Argan (AGX) 10-K 14 Apr 21 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jan. 31, 2021	Apr. 12, 2021	Jul. 31, 2020
Document And Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 31, 2021
Document Transition Report	false
Entity File Number	001-31756
Entity Registrant Name	ARGAN INC
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
Title of 12(b) Security	Common Stock, $0.15 par value
Trading Symbol	AGX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Icfr Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 416,407,005
Entity Common Stock, Shares Outstanding		15,720,136
Entity Central Index Key	0000100591
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--01-31
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
CONSOLIDATED STATEMENTS OF EARNINGS
REVENUES	$ 392,206	$ 238,997	$ 482,153
Cost of revenues	330,139	245,817	399,715
GROSS PROFIT (LOSS) (Note 4)	62,067	(6,820)	82,438
Selling, general and administrative expenses	39,041	44,125	40,710
Impairment losses	0	4,895	1,491
INCOME (LOSS) FROM OPERATIONS	23,026	(55,840)	40,237
Other income, net	1,859	8,075	6,981
INCOME (LOSS) BEFORE INCOME TAXES	24,885	(47,765)	47,218
Income tax (expense) benefits (Note 13)	(1,074)	7,053	4,651
NET INCOME (LOSS)	23,811	(40,712)	51,869
Net (loss) income attributable to non-controlling interests	(40)	1,977	(167)
NET INCOME (LOSS) ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	23,851	(42,689)	52,036
Foreign currency translation adjustments	35	(770)	(1,768)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	$ 23,886	$ (43,459)	$ 50,268
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
Basic	$ 1.52	$ (2.73)	$ 3.34
Diluted	$ 1.51	$ (2.73)	$ 3.32
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic	15,668	15,621	15,569
Diluted	15,825	15,621	15,693
CASH DIVIDENDS PER SHARE	$ 3	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 31, 2021	Jan. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 366,671	$ 167,363
Short-term investments	90,055	160,499
Accounts receivable, net	28,713	37,192
Contract assets	26,635	33,379
Other current assets (Note 13)	34,146	23,322
TOTAL CURRENT ASSETS	546,220	421,755
Property, plant and equipment, net	20,361	22,539
Goodwill	27,943	27,943
Other purchased intangible assets, net	4,097	5,001
Deferred taxes	249	7,894
Right-of-use and other assets	3,760	2,408
TOTAL ASSETS	602,630	487,540
LIABILITIES AND EQUITY CURRENT LIABILITIES
Accounts payable	53,295	35,442
Accrued expenses	50,750	35,907
Contract liabilities	172,042	72,685
TOTAL CURRENT LIABILITIES	276,087	144,034
Other noncurrent liabilities	4,135	2,476
TOTAL LIABILITIES	280,222	146,510
COMMITMENTS AND CONTINGENCIES (Notes 10 and 11)
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; 15,706,202 and 15,638,202 shares issued at January 31, 2021 and 2020, respectively; 15,702,969 and 15,634,969 shares outstanding at January 31, 2021 and 2020, respectively	2,356	2,346
Additional paid-in capital	153,282	148,713
Retained earnings	166,110	189,306
Accumulated other comprehensive loss	(1,081)	(1,116)
TOTAL STOCKHOLDERS' EQUITY	320,667	339,249
Non-controlling interests	1,741	1,781
TOTAL EQUITY	322,408	341,030
TOTAL LIABILITIES AND EQUITY	$ 602,630	$ 487,540

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jan. 31, 2021	Jan. 31, 2020
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	15,706,202	15,638,202
Common stock, shares outstanding	15,702,969	15,634,969

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Gain (Loss)	Non-controlling Interests	Total
Balances at Jan. 31, 2018	$ 2,336	$ 143,215	$ 211,112	$ 1,422	$ 43	$ 358,128
Balances (in shares) at Jan. 31, 2018	15,567,719
Adoption of ASC Topic 606 | Impact of the Adoption of ASC Topic 606			38			38
Net income (loss)			52,036		(167)	51,869
Foreign currency translation gain (loss)				(1,768)		(1,768)
Stock compensation expense		1,645				1,645
Stock option exercises	$ 1	101				$ 102
Stock option exercises (in shares)	6,150					6,000
Cash distributions to joint venture partner					(72)	$ (72)
Cash dividends			(15,570)			(15,570)
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)			(42,689)		1,977	(40,712)
Foreign currency translation gain (loss)				(770)		(770)
Stock compensation expense		2,131				2,131
Stock option exercises	$ 9	1,621				$ 1,630
Stock option exercises (in shares)	61,100					61,000
Cash dividends			(15,621)			$ (15,621)
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)			23,851		(40)	23,811
Foreign currency translation gain (loss)				35		35
Stock compensation expense		2,938				2,938
Stock option exercises	$ 10	1,631				$ 1,641
Stock option exercises (in shares)	68,000					68,000
Cash dividends			(47,047)			$ (47,047)
Balances at Jan. 31, 2021	$ 2,356	$ 153,282	$ 166,110	$ (1,081)	$ 1,741	$ 322,408
Balances (in shares) at Jan. 31, 2021	15,702,969

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 23,811	$ (40,712)	$ 51,869
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Deferred income tax expense (benefit)	7,645	(6,640)	(2,139)
Depreciation	3,715	3,513	3,422
Stock compensation expense	2,938	2,131	1,645
Lease expense	1,820	1,004
Amortization of purchased intangible assets	904	1,136	1,012
Impairment losses	0	4,895	1,491
Other	641	889	(301)
Changes in operating assets and liabilities
Accounts receivable	8,463	(1,038)	(10,200)
Contract assets	6,744	24,978	(44,510)
Other assets	(12,800)	2,357	(15,160)
Accounts payable and accrued expenses	31,442	(3,284)	(60,187)
Contract liabilities	99,357	64,336	(39,264)
Net cash provided by (used in) operating activities	174,680	53,565	(112,322)
CASH FLOWS FROM INVESTING ACTIVITIES
Maturities of short-term investments	170,000	166,000	370,000
Purchases of short-term investments	(100,000)	(195,000)	(191,000)
Purchases of property, plant and equipment	(1,697)	(7,058)	(8,599)
Changes in notes receivable			225
Net cash provided by (used in) investing activities	68,303	(36,058)	170,626
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of cash dividends	(47,047)	(15,621)	(15,570)
Proceeds from the exercise of stock options	1,641	1,630	102
Distributions to joint venture partner			(72)
Net cash used in financing activities	(45,406)	(13,991)	(15,540)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH	1,731	(471)	(553)
NET INCREASE IN CASH AND CASH EQUIVALENTS	199,308	3,045	42,211
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	167,363	164,318	122,107
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 366,671	$ 167,363	$ 164,318

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
	Jan. 31, 2021
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 consolidated financial statements include the accounts of Argan, its wholly owned subsidiaries, and its financially-controlled VIEs (see Note 3). All significant inter-company balances and transactions have been eliminated in consolidation. In Note 16, 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 of each year. Use of Estimates Property, Plant and Equipment five Goodwill The Company identifies a potential impairment loss by comparing the fair value of a reporting unit with its carrying amount, including goodwill. In the quantitative approach, the fair value of the reporting unit is estimated using various market-based and income-based valuation techniques as applicable in the particular circumstances. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not deemed to be impaired. If the carrying amount of the reporting unit exceeds its fair value, a goodwill impairment loss is recorded in an amount equal to the excess of the unit’s carrying value over its fair value, not to exceed the amount of goodwill allocated to the reporting unit. Nonetheless, the Company evaluates amounts of goodwill for impairment at any time when events or changes in circumstances indicate that goodwill value may be impaired. The simplified method allows the Company to first assess qualitative factors to decide whether it is necessary to perform the more complex quantitative goodwill impairment test. It is not required to calculate the fair value of a reporting unit unless management concludes, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The professional guidance for this evaluation identifies the types of factors which the Company should consider in conducting the qualitative assessment including macroeconomic, industry, market and entity-specific factors. Long-Lived Assets Revenue Recognition 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. The Company focuses on the transfer of the contractor’s control of the goods and/or services to the customer, as opposed to the transfer of risk and rewards. Major provisions of the current guidance cover the determination of which goods and services are distinct and represent separate performance obligations, the appropriate treatments for variable consideration, and the evaluation of whether revenues should be recognized at a point in time or over time. When a performance obligation is satisfied over time, the related revenues are recognized over time. 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 primarily 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 portions of estimated gross profit, are recognized as services are provided, based on costs incurred and estimated total contract costs using the cost-to-cost approach. 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. Warranties provided under the Company’s contracts with customers are assurance-type and are recorded as the corresponding contract work is performed. The transaction price for a contract represents the 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 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 include amounts that reflect obligations to provide goods or services for which payment has been received. Contract retentions are 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. Retainage 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 January 31, 2021, and 2020 were $36.8 million and $20.0 million, respectively. Income Taxes The Company accounts for uncertain tax positions in accordance with current accounting guidance which prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on the income tax returns of the Company. Management evaluates and the Company records the effect of any uncertain tax position based on the amount that management deems is more likely than not (i.e., greater than a 50% probability) to be sustained upon examination and ultimate settlement with the tax authorities in the applicable tax jurisdiction (see Note 13). Interest incurred related to overdue income taxes is included in income tax expense; franchise taxes and income tax penalties are included in selling, general and administrative expenses. Share-Based Payments Fair Values The carrying value amounts presented in the 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. The fair value amounts of reporting units (as needed for purposes of identifying goodwill impairment losses) are determined by averaging valuations that are calculated using market-based and income-based approaches deemed appropriate in the circumstances (see Note 7). Foreign Currency Translation

RECENTLY ISSUED ACCOUNTING PRON

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Jan. 31, 2021
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	NOTE 2 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS 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

SPECIAL PURPOSE ENTITIES

SPECIAL PURPOSE ENTITIES	12 Months Ended
	Jan. 31, 2021
SPECIAL PURPOSE ENTITIES
SPECIAL PURPOSE ENTITIES	NOTE 3 – SPECIAL PURPOSE ENTITIES 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 consolidated financial statements, including development costs incurred by the VIE and a gain of $2.2 million related to the granting of a utility easement that was included in other income for Fiscal 2020. The total amounts of the project development costs included in the balances for property, plant and equipment as of January 31, 2021 and 2020 were $7.5 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	12 Months Ended
	Jan. 31, 2021
REVENUES FROM CONTRACT WITH CUSTOMERS
REVENUES FROM CONTRACT WITH CUSTOMERS	NOTE 4 – REVENUES FROM CONTRACTS WITH CUSTOMERS 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 January 31, 2021 and 2020, were $16.6 million and $20.6 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. These contract requirements generally relate to specified activities that must be completed by an established date or by the achievement of a specified level of output or efficiency. Each applicable contract defines the conditions under which a project owner may be entitled to any liquidated damages. At the outset of each of the Company’s contracts, the potential amounts of liquidated damages typically are not 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. In other cases, the Company may have the grounds to assert liquidated damages against subcontractors, suppliers, project owners or other parties related to a project. Such circumstances may arise when the Company’s activities and progress are adversely affected by delayed or damaged materials, challenges with equipment performance or other events out of the Company’s control where the Company has rights to recourse, typically in the form of liquidated damages. In general, the Company does not adjust the corresponding contract accounting until it is probable that the favorable cost relief will be realized. Such adjustments have been and could be material. 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 Subcontract Loss In its Annual Report on Form 10-K for 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 Fiscal 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 Fiscal 2020, the Company recorded a loss related to this project in the amount of $33.6 million, 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. In connection with 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 amendment 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 established a time-and-materials contractual arrangement covering all works requested by APC’s customer until completion of the power plant construction which APC expects to occur during the second quarter of the Company’s fiscal year ending January 31, 2022 (“Fiscal 2022”). The negotiated changes to the contractual arrangements for the TeesREP Project and the redirected efforts of the top management of APC and the project team resulted in the reduction of the final amount of the loss incurred on the fixed-price portion of the TeesREP subcontract from $33.6 million to $29.5 million. Final closeout adjustments may result in future changes in the amount of this loss; however, APC has included an estimate of these costs in accrued expenses in the accompanying consolidated balance sheet as of January 31, 2021. The project activities being conducted by APC under the time and materials arrangement have been and continue to be profitable. The total amounts of accounts receivable and contract assets related to the TeesREP Project and included in the consolidated balance sheets were $4.7 million and $19.2 million as of January 31, 2021 and 2020, respectively. 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 January 31, 2021, the Company had RUPO of $552.5 million. The largest portion of RUPO at any date usually relates to EPC service contracts with typical performance durations of one to three years. However, the length of certain significant construction projects may exceed three years. The Company estimates that approximately 64% of the RUPO amount at January 31, 2021 will be included in the amount of consolidated revenues that will be recognized during Fiscal 2022 Revenues for future periods will also include amounts related to customer contracts started or awarded subsequent to January 31, 2021. 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 January 31, 2021. 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 Fiscal 2021, Fiscal 2020 and Fiscal 2019, disaggregated by the geographic area where the corresponding projects were located: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 United States ​ $ 340,615 ​ $ 169,299 ​ $ 371,609 United Kingdom ​ 37,836 ​ 49,028 ​ ​ 81,319 Republic of Ireland ​ 13,638 ​ 20,342 ​ ​ 28,352 Other ​ 117 ​ 328 ​ ​ 873 Consolidated Revenues ​ $ 392,206 ​ $ 238,997 ​ $ 482,153 ​ 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 16 to the consolidated financial statements.

