asset. At October 31 and January 31, 2020, the amounts of credit losses expected by management were insignificant. The amounts of the provision for credit losses for the three and nine months ended October 31, 2020 and the provision for uncollectible accounts for the three and nine months ended October 31, 2019 were also insignificant. As of October 31, 2020, there were outstanding invoices billed to one former customer and unbilled costs incurred on the related project, with balances included in accounts receivable and contract assets, in the aggregate amount of $24.5 million, for which the recovery time will most likely depend on the resolution of the outstanding legal dispute between the parties (see Note 8). As of October 31, 2020, there were past due notes receivable from project developers in the aggregate amount of $1.7 million, for which full receipt will most likely depend on the successful financing of the related projects.

PURCHASED INTANGIBLE ASSETS

PURCHASED INTANGIBLE ASSETS	9 Months Ended
	Oct. 31, 2020
PURCHASED INTANGIBLE ASSETS
PURCHASED INTANGIBLE ASSETS	NOTE 5 – PURCHASED INTANGIBLE ASSETS At both October 31, 2020 and January 31, 2020, the goodwill balances related to the acquisitions of GPS and TRC were $18.5 million and $9.5 million, respectively. Primarily due to the significant reduction of the fair value of the business of APC deemed to have occurred as a result of the substantial contract loss discussed in Note 2 above, the Company recorded an impairment loss in the first quarter ended April 30, 2019 in the amount of $2.1 million, which was the remaining balance of goodwill associated with APC. No other changes were made to the balances of goodwill during the nine-month periods ended October 31, 2020 or 2019. Management does not believe that any events or circumstances that have occurred or arisen since January 31, 2020 require an updated assessment of the goodwill balances of either GPS or TRC. The Company’s purchased intangible assets, other than goodwill, consisted of the following elements as of October 31 and January 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, 2020 ​ January 31, ​ ​ Estimated ​ Gross ​ Accumulated ​ Net ​ 2020, (net ​ Useful Life Amounts Amortization Amount amounts) Trade names 15 years ​ $ 8,142 ​ $ 4,849 ​ $ 3,293 ​ $ 3,699 Process certifications 7 years ​ 1,897 ​ ​ 1,332 ​ ​ 565 ​ ​ 768 Customer relationships ​ 4-10 years ​ ​ 1,346 ​ ​ 880 ​ ​ 466 ​ ​ 534 Totals ​ ​ ​ $ 11,385 ​ $ 7,061 ​ $ 4,324 ​ $ 5,001 ​

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	9 Months Ended
	Oct. 31, 2020
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS	NOTE 6 – FINANCING ARRANGEMENTS The Company maintains financing arrangements with the Bank that are described in an Amended and Restated Replacement Credit Agreement (the “Credit Agreement”), dated May 15, 2017. The Credit Agreement provides a revolving loan with a maximum borrowing amount of $50.0 million that is available until May 31, 2021 with interest at the 30-day London Interbank Offered Rate (“LIBOR”) borrowings The Company has pledged the majority of its assets to secure its financing arrangements. The Bank’s consent is not required for acquisitions, divestitures, cash dividends or significant investments as long as certain conditions are met. The Bank requires that the Company comply with certain financial covenants at its fiscal year-end and at each of its fiscal quarter-ends. The Credit Agreement also includes other terms, covenants and events of default that are customary for a credit facility of its size and nature. As of October 31 and January 31, 2020, the Company was in compliance with the financial covenants. In support of the current project development activities of the VIE described in Note 1, the Bank issued a letter of credit, outside the scope of the Credit Agreement, in the amount of $3.4 million for which the Company has provided cash collateral.

COMMITMENTS

COMMITMENTS	9 Months Ended
	Oct. 31, 2020
COMMITMENTS
COMMITMENTS	NOTE 7 – COMMITMENTS Leases The Company determines if a contract is or contains a lease at inception or upon modification of the contract. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. The Company does not apply this accounting to those leases with terms of twelve (12) months or less and that do not include options to purchase the underlying assets that the Company is reasonably certain to exercise. The Company’s operating leases primarily cover office space that expire on various dates through May 2024 and certain equipment used by the Company in the performance of its construction services contracts. Other construction equipment is rented, with periods of expected usage less than one year, or owned. Certain leases contain renewal options, which are included in expected lease terms if they are reasonably certain of being exercised by the Company. Other equipment leases are embedded in broader arrangements with subcontractors or construction equipment suppliers. The Company has no finance leases. Operating lease right-of-use assets and associated lease liabilities are recognized in the balance sheet at the lease commencement date based on the present value of future minimum lease payments to be made over the expected lease term. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate (LIBOR plus 2.0%) at the commencement date in determining the present value of future payments. The expected lease term includes an option to extend or to terminate the lease when it is reasonably certain that the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. Operating lease expense amounts for the three months ended October 31, 2020 and 2019 were $0.5 million and $0.1 million, respectively. Operating lease expense amounts for the nine months ended October 31, 2020 and 2019 were $1.3 million and $0.6 million, respectively. Operating lease payments for the three months ended October 31, 2020 and 2019 were $0.3 million and $0.2 million, respectively. Operating lease payments for the nine months ended October 31, 2020 and 2019 were $1.2 million and $0.6 million, respectively. For operating leases as of October 31, 2020, the weighted average lease term is 32 months and the weighted average discount rate is 3.3%. The Company also uses equipment and occupies facilities under short-term rental agreements. Rent expense amounts incurred under operating leases and short-term rental agreements (including portions of the lease expense amounts disclosed above) and included in costs of revenues for the three and nine months ended October 31, 2020 were $2.3 million and $4.2 million, respectively. Rent expense incurred under these types of arrangements and included in costs of revenues for the three and nine months ended October 31, 2019 was $0.9 million and $3.2 million, respectively. Rent expense included in selling, general and administrative expenses for the three and nine months ended October 31, 2020 was $0.2 million and $0.7 million, respectively. Rent expense included in selling, general and administrative expenses for the three and nine months ended October 31, 2019 was $0.1 million and $0.5 million, respectively. The following is a schedule of future minimum lease payments for the operating leases that were recognized in the condensed consolidated balance sheet as of October 31, 2020, including operating leases added during the three and nine months ended October 31, 2020 in the amounts of approximately $0.5 million and $2.3 million, respectively, covering primarily certain construction-site assets required by GPS: ​ ​ ​ ​ ​ Years Ending January 31, Remainder of 2021 $ 505 2022 ​ ​ 1,648 2023 ​ ​ 856 2024 ​ ​ 242 2025 ​ ​ 85 Thereafter ​ ​ 20 Total lease payments ​ ​ 3,356 Less interest portion ​ ​ 90 Present value of lease payments ​ ​ 3,266 Less current portion (included in accrued expenses) ​ ​ 2,760 Non-current portion ​ $ 506 ​ The future minimum lease payments presented above include amounts due under a long-term lease covering the primary offices and plant for TRC with the founder and current chief executive officer of TRC at an annual rate of $0.3 million through April 30, 2021. Performance Bonds and Guarantees In the normal course of business and for certain major projects, the Company may be required to obtain surety or performance bonding, to cause the issuance of letters of credit, or to provide parent company guarantees (or some combination thereof) in order to provide performance assurances to clients on behalf of its contractor subsidiaries. As these subsidiaries are wholly-owned, any actual liability is ordinarily reflected in the financial statement account balances determined pursuant to the Company’s accounting for contracts with customers. When sufficient information about claims on guaranteed or bonded projects would be available and monetary damages or other costs or losses would be determined to be probable, the Company would record such losses. Any amounts that may be required to be paid in excess of the estimated costs to complete contracts in progress as of October 31, 2020 are not estimable. On behalf of APC, Argan has provided a parent company performance guarantee to its customer, the EPC services contractor on the TeesREP Project. Earlier this year, and in connection with the negotiation of Amendment No. 2, the Company replaced an outstanding letter of credit in the amount of $7.6 million with a surety bond. As of October 31, 2020, the Company has also provided a financial guarantee, subject to certain terms and conditions, on behalf of GPS to an original equipment manufacturer in the amount of $3.6 million in support of business development efforts. The fair value of this guarantee at October 31, 2020 is considered to be immaterial. Warranties The Company generally provides assurance-type warranties for work performed under its construction contracts. The warranties cover defects in equipment, materials, design or workmanship, and most warranty periods typically run from nine