CASH, CASH EQUIVALENTS AND SHOR

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	12 Months Ended
	Jan. 31, 2021
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	NOTE 5 – CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS At January 31, 2021 and 2020, significant amounts of cash and cash equivalents were invested in government and prime money market 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 January 31, 2021 and 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 January 31, 2021 and 2020 included accrued interest of $0.1 million and $0.5 million, respectively. Interest income is recorded when earned and is included in other income. As of January 31, 2021 and 2020, the weighted average annual interest rates of the 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	12 Months Ended
	Jan. 31, 2021
ACCOUNTS AND NOTES RECEIVABLE
ACCOUNTS AND NOTES RECEIVABLE	NOTE 6 – 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 credit losses based on management’s estimate of the loss that is expected to occur over the remaining life of the particular financial asset. At January 31, 2021 and 2020, the amounts of credit losses expected by management were insignificant. The amounts of the provision for credit losses for Fiscal 2021 and the provisions for uncollectible accounts for Fiscal 2020 and Fiscal 2019 were also insignificant. As of January 31, 2021, there were outstanding invoices billed to a former customer and unbilled costs incurred on the related project, with balances included in both accounts receivable and contract assets in the aggregate amount of $24.5 million. The recovery time related to these amounts will most likely depend on the resolution of the outstanding legal dispute between the parties (see Note 11). As of January 31, 2021, there were past due notes receivable from project developers in the aggregate amount of $1.8 million, for which full receipt will most likely depend on the successful financing of the related projects. The Company placed these notes receivable on a non-accrual status during the three months ended January 31, 2021.

PURCHASED INTANGIBLE ASSETS

PURCHASED INTANGIBLE ASSETS	12 Months Ended
	Jan. 31, 2021
PURCHASED INTANGIBLE ASSETS
PURCHASED INTANGIBLE ASSETS	NOTE 7 – PURCHASED INTANGIBLE ASSETS The balance of goodwill related to TRC and included in the consolidated balance sheet as of January 31, 2021 was $9.5 million. The Company performed a goodwill impairment assessment for TRC as of November 1, 2020 with the assistance of a professional business valuation firm. It was determined that the fair value of TRC exceeded the corresponding carrying value by approximately $1.5 million; accordingly, there was no impairment loss recorded as of that date. The fair value amount for TRC determined as of November 1, 2020 reflected a weighting of results determined using various business valuation approaches. As in the past, the majority of the weighted average fair value was based on the result of modeling discounted future net-after-tax cash flows of the business. The discounted cash flows of TRC were based on a management forecast of operating results. The forecast reflects a complete recovery of annual revenues from the COVID-19 pandemic year (Fiscal 2021) to Fiscal 2019 levels by the year ending January 31, 2024 and an average annual growth rate of approximately 3% thereafter. Annual earnings before interest and taxes are forecast to increase from 3.1% of revenues for the year ending January 31, 2022 to 6.8% of revenues by the year ending January 31, 2026. The goodwill impairment assessments performed for TRC as of November 1, 2019 and 2018 determined that the fair value of TRC was less than the corresponding carrying value at each date, and goodwill impairment losses of approximately $2.8 million and $1.5 million were recorded during Fiscal 2020 and Fiscal 2019, respectively. The fair value amounts for TRC determined at each date reflected a weighting of results determined using various business valuation approaches. The majority of the weighted average fair value amount determined at each date was based on discounted future net-after-tax cash flows of the business that were forecasted at the time. Although the Company believes that the forecasted financial results for TRC as of November 1, 2020 are reasonable considering recent operating and current business prospects, any future results that would compare unfavorably with the projected results could result in additional goodwill impairment losses. No events related to TRC occurred during the fourth quarter of Fiscal 2021 that caused the Company to perform a subsequent impairment assessment. 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 subcontract loss discussed in Note 4 above, the Company recorded an impairment loss during Fiscal 2020 in the amount of $2.1 million. The changes in the balances of goodwill for Fiscal 2021, Fiscal 2020 and Fiscal 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GPS TRC APC Totals Balances, February 1, 2018 ​ $ 18,476 ​ $ 13,781 ​ $ 2,072 ​ $ 34,329 Impairment loss ​ — ​ (1,491) ​ — ​ (1,491) Balances, January 31, 2019 ​ 18,476 ​ 12,290 ​ 2,072 ​ 32,838 Impairment losses ​ — ​ (2,823) ​ (2,072) ​ (4,895) Balances, January 31, 2020 ​ 18,476 ​ 9,467 ​ — ​ 27,943 Impairment loss ​ — ​ — ​ — ​ — Balances, January 31, 2021 ​ $ 18,476 ​ $ 9,467 ​ $ — ​ $ 27,943 ​ The impairment losses recorded by the Company for TRC and APC since the fiscal year ended January 31, 2016, the year that both companies were acquired, represents 34% of the goodwill amount originally established for TRC and 100% of the original amount of goodwill related to APC. For income tax reporting purposes, goodwill related to acquisitions in the approximate amount of $16.4 million is being amortized on a straight-line basis over periods of 15 years. The other amounts of the Company’s goodwill are not amortizable for income tax reporting purposes. Purchased intangible assets, other than goodwill, consisted of the following elements as of January 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 31, 2021 ​ January 31, ​ ​ Estimated ​ Gross ​ Accumulated ​ Net ​ 2020, (net ​ Useful Life Amounts Amortization Amounts amounts) Trade names ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TRC ​ 15 years ​ $ 4,499 ​ $ 1,550 ​ $ 2,949 ​ $ 3,249 GPS ​ 15 years ​ ​ 3,643 ​ ​ 3,435 ​ ​ 208 ​ ​ 450 Process certifications 7 years ​ 1,897 ​ ​ 1,400 ​ ​ 497 ​ ​ 768 Customer relationships ​ 4-10 years ​ ​ 1,346 ​ ​ 903 ​ ​ 443 ​ ​ 534 Totals ​ ​ ​ $ 11,385 ​ $ 7,288 ​ $ 4,097 ​ $ 5,001 ​ The Company determined the fair values of the trade names using a relief-from-royalty methodology. The Company believes that the useful lives of the trade names for GPS and TRC represent the remaining number of years that such intangibles are expected to contribute to future cash flows. In order to value the process certifications of TRC, the Company applied a reproduction cost method that required the estimation of the costs to replace the assets with certifications that would have the same functionality or utility as the acquired assets. The balance for customer relationships as of January 31, 2021 is associated primarily with TRC; the corresponding gross amount was determined at the time of the acquisition of TRC by discounting cash flows expected from existing significant customer relationships. There were no additions to other purchased intangible assets during Fiscal 2021, Fiscal 2020 or Fiscal 2019, nor were there any impairment losses related to the assets for those years. Amortization expense related to purchased intangible assets for Fiscal 2021, Fiscal 2020 and Fiscal 2019 were $0.9 million, $1.1 million and $1.0 million, respectively. The future amounts of amortization related to purchased intangibles are presented below for the years ending January 31, ​ ​ ​ ​ 2022 $ 870 2023 ​ 617 2024 ​ 392 2025 ​ 392 2026 ​ ​ 376 Thereafter ​ 1,450 Total ​ $ 4,097 ​

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Jan. 31, 2021
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	NOTE 8 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following at January 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Land and improvements ​ $ 863 ​ $ 863 ​ Building and improvements ​ 5,868 ​ 5,696 ​ Furniture, machinery and equipment ​ 19,132 ​ 18,900 ​ Trucks, trailers and other vehicles ​ 5,315 ​ 5,213 ​ Project development costs (Note 3) ​ ​ 7,545 ​ ​ 6,853 ​ ​ ​ 38,723 ​ 37,525 ​ Less - accumulated depreciation ​ 18,362 ​ 14,986 ​ Property, plant and equipment, net ​ $ 20,361 ​ $ 22,539 ​ ​ As disclosed in Note 3, project development costs have been incurred by the Company’s consolidated variable interest entity in preparation for building a new gas-fired power plant. Such costs include engineering costs, professional fees and permitting fees. Depreciation for property, plant and equipment was $3.7 million, $3.5 million and $3.4 million for Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively, which amounts were charged substantially to selling, general and administrative expenses in each year. The costs of maintenance and repairs were $1.9 million, $3.4 million and $3.1 million for Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively, which amounts were charged substantially to selling, general and administrative expenses each year as well.

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	12 Months Ended
	Jan. 31, 2021
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS	NOTE 9 – 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”) 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 January 31, 2021, and 2020, the Company was in compliance with the financial covenants. In support of the current project development activities of the VIE described in Note 3, the Bank issued a letter of credit, outside the scope of the Credit Agreement, in the amount of $3.4 million as of January 31, 2021, and 2020, for which the Company has provided cash collateral.

COMMITMENTS

COMMITMENTS	12 Months Ended
	Jan. 31, 2021
COMMITMENTS
COMMITMENTS	NOTE 10 – 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. Some of these equipment leases are embedded in broader agreements with subcontractors or construction equipment suppliers. The Company has no finance leases. None of the operating leases includes significant amounts for incentives, rent holidays or price escalations. Under certain lease agreements, the Company is obligated to pay property taxes, insurance, and maintenance costs. Operating lease right-of-use assets and associated lease liabilities are recorded 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 any option to extend or to terminate the lease when it is reasonably certain 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 Fiscal 2021 and Fiscal 2020 were $1.8 million and $1.0 million, respectively. Operating lease payments for Fiscal 2021 and Fiscal 2020 were $1.8 million and $1.0 million, respectively. For operating leases as of January 31, 2021, the weighted average lease term is 30 months and the weighted average discount rate is 3.1%. The Company also uses equipment and occupies other 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 were $7.1 million, $4.0 million and $11.4 million for Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively. Rent expense amounts incurred under these types of arrangements (including portions of the lease expense amounts disclosed above) and included in selling, general and administrative expenses were $0.9 million, $0.7 million and $0.7 million for Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively. The aggregate amounts of operating leases added during Fiscal 2021 and Fiscal 2020 were $3.0 million and $2.2 million, respectively, covering primarily certain construction-site assets required by GPS. The following is a schedule of future minimum lease payments for the operating leases that were included in the consolidated balance sheet as of January 31, 2021: ​ ​ ​ ​ Years Ending January 31, 2022 $ 2,185 2023 ​ ​ 924 2024 ​ ​ 242 2025 ​ ​ 92 2026 ​ ​ 20 Total lease payments ​ ​ 3,463 Less interest portion ​ ​ 92 Present value of lease payments ​ ​ 3,371 Less current portion (included in accrued expenses) ​ ​ 2,106 Non-current portion ​ $ 1,265 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 with a term extending through April 30, 2021. Subsequent to January 31, 2021, the term of this arrangement was extended to April 30, 2022. 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 January 31, 2021 are not estimable. As of January 31, 2021, the estimated value of future work covered by outstanding performance bonds was approximately $482 million. In addition, there were bonds outstanding in the aggregate amount of approximately $43 million covering other risks including our warranty obligations related to four EPC services projects which were substantially completed by GPS during Fiscal 2019. Not all of our projects require bonding. On behalf of APC, Argan has provided a parent company performance guarantee to its customer, the EPC services contractor on the TeesREP Project. During Fiscal 2021, 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 January 31, 2021, 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 Company believes that the fair value of this guarantee as of January 31, 2021 is not material. 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 Self-Insurance TRC is self-insured for exposures related to worker’s compensation and certain employee health insurance claims. Liabilities in excess of contractually limited amounts are the responsibility of an insurance carrier. Beginning in calendar year 2017, the employee health benefits for the employees of TRC, which were previously self-insured, are fully insured. To the extent that TRC retains the risks for these exposures, including claims incurred but not reported, and for any loss amounts related to the deductibility clauses included in the Company’s other insurance policies, liabilities have been accrued based upon the Company’s best estimates, with input from legal and insurance advisors. Changes in assumptions, as well as changes in actual experience, could cause these estimates to change in the near-term. Management believes that reasonably possible losses, if any, for these matters, to the extent not otherwise disclosed and net of recorded accruals, will not have a material adverse effect on the Company’s future results of operations, financial position or cash flow. At January 31, 2021 and 2020, the aggregate amounts established to cover retained losses and remaining self-insured claims were included in the balances of accrued expenses in the corresponding consolidated balance sheets. ​ Employee Benefit Plans ​ The Company maintains 401(k) savings plans pursuant to which the Company makes discretionary contributions for the eligible and participating employees. The Company’s expense amounts related to these defined contribution plans were approximately $1.9 million, $1.7 million and $2.4 million for Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively. The Company also maintains nonqualified plans whereunder the payments of certain amounts of incentive compensation earned by key employees are deferred for periods of five

LEGAL CONTINGENCIES

LEGAL CONTINGENCIES	12 Months Ended
	Jan. 31, 2021
LEGAL CONTINGENCIES
LEGAL CONTINGENCIES	NOTE 11 – 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 consolidated financial statements except for the outstanding matter described below. Outstanding Legal Matter 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 6). 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 Fiscal 2021, 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 preparations which we expect to begin later in Fiscal 2022. Settled Legal Matters GPS was in a dispute with a former subcontractor on one of its power plant construction projects that was settled pursuant to binding arbitration in June 2018. The arbitration panel awarded approximately $5.2 million, plus interest of $0.7 million and arbitration fees, to the subcontractor. The substantial portion of the total amount, which was paid by GPS to the subcontractor in July 2018, was charged to cost of revenues during Fiscal 2019. In connection with the settlement, the legal claims made by the parties against each other were dismissed with prejudice and without costs to the parties, all liens filed by the subcontractor related to the project were released, and each party provided the other with a release from future claims related to this matter. On February 1, 2016, TRC was sued by a subcontractor which also made other claims, in an attempt to force TRC to pay invoices for services rendered in the total amount of $2.3 million. The parties agreed to a settlement of all claims made against each other with TRC agreeing to make a payment to the subcontractor in the amount of $0.9 million. As the total of previously accrued amounts exceeded the negotiated settlement amount, the Company recorded a gain on the settlement in the amount of $1.4 million that was included in other income for Fiscal 2019.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Jan. 31, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 12 – 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 Plans for Fiscal 2021, Fiscal 2020 and Fiscal 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, 2018 889 ​ $ 44.83 7.91 ​ $ 11.74 Granted 257 ​ $ 40.54 ​ ​ ​ ​ ​ Exercised (6) ​ $ 17.19 ​ ​ ​ ​ ​ Outstanding, January 31, 2019 1,140 ​ $ 44.01 7.54 ​ $ 11.22 Granted 238 ​ $ 44.76 ​ ​ ​ ​ ​ Exercised (61) ​ $ 26.67 ​ ​ ​ ​ ​ Forfeited ​ (46) ​ $ 48.47 ​ ​ ​ ​ ​ Outstanding, January 31, 2020 1,271 ​ $ 44.83 7.18 ​ $ 11.06 Granted ​ 242 ​ $ 37.26 ​ ​ ​ ​ ​ Exercised ​ (68) ​ $ 24.17 ​ ​ ​ ​ ​ Forfeited ​ (40) ​ $ 57.44 ​ ​ ​ ​ ​ Outstanding, January 31, 2021 ​ 1,405 ​ $ 44.17 6.90 ​ $ 10.39 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, January 31, 2020 ​ 823 ​ $ 45.58 6.20 ​ $ 11.78 Exercisable, January 31, 2021 938 ​ $ 46.09 5.95 ​ $ 11.58 ​ The changes in the number of non-vested options to purchase shares of common stock for Fiscal 2021, Fiscal 2020 and Fiscal 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, 2018 302 ​ $ 13.55 Granted 257 ​ $ 9.31 Vested (184) ​ $ 14.75 Non-vested, January 31, 2019 375 ​ $ 10.05 Granted 238 ​ $ 9.60 Vested (134) ​ $ 10.25 Forfeitures ​ (31) ​ $ 10.28 Non-vested, January 31, 2020 448 ​ $ 9.74 Granted 242 ​ $ 6.53 Vested (207) ​ $ 9.98 Forfeitures ​ (16) ​ $ 8.52 Non-vested, January 31, 2021 467 ​ $ 8.01 ​ 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 up to 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 the 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 end of each three-year vesting period, and by computing the weighted average of the outcome amounts. For each award, 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 $2.9 million, $2.1 million and $1.6 million for Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively. At January 31, 2021, there was $3.6 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 Fiscal 2021, Fiscal 2020 and Fiscal 2019 were $1.5 million, $1.4 million and $0.2 million, respectively. At January 31, 2021, 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 $6.1 million and $4.1 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 in Fiscal 2021, Fiscal 2020 and Fiscal 2019 were estimated on the corresponding dates of the awards using the Black-Scholes option-pricing model reflecting the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Dividend yield ​ 2.7 % 2.3 % 2.5 % Expected volatility ​ 30.3 % 32.5 % 34.5 % Risk-free interest rate ​ 0.4 % 1.9 % 2.7 % Expected life (in years) ​ 3.4 ​ 3.3 ​ 3.3 ​ ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jan. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 13 – INCOME TAXES Reconciliations of Income Tax (Expense) Benefit The components of the amounts of income tax (expense) benefit for Fiscal 2021, Fiscal 2020 and Fiscal 2019 are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 6,654 ​ $ 77 ​ $ 3,603 State ​ (83) ​ 336 ​ (1,091) ​ ​ 6,571 ​ 413 ​ 2,512 Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (7,720) ​ 6,825 ​ 971 State ​ 75 ​ (185) ​ 1,168 ​ ​ (7,645) ​ 6,640 ​ 2,139 Income tax (expense) benefit ​ $ (1,074) ​ $ 7,053 ​ $ 4,651 ​ The amounts of interest and penalties related to income taxes that were incurred by the Company during Fiscal 2021, Fiscal 2020 and Fiscal 2019 were not material. Foreign income tax expense amounts for Fiscal 2021, Fiscal 2020 and Fiscal 2019 were not material. The Company’s income tax amounts differed from corresponding amounts computed by applying the federal corporate income tax rate of 21% to the income (loss) before income taxes for Fiscal 2021, Fiscal 2020 and Fiscal 2019 as presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Computed expected income tax (expense) benefit ​ $ (5,226) ​ $ 10,030 ​ $ (9,916) Difference resulting from: ​ ​ ​ ​ ​ ​ ​ ​ ​ State income taxes, net of federal tax effect ​ (7) ​ 81 ​ 683 Net operating loss carryback benefit (see discussion below) ​ ​ 4,392 ​ ​ — ​ ​ — Excess executive compensation ​ ​ (420) ​ ​ (420) ​ ​ (866) Net operating loss carryforward adjustments ​ ​ 242 ​ ​ — ​ ​ 1,730 Foreign tax rate differential ​ ​ 173 ​ ​ (722) ​ ​ 86 Bad debt loss ​ 160 ​ 6,205 ​ — Elimination of net operating loss benefits ​ ​ — ​ ​ (7,239) ​ ​ — Goodwill impairment losses ​ ​ — ​ ​ (763) ​ ​ (266) Other permanent differences, net ​ (468) ​ 31 ​ (421) Federal research and development tax credits (see discussion below) ​ ​ — ​ ​ — ​ ​ 13,866 Adjustments and other differences ​ ​ 80 ​ ​ (150) ​ ​ (245) Income tax (expense) benefit ​ $ (1,074) ​ $ 7,053 ​ $ 4,651 ​ A valuation allowance in the amount of $7.1 million was established against the deferred tax asset amount created by the net operating loss of APC’s subsidiary in the UK for Fiscal 2020. However, this effect was substantially offset by an income tax benefit (federal and state) for Fiscal 2020 in the amount of approximately $6.8 million that was the estimated favorable income tax impact of bad debt loss on certain loans made to APC from Argan, which were determined to be uncollectible during Fiscal 2020. Further, as the subsidiary is reporting income for Fiscal 2021, approximately $0.2 million of tax benefit was recorded for Fiscal 2021 reflecting utilization of a portion of the prior year loss. The amount of state income tax benefit for Fiscal 2019 that is presented above reflects recognized research and development state tax credits of $2.8 million, net of federal tax-effect. 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 provided opportunities for taxpayers to evaluate their recent year income tax returns in order to identify potential tax refunds. One such area is the utilization of NOLs. The tax changes of the CARES Act temporarily suspended the limitations on the future utilization of certain NOLs and re-established 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 Fiscal 2020, which was approximately $39.5 million. The Company has made the appropriate filing with the IRS requesting carryback refunds of income taxes paid for the years ended January 31, 2017, 2016 and 2015. A deferred tax asset in the amount of $8.3 million was recorded as of January 31, 2020 associated with the income tax benefit of the NOL for Fiscal 2020. With the enactment of the CARES Act, the asset was moved to income taxes receivable (included in other current assets in the consolidated financial statements as of January 31, 2021) where the value was increased to approximately $12.7 million. The carryback provided a favorable rate benefit for the Company as the loss, which was incurred in a year where the statutory federal tax rate was 21%, has been carried back to tax years where the tax rate was higher. The substantial portion of the net amount of this additional tax benefit, approximately $4.4 million, was recorded in Fiscal 2021. On December 27, 2020, the Consolidated Appropriations Act, 2021 (the “CCA”), which includes certain business tax provisions, became law. The provisions of the CCA did not have any material effects on the Company’s financial statements for Fiscal 2021. 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 tax credits that may have been 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 in Fiscal 2019 was $16.6 million. During Fiscal 2020, deferred tax assets related to the research and development tax credits were reduced by $0.4 million. As described below, the Internal Revenue Service (the “IRS”) has concluded examinations of the Company’s consolidated federal income tax returns for Fiscal 2016 and Fiscal 2017, as amended to include research and development tax credits, and has commenced an examination of the Company’s consolidated federal income tax return for Fiscal 2018 with an expressed intent to focus on the research and development tax credit included therein. All of the aforementioned filings were made prior to January 31, 2019. The amount of identified but unrecognized income tax benefits related to research and development tax credits as of January 31, 2021 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 as of January 31, 2021 and 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 expiration of statutes of limitation over the next 12 months. However, it is possible that the disputes with the IRS related to the Company’s federal research and development tax credits (see discussion of income tax returns below) could be resolved within the next twelve months depending on the scheduling of an appeals hearing and/or the results of negotiations with the IRS. If resolution of the disputes occurs, it would result in the Company’s elimination of at least a substantial portion of the amount of the liability for uncertain income tax positions discussed above. As of January 31, 2021, the Company does not believe that it has any other material uncertain income tax positions reflected in its accounts. As of January 31, 2021, the balance of other current assets in the consolidated balance sheet included income tax refunds and prepaid income taxes in the total amount of $26.9 million. The income tax refunds include the amounts expected to be received from the IRS upon completion of the tax return examination appeals process identified below and the amount expected to be received from the IRS upon its processing of the Company’s NOL carryback refund request discussed above. At January 31, 2020, the consolidated balance of other current assets included a comparable balance in the amount of $14.5 million. Deferred Taxes The tax effects of temporary differences that are reflected in deferred taxes as of January 31, 2021 and 2020 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Assets: ​ ​ ​ ​ ​ ​ Net operating loss carryforwards ​ $ 14,192 ​ $ 22,683 Stock awards ​ ​ 2,549 ​ ​ 2,367 Research and development credit carryforwards ​ ​ 102 ​ ​ 134 Purchased intangibles ​ 234 ​ 415 Lease liabilities ​ ​ 775 ​ ​ 528 Accrued expenses and other ​ 1,422 ​ 991 ​ ​ 19,274 ​ 27,118 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Purchased intangibles ​ ​ (3,513) ​ ​ (3,317) Construction contracts ​ (968) ​ (1,618) Property and equipment ​ (1,801) ​ (1,983) Right-of-use assets ​ ​ (770) ​ ​ (525) Other ​ ​ (176) ​ ​ (193) ​ ​ (7,228) ​ (7,636) Valuation allowances ​ ​ (11,797) ​ ​ (11,588) Deferred tax assets ​ $ 249 ​ $ 7,894 ​ The Company acquired unused NOLs for federal income tax reporting purposes from TRC that are subject to limitations imposed by Section 382 of the Internal Revenue Code of 1986, as amended. These losses are subject to annual limits that reduce the aggregate amount of NOLs available to the Company in the future to approximately $6.3 million. These NOLs are available to offset future taxable income and, if not utilized, begin expiring during 2032. The Company also has certain NOLs that will be available to the Company for state income tax reporting purposes that are substantially similar to the federal NOLs. The Company’s ability to realize deferred tax assets, including those related to the NOLs discussed above, depends primarily upon the generation of sufficient future taxable income to allow for the Company’s use of temporarily deferred deductions and tax planning strategies. If such estimates and assumptions change in the future, the Company may be required to record additional valuation allowances against some or all of its deferred tax assets resulting in additional income tax expense in the future. At this time, based substantially on the strong earnings performance of the Company’s power industry services reporting segment, management believes that it is more likely than not that the Company will realize the benefit of significantly all of its deferred tax assets. 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, 2017 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 Fiscal 2016. The IRS represented to the Company that no unfavorable adjustment items were noted during this examination. However, the Company consented to an extension of the audit timeline which enabled the IRS to also examine the amendment to the income tax return, which included 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 Fiscal 2017. In substance, these efforts evolved into simultaneously conducted examinations of the research and development credits claimed in each year. In January 2021, the IRS issued its final revenue agents report that documents its understanding of the facts, attempts to summarize the Company’s arguments in support of the research and development claims and states its position which disagrees with the Company’s treatment of a substantial amount of the costs that support the Company’s claims for Fiscal 2016 and Fiscal 2017. After a careful review of the report, the Company has concluded that its arguments are sound and that the report does not present any new facts relating to the issues or make any new arguments that would cause it to make any adjustments to its accounting for the research and development claims as of January 31, 2021. The Company has formally protested the findings of the IRS examiner and intends to pursue its income tax position with the IRS through the established appeals process. The Company expects that the ultimate settlement of the income tax dispute will be resolved on a basis favorable to the Company. In November 2020, the Company was notified by the IRS that it intends to examine the consolidated income tax return for Fiscal 2018, with an expressed focus on the research and development tax credit claimed therein. The Company expects that by the time the appeals process commences, its protest will dispute the results of the examinations of the tax returns for all three years. The Company believes that any resulting disagreements regarding its income taxes for Fiscal 2018 will be resolved on a basis favorable to the Company. Supplemental Cash Flow Information The amounts of cash paid for income taxes during Fiscal 2021, Fiscal 2020 and Fiscal 2019 were $5.5 million, $3.1 million and $3.9 million, respectively. During Fiscal 2021 and Fiscal 2020, the Company received cash refunds of previously paid income taxes from various taxing authorities in the total amounts of $1.0 million and $8.4 million, respectively. No meaningful amounts of refunds were received in Fiscal 2019.