LEGAL CONTINGENCIES

LEGAL CONTINGENCIES	9 Months Ended
	Oct. 31, 2020
LEGAL CONTINGENCIES
LEGAL CONTINGENCIES	NOTE 8 – LEGAL CONTINGENCIES In the normal course of business, the Company may have pending claims and legal proceedings. In the opinion of management, based on information available at this time, there are no current claims and proceedings that could have a material adverse effect on the condensed consolidated financial statements except for the matter described below. In January 2019, GPS filed a lawsuit against Exelon West Medway II, LLC and Exelon Generation Company, LLC (together referred to as “Exelon”) for Exelon’s breach of contract and failure to remedy various conditions which negatively impacted the schedule and the costs associated with the construction by GPS of a gas-fired power plant for Exelon in Massachusetts. As a result, the Company believes that Exelon has received the benefits of the construction efforts of GPS and the corresponding progress made on the project without making payments to GPS for the value received (see Note 4). In March 2019, Exelon provided GPS with a notice intending to terminate the EPC contract under which GPS had been providing services to Exelon. At that time, the construction project was nearly complete and both of the power generation units included in the plant had successfully reached first fire. The completion of various prescribed performance tests and the clearance of punch-list items were the primary tasks necessary to be accomplished by GPS in order to achieve substantial completion of the power plant. Nevertheless, and among other actions, Exelon provided contractual notice requiring GPS to vacate the construction site. Exelon has asserted that GPS failed to fulfill certain obligations under the contract and was in default, withholding payments from GPS on invoices rendered to Exelon in accordance with the terms of the contract between the parties. With vigor, GPS intends to continue to assert its rights under the EPC contract with Exelon, to pursue the collection of amounts owed under the EPC contract and to defend itself against the allegations that GPS did not perform in accordance with the contract. During the nine months ended October 31, 2020, most of the litigation activities of the legal teams has focused on the completion of discovery. The difficulties experienced by the legal teams in completing certain discovery activities, due in part to COVID-19 restrictions, resulted in the court granting extensions of the discovery period which is now closed for both parties. The next phase of the case is pre-trial. The Company expects that a mediation will be scheduled for Spring 2021. If the mediation is not successful in resolving the disputes, then the Company expects that trial will occur during the mid-to-late Summer 2021. ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Oct. 31, 2020
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 9 – STOCK-BASED COMPENSATION The Company’s board of directors may make awards under the 2011 Stock Plan (the “2011 Plan”) or the 2020 Stock Plan (the “2020 Plan”) to officers, directors and key employees (together, the “Stock Plans”). On June 23, 2020, the Company’s stockholders approved the adoption of the 2020 Plan, and the allocation of 500,000 shares of the Company’s common stock for issuance thereunder, which had been established by the Company’s board of directors earlier in the current year. The 2020 Plan will serve to replace the 2011 Plan; the Company’s authority to make awards pursuant to the 2011 Plan will expire on July 19, 2021. The features of the 2020 Plan are similar to those included in the 2011 Plan. Awards may include nonqualified stock options, incentive stock options, and restricted or unrestricted stock. The specific provisions for each award made pursuant to the terms of the Stock Plans are documented in a written agreement between the Company and the awardee. All stock options awarded under the Stock Plans shall have an exercise price per share at least equal to the common stock’s market value on the date of grant. Stock options shall have terms no longer than ten years. Typically, stock options are awarded with one three Summaries of stock option activity under the Company’s approved stock option plans for the nine months ended October 31, 2020 and 2019, along with corresponding weighted average per share amounts, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise ​ Remaining ​ ​ ​ Shares Price Term (years) Fair Value Outstanding, February 1, 2020 1,271 ​ $ 44.83 7.18 ​ $ 11.06 Granted ​ 172 ​ $ 33.81 ​ ​ ​ ​ ​ Exercised ​ (55) ​ $ 22.69 ​ ​ ​ ​ ​ Forfeited ​ (24) ​ $ 55.61 ​ ​ ​ ​ ​ Outstanding, October 31, 2020 ​ 1,364 ​ $ 44.14 6.96 ​ $ 10.52 Exercisable, October 31, 2020 865 ​ $ 46.40 5.97 ​ $ 11.76 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise ​ Remaining ​ ​ ​ Shares Price Term (years) Fair Value Outstanding, February 1, 2019 1,140 ​ $ 44.01 7.54 ​ $ 11.22 Granted ​ 168 ​ $ 46.67 ​ ​ ​ ​ ​ Exercised ​ (59) ​ $ 26.36 ​ ​ ​ ​ ​ Forfeited ​ (38) ​ $ 46.34 ​ ​ ​ ​ ​ Outstanding, October 31, 2019 ​ 1,211 ​ $ 45.18 7.28 ​ $ 11.27 Exercisable, October 31, 2019 753 ​ $ 45.81 6.25 ​ $ 10.22 ​ The changes in the number of non-vested options to purchase shares of common stock for the nine months ended October 31, 2020 and 2019, and the weighted average fair value per share for each number, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ Shares Fair Value Non-vested, February 1, 2020 448 ​ $ 9.74 Granted 172 ​ $ 5.68 Vested (112) ​ $ 9.81 Forfeitures ​ (9) ​ $ 8.08 Non-vested, October 31, 2020 499 ​ $ 8.35 ​ ​ ​ ​ ​ ​ ​ Shares Fair Value Non-vested, February 1, 2019 375 ​ $ 10.05 Granted 168 ​ $ 10.32 Vested (57) ​ $ 9.28 Forfeitures ​ (28) ​ $ 10.47 Non-vested, October 31, 2019 458 ​ $ 10.22 ​ Pursuant to the terms of the 2011 Plan and as described in the corresponding agreements with the executives, the Company awarded performance-based restricted stock units to two senior executives in April 2020, 2019 and 2018 covering 45,000, 36,000 and 36,000 maximum total numbers of shares of common stock, respectively, plus a number of shares to be determined based on the amount of cash dividends deemed paid on shares earned pursuant to the awards. The release of the stock restrictions depends on the total return performance of the Company’s common stock measured against the performance of a peer-group of common stocks over three-year periods. The fair value amounts for restricted stock units were determined by using the per share market price of the Company’s common stock on the dates of award and the target number of shares for the awards (50% of the maximum number), by assigning equal probabilities to the thirteen possible payout outcomes at the ends of the three-year vesting periods, and by computing the weighted average of the outcome amounts. For each case, the estimated fair value amount was calculated to be 88.5% of the aggregate market value of the target number of shares on the award date. The fair values of stock options and restricted stock units are recorded as stock compensation expense over the vesting periods of the corresponding awards. Expense amounts related to stock awards were $0.8 million and $0.6 million for the three months ended October 31, 2020 and 2019, respectively. Expense amounts related to stock awards were $2.2 million and $1.5 million for the nine months ended October 31, 2020 and 2019, respectively. At October 31, 2020, there was $3.8 million in unrecognized compensation cost related to outstanding stock awards that the Company expects to expense over the next three years. The total intrinsic value amounts of the stock options exercised during the nine months ended October 31, 2020 and 2019 were $1.2 million and $1.4 million, respectively. At October 31, 2020, the aggregate market value amounts of the shares of common stock subject to outstanding and exercisable stock options that were “in-the-money” exceeded the aggregate exercise prices of such options by $4.7 million and $3.3 million, respectively. The Company estimates the weighted average fair value of stock options on the date of award using a Black-Scholes option pricing model, which was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The Company believes that its past stock option exercise activity is sufficient to provide it with a reasonable basis upon which to estimate the expected life of newly awarded stock options. Risk-free interest rates are determined by blending the rates for three The fair value amounts of stock options granted during the nine months ended October 31, 2020 and 2019 were estimated on the corresponding dates of the awards using the Black-Scholes option-pricing model reflecting the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ ​ 2020 2019 ​ Dividend yield 3.0 % 2.2 % ​ Expected volatility 30.0 % 33.1 % ​ Risk-free interest rate 0.5 % 2.0 % ​ Expected life (in years) 3.4 ​ 3.3 ​ ​ ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Oct. 31, 2020
INCOME TAXES
INCOME TAXES	NOTE 10 – INCOME TAXES Income Tax Expense Reconciliation The Company’s income tax amounts for the nine months ended October 31, 2020 and 2019 differed from corresponding amounts computed by applying the federal corporate income tax rate of 21% to the income (loss) before income taxes for the periods as presented in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ ​ 2020 2019 ​ Computed expected income tax (expense) benefit ​ $ (2,702) ​ $ 8,070 ​ Difference resulting from: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryback ​ ​ 4,390 ​ ​ — ​ Foreign tax rate differential ​ ​ (77) ​ ​ (766) ​ Stock options ​ ​ 66 ​ ​ (170) ​ State income taxes, net of federal tax effect ​ (40) ​ 185 ​ Net operating losses deemed unrealizable ​ ​ — ​ ​ (6,280) ​ Bad debt loss ​ — ​ 5,026 ​ Adjustments and other differences ​ ​ (246) ​ ​ (1,129) ​ Income tax benefit ​ $ 1,391 ​ $ 4,936 ​ ​ Foreign income tax expense amounts for the nine months ended October 31, 2020 and 2019 were not material. A valuation allowance in the amount of $6.3 million was established against the deferred tax asset amount created by the net operating loss of APC’s subsidiary in the UK for the nine months ended October 31, 2019. As the subsidiary is expected to report income for the current year, approximately $0.1 of tax benefit was recorded during the nine-month period ended October 31, 2020. Net Operating Loss Carryback In an effort to combat the adverse economic impacts of the COVID-19 crisis, the US Congress passed the Coronavirus, Aid, Relief, and Economic Security Act ( the “CARES Act”) that was signed into law on March 27, 2020. This wide-ranging legislation was an emergency economic stimulus package that includes spending and tax breaks aimed at strengthening the US economy and funding a nationwide effort to curtail the effects of the outbreak of COVID-19. The CARES Act has provided many opportunities for taxpayers to evaluate their 2018 and 2019 income tax returns to identify potential tax refunds. One such area is the utilization of net operating losses (“NOLs”). The tax changes of the CARES Act remove the limitations on the future utilization of certain NOLs and re-establish a carryback period for certain losses to five years. The NOLs eligible for carryback under the CARES Act include the Company’s domestic NOL for the year ended January 31, 2020, which was approximately $39.5 million. Substantially all of this loss now may be carried back for application against the Company’s taxable income for the year ended January 31, 2015. As the carryback of the NOL was not available until the current fiscal year, the tax benefit associated with the NOL for Fiscal 2020 was recorded in deferred tax assets as of January 31, 2020 in the amount of $8.3 million. With the enactment of the CARES Act, the asset was moved to income taxes receivable (included in other current assets in the condensed consolidated financial statements as of October 31, 2020) with a value of approximately $12.7 million. The carryback provides a favorable rate benefit for the Company as the loss, which was incurred in a year where the statutory federal tax rate was 21%, will be carried back to a tax year where the tax rate was higher. The substantial portion of the net amount of this tax benefit, which is approximately $4.4 million, was recorded in the three-month period ended April 30, 2020 and is, therefore, reflected as income tax benefit in the results for the nine-month period ended October 31, 2020. Research and Development Tax Credits During Fiscal 2019, the Company completed a detailed review of the activities of its engineering staff on major EPC services projects in order to identify and quantify the amounts of research and development credits that may be available to reduce prior year income taxes. This study focused on project costs incurred during the three-year period ended January 31, 2018. Based on the results of the study, management identified and estimated significant amounts of income tax benefits that were not previously recognized in the Company’s operating results for any prior year reporting period. The amount of research and development tax credit benefit recognized during the fourth quarter of Fiscal 2019 was $16.2 million. As described below, the IRS is examining the research and development credits that were included in the amendments of the Company’s consolidated federal income tax returns for the years ended January 31, 2016 and 2017 that were filed in January 2019. The amount of identified but unrecognized income tax benefits related to research and development credits as of October 31, 2020 was $5.0 million, for which the Company has established a liability for uncertain income tax return positions, most of which is included in accrued expenses. The amount of the liability was also $5.0 million as of January 31, 2020. The final outcome of these uncertain tax positions is not yet determinable. However, the Company does not expect that the amount of unrecognized tax benefits will significantly change due to any settlement and/or expiration of statutes of limitation over the next 12 months. As of October 31, 2020, the Company does not believe that it has any other material uncertain income tax positions reflected in its accounts. As of October 31 and January 31, 2020, the balances of other current assets in the condensed consolidated balance sheets included income tax refunds and prepaid income taxes in the net amounts of approximately $27.3 million and $14.5 million, respectively. The substantial portions of the income tax refunds are expected to be collected after the completion of the federal tax return examinations described below and the filing of the refund request related to the NOL carryback described above. Income Tax Returns The Company is subject to federal and state income taxes in the US, and income taxes in Ireland and the UK. Tax treatments within each jurisdiction are subject to the interpretation of the related tax laws and regulations which require significant judgment to apply. The Company is no longer subject to income tax examinations by authorities for its fiscal years ended on or before January 31, 2016 except for several notable exceptions including Ireland, the UK and several states where the open periods are one year longer. The IRS conducted an examination of the Company’s original federal consolidated income tax return for the year ended January 31, 2016. The IRS represented to the Company that no unfavorable adjustment items were noted during this examination. However, the Company has consented to an extension of the audit timeline which is enabling the IRS to also examine the amendment to the income tax return, which includes the research and development credit for the year. In addition, the IRS opened an examination of the Company’s amended consolidated income tax return for the year ended January 31, 2017. In substance, these efforts have evolved into a simultaneously conducted examinations of the research and development credits claimed in both years. In October 2020, the Company received an initial draft communication from the IRS that documents its understanding of the facts, attempts to summarize the Company’s arguments in support of the claims and states its position which disagrees with the Company’s treatment of certain costs. After a careful review of the draft communication, the Company has concluded that its arguments are sound, that the draft information does not represent new facts relating to the issues and that it will not make any adjustments to its accounting for the research and development claims (that is discussed above) as of October 31, 2020. The Company intends to pursue its income tax position with the IRS, and it expects that the ultimate settlement of the disagreement will be resolved on a basis favorable to the Company. Subsequent to October 31, 2020, the Company was notified by the IRS that it intended to examine the consolidated income tax return for the year ended January 31, 2018, with a most likely focus on the research and development credit claimed therein. The Company believes that any resulting disagreements regarding its income taxes for the year ended January 31, 2018 will be resolved on a basis favorable to the Company. Supplemental Cash Flow Information The amounts of cash paid for income taxes during the nine months ended October 31, 2020 and 2019 were $3.8 million and $3.1 million, respectively. During the nine months ended October 31, 2020 and 2019, the Company received cash refunds of previously paid income taxes from various taxing authorities in the total amounts of $0.9 million and $7.9 million, respectively.