NET INCOME (LOSS) PER SHARE ATT

NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	12 Months Ended
	Jan. 31, 2021
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 14 – NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. Basic and diluted net income (loss) per share amounts for Fiscal 2021, Fiscal 2020 and Fiscal 2019 are computed as follows (shares in thousands except in note (1) and (2) below the chart): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to the stockholders of Argan, Inc. ​ $ 23,851 ​ $ (42,689) ​ $ 52,036 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 15,668 ​ ​ 15,621 ​ ​ 15,569 Effect of stock awards (1)(2) ​ ​ 157 ​ ​ — ​ ​ 124 Weighted average number of shares outstanding – diluted ​ ​ 15,825 ​ ​ 15,621 ​ ​ 15,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share attributable to the stockholders of Argan, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.52 ​ $ (2.73) ​ $ 3.34 Diluted ​ $ 1.51 ​ $ (2.73) ​ $ 3.32 (1) The weighted average numbers of shares determined on a dilutive basis for Fiscal 2021 and Fiscal 2019 exclude the effects of antidilutive stock options covering 638,001 and 646,500 shares of common stock, respectively, as the options had exercise prices per share in excess of the average market price per share for the applicable year. (2) For Fiscal 2020, the weighted average number of shares determined on a dilutive basis excludes any effect of outstanding stock awards which covered 1,303,000 shares of the Company's common stock as of January 31, 2020 as the Company incurred a net loss for the year.

CASH DIVIDENDS

CASH DIVIDENDS	12 Months Ended
	Jan. 31, 2021
CASH DIVIDENDS
CASH DIVIDENDS	NOTE 15 – CASH DIVIDENDS In April, July, October and December 2020, the Company made regular quarterly cash dividend payments in the amount of $0.25 per share of common stock. The Company also made special cash dividend payments in the amount of $1.00 per share of common stock in July and December 2020. During Fiscal 2020 and Fiscal 2019, the Company made regular quarterly cash dividend payments of $0.25 per share of common stock.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Jan. 31, 2021
SEGMENT REPORTING
SEGMENT REPORTING	NOTE 16 – 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 Fiscal 2021, 2020 and 2019, intersegment revenues totaled approximately $4.3 million, $3.3 million and $0.8 million, respectively. Intersegment revenues for the aforementioned periods primarily related to services provided by the industrial fabrication and field services segment to the power industry services segment and were based on prices negotiated by the parties. Summarized below are certain operating results and financial position data of the Company’s reportable business segments for Fiscal 2021, Fiscal 2020 and Fiscal 2019. The “Other” column in each summary includes the Company’s corporate expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ January 31, 2021 Services Services Services Other Totals Revenues ​ $ 319,353 ​ $ 65,263 ​ $ 7,590 ​ $ — ​ $ 392,206 Cost of revenues ​ 266,993 ​ 57,257 ​ 5,889 ​ — ​ 330,139 Gross profit ​ 52,360 ​ 8,006 ​ 1,701 ​ — ​ 62,067 Selling, general and administrative expenses ​ 21,795 ​ ​ 7,358 ​ ​ 1,987 ​ ​ 7,901 ​ ​ 39,041 Income (loss) from operations ​ ​ 30,565 ​ ​ 648 ​ ​ (286) ​ ​ (7,901) ​ ​ 23,026 Other income, net ​ 1,777 ​ — ​ — ​ 82 ​ 1,859 Income (loss) before income taxes ​ $ 32,342 ​ $ 648 ​ $ (286) ​ $ (7,819) ​ 24,885 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,074) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 23,811 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 242 ​ $ 662 ​ $ — ​ $ — ​ $ 904 Depreciation ​ ​ 704 ​ ​ 2,592 ​ ​ 414 ​ ​ 5 ​ ​ 3,715 Property, plant and equipment additions ​ ​ 1,043 ​ ​ 338 ​ ​ 316 ​ ​ — ​ ​ 1,697 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 360,552 ​ ​ 22,014 ​ ​ 1,959 ​ ​ 161,695 ​ $ 546,220 Current liabilities ​ ​ 261,030 ​ ​ 13,119 ​ ​ 953 ​ ​ 985 ​ ​ 276,087 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ — ​ ​ — ​ ​ 27,943 Total assets ​ ​ 394,014 ​ ​ 42,998 ​ ​ 3,406 ​ ​ 162,212 ​ ​ 602,630 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ January 31, 2020 Services Services Services Other Totals Revenues ​ $ 135,729 ​ $ 94,682 ​ $ 8,586 ​ $ — ​ $ 238,997 Cost of revenues ​ 152,854 ​ 85,859 ​ 7,104 ​ — ​ 245,817 Gross (loss) profit ​ (17,125) ​ 8,823 ​ 1,482 ​ — ​ (6,820) Selling, general and administrative expenses ​ 26,835 ​ ​ 7,810 ​ ​ 2,135 ​ ​ 7,345 ​ ​ 44,125 Impairment losses ​ ​ 2,072 ​ ​ 2,823 ​ ​ — ​ ​ — ​ ​ 4,895 Loss from operations ​ ​ (46,032) ​ ​ (1,810) ​ ​ (653) ​ ​ (7,345) ​ ​ (55,840) Other income, net ​ 7,535 ​ — ​ — ​ 540 ​ 8,075 Loss before income taxes ​ $ (38,497) ​ $ (1,810) ​ $ (653) ​ $ (6,805) ​ (47,765) Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,053 Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (40,712) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 291 ​ $ 664 ​ $ 181 ​ $ — ​ $ 1,136 Depreciation ​ ​ 694 ​ ​ 2,418 ​ ​ 396 ​ ​ 5 ​ ​ 3,513 Property, plant and equipment additions ​ ​ 5,069 ​ ​ 1,638 ​ ​ 340 ​ ​ 11 ​ ​ 7,058 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 320,257 ​ $ 21,766 ​ $ 2,938 ​ $ 76,794 ​ $ 421,755 Current liabilities ​ ​ 135,518 ​ ​ 6,441 ​ ​ 796 ​ ​ 1,279 ​ ​ 144,034 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ — ​ ​ — ​ ​ 27,943 Total assets ​ ​ 352,034 ​ ​ 46,321 ​ ​ 4,549 ​ ​ 84,636 ​ ​ 487,540 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ ​ January 31, 2019 Services Services Services Other Totals Revenues ​ $ 367,812 ​ $ 101,673 ​ $ 12,668 ​ $ — ​ $ 482,153 Cost of revenues ​ 297,931 ​ 92,097 ​ 9,687 ​ — ​ 399,715 Gross profit ​ 69,881 ​ 9,576 ​ 2,981 ​ — ​ 82,438 Selling, general and administrative expenses ​ 23,741 ​ 7,904 ​ 1,788 ​ 7,277 ​ 40,710 Impairment loss ​ ​ — ​ ​ 1,491 ​ ​ — ​ ​ — ​ ​ 1,491 Income (loss) from operations ​ 46,140 ​ ​ 181 ​ ​ 1,193 ​ ​ (7,277) ​ ​ 40,237 Other income, net ​ 5,120 ​ 1,400 ​ — ​ 461 ​ 6,981 Income (loss) before income taxes ​ $ 51,260 ​ $ 1,581 ​ $ 1,193 ​ $ (6,816) ​ 47,218 Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,651 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 51,869 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 350 ​ $ 662 ​ $ — ​ $ — ​ $ 1,012 Depreciation ​ ​ 749 ​ ​ 2,293 ​ ​ 366 ​ ​ 14 ​ ​ 3,422 Property, plant and equipment additions ​ ​ 3,156 ​ ​ 4,750 ​ ​ 690 ​ ​ 3 ​ ​ 8,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 317,708 ​ $ 28,878 ​ $ 3,691 ​ $ 66,071 ​ $ 416,348 Current liabilities ​ ​ 66,085 ​ ​ 13,384 ​ ​ 879 ​ ​ 968 ​ ​ 81,316 Goodwill ​ ​ 20,548 ​ ​ 12,290 ​ ​ — ​ ​ — ​ ​ 32,838 Total assets ​ ​ 347,189 ​ ​ 57,168 ​ ​ 5,272 ​ ​ 67,019 ​ ​ 476,648 ​