NET INCOME (LOSS) PER SHARE ATT

NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	9 Months Ended
	Oct. 31, 2020
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	NOTE 11 – NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. Basic and diluted net income (loss) per share amounts are computed as follows (shares in thousands except in notes (1) below the charts): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended October 31, ​ ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to the stockholders of Argan, Inc. ​ $ 9,454 ​ $ (6,855) ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 15,680 ​ ​ 15,633 ​ Effect of stock awards (1) ​ ​ 153 ​ ​ — ​ Weighted average number of shares outstanding – diluted ​ ​ 15,833 ​ ​ 15,633 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share attributable to the stockholders of Argan, Inc. ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.60 ​ $ (0.44) ​ Diluted ​ $ 0.60 ​ $ (0.44) ​ (1) For the three months ended October 31, 2020, the weighted average number of shares determined on a dilutive basis excludes the effects of antidilutive stock options covering an aggregate of 506,501 shares of common stock. For the three months ended October 31, 2019, all common stock equivalents, which covered 1,243,000 shares of common stock, were considered to be antidilutive as the Company incurred a net loss for the period. ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to the stockholders of Argan, Inc. ​ $ 14,300 ​ $ (35,501) ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 15,659 ​ ​ 15,617 Effect of stock awards (1) ​ ​ 136 ​ ​ — Weighted average number of shares outstanding – diluted ​ ​ 15,795 ​ ​ 15,617 ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share attributable to the stockholders of Argan, Inc. ​ ​ ​ ​ ​ ​ Basic ​ $ 0.91 ​ $ (2.27) Diluted ​ $ 0.91 ​ $ (2.27) (1) For the nine months ended October 31, 2020, the weighted average number of shares determined on a dilutive basis excludes the effects of antidilutive stock options covering an aggregate of 688,000 shares of common stock. For the nine months ended October 31, 2019, all common stock equivalents, which covered 1,243,000 shares of common stock, were considered to be antidilutive as the Company incurred a net loss for the period.

CASH DIVIDENDS

CASH DIVIDENDS	9 Months Ended
	Oct. 31, 2019
CASH DIVIDENDS
CASH DIVIDENDS	NOTE 12 – CASH DIVIDENDS On September 10, 2020, the Company’s board of directors declared a regular quarterly cash dividend in the amount of $0.25 per share of common stock, which was paid on October 30, 2020 respectively July 31, 2020 quarterly

CUSTOMER CONCENTRATIONS

CUSTOMER CONCENTRATIONS	9 Months Ended
	Oct. 31, 2020
CUSTOMER CONCENTRATIONS
CUSTOMER CONCENTRATIONS	NOTE 13 – CUSTOMER CONCENTRATIONS The majority of the Company’s consolidated revenues relate to performance by the power industry services segment which provided 86% and 61% of consolidated revenues for the three months ended October 31, 2020 and 2019, respectively, and 83% and 49% of consolidated revenues for the nine months ended October 31, 2020 and 2019, respectively. The industrial services segment represented 12% and 34% of consolidated revenues for the three months ended October 31, 2020 and 2019, respectively, and 15% and 47% of consolidated revenues for the nine months ended October 31, 2020 and 2019, respectively. The Company’s most significant customer relationships for the three months ended October 31, 2020 included one power industry service customer, which accounted for 70% of consolidated revenues. The Company’s most significant customer relationships for the three months ended October 31, 2019 included two power industry service customers, which accounted for 27% and 17% of consolidated revenues, respectively, and one industrial services customer, which accounted for 10% of consolidated revenues. The Company’s most significant customer relationships for the nine months ended October 31, 2020 included one power industry service customer, which accounted for 69% of consolidated revenues. The Company’s most significant customer relationships for the nine months ended October 31, 2019 also included two power industry service customers, which accounted for 13% and 10% of consolidated revenues, respectively The accounts receivable balances from four major customers represented 24%, 14%, 11% and 10% of the corresponding consolidated balance as of October 31, 2020. Accounts receivable balances from three major customers represented 24%, 21% and 12% of the corresponding consolidated balance as of January 31, 2020. The contract asset balances from two major customers represented 63% and 12% of the corresponding consolidated balance as of October 31, 2020. Contract asset balances from two major customers represented 51% and 31% of the corresponding consolidated balance as of January 31, 2020.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Oct. 31, 2020
SEGMENT REPORTING
SEGMENT REPORTING	NOTE 14 – SEGMENT REPORTING Segments represent components of an enterprise for which discrete financial information is available that is evaluated regularly by the Company’s chief executive officer, who is the chief operating decision maker, in determining how to allocate resources and in assessing performance. The Company’s reportable segments recognize revenues and incur expenses, are organized in separate business units with different management teams, customers, talents and services, and may include more than one operating segment. Intersegment revenues and the related cost of revenues are netted against the corresponding amounts of the segment receiving the intersegment services. For the three and nine months ended October 31, 2020, intersegment revenues totaled approximately $0.5 million and $1.4 million, respectively. For the three and nine months ended October 31, 2019, intersegment revenues totaled approximately $1.1 million and $2.5 million. Summarized below are certain operating results and financial position data of the Company’s reportable business segments for the three and nine months ended October 31, 2020 and 2019. The “Other” column in each summary includes the Company’s corporate expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2020 Services Services Services Other Totals Revenues ​ $ 109,712 ​ $ 15,730 ​ $ 1,889 ​ $ — ​ $ 127,331 Cost of revenues ​ 91,263 ​ 14,218 ​ 1,507 ​ — ​ 106,988 Gross profit ​ 18,449 ​ 1,512 ​ 382 ​ — ​ 20,343 Selling, general and administrative expenses ​ 5,096 ​ ​ 1,828 ​ ​ 489 ​ ​ 1,985 ​ ​ 9,398 Income (loss) from operations ​ ​ 13,353 ​ ​ (316) ​ ​ (107) ​ ​ (1,985) ​ ​ 10,945 Other income, net ​ 172 ​ — ​ — ​ 3 ​ 175 Income (loss) before income taxes ​ $ 13,525 ​ $ (316) ​ $ (107) ​ $ (1,982) ​ 11,120 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,666) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,454 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 62 ​ $ 164 ​ $ — ​ $ — ​ $ 226 Depreciation ​ ​ 178 ​ ​ 654 ​ ​ 106 ​ ​ 2 ​ ​ 940 Property, plant and equipment additions ​ ​ 164 ​ ​ 34 ​ ​ 81 ​ ​ — ​ ​ 279 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 392,954 ​ ​ 25,404 ​ ​ 1,704 ​ ​ 118,758 ​ $ 538,820 Current liabilities ​ ​ 245,808 ​ ​ 13,762 ​ ​ 709 ​ ​ 751 ​ ​ 261,030 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ — ​ ​ — ​ ​ 27,943 Total assets ​ ​ 425,909 ​ ​ 47,356 ​ ​ 3,190 ​ ​ 119,045 ​ ​ 595,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2019 Services Services Services Other Totals Revenues ​ $ 35,848 ​ $ 20,143 ​ $ 2,415 ​ $ — ​ $ 58,406 Cost of revenues ​ 31,327 ​ 19,159 ​ 1,928 ​ — ​ 52,414 Gross profit ​ 4,521 ​ 984 ​ 487 ​ — ​ 5,992 Selling, general and administrative expenses ​ 7,672 ​ 2,018 ​ 485 ​ 1,960 ​ 12,135 (Loss) income from operations ​ ​ (3,151) ​ ​ (1,034) ​ ​ 2 ​ ​ (1,960) ​ ​ (6,143) Other income, net ​ 3,447 ​ — ​ — ​ 131 ​ 3,578 Income (loss) before income taxes ​ $ 296 ​ $ (1,034) ​ $ 2 ​ $ (1,829) ​ (2,565) Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,996) Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (4,561) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 61 ​ $ 166 ​ $ 45 ​ $ — ​ $ 272 Depreciation ​ ​ 176 ​ ​ 625 ​ ​ 97 ​ ​ 1 ​ ​ 899 Property, plant and equipment additions ​ ​ 2,659 ​ ​ 436 ​ ​ 170 ​ ​ — ​ ​ 3,265 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 292,618 ​ $ 28,373 ​ $ 2,861 ​ $ 82,048 ​ $ 405,900 Current liabilities ​ ​ 108,474 ​ ​ 8,744 ​ ​ 796 ​ ​ 943 ​ ​ 118,957 Goodwill ​ ​ 18,476 ​ ​ 12,290 ​ ​ — ​ ​ — ​ ​ 30,766 Total assets ​ ​ 324,535 ​ ​ 55,814 ​ ​ 4,370 ​ ​ 87,998 ​ ​ 472,717 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2020 Services Services Services Other Totals Revenues ​ $ 227,363 ​ $ 42,163 ​ $ 5,445 ​ $ — ​ $ 274,971 Cost of revenues ​ 192,583 ​ 38,096 ​ 4,310 ​ — ​ 234,989 Gross profit ​ 34,780 ​ 4,067 ​ 1,135 ​ — ​ 39,982 Selling, general and administrative expenses ​ 15,892 ​ ​ 5,664 ​ ​ 1,447 ​ ​ 5,824 ​ ​ 28,827 Income (loss) from operations ​ ​ 18,888 ​ ​ (1,597) ​ ​ (312) ​ ​ (5,824) ​ ​ 11,155 Other income, net ​ 1,634 ​ — ​ — ​ 80 ​ 1,714 Income (loss) before income taxes ​ $ 20,522 ​ $ (1,597) ​ $ (312) ​ $ (5,744) ​ 12,869 Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,391 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,260 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 182 ​ ​ 495 ​ ​ — ​ ​ — ​ $ 677 Depreciation ​ ​ 522 ​ $ 1,967 ​ $ 305 ​ $ 4 ​ ​ 2,798 Property, plant and equipment additions ​ ​ 857 ​ ​ 338 ​ ​ 217 ​ ​ — ​ ​ 1,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2019 Services Services Services Other Totals Revenues ​ $ 83,941 ​ $ 80,442 ​ $ 6,626 ​ $ — ​ $ 171,009 Cost of revenues ​ 104,759 ​ 72,958 ​ 5,361 ​ — ​ 183,078 Gross (loss) profit ​ (20,818) ​ 7,484 ​ 1,265 ​ — ​ (12,069) Selling, general and administrative expenses ​ 18,977 ​ 5,959 ​ 1,535 ​ 5,290 ​ 31,761 Impairment loss ​ ​ 2,072 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,072 (Loss) income from operations ​ ​ (41,867) ​ ​ 1,525 ​ ​ (270) ​ ​ (5,290) ​ ​ (45,902) Other income, net ​ 7,037 ​ — ​ — ​ 435 ​ 7,472 (Loss) income before income taxes ​ $ (34,830) ​ $ 1,525 ​ $ (270) ​ $ (4,855) ​ (38,430) Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,936 Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (33,494) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 231 ​ $ 497 ​ $ 136 ​ $ — ​ $ 864 Depreciation ​ ​ 517 ​ ​ 1,791 ​ ​ 298 ​ ​ 4 ​ ​ 2,610 Property, plant and equipment additions ​ ​ 4,533 ​ ​ 1,487 ​ ​ 277 ​ ​ 11 ​ ​ 6,308