CUSTOMER CONCENTRATIONS

CUSTOMER CONCENTRATIONS	12 Months Ended
	Jan. 31, 2021
CUSTOMER CONCENTRATIONS
CUSTOMER CONCENTRATIONS	NOTE 17 – CUSTOMER CONCENTRATIONS The majority of the Company’s consolidated revenues relate to performance by the power industry services segment which provided 81%, 57% and 76% of consolidated revenues for Fiscal 2021, Fiscal 2020 and Fiscal 2019, respectively. For Fiscal 2021, Fiscal 2020 and Fiscal 2019, the Company’s industrial services segment represented 17%, 40% and 21% of consolidated revenues, respectively. For Fiscal 2021, the Company’s most significant customer relationships included one power industry service customer which accounted for 67% of consolidated revenues. For Fiscal 2020, the Company’s most significant customer relationships included two power industry service customers which accounted for 22% and 15% of consolidated revenues, respectively. For Fiscal 2019, the Company’s most significant customer relationships included four power industry service customers which accounted for 16%, 14%, 12% and 10% of consolidated revenues, respectively. The accounts receivable balances from three major customers represented 26%, 11% and 11% of the corresponding consolidated balance as of January 31, 2021 and 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 related to two major customers represented 64% and 12% of the corresponding consolidated balance as of January 31, 2021. Contract asset balances related to two major customers represented 51% and 31% of the corresponding consolidated balance as of January 31, 2020.

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	12 Months Ended
	Jan. 31, 2021
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 consolidated financial statements include the accounts of Argan, its wholly owned subsidiaries, and its financially-controlled VIEs (see Note 3). All significant inter-company balances and transactions have been eliminated in consolidation. In Note 16, 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 of each year.
Use of Estimates	Use of Estimates
Property, Plant and Equipment	Property, Plant and Equipment five
Goodwill	Goodwill The Company identifies a potential impairment loss by comparing the fair value of a reporting unit with its carrying amount, including goodwill. In the quantitative approach, the fair value of the reporting unit is estimated using various market-based and income-based valuation techniques as applicable in the particular circumstances. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not deemed to be impaired. If the carrying amount of the reporting unit exceeds its fair value, a goodwill impairment loss is recorded in an amount equal to the excess of the unit’s carrying value over its fair value, not to exceed the amount of goodwill allocated to the reporting unit. Nonetheless, the Company evaluates amounts of goodwill for impairment at any time when events or changes in circumstances indicate that goodwill value may be impaired. The simplified method allows the Company to first assess qualitative factors to decide whether it is necessary to perform the more complex quantitative goodwill impairment test. It is not required to calculate the fair value of a reporting unit unless management concludes, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The professional guidance for this evaluation identifies the types of factors which the Company should consider in conducting the qualitative assessment including macroeconomic, industry, market and entity-specific factors.
Long-Lived Assets	Long-Lived Assets
Revenue Recognition	Revenue Recognition 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. The Company focuses on the transfer of the contractor’s control of the goods and/or services to the customer, as opposed to the transfer of risk and rewards. Major provisions of the current guidance cover the determination of which goods and services are distinct and represent separate performance obligations, the appropriate treatments for variable consideration, and the evaluation of whether revenues should be recognized at a point in time or over time. When a performance obligation is satisfied over time, the related revenues are recognized over time. 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 primarily 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 portions of estimated gross profit, are recognized as services are provided, based on costs incurred and estimated total contract costs using the cost-to-cost approach. 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. Warranties provided under the Company’s contracts with customers are assurance-type and are recorded as the corresponding contract work is performed. The transaction price for a contract represents the 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 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 include amounts that reflect obligations to provide goods or services for which payment has been received. Contract retentions are 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. Retainage 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 January 31, 2021, and 2020 were $36.8 million and $20.0 million, respectively.
Income Taxes	Income Taxes The Company accounts for uncertain tax positions in accordance with current accounting guidance which prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on the income tax returns of the Company. Management evaluates and the Company records the effect of any uncertain tax position based on the amount that management deems is more likely than not (i.e., greater than a 50% probability) to be sustained upon examination and ultimate settlement with the tax authorities in the applicable tax jurisdiction (see Note 13). Interest incurred related to overdue income taxes is included in income tax expense; franchise taxes and income tax penalties are included in selling, general and administrative expenses.
Share-Based Payments	Share-Based Payments
Fair Values	Fair Values The carrying value amounts presented in the 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. The fair value amounts of reporting units (as needed for purposes of identifying goodwill impairment losses) are determined by averaging valuations that are calculated using market-based and income-based approaches deemed appropriate in the circumstances (see Note 7).
Foreign Currency Translation	Foreign Currency Translation

REVENUES FROM CONTRACT WITH C_2

REVENUES FROM CONTRACT WITH CUSTOMERS (Tables)	12 Months Ended
	Jan. 31, 2021
REVENUES FROM CONTRACT WITH CUSTOMERS
Schedule of consolidated revenues disaggregated by geographical area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 United States ​ $ 340,615 ​ $ 169,299 ​ $ 371,609 United Kingdom ​ 37,836 ​ 49,028 ​ ​ 81,319 Republic of Ireland ​ 13,638 ​ 20,342 ​ ​ 28,352 Other ​ 117 ​ 328 ​ ​ 873 Consolidated Revenues ​ $ 392,206 ​ $ 238,997 ​ $ 482,153

PURCHASED INTANGIBLE ASSETS (Ta

PURCHASED INTANGIBLE ASSETS (Tables)	12 Months Ended
	Jan. 31, 2021
PURCHASED INTANGIBLE ASSETS
Schedule of changes in the balances of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GPS TRC APC Totals Balances, February 1, 2018 ​ $ 18,476 ​ $ 13,781 ​ $ 2,072 ​ $ 34,329 Impairment loss ​ — ​ (1,491) ​ — ​ (1,491) Balances, January 31, 2019 ​ 18,476 ​ 12,290 ​ 2,072 ​ 32,838 Impairment losses ​ — ​ (2,823) ​ (2,072) ​ (4,895) Balances, January 31, 2020 ​ 18,476 ​ 9,467 ​ — ​ 27,943 Impairment loss ​ — ​ — ​ — ​ — Balances, January 31, 2021 ​ $ 18,476 ​ $ 9,467 ​ $ — ​ $ 27,943
Schedule of company's purchased intangible assets, other than goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 31, 2021 ​ January 31, ​ ​ Estimated ​ Gross ​ Accumulated ​ Net ​ 2020, (net ​ Useful Life Amounts Amortization Amounts amounts) Trade names ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TRC ​ 15 years ​ $ 4,499 ​ $ 1,550 ​ $ 2,949 ​ $ 3,249 GPS ​ 15 years ​ ​ 3,643 ​ ​ 3,435 ​ ​ 208 ​ ​ 450 Process certifications 7 years ​ 1,897 ​ ​ 1,400 ​ ​ 497 ​ ​ 768 Customer relationships ​ 4-10 years ​ ​ 1,346 ​ ​ 903 ​ ​ 443 ​ ​ 534 Totals ​ ​ ​ $ 11,385 ​ $ 7,288 ​ $ 4,097 ​ $ 5,001
Schedule of expected amortization expense	The future amounts of amortization related to purchased intangibles are presented below for the years ending January 31, ​ ​ ​ ​ 2022 $ 870 2023 ​ 617 2024 ​ 392 2025 ​ 392 2026 ​ ​ 376 Thereafter ​ 1,450 Total ​ $ 4,097

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Jan. 31, 2021
PROPERTY, PLANT AND EQUIPMENT
Summary of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Land and improvements ​ $ 863 ​ $ 863 ​ Building and improvements ​ 5,868 ​ 5,696 ​ Furniture, machinery and equipment ​ 19,132 ​ 18,900 ​ Trucks, trailers and other vehicles ​ 5,315 ​ 5,213 ​ Project development costs (Note 3) ​ ​ 7,545 ​ ​ 6,853 ​ ​ ​ 38,723 ​ 37,525 ​ Less - accumulated depreciation ​ 18,362 ​ 14,986 ​ Property, plant and equipment, net ​ $ 20,361 ​ $ 22,539 ​

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Jan. 31, 2021
COMMITMENTS
Schedule of future minimum lease payments for the operating leases	​ ​ ​ ​ Years Ending January 31, 2022 $ 2,185 2023 ​ ​ 924 2024 ​ ​ 242 2025 ​ ​ 92 2026 ​ ​ 20 Total lease payments ​ ​ 3,463 Less interest portion ​ ​ 92 Present value of lease payments ​ ​ 3,371 Less current portion (included in accrued expenses) ​ ​ 2,106 Non-current portion ​ $ 1,265