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Oct. 31, 2020
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION
Description of the Business	Description of the Business Argan, Inc. (“Argan”) conducts operations through its wholly-owned subsidiaries, Gemma Power Systems, LLC and affiliates (“GPS”); The Roberts Company, Inc. (“TRC”); Atlantic Projects Company Limited and affiliates (“APC”) and Southern Maryland Cable, Inc. (“SMC”). Argan and these consolidated subsidiaries are hereinafter collectively referred to as the “Company.” Through GPS and APC, the Company provides a full range of engineering, procurement, construction, commissioning, operations management, maintenance, project development, technical and other consulting services to the power generation market, including the renewable energy sector. The wide range of customers includes independent power producers, public utilities, power plant equipment suppliers and global energy plant construction firms with projects located in the continental United States (the “US”), the Republic of Ireland (“Ireland”) and the United Kingdom (the “UK”). Including consolidated variable interest entities (“VIEs”), GPS and APC represent the Company’s power industry services reportable segment. Through TRC, the industrial fabrication and field services reportable segment provides on-site services that support maintenance turnarounds, shutdowns and emergency mobilizations for industrial plants primarily located in the southeast region of the US and that are based on its expertise in producing, delivering and installing fabricated metal components such as piping systems and pressure vessels. Through SMC, which conducts 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 US.
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The condensed consolidated financial statements include the accounts of Argan, its wholly-owned subsidiaries and its financially controlled VIEs. All significant inter-company balances and transactions have been eliminated in consolidation. In Note 14, the Company has provided certain financial information relating to the operating results and assets of its reportable segments based on the manner in which management disaggregates the Company’s financial reporting for purposes of making internal operating decisions. The Company’s fiscal year ends on January 31 each year. The condensed consolidated balance sheet as of October 31, 2020, the condensed consolidated statements of earnings and stockholders’ equity for the three and nine months ended October 31, 2020 and 2019, and the condensed consolidated statements of cash flows for the nine months ended October 31, 2020 and 2019 are unaudited. The condensed consolidated balance sheet as of January 31, 2020 has been derived from audited financial statements. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the US Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. The accompanying condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements, the notes thereto, and the independent registered public accounting firm’s report thereon, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2020 (“Fiscal 2020”). In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, considered necessary to present fairly the financial position of the Company as of October 31, 2020, and its earnings and cash flows for the interim periods presented. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year. Accounting Policies In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes In 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments There are no other recently issued accounting pronouncements that have not yet been adopted that the Company considers material to its condensed consolidated financial statements. The carrying value amounts presented in the condensed consolidated balance sheets for the Company’s current assets, which primarily include cash and cash equivalents, short-term investments, accounts receivable and contract assets, and its current liabilities are reasonable estimates of their fair values due to the short-term nature of these items.
Variable Interest Entity	Variable Interest Entity In January 2018, the Company was deemed to be the primary beneficiary of a VIE that is performing the project development activities related to the planned construction of a new natural gas-fired power plant. Consideration for the Company’s engineering and financial support includes the right to build the power plant pursuant to a turnkey engineering, procurement and construction (“EPC”) services contract that has been negotiated and announced. The account balances of the VIE are included in the condensed consolidated financial statements, including development costs incurred by the VIE during the three and nine-month periods ended October 31, 2020 and 2019. The total amounts of the project development costs included in the balances for property, plant and equipment as of October 31 and January 31, 2020 were $7.4 million and $6.9 million, respectively. Recovery of the Company's investment in this project will most likely depend on the successful completion of the project development efforts, including the arrangement of financing for the construction and operation of the corresponding power plant.

REVENUES FROM CONTRACT WITH C_2

REVENUES FROM CONTRACT WITH CUSTOMERS (Tables)	9 Months Ended
	Oct. 31, 2020
REVENUES FROM CONTRACT WITH CUSTOMERS
Schedule of consolidated revenues disaggregated by geographical area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ October 31, ​ October 31, ​ ​ 2020 2019 ​ 2020 2019 ​ United States ​ $ 109,241 ​ $ 39,629 ​ $ 241,616 ​ $ 117,045 ​ United Kingdom ​ 9,759 ​ 10,349 ​ 22,595 ​ 35,631 ​ Republic of Ireland ​ 8,331 ​ 8,256 ​ 10,760 ​ 18,007 ​ Other ​ — ​ 172 ​ — ​ 326 ​ Consolidated Revenues ​ $ 127,331 ​ $ 58,406 ​ $ 274,971 ​ $ 171,009 ​

PURCHASED INTANGIBLE ASSETS (Ta

PURCHASED INTANGIBLE ASSETS (Tables)	9 Months Ended
	Oct. 31, 2020
PURCHASED INTANGIBLE ASSETS
Schedule of company's purchased intangible assets, other than goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, 2020 ​ January 31, ​ ​ Estimated ​ Gross ​ Accumulated ​ Net ​ 2020, (net ​ Useful Life Amounts Amortization Amount amounts) Trade names 15 years ​ $ 8,142 ​ $ 4,849 ​ $ 3,293 ​ $ 3,699 Process certifications 7 years ​ 1,897 ​ ​ 1,332 ​ ​ 565 ​ ​ 768 Customer relationships ​ 4-10 years ​ ​ 1,346 ​ ​ 880 ​ ​ 466 ​ ​ 534 Totals ​ ​ ​ $ 11,385 ​ $ 7,061 ​ $ 4,324 ​ $ 5,001

COMMITMENTS (Tables)

COMMITMENTS (Tables)	9 Months Ended
	Oct. 31, 2020
COMMITMENTS
Schedule of future minimum lease payments for the operating leases	​ ​ ​ ​ ​ Years Ending January 31, Remainder of 2021 $ 505 2022 ​ ​ 1,648 2023 ​ ​ 856 2024 ​ ​ 242 2025 ​ ​ 85 Thereafter ​ ​ 20 Total lease payments ​ ​ 3,356 Less interest portion ​ ​ 90 Present value of lease payments ​ ​ 3,266 Less current portion (included in accrued expenses) ​ ​ 2,760 Non-current portion ​ $ 506