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Jan. 31, 2021
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 Plans for Fiscal 2021, Fiscal 2020 and Fiscal 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, 2018 889 ​ $ 44.83 7.91 ​ $ 11.74 Granted 257 ​ $ 40.54 ​ ​ ​ ​ ​ Exercised (6) ​ $ 17.19 ​ ​ ​ ​ ​ Outstanding, January 31, 2019 1,140 ​ $ 44.01 7.54 ​ $ 11.22 Granted 238 ​ $ 44.76 ​ ​ ​ ​ ​ Exercised (61) ​ $ 26.67 ​ ​ ​ ​ ​ Forfeited ​ (46) ​ $ 48.47 ​ ​ ​ ​ ​ Outstanding, January 31, 2020 1,271 ​ $ 44.83 7.18 ​ $ 11.06 Granted ​ 242 ​ $ 37.26 ​ ​ ​ ​ ​ Exercised ​ (68) ​ $ 24.17 ​ ​ ​ ​ ​ Forfeited ​ (40) ​ $ 57.44 ​ ​ ​ ​ ​ Outstanding, January 31, 2021 ​ 1,405 ​ $ 44.17 6.90 ​ $ 10.39 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, January 31, 2020 ​ 823 ​ $ 45.58 6.20 ​ $ 11.78 Exercisable, January 31, 2021 938 ​ $ 46.09 5.95 ​ $ 11.58
Schedule of changes in the number of non-vested options to purchase shares of common stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise ​ Remaining ​ ​ ​ Shares Price Term (years) Fair Value Outstanding, February 1, 2018 889 ​ $ 44.83 7.91 ​ $ 11.74 Granted 257 ​ $ 40.54 ​ ​ ​ ​ ​ Exercised (6) ​ $ 17.19 ​ ​ ​ ​ ​ Outstanding, January 31, 2019 1,140 ​ $ 44.01 7.54 ​ $ 11.22 Granted 238 ​ $ 44.76 ​ ​ ​ ​ ​ Exercised (61) ​ $ 26.67 ​ ​ ​ ​ ​ Forfeited ​ (46) ​ $ 48.47 ​ ​ ​ ​ ​ Outstanding, January 31, 2020 1,271 ​ $ 44.83 7.18 ​ $ 11.06 Granted ​ 242 ​ $ 37.26 ​ ​ ​ ​ ​ Exercised ​ (68) ​ $ 24.17 ​ ​ ​ ​ ​ Forfeited ​ (40) ​ $ 57.44 ​ ​ ​ ​ ​ Outstanding, January 31, 2021 ​ 1,405 ​ $ 44.17 6.90 ​ $ 10.39 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, January 31, 2020 ​ 823 ​ $ 45.58 6.20 ​ $ 11.78 Exercisable, January 31, 2021 938 ​ $ 46.09 5.95 ​ $ 11.58
Summary of assumptions used to estimate fair value of stock options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Dividend yield ​ 2.7 % 2.3 % 2.5 % Expected volatility ​ 30.3 % 32.5 % 34.5 % Risk-free interest rate ​ 0.4 % 1.9 % 2.7 % Expected life (in years) ​ 3.4 ​ 3.3 ​ 3.3 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jan. 31, 2021
INCOME TAXES
Schedule of components of company's income tax (expense) benefit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 6,654 ​ $ 77 ​ $ 3,603 State ​ (83) ​ 336 ​ (1,091) ​ ​ 6,571 ​ 413 ​ 2,512 Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ (7,720) ​ 6,825 ​ 971 State ​ 75 ​ (185) ​ 1,168 ​ ​ (7,645) ​ 6,640 ​ 2,139 Income tax (expense) benefit ​ $ (1,074) ​ $ 7,053 ​ $ 4,651
Schedule of actual income tax expense amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Computed expected income tax (expense) benefit ​ $ (5,226) ​ $ 10,030 ​ $ (9,916) Difference resulting from: ​ ​ ​ ​ ​ ​ ​ ​ ​ State income taxes, net of federal tax effect ​ (7) ​ 81 ​ 683 Net operating loss carryback benefit (see discussion below) ​ ​ 4,392 ​ ​ — ​ ​ — Excess executive compensation ​ ​ (420) ​ ​ (420) ​ ​ (866) Net operating loss carryforward adjustments ​ ​ 242 ​ ​ — ​ ​ 1,730 Foreign tax rate differential ​ ​ 173 ​ ​ (722) ​ ​ 86 Bad debt loss ​ 160 ​ 6,205 ​ — Elimination of net operating loss benefits ​ ​ — ​ ​ (7,239) ​ ​ — Goodwill impairment losses ​ ​ — ​ ​ (763) ​ ​ (266) Other permanent differences, net ​ (468) ​ 31 ​ (421) Federal research and development tax credits (see discussion below) ​ ​ — ​ ​ — ​ ​ 13,866 Adjustments and other differences ​ ​ 80 ​ ​ (150) ​ ​ (245) Income tax (expense) benefit ​ $ (1,074) ​ $ 7,053 ​ $ 4,651
Schedule of tax effects of temporary differences that gave rise to deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Assets: ​ ​ ​ ​ ​ ​ Net operating loss carryforwards ​ $ 14,192 ​ $ 22,683 Stock awards ​ ​ 2,549 ​ ​ 2,367 Research and development credit carryforwards ​ ​ 102 ​ ​ 134 Purchased intangibles ​ 234 ​ 415 Lease liabilities ​ ​ 775 ​ ​ 528 Accrued expenses and other ​ 1,422 ​ 991 ​ ​ 19,274 ​ 27,118 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Purchased intangibles ​ ​ (3,513) ​ ​ (3,317) Construction contracts ​ (968) ​ (1,618) Property and equipment ​ (1,801) ​ (1,983) Right-of-use assets ​ ​ (770) ​ ​ (525) Other ​ ​ (176) ​ ​ (193) ​ ​ (7,228) ​ (7,636) Valuation allowances ​ ​ (11,797) ​ ​ (11,588) Deferred tax assets ​ $ 249 ​ $ 7,894

NET INCOME (LOSS) PER SHARE A_2

NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. (Tables)	12 Months Ended
	Jan. 31, 2021
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
Schedule of computations of basic and diluted net income (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to the stockholders of Argan, Inc. ​ $ 23,851 ​ $ (42,689) ​ $ 52,036 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 15,668 ​ ​ 15,621 ​ ​ 15,569 Effect of stock awards (1)(2) ​ ​ 157 ​ ​ — ​ ​ 124 Weighted average number of shares outstanding – diluted ​ ​ 15,825 ​ ​ 15,621 ​ ​ 15,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share attributable to the stockholders of Argan, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.52 ​ $ (2.73) ​ $ 3.34 Diluted ​ $ 1.51 ​ $ (2.73) ​ $ 3.32 (1) The weighted average numbers of shares determined on a dilutive basis for Fiscal 2021 and Fiscal 2019 exclude the effects of antidilutive stock options covering 638,001 and 646,500 shares of common stock, respectively, as the options had exercise prices per share in excess of the average market price per share for the applicable year. (2) For Fiscal 2020, the weighted average number of shares determined on a dilutive basis excludes any effect of outstanding stock awards which covered 1,303,000 shares of the Company's common stock as of January 31, 2020 as the Company incurred a net loss for the year.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Jan. 31, 2021
SEGMENT REPORTING
Schedule of operating results and certain financial position data of the Company's reportable business segments	Summarized below are certain operating results and financial position data of the Company’s reportable business segments for Fiscal 2021, Fiscal 2020 and Fiscal 2019. The “Other” column in each summary includes the Company’s corporate expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ January 31, 2021 Services Services Services Other Totals Revenues ​ $ 319,353 ​ $ 65,263 ​ $ 7,590 ​ $ — ​ $ 392,206 Cost of revenues ​ 266,993 ​ 57,257 ​ 5,889 ​ — ​ 330,139 Gross profit ​ 52,360 ​ 8,006 ​ 1,701 ​ — ​ 62,067 Selling, general and administrative expenses ​ 21,795 ​ ​ 7,358 ​ ​ 1,987 ​ ​ 7,901 ​ ​ 39,041 Income (loss) from operations ​ ​ 30,565 ​ ​ 648 ​ ​ (286) ​ ​ (7,901) ​ ​ 23,026 Other income, net ​ 1,777 ​ — ​ — ​ 82 ​ 1,859 Income (loss) before income taxes ​ $ 32,342 ​ $ 648 ​ $ (286) ​ $ (7,819) ​ 24,885 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,074) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 23,811 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 242 ​ $ 662 ​ $ — ​ $ — ​ $ 904 Depreciation ​ ​ 704 ​ ​ 2,592 ​ ​ 414 ​ ​ 5 ​ ​ 3,715 Property, plant and equipment additions ​ ​ 1,043 ​ ​ 338 ​ ​ 316 ​ ​ — ​ ​ 1,697 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 360,552 ​ ​ 22,014 ​ ​ 1,959 ​ ​ 161,695 ​ $ 546,220 Current liabilities ​ ​ 261,030 ​ ​ 13,119 ​ ​ 953 ​ ​ 985 ​ ​ 276,087 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ — ​ ​ — ​ ​ 27,943 Total assets ​ ​ 394,014 ​ ​ 42,998 ​ ​ 3,406 ​ ​ 162,212 ​ ​ 602,630 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ January 31, 2020 Services Services Services Other Totals Revenues ​ $ 135,729 ​ $ 94,682 ​ $ 8,586 ​ $ — ​ $ 238,997 Cost of revenues ​ 152,854 ​ 85,859 ​ 7,104 ​ — ​ 245,817 Gross (loss) profit ​ (17,125) ​ 8,823 ​ 1,482 ​ — ​ (6,820) Selling, general and administrative expenses ​ 26,835 ​ ​ 7,810 ​ ​ 2,135 ​ ​ 7,345 ​ ​ 44,125 Impairment losses ​ ​ 2,072 ​ ​ 2,823 ​ ​ — ​ ​ — ​ ​ 4,895 Loss from operations ​ ​ (46,032) ​ ​ (1,810) ​ ​ (653) ​ ​ (7,345) ​ ​ (55,840) Other income, net ​ 7,535 ​ — ​ — ​ 540 ​ 8,075 Loss before income taxes ​ $ (38,497) ​ $ (1,810) ​ $ (653) ​ $ (6,805) ​ (47,765) Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,053 Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (40,712) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 291 ​ $ 664 ​ $ 181 ​ $ — ​ $ 1,136 Depreciation ​ ​ 694 ​ ​ 2,418 ​ ​ 396 ​ ​ 5 ​ ​ 3,513 Property, plant and equipment additions ​ ​ 5,069 ​ ​ 1,638 ​ ​ 340 ​ ​ 11 ​ ​ 7,058 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 320,257 ​ $ 21,766 ​ $ 2,938 ​ $ 76,794 ​ $ 421,755 Current liabilities ​ ​ 135,518 ​ ​ 6,441 ​ ​ 796 ​ ​ 1,279 ​ ​ 144,034 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ — ​ ​ — ​ ​ 27,943 Total assets ​ ​ 352,034 ​ ​ 46,321 ​ ​ 4,549 ​ ​ 84,636 ​ ​ 487,540 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ ​ January 31, 2019 Services Services Services Other Totals Revenues ​ $ 367,812 ​ $ 101,673 ​ $ 12,668 ​ $ — ​ $ 482,153 Cost of revenues ​ 297,931 ​ 92,097 ​ 9,687 ​ — ​ 399,715 Gross profit ​ 69,881 ​ 9,576 ​ 2,981 ​ — ​ 82,438 Selling, general and administrative expenses ​ 23,741 ​ 7,904 ​ 1,788 ​ 7,277 ​ 40,710 Impairment loss ​ ​ — ​ ​ 1,491 ​ ​ — ​ ​ — ​ ​ 1,491 Income (loss) from operations ​ 46,140 ​ ​ 181 ​ ​ 1,193 ​ ​ (7,277) ​ ​ 40,237 Other income, net ​ 5,120 ​ 1,400 ​ — ​ 461 ​ 6,981 Income (loss) before income taxes ​ $ 51,260 ​ $ 1,581 ​ $ 1,193 ​ $ (6,816) ​ 47,218 Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,651 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 51,869 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 350 ​ $ 662 ​ $ — ​ $ — ​ $ 1,012 Depreciation ​ ​ 749 ​ ​ 2,293 ​ ​ 366 ​ ​ 14 ​ ​ 3,422 Property, plant and equipment additions ​ ​ 3,156 ​ ​ 4,750 ​ ​ 690 ​ ​ 3 ​ ​ 8,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 317,708 ​ $ 28,878 ​ $ 3,691 ​ $ 66,071 ​ $ 416,348 Current liabilities ​ ​ 66,085 ​ ​ 13,384 ​ ​ 879 ​ ​ 968 ​ ​ 81,316 Goodwill ​ ​ 20,548 ​ ​ 12,290 ​ ​ — ​ ​ — ​ ​ 32,838 Total assets ​ ​ 347,189 ​ ​ 57,168 ​ ​ 5,272 ​ ​ 67,019 ​ ​ 476,648

DESCRIPTION OF THE BUSINESS A_3

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2021
Description of the Business
Retained amounts by project owners	$ 20	$ 36.8
Minimum
Description of the Business
Property, Plant and Equipment, Useful Life	5 years
Maximum
Description of the Business
Property, Plant and Equipment, Useful Life	39 years

RECENTLY ISSUED ACCOUNTING PR_2

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jan. 31, 2020
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Right-of-use assets	$ 3,760	$ 2,408
Lease liabilities	1,265
lease liabilities	$ 3,371

SPECIAL PURPOSE ENTITIES (Detai

SPECIAL PURPOSE ENTITIES (Details) - VIE - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Variable Interest Entity
Gain on grant of utility easement	$ 2.2
Cost of property, plant and equipment	$ 7.5	$ 6.9

REVENUES FROM CONTRACT WITH C_3

REVENUES FROM CONTRACT WITH CUSTOMERS (Details) - USD ($) $ in Millions	Jan. 31, 2021	Jan. 31, 2020
REVENUES FROM CONTRACT WITH CUSTOMERS
Retained amounts by project owners	$ 36.8	$ 20
Amounts of unpriced change orders included in transaction prices	16.6	20.6

REVENUES FROM CONTRACT WITH C_4

REVENUES FROM CONTRACT WITH CUSTOMERS - Accounting for the Loss Subcontract (Details) - TeesREPProject - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Mar. 24, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Loss recorded		$ 33.6
Reversal of profit		0.7
Percentage of completion of subcontracted work			90.00%
Subcontract loss	$ 29.5
The total amounts of accounts receivable and contract assets with the customer	$ 4.7	$ 19.2

REVENUES FROM CONTRACT WITH C_5

REVENUES FROM CONTRACT WITH CUSTOMERS - Remaining Unsatisfied Performance Obligations (Details) $ in Millions	Jan. 31, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract backlog amount	$ 552.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract backlog (as percent)	64.00%
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	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Disaggregation of Revenues
Totals	$ 392,206	$ 238,997	$ 482,153
United States
Disaggregation of Revenues
Totals	340,615	169,299	371,609
United Kingdom
Disaggregation of Revenues
Totals	37,836	49,028	81,319
Republic of Ireland
Disaggregation of Revenues
Totals	13,638	20,342	28,352
Other
Disaggregation of Revenues
Totals	$ 117	$ 328	$ 873

CASH, CASH EQUIVALENTS AND SH_2

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Details) - Held-to-maturity Securities - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Cash and Cash Equivalents
Maturity period	292 days	165 days
Accrued interest on held-to-maturity securities	$ 0.1	$ 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	Jan. 31, 2021USD ($)
ACCOUNTS AND NOTES RECEIVABLE
Outstanding balances of accounts receivable and contract assets	$ 24.5
Past due notes receivable	$ 1.8

PURCHASED INTANGIBLE ASSETS - C

PURCHASED INTANGIBLE ASSETS - Changes in the balances of goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 27,943	$ 32,838	$ 34,329
Impairment loss	0	(4,895)	(1,491)
Goodwill, Ending Balance	27,943	27,943	32,838
GPS
Goodwill [Roll Forward]
Goodwill, Beginning Balance	18,476	18,476	18,476
Impairment loss	0		0
Goodwill, Ending Balance	18,476	18,476	18,476
TRC
Goodwill [Roll Forward]
Goodwill, Beginning Balance	9,467	12,290	13,781
Impairment loss	0	(2,823)	(1,491)
Goodwill, Ending Balance	9,467	9,467	12,290
APC
Goodwill [Roll Forward]
Goodwill, Beginning Balance		2,072	2,072
Impairment loss	$ 0	$ (2,072)	0
Goodwill, Ending Balance			$ 2,072

PURCHASED INTANGIBLE ASSETS - G

PURCHASED INTANGIBLE ASSETS - Goodwill and Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 01, 2020	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2016	Jan. 31, 2018
Indefinite-Lived Intangible Assets
Goodwill allocated for income tax reporting purposes		$ 16,400
Period of amortization of goodwill for income tax purpose		15 years
Goodwill Impairment Loss		$ 0
Goodwill		27,943	$ 27,943	$ 32,838		$ 34,329
Impairment losses		0	4,895	1,491
Intangible Assets - Gross Carrying Amount		11,385
Accumulated Amortization		7,288
Finite Lived Intangible Assets - Net Amount		4,097	5,001
Additions to other intangible assets		0	0	0
Additions to impairment losses		0	0	0
Amortization of intangibles		904	1,136	1,012
APC
Indefinite-Lived Intangible Assets
Percentage of goodwill acquired					100.00%
TRC
Indefinite-Lived Intangible Assets
Goodwill Impairment Loss			2,800	1,500
Percentage of expected annual growth rate	3.00%
Percentage of profit forecast For Fiscal Year 2022	3.10%
Percentage of profit forecast for fiscal year 2026	6.80%
Percentage of goodwill acquired					34.00%
APC
Indefinite-Lived Intangible Assets
Goodwill				2,072		$ 2,072
Impairment losses		0	2,072	$ 0
TRC
Indefinite-Lived Intangible Assets
Excess of the fair value over the carrying value	$ 1,500
Goodwill		$ 9,500
Trade names | GPS
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life		15 years
Finite Lived Intangible Assets - Gross Carrying Amount		$ 3,643
Accumulated Amortization		3,435
Finite Lived Intangible Assets - Net Amount		$ 208	450
Trade names | TRC
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life		15 years
Finite Lived Intangible Assets - Gross Carrying Amount		$ 4,499
Accumulated Amortization		1,550
Finite Lived Intangible Assets - Net Amount		$ 2,949	3,249
Process certifications
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life		7 years
Finite Lived Intangible Assets - Gross Carrying Amount		$ 1,897
Accumulated Amortization		1,400
Finite Lived Intangible Assets - Net Amount		497	768
Customer relationships
Indefinite-Lived Intangible Assets
Finite Lived Intangible Assets - Gross Carrying Amount		1,346
Accumulated Amortization		903
Finite Lived Intangible Assets - Net Amount		$ 443	$ 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

PURCHASED INTANGIBLE ASSETS - F

PURCHASED INTANGIBLE ASSETS - Finite Lived Intangible Future Amortization Schedule (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jan. 31, 2020
PURCHASED INTANGIBLE ASSETS
2022	$ 870
2023	617
2024	392
2025	392
2026	376
Thereafter	1,450
Total	$ 4,097	$ 5,001

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jan. 31, 2020
Property, plant and equipment
Property and equipment, gross	$ 38,723	$ 37,525
Less - accumulated depreciation	18,362	14,986
Property, plant and equipment, net	20,361	22,539
Land and improvements
Property, plant and equipment
Property and equipment, gross	863	863
Building and improvements
Property, plant and equipment
Property and equipment, gross	5,868	5,696
Furniture, machinery and equipment
Property, plant and equipment
Property and equipment, gross	19,132	18,900
Trucks, trailers and other vehicles
Property, plant and equipment
Property and equipment, gross	5,315	5,213
Project development costs (Note 3)
Property, plant and equipment
Property and equipment, gross	$ 7,545	$ 6,853

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Depreciation Expense and Cost of Maintenance and Repairs (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
PROPERTY, PLANT AND EQUIPMENT
Depreciation	$ 3,715	$ 3,513	$ 3,422
Costs of maintenance and repairs	$ 1,900	$ 3,400	$ 3,100

FINANCING ARRANGEMENTS (Details

FINANCING ARRANGEMENTS (Details) - USD ($) $ in Millions	May 15, 2017	Jan. 31, 2021	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	$ 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		$ 1.8	$ 9.9

COMMITMENTS - Leases (Details)

COMMITMENTS - Leases (Details) $ in Thousands	12 Months Ended
	Jan. 31, 2021USD ($)project	Jan. 31, 2020USD ($)	Jan. 31, 2019USD ($)
Commitments
Operating leases, options to extend	true
Operating leases, options to terminate	true
Operating lease payments made	$ 1,800	$ 1,000
Weighted average lease term	30 months
Operating lease expense	$ 1,820	1,004
Weighted average discount rate	3.10%
Right-of-use assets	$ 3,760	2,408
Lease liabilities	1,265
April 30, 2021	2,185
December 31, 2023	242
Value of future work covered by outstanding performance bonds	482,000
Bonds outstanding, covering other risks	$ 43,000
Number of Services Projects | project	4
Costs of Revenues
Commitments
Rent incurred on construction projects included in the costs of revenues	$ 7,100	4,000	$ 11,400
Selling, General and Administrative Expenses
Commitments
Operating lease expense		700
Rent expense	900		$ 700
Surety Bond
Commitments
Outstanding letter of credit replaced with Surety bond	7,600
TRC
Commitments
April 30, 2021	300
GPS
Commitments
Future minimum lease payment	3,000	$ 2,200
GPS | Financial guarantee
Commitments
Guarantor obligation maximum exposure	$ 3,600
London Interbank Offered Rate (LIBOR)
Commitments
Interest rate margin on referred rate	2.00%

COMMITMENTS - Future minimum le

COMMITMENTS - Future minimum lease payments (Details) $ in Thousands	Jan. 31, 2021USD ($)
Operating Leases
2022	$ 2,185
2023	924
2024	242
2025	92
2026	20
Total lease payments	3,463
Less interest portion	92
Present value of lease payments	3,371
Less current portion (included in accrued expenses)	$ 2,106
Less current portion (included in accrued expenses)	Accrued expenses
Non-current portion	$ 1,265
Non-current portion	Non-current portion

COMMITMENTS - Warranties (Detai

COMMITMENTS - Warranties (Details)	12 Months Ended
	Jan. 31, 2021
Minimum
Warranty period	9 months
Maximum
Warranty period	twenty-four months

COMMITMENTS - Employee Benefit

COMMITMENTS - Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Employee Benefit Plans
Company's expense for defined contribution savings plans	$ 1.9	$ 1.7	$ 2.4
Minimum
Employee Benefit Plans
Deferred period	5 years
Maximum
Employee Benefit Plans
Deferred period	7 years

LEGAL CONTINGENCIES (Details)

LEGAL CONTINGENCIES (Details) - USD ($) $ in Millions	Feb. 01, 2016	Jun. 30, 2018	Jan. 31, 2021	Jan. 31, 2019
PPS Engineers, Inc. claims lawsuit
Loss Contingencies
Amount paid on settlement			$ 0.9
Gain on settlement				$ 1.4
Former subcontractor | GPS
Loss Contingencies
Amount of arbitration panel awarded		$ 5.2
Penalty of interest and arbitration fee		$ 0.7
Pending Litigation | PPS Engineers, Inc. claims lawsuit
Loss Contingencies
Amount of damages sought by plaintiff	$ 2.3

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Activity under Company's Stock Option Plans (Details) - $ / shares shares in Thousands	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
STOCK-BASED COMPENSATION
Shares, Outstanding, Beginning balance	1,271	1,140	889
Shares, Granted	242	238	257
Shares, Exercised	(68)	(61)	(6)
Shares, Forfeited	(40)	(46)
Shares, Outstanding, Ending balance	1,405	1,271	1,140	889
Shares, Exercisable	938	823
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 44.83	$ 44.01	$ 44.83
Weighted Average Exercise Price, Granted	37.26	44.76	40.54
Weighted Average Exercise Price, Exercised	24.17	26.67	17.19
Weighted Average Exercise Price, Forfeited	57.44	48.47
Weighted Average Exercise Price, Outstanding, Ending balance	44.17	44.83	$ 44.01	$ 44.83
Weighted Average Exercise Price, Exercisable	$ 46.09	$ 45.58
Weighted Average Remaining Term (Years), Outstanding	6 years 10 months 24 days	7 years 2 months 4 days	7 years 6 months 14 days	7 years 10 months 28 days
Weighted Average Remaining Term (Years), Exercisable	5 years 11 months 12 days	6 years 2 months 12 days
Weighted Average Fair Value, Outstanding	$ 10.39	$ 11.06	$ 11.22	$ 11.74
Weighted Average Fair Value, Exercisable	$ 11.58	$ 11.78