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Oct. 31, 2020
STOCK-BASED COMPENSATION
Schedule of stock option activity under the Company's stock plans	Summaries of stock option activity under the Company’s approved stock option plans for the nine months ended October 31, 2020 and 2019, along with corresponding weighted average per share amounts, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise ​ Remaining ​ ​ ​ Shares Price Term (years) Fair Value Outstanding, February 1, 2020 1,271 ​ $ 44.83 7.18 ​ $ 11.06 Granted ​ 172 ​ $ 33.81 ​ ​ ​ ​ ​ Exercised ​ (55) ​ $ 22.69 ​ ​ ​ ​ ​ Forfeited ​ (24) ​ $ 55.61 ​ ​ ​ ​ ​ Outstanding, October 31, 2020 ​ 1,364 ​ $ 44.14 6.96 ​ $ 10.52 Exercisable, October 31, 2020 865 ​ $ 46.40 5.97 ​ $ 11.76 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise ​ Remaining ​ ​ ​ Shares Price Term (years) Fair Value Outstanding, February 1, 2019 1,140 ​ $ 44.01 7.54 ​ $ 11.22 Granted ​ 168 ​ $ 46.67 ​ ​ ​ ​ ​ Exercised ​ (59) ​ $ 26.36 ​ ​ ​ ​ ​ Forfeited ​ (38) ​ $ 46.34 ​ ​ ​ ​ ​ Outstanding, October 31, 2019 ​ 1,211 ​ $ 45.18 7.28 ​ $ 11.27 Exercisable, October 31, 2019 753 ​ $ 45.81 6.25 ​ $ 10.22
Schedule of changes in the number of non-vested options to purchase shares of common stock	The changes in the number of non-vested options to purchase shares of common stock for the nine months ended October 31, 2020 and 2019, and the weighted average fair value per share for each number, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ Shares Fair Value Non-vested, February 1, 2020 448 ​ $ 9.74 Granted 172 ​ $ 5.68 Vested (112) ​ $ 9.81 Forfeitures ​ (9) ​ $ 8.08 Non-vested, October 31, 2020 499 ​ $ 8.35 ​ ​ ​ ​ ​ ​ ​ Shares Fair Value Non-vested, February 1, 2019 375 ​ $ 10.05 Granted 168 ​ $ 10.32 Vested (57) ​ $ 9.28 Forfeitures ​ (28) ​ $ 10.47 Non-vested, October 31, 2019 458 ​ $ 10.22
Summary of assumptions used to estimate fair value of stock options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ ​ 2020 2019 ​ Dividend yield 3.0 % 2.2 % ​ Expected volatility 30.0 % 33.1 % ​ Risk-free interest rate 0.5 % 2.0 % ​ Expected life (in years) 3.4 ​ 3.3 ​ ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Oct. 31, 2020
INCOME TAXES
Schedule of actual income tax expense amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ ​ 2020 2019 ​ Computed expected income tax (expense) benefit ​ $ (2,702) ​ $ 8,070 ​ Difference resulting from: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryback ​ ​ 4,390 ​ ​ — ​ Foreign tax rate differential ​ ​ (77) ​ ​ (766) ​ Stock options ​ ​ 66 ​ ​ (170) ​ State income taxes, net of federal tax effect ​ (40) ​ 185 ​ Net operating losses deemed unrealizable ​ ​ — ​ ​ (6,280) ​ Bad debt loss ​ — ​ 5,026 ​ Adjustments and other differences ​ ​ (246) ​ ​ (1,129) ​ Income tax benefit ​ $ 1,391 ​ $ 4,936 ​

NET INCOME (LOSS) PER SHARE A_2

NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. (Tables)	9 Months Ended
	Oct. 31, 2020
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
Schedule of computations of basic and diluted net income (loss) per share	Basic and diluted net income (loss) per share amounts are computed as follows (shares in thousands except in notes (1) below the charts): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended October 31, ​ ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to the stockholders of Argan, Inc. ​ $ 9,454 ​ $ (6,855) ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 15,680 ​ ​ 15,633 ​ Effect of stock awards (1) ​ ​ 153 ​ ​ — ​ Weighted average number of shares outstanding – diluted ​ ​ 15,833 ​ ​ 15,633 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share attributable to the stockholders of Argan, Inc. ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.60 ​ $ (0.44) ​ Diluted ​ $ 0.60 ​ $ (0.44) ​ (1) For the three months ended October 31, 2020, the weighted average number of shares determined on a dilutive basis excludes the effects of antidilutive stock options covering an aggregate of 506,501 shares of common stock. For the three months ended October 31, 2019, all common stock equivalents, which covered 1,243,000 shares of common stock, were considered to be antidilutive as the Company incurred a net loss for the period. ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to the stockholders of Argan, Inc. ​ $ 14,300 ​ $ (35,501) ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 15,659 ​ ​ 15,617 Effect of stock awards (1) ​ ​ 136 ​ ​ — Weighted average number of shares outstanding – diluted ​ ​ 15,795 ​ ​ 15,617 ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share attributable to the stockholders of Argan, Inc. ​ ​ ​ ​ ​ ​ Basic ​ $ 0.91 ​ $ (2.27) Diluted ​ $ 0.91 ​ $ (2.27) (1) For the nine months ended October 31, 2020, the weighted average number of shares determined on a dilutive basis excludes the effects of antidilutive stock options covering an aggregate of 688,000 shares of common stock. For the nine months ended October 31, 2019, all common stock equivalents, which covered 1,243,000 shares of common stock, were considered to be antidilutive as the Company incurred a net loss for the period.

DESCRIPTION OF THE BUSINESS A_3

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Oct. 31, 2020	Jan. 31, 2020
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION
Cost of property, plant and equipment	$ 7.4	$ 6.9

REVENUES FROM CONTRACT WITH C_3

REVENUES FROM CONTRACT WITH CUSTOMERS (Details) - USD ($) $ in Millions	Oct. 31, 2020	Jan. 31, 2020
REVENUES FROM CONTRACT WITH CUSTOMERS
Retained amounts by project owners	$ 32.5	$ 20
Amounts of unpriced change orders included in transaction prices	8	21.2

REVENUES FROM CONTRACT WITH C_4

REVENUES FROM CONTRACT WITH CUSTOMERS - Accounting for the Loss Subcontract (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019	Jan. 31, 2020	Mar. 24, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Provision for contract loss					$ 5.8
TeesREPProject
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Loss recorded		$ 0.3		$ 31.2
Reversal of profit				$ 0.7
Percentage of completion of subcontracted work						90.00%
Reduction to the subcontract loss	$ (2.8)		$ (4.1)
Subcontract loss			(29.5)
The total amounts of accounts receivable and contract assets with the customer			$ 7.3		$ 19.2

REVENUES FROM CONTRACT WITH C_5

REVENUES FROM CONTRACT WITH CUSTOMERS - Remaining Unsatisfied Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-11-01 $ in Millions	Oct. 31, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract backlog amount	$ 604.7
Contract backlog (as percent)	63.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

REVENUES FROM CONTRACT WITH C_6

REVENUES FROM CONTRACT WITH CUSTOMERS - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Disaggregation of Revenues
Totals	$ 127,331	$ 58,406	$ 274,971	$ 171,009
United States
Disaggregation of Revenues
Totals	109,241	39,629	241,616	117,045
United Kingdom
Disaggregation of Revenues
Totals	9,759	10,349	22,595	35,631
Republic of Ireland
Disaggregation of Revenues
Totals	$ 8,331	8,256	$ 10,760	18,007
Other
Disaggregation of Revenues
Totals		$ 172		$ 326

CASH, CASH EQUIVALENTS AND SH_2

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Details) - Held-to-maturity Securities - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Oct. 31, 2020	Jan. 31, 2020
Cash and Cash Equivalents
Maturity period	292 days	165 days
Accrued interest on held-to-maturity securities		$ 0.5
Weighted average annual interest rates of CDs (as a percent)	0.20%	1.80%

ACCOUNTS AND NOTES RECEIVABLE (

ACCOUNTS AND NOTES RECEIVABLE (Details) $ in Millions	Oct. 31, 2020USD ($)
ACCOUNTS AND NOTES RECEIVABLE
Outstanding balances of accounts receivable and contract assets	$ 24.5
Past due notes receivable	$ 1.7

PURCHASED INTANGIBLE ASSETS - G

PURCHASED INTANGIBLE ASSETS - Goodwill and Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Apr. 30, 2019	Oct. 31, 2020	Oct. 31, 2019	Jan. 31, 2020
Indefinite-Lived Intangible Assets
Goodwill		$ 27,943	$ 30,766	$ 27,943
Goodwill changes		0	0
Impairment loss			$ 2,072
Intangible Assets - Gross Carrying Amount		11,385
Accumulated Amortization		7,061
Finite Lived Intangible Assets - Net Amount		4,324		5,001
APC
Indefinite-Lived Intangible Assets
Impairment loss	$ 2,100
GPS
Indefinite-Lived Intangible Assets
Goodwill		18,500		18,500
TRC
Indefinite-Lived Intangible Assets
Goodwill		$ 9,500		9,500
Trade names
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life		15 years
Intangible Assets - Gross Carrying Amount		$ 8,142
Accumulated Amortization		4,849
Finite Lived Intangible Assets - Net Amount		$ 3,293		3,699
Process certifications
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life		7 years
Intangible Assets - Gross Carrying Amount		$ 1,897
Accumulated Amortization		1,332
Finite Lived Intangible Assets - Net Amount		565		768
Customer relationships
Indefinite-Lived Intangible Assets
Intangible Assets - Gross Carrying Amount		1,346
Accumulated Amortization		880
Finite Lived Intangible Assets - Net Amount		$ 466		$ 534
Customer relationships | Maximum
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life		10 years
Customer relationships | Minimum
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life		4 years

FINANCING ARRANGEMENTS (Details

FINANCING ARRANGEMENTS (Details) - USD ($) $ in Millions	May 15, 2017	Oct. 31, 2020	Jan. 31, 2020
Financing Arrangements
Amount of an outstanding letter of credit issued by Bank in support of project development activities and deposited with the Bank as collateral		$ 3.4
London Interbank Offered Rate (LIBOR)
Financing Arrangements
Interest rate margin on referred rate		2.00%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Financing Arrangements
Variable rate	30-day LIBOR
Interest rate margin on referred rate	2.00%
Revolving Credit Facility | Expires on May 31, 2021
Financing Arrangements
Borrowing available under financing arrangements	$ 50
Letter of Credit
Financing Arrangements
Borrowings outstanding under Bank financing arrangements		$ 0	$ 0
Letters of credit outstanding amount		$ 1.7	$ 9.9

COMMITMENTS - Future minimum le

COMMITMENTS - Future minimum lease payments (Details) $ in Thousands	Oct. 31, 2020USD ($)
Operating Leases
Remainder of 2021	$ 505
2022	1,648
2023	856
2024	242
2025	85
Thereafter	20
Total lease payments	3,356
Less interest portion	90
Present value of lease payments	3,266
Less current portion (included in accrued expenses)	$ 2,760
Less current portion (included in accrued expenses)	us-gaap:AccruedLiabilitiesCurrent
Non-current portion	$ 506

COMMITMENTS - Warranties (Detai

COMMITMENTS - Warranties (Details)	9 Months Ended
	Oct. 31, 2020
Minimum
Warranty period	9 months
Maximum
Warranty period	24 months

COMMITMENTS - Leases (Details)

COMMITMENTS - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Operating leases, options to extend			true
Operating leases, options to terminate			true
Operating lease expense	$ 500	$ 100	$ 1,318	$ 637
Operating lease payments	$ 300	200	$ 1,200	600
Weighted average lease term	32 months		32 months
Weighted average discount rate	3.30%		3.30%
Surety Bond
Outstanding letter of credit replaced with Surety bond	$ 7,600		$ 7,600
London Interbank Offered Rate (LIBOR)
Interest rate margin on referred rate			2.00%
TRC
April 30, 2021	300		$ 300
GPS
Future minimum lease payment	500		2,300
GPS | Financial guarantee
Guarantor obligation maximum exposure	3,600		3,600
Costs of Revenues
Rent expense	2,300	900	4,200	3,200
Selling, General and Administrative Expenses
Rent expense	$ 200	$ 100	$ 700	$ 500

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Activity under Company's Stock Option Plans (Details) - $ / shares shares in Thousands	9 Months Ended		12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
STOCK-BASED COMPENSATION
Shares, Outstanding, Beginning balance	1,271	1,140	1,140
Shares, Granted	172	168
Shares, Exercised	(55)	(59)
Shares, Forfeited	(24)	(38)
Shares, Outstanding, Ending balance	1,364	1,211	1,271	1,140
Shares, Exercisable	865	753
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 44.83	$ 44.01	$ 44.01
Weighted Average Exercise Price, Granted	33.81	46.67
Weighted Average Exercise Price, Exercised	22.69	26.36
Weighted Average Exercise Price, Forfeited	55.61	46.34
Weighted Average Exercise Price, Outstanding, Ending balance	44.14	45.18	$ 44.83	$ 44.01
Weighted Average Exercise Price, Exercisable	$ 46.40	$ 45.81
Weighted Average Remaining Term (Years), Outstanding	6 years 11 months 15 days	7 years 3 months 10 days	7 years 2 months 4 days	7 years 6 months 14 days
Weighted Average Remaining Term (Years), Exercisable	5 years 11 months 19 days	6 years 3 months
Weighted Average Fair Value, Outstanding	$ 10.52	$ 11.27	$ 11.06	$ 11.22
Weighted Average Fair Value, Exercisable	$ 11.76	$ 10.22

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of Change in Number of Non-Vested Options to Purchase Shares of Common Stock (Details) - $ / shares shares in Thousands	9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
STOCK-BASED COMPENSATION
Shares, Non-vested, Beginning balance	448	375
Shares, Granted	172	168
Shares, Vested	(112)	(57)
Shares, Forfeitures	(9)	(28)
Shares, Non-vested, Ending balance	499	458
Weighted Average Fair Value, Non-vested, Beginning balance	$ 9.74	$ 10.05
Weighted Average Fair Value, Granted	5.68	10.32
Weighted Average Fair Value, Vested	9.81	9.28
Weighted Average Fair Value, Forfeitures	8.08	10.47
Weighted Average Fair Value, Non-vested, Ending balance	$ 8.35	$ 10.22

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of Assumptions Used to Estimate Fair Value of Stock Options Granted (Details) - Stock Options Plans	9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Dividend yield	3.00%	2.20%
Expected volatility	30.00%	33.10%
Risk-free interest rate	0.50%	2.00%
Expected life (in years)	3 years 4 months 24 days	3 years 3 months 18 days

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) $ in Thousands	3 Months Ended					9 Months Ended
	Oct. 31, 2020USD ($)shares	Apr. 30, 2020shares	Oct. 31, 2019USD ($)	Apr. 30, 2019shares	Apr. 30, 2018shares	Oct. 31, 2020USD ($)personshares	Oct. 31, 2019USD ($)	Jun. 23, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award
Percentage Reduction In The Aggregate Fair Value Of Stock Option						88.50%
Percentage reduction in the aggregate fair value of stock option						88.50%
Stock compensation expense	$ 800		$ 600			$ 2,199	$ 1,512
Unrecognized compensation cost	3,800					$ 3,800
Compensation expense recognize, period						3 years
Intrinsic value of outstanding stock options	4,700					$ 4,700
Intrinsic value of exercisable stock options	$ 3,300					$ 3,300
Period used for calculations						5 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Period used for calculations						3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Period used for calculations						5 years
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares of common stock reserved for issuance | shares								500,000
Stock Options Plans
Share-based Compensation Arrangement by Share-based Payment Award
Initial vesting percentage						33.33%
Period to become exercisable						3 years
Number of shares of common stock available for award | shares	688,999					688,999
Number of shares of common stock reserved for issuance | shares	2,170,400					2,170,400
Intrinsic value of the stock options exercised						$ 1,200	$ 1,400
ISOs/NSOs | 2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Incentive stock option award maximum expiration period						10 years
Senior executives | Performance-based restricted stock units | 2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Period to become exercisable						3 years
Number of executives | person						2
Percentage of the maximum shares for the target number of shares awarded						50.00%
Senior executives | Performance-based restricted stock units | 2011 Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares awarded | shares		45,000		36,000	36,000

INCOME TAXES - Income Tax Expen

INCOME TAXES - Income Tax Expense Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Oct. 31, 2020	Apr. 30, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019	Jan. 31, 2020
Federal corporate income tax rate (as percent)				21.00%		21.00%
Computed expected income tax (expense) benefit				$ (2,702)	$ 8,070
Net operating loss carryback		$ 4,400		4,390
Foreign tax rate differential				(77)	(766)
Stock options				66	(170)
State income taxes, net of federal tax effect				(40)	185
Net operating losses deemed unrealizable					(6,280)
Bad debt loss					5,026
Adjustments and other permanent differences				(246)	(1,129)
Income tax benefit	$ (1,666)		$ (1,996)	1,391	4,936
Tax benefit from subsidiaries				$ 100
United Kingdom
Deferred tax valuation allowance			$ 6,300		$ 6,300

INCOME TAXES - Net Operating Lo

INCOME TAXES - Net Operating Loss Carryback (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2020	Oct. 31, 2020	Jan. 31, 2020
Operating Loss Carryforwards [Line Items]
Increase in loss carryback period for certain losses		5 years
Domestic net operating loss carryback			$ 39,500
Deferred tax asset operating loss carryforward			$ 8,300
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%	21.00%
Amount of rate difference tax benefit	$ 4,400	$ 4,390
Other current assets
Operating Loss Carryforwards [Line Items]
Income tax receivable		$ 12,700