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	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
STOCK-BASED COMPENSATION
Shares, Non-vested, Beginning balance	448	375	302
Shares, Granted	242	238	257
Shares, Vested	(207)	(134)	(184)
Shares, Forfeitures	(16)	(31)
Shares, Non-vested, Ending balance	467	448	375
Weighted Average Fair Value, Non-vested, Beginning balance	$ 9.74	$ 10.05	$ 13.55
Weighted Average Fair Value, Granted	6.53	9.60	9.31
Weighted Average Fair Value, Vested	9.98	10.25	14.75
Weighted Average Fair Value, Forfeitures	8.52	10.28
Weighted Average Fair Value, Non-vested, Ending balance	$ 8.01	$ 9.74	$ 10.05

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of Assumptions Used to Estimate Fair Value of Stock Options Granted (Details) - Stock Options Plans	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Dividend yield	2.70%	2.30%	2.50%
Expected volatility	30.30%	32.50%	34.50%
Risk-free interest rate	0.40%	1.90%	2.70%
Expected life (in years)	3 years 4 months 24 days	3 years 3 months 18 days	3 years 3 months 18 days

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Apr. 30, 2020personshares	Apr. 30, 2019personshares	Apr. 30, 2018personshares	Jan. 31, 2021USD ($)shares	Jan. 31, 2020USD ($)	Jan. 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				$ 2,938	$ 2,131	$ 1,645
Unrecognized compensation cost				$ 3,600
Compensation expense recognize, period				3 years
Intrinsic value of outstanding stock options				$ 6,100
Intrinsic value of exercisable stock options				$ 4,100
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				0.3333%
Period to become exercisable				3 years
Number of shares of common stock available for award | shares				634,832
Number of shares of common stock reserved for issuance | shares				2,157,400
Intrinsic value of the stock options exercised				$ 1,500	$ 1,400	$ 200
Performance-based restricted stock units | 2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Period to become exercisable	3 years	3 years	3 years
Number of shares of common stock available for award | shares	45,000	36,000	36,000
Number of executives | person	2	2	2
ISOs/NSOs
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
Percentage of the maximum shares for the target number of shares awarded				50.00%

INCOME TAXES - Components of Co

INCOME TAXES - Components of Company's Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Current:
Federal	$ 6,654	$ 77	$ 3,603
State	(83)	336	(1,091)
Total	6,571	413	2,512
Deferred:
Federal	(7,720)	6,825	971
State	75	(185)	1,168
Total	(7,645)	6,640	2,139
Income tax (expense) benefit	$ (1,074)	$ 7,053	$ 4,651

INCOME TAXES - The Tax Cuts and

INCOME TAXES - The Tax Cuts and Jobs Act (the "Tax Act") (Details)	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
INCOME TAXES
Federal corporate income tax rate (as percent)	21.00%	21.00%	21.00%

INCOME TAXES - Income Tax Expen

INCOME TAXES - Income Tax Expense Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Computed expected income tax (expense) benefit	$ (5,226)	$ 10,030	$ (9,916)
State income taxes, net of federal tax effect	(7)	81	683
Net operating loss carryback benefit	4,392
Excess executive compensation	(420)	(420)	(866)
Net operating loss carryforward adjustments	242		1,730
Foreign tax rate differential	173	(722)	86
Bad debt loss	160	6,205
Elimination of net operating loss benefit		(7,239)
Goodwill impairment losses		(763)	(266)
Other permanent differences, net	(468)	31	(421)
Federal research and development tax credits			13,866
Adjustments and other differences	80	(150)	(245)
Income tax (expense) benefit	(1,074)	7,053	4,651
Deferred tax valuation allowance	11,797	$ 11,588
Tax benefit from subsidiaries	200
Research and development state tax credit			$ 2,800
Income tax benefit recorded as an adjustment to the estimated favorable income tax impact of bad debt loss on loans	6,800
United Kingdom
Deferred tax valuation allowance	$ 7,100

INCOME TAXES - Net Operating Lo

INCOME TAXES - Net Operating Loss Carryback (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
INCOME TAXES
Increase in loss carryback period for certain losses	5 years
Net operating loss carry forward	$ 6,300
Domestic net operating loss carryback	39,500
Deferred tax asset		$ 8,300
Income tax receivable	$ 12,700
Federal corporate income tax rate (as percent)	21.00%	21.00%	21.00%
Amount of rate difference tax benefit	$ 4,392

INCOME TAXES - Research and Dev

INCOME TAXES - Research and Development Tax Credits (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2021	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	$ 16.6			$ 0.4
Unrecognized income tax benefits related to research and development credits		$ 5
Income tax refunds and prepaid income taxes		$ 26.9	$ 14.5

INCOME TAXES - Schedule of Tax

INCOME TAXES - Schedule of Tax Effects of Temporary Differences that Gave Rise to Deferred Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Assets:
Net operating loss carryforwards	$ 14,192	$ 22,683
Stock awards	2,549	2,367
Research and development credit carryforwards	102	134
Purchased intangibles	234	415
Lease liabilities	775	528
Accrued expenses and other	1,422	991
Total Assets	19,274	27,118
Liabilities:
Purchased intangibles	(3,513)	(3,317)
Construction contracts	(968)	(1,618)
Property and equipment	(1,801)	(1,983)
Right-of-use assets	(770)	(525)
Other	(176)	(193)
Total Liabilities	(7,228)	(7,636)
Valuation allowances	(11,797)	(11,588)
Deferred tax assets	249	7,894
Net operating losses	6,300
Income tax (expense) benefits (Note 13)	$ (1,074)	$ 7,053	$ 4,651

INCOME TAXES - Supplemental Cas

INCOME TAXES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
INCOME TAXES
Income Taxes Paid, Net	$ 5.5	$ 3.1	$ 3.9
Proceeds from Income Tax Refunds	$ 1	$ 8.4	$ 0

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	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
Net income (loss) attributable to the stockholders of Argan, Inc.	$ 23,851	$ (42,689)	$ 52,036
Weighted average number of shares outstanding - basic	15,668	15,621	15,569
Effects of stock awards	157		124
Weighted average number of shares outstanding - diluted	15,825	15,621	15,693
Basic	$ 1.52	$ (2.73)	$ 3.34
Diluted	$ 1.51	$ (2.73)	$ 3.32

NET INCOME (LOSS) PER SHARE A_4

NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. - Additional information (Details) - shares	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
Antidilutive common stock	638,001	1,303,000	646,500

CASH DIVIDENDS (Details)

CASH DIVIDENDS (Details) - $ / shares	1 Months Ended				12 Months Ended
	Dec. 31, 2020	Oct. 31, 2020	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
CASH DIVIDENDS
Regular cash dividend declared per common stock					$ 3	$ 1	$ 1
Special cash dividend paid per common stock	$ 1		$ 1
Regular cash dividend paid per common stock	$ 0.25	$ 0.25	$ 0.25	$ 0.25		$ 0.25	$ 0.25

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	12 Months Ended
	Jan. 31, 2021USD ($)item	Jan. 31, 2020USD ($)	Jan. 31, 2019USD ($)	Jan. 31, 2018USD ($)
Segment Reporting Information
Operating segment | item	1
Revenues	$ 392,206	$ 238,997	$ 482,153
Cost of revenues	330,139	245,817	399,715
Gross (loss) profit	62,067	(6,820)	82,438
Selling, general and administrative expenses	39,041	44,125	40,710
Impairment losses	0	4,895	1,491
(Loss) income from operations	23,026	(55,840)	40,237
Other income, net	1,859	8,075	6,981
Income (loss) before income taxes	24,885	(47,765)	47,218
Income tax (expense) benefits (Note 13)	(1,074)	7,053	4,651
Net income (loss)	23,811	(40,712)	51,869
Amortization of intangibles	904	1,136	1,012
Depreciation	3,715	3,513	3,422
Property, plant and equipment additions	1,697	7,058	8,599
Current assets	546,220	421,755	416,348
Current liabilities	276,087	144,034	81,316
Goodwill	27,943	27,943	32,838	$ 34,329
Total assets	602,630	487,540	476,648
Other
Segment Reporting Information
Selling, general and administrative expenses	7,901	7,345	7,277
(Loss) income from operations	(7,901)	(7,345)	(7,277)
Other income, net	82	540	461
Income (loss) before income taxes	(7,819)	(6,805)	(6,816)
Depreciation	5	5	14
Property, plant and equipment additions		11	3
Current assets	161,695	76,794	66,071
Current liabilities	985	1,279	968
Total assets	162,212	84,636	67,019
Intercompany Eliminations
Segment Reporting Information
Revenues	4,300	3,300	800
Power Services
Segment Reporting Information
Revenues	319,353	135,729	367,812
Cost of revenues	266,993	152,854	297,931
Gross (loss) profit	52,360	(17,125)	69,881
Selling, general and administrative expenses	21,795	26,835	23,741
Impairment losses		2,072
(Loss) income from operations	30,565	(46,032)	46,140
Other income, net	1,777	7,535	5,120
Income (loss) before income taxes	32,342	(38,497)	51,260
Amortization of intangibles	242	291	350
Depreciation	704	694	749
Property, plant and equipment additions	1,043	5,069	3,156
Current assets	360,552	320,257	317,708
Current liabilities	261,030	135,518	66,085
Goodwill	18,476	18,476	20,548
Total assets	394,014	352,034	347,189
Industrial Services
Segment Reporting Information
Revenues	65,263	94,682	101,673
Cost of revenues	57,257	85,859	92,097
Gross (loss) profit	8,006	8,823	9,576
Selling, general and administrative expenses	7,358	7,810	7,904
Impairment losses		2,823	1,491
(Loss) income from operations	648	(1,810)	181
Other income, net			1,400
Income (loss) before income taxes	648	(1,810)	1,581
Amortization of intangibles	662	664	662
Depreciation	2,592	2,418	2,293
Property, plant and equipment additions	338	1,638	4,750
Current assets	22,014	21,766	28,878
Current liabilities	13,119	6,441	13,384
Goodwill	9,467	9,467	12,290
Total assets	42,998	46,321	57,168
Telecom Services
Segment Reporting Information
Revenues	7,590	8,586	12,668
Cost of revenues	5,889	7,104	9,687
Gross (loss) profit	1,701	1,482	2,981
Selling, general and administrative expenses	1,987	2,135	1,788
(Loss) income from operations	(286)	(653)	1,193
Income (loss) before income taxes	(286)	(653)	1,193
Amortization of intangibles		181
Depreciation	414	396	366
Property, plant and equipment additions	316	340	690
Current assets	1,959	2,938	3,691
Current liabilities	953	796	879
Total assets	$ 3,406	$ 4,549	$ 5,272

CUSTOMER CONCENTRATIONS (Detail

CUSTOMER CONCENTRATIONS (Details) - customer	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Accounts Receivable
Customer Concentrations
Number of customers	3	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	26.00%	24.00%
Major Customer One | Contract Asset
Customer Concentrations
Percentage of major customers or segments	64.00%	51.00%
Major Customer Two | Accounts Receivable
Customer Concentrations
Percentage of consolidated accounts receivable accounted by major customer	11.00%	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%
Power Services | Revenue
Customer Concentrations
Percentage of major customers or segments	81.00%	57.00%	76.00%
Number of customers	1	2	4
Power Services | Major Customer One | Revenue
Customer Concentrations
Percentage of major customers or segments	67.00%	22.00%	16.00%
Power Services | Major Customer Two | Revenue
Customer Concentrations
Percentage of major customers or segments		15.00%	14.00%
Power Services | Major Customer Three | Revenue
Customer Concentrations
Percentage of major customers or segments			12.00%
Power Services | Major Customer Four | Revenue
Customer Concentrations
Percentage of major customers or segments			10.00%
Industry services | Revenue
Customer Concentrations
Percentage of major customers or segments	17.00%	40.00%	21.00%