INCOME TAXES - Research and Dev

INCOME TAXES - Research and Development Tax Credits (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2018	Oct. 31, 2020	Jan. 31, 2020	Jan. 31, 2019
INCOME TAXES
Prior period for identify and quantify the amounts of research and development credits	3 years
Research and development tax credit benefit				$ 16.2
Unrecognized income tax benefits related to research and development credits		$ 5
Amount of unrecognized income tax benefits liability			$ 5
Income tax refunds and prepaid income taxes		$ 27.3	$ 14.5

INCOME TAXES - Supplemental Cas

INCOME TAXES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
INCOME TAXES
Income Taxes Paid	$ 3.8	$ 3.1
Proceeds from Income Tax Refunds	$ 0.9	$ 7.9

NET INCOME (LOSS) PER SHARE A_3

NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
Net income (loss) attributable to the stockholders of Argan, Inc.	$ 9,454	$ (6,855)	$ 14,300	$ (35,501)
Weighted average number of shares outstanding - basic	15,680	15,633	15,659	15,617
Effects of stock awards	153		136
Weighted average number of shares outstanding - diluted	15,833	15,633	15,795	15,617
Basic (in Dollars per share)	$ 0.60	$ (0.44)	$ 0.91	$ (2.27)
Diluted (in Dollars per share)	$ 0.60	$ (0.44)	$ 0.91	$ (2.27)

NET INCOME (LOSS) PER SHARE A_4

NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. - Additional information (Details) - shares	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
Antidilutive common stock	506,501	1,243,000	688,000	1,243,000

CASH DIVIDENDS (Details)

CASH DIVIDENDS (Details) - $ / shares	Oct. 31, 2020	Oct. 30, 2020	Sep. 10, 2020	Jul. 31, 2020	Jun. 23, 2020	Apr. 30, 2020	Apr. 09, 2020	Jul. 31, 2019	Apr. 30, 2019	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019	Jan. 31, 2020
CASH DIVIDENDS
Regular cash dividend declared per common stock			$ 0.25		$ 0.25		$ 0.25			$ 0.25	$ 0.25	$ 1.75	$ 0.75
Regular cash dividend paid per common stock	$ 0.25	$ 0.25		$ 0.25		$ 0.25		$ 0.25	$ 0.25
Regular quarterly cash dividend declared per common stock														$ 0.25
Special Cash dividend declared per common stock					$ 1
Special cash dividend paid per common stock				$ 1

CUSTOMER CONCENTRATIONS (Detail

CUSTOMER CONCENTRATIONS (Details) - customer	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019	Jan. 31, 2020
Accounts Receivable
Customer Concentrations
Number of customers			4		3
Contract Asset
Customer Concentrations
Number of customers			2		2
Major Customer One | Accounts Receivable
Customer Concentrations
Percentage of consolidated accounts receivable accounted by major customer			24.00%		24.00%
Major Customer One | Contract Asset
Customer Concentrations
Percentage of major customers or segments			63.00%		51.00%
Major Customer Two | Accounts Receivable
Customer Concentrations
Percentage of consolidated accounts receivable accounted by major customer			14.00%		21.00%
Major Customer Two | Contract Asset
Customer Concentrations
Percentage of major customers or segments			12.00%		31.00%
Major Customer Three | Accounts Receivable
Customer Concentrations
Percentage of consolidated accounts receivable accounted by major customer			11.00%		12.00%
Major Customer Four | Accounts Receivable
Customer Concentrations
Percentage of consolidated accounts receivable accounted by major customer			10.00%
Power Services | Revenue
Customer Concentrations
Percentage of major customers or segments	86.00%	61.00%	83.00%	49.00%
Number of customers	1	2	1	2
Power Services | Major Customer One | Revenue
Customer Concentrations
Percentage of major customers or segments	70.00%	27.00%	69.00%	13.00%
Power Services | Major Customer Two | Revenue
Customer Concentrations
Percentage of major customers or segments		17.00%		10.00%
Industry services | Revenue
Customer Concentrations
Percentage of major customers or segments	12.00%	34.00%	15.00%	47.00%
Number of customers		1
Industry services | Major Customer One | Revenue
Customer Concentrations
Percentage of major customers or segments		10.00%

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020USD ($)	Oct. 31, 2019USD ($)	Oct. 31, 2020USD ($)segment	Oct. 31, 2019USD ($)	Jan. 31, 2020USD ($)
Segment Reporting Information
Operating segment | segment			1
Revenues	$ 127,331	$ 58,406	$ 274,971	$ 171,009
Cost of revenues	106,988	52,414	234,989	183,078
Gross (loss) profit	20,343	5,992	39,982	(12,069)
Selling, general and administrative expenses	9,398	12,135	28,827	31,761
Impairment loss				2,072
(Loss) income from operations	10,945	(6,143)	11,155	(45,902)
Other income, net	175	3,578	1,714	7,472
(Loss) income before income taxes	11,120	(2,565)	12,869	(38,430)
Income tax (expense) benefit (Note 10)	(1,666)	(1,996)	1,391	4,936
Net income (loss)	9,454	(4,561)	14,260	(33,494)
Amortization of intangibles	226	272	677	864
Depreciation	940	899	2,798	2,610
Property, plant and equipment additions	279	3,265	1,412	6,308
Current assets	538,820	405,900	538,820	405,900	$ 421,755
Current liabilities	261,030	118,957	261,030	118,957	144,034
Goodwill	27,943	30,766	27,943	30,766	27,943
Total assets	595,500	472,717	595,500	472,717	$ 487,540
Other
Segment Reporting Information
Selling, general and administrative expenses	1,985	1,960	5,824	5,290
(Loss) income from operations	(1,985)	(1,960)	(5,824)	(5,290)
Other income, net	3	131	80	435
(Loss) income before income taxes	(1,982)	(1,829)	(5,744)	(4,855)
Depreciation	2	1	4	4
Property, plant and equipment additions				11
Current assets	118,758	82,048	118,758	82,048
Current liabilities	751	943	751	943
Total assets	119,045	87,998	119,045	87,998
Intercompany Eliminations
Segment Reporting Information
Revenues	500	1,100	1,400	2,500
Power Services
Segment Reporting Information
Revenues	109,712	35,848	227,363	83,941
Cost of revenues	91,263	31,327	192,583	104,759
Gross (loss) profit	18,449	4,521	34,780	(20,818)
Selling, general and administrative expenses	5,096	7,672	15,892	18,977
Impairment loss				2,072
(Loss) income from operations	13,353	(3,151)	18,888	(41,867)
Other income, net	172	3,447	1,634	7,037
(Loss) income before income taxes	13,525	296	20,522	(34,830)
Amortization of intangibles	62	61	182	231
Depreciation	178	176	522	517
Property, plant and equipment additions	164	2,659	857	4,533
Current assets	392,954	292,618	392,954	292,618
Current liabilities	245,808	108,474	245,808	108,474
Goodwill	18,476	18,476	18,476	18,476
Total assets	425,909	324,535	425,909	324,535
Industrial Services
Segment Reporting Information
Revenues	15,730	20,143	42,163	80,442
Cost of revenues	14,218	19,159	38,096	72,958
Gross (loss) profit	1,512	984	4,067	7,484
Selling, general and administrative expenses	1,828	2,018	5,664	5,959
(Loss) income from operations	(316)	(1,034)	(1,597)	1,525
(Loss) income before income taxes	(316)	(1,034)	(1,597)	1,525
Amortization of intangibles	164	166	495	497
Depreciation	654	625	1,967	1,791
Property, plant and equipment additions	34	436	338	1,487
Current assets	25,404	28,373	25,404	28,373
Current liabilities	13,762	8,744	13,762	8,744
Goodwill	9,467	12,290	9,467	12,290
Total assets	47,356	55,814	47,356	55,814
Telecom Services
Segment Reporting Information
Revenues	1,889	2,415	5,445	6,626
Cost of revenues	1,507	1,928	4,310	5,361
Gross (loss) profit	382	487	1,135	1,265
Selling, general and administrative expenses	489	485	1,447	1,535
(Loss) income from operations	(107)	2	(312)	(270)
(Loss) income before income taxes	(107)	2	(312)	(270)
Amortization of intangibles		45		136
Depreciation	106	97	305	298
Property, plant and equipment additions	81	170	217	277
Current assets	1,704	2,861	1,704	2,861
Current liabilities	709	796	709	796
Total assets	$ 3,190	$ 4,370	$ 3,190	$ 4,370