Argan (AGX) 10-Q 7 Sep 21 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 31, 2021	Sep. 03, 2021
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 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, $.15 par value
Trading Symbol	AGX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,769,440
Entity Central Index Key	0000100591
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--01-31
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
REVENUES	$ 133,008	$ 87,492	$ 259,349	$ 147,640
Cost of revenues	105,356	71,862	207,983	128,001
GROSS PROFIT	27,652	15,630	51,366	19,639
Selling, general and administrative expenses	10,331	9,085	20,223	19,429
INCOME FROM OPERATIONS	17,321	6,545	31,143	210
Other (expense) income, net	(260)	451	452	1,539
INCOME BEFORE INCOME TAXES	17,061	6,996	31,595	1,749
Income tax (expense) benefit	(4,191)	(1,397)	(7,959)	3,057
NET INCOME	12,870	5,599	23,636	4,806
Net loss attributable to non-controlling interests		(10)		(40)
NET INCOME ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	12,870	5,609	23,636	4,846
Foreign currency translation adjustments	(139)	(83)	(257)	(329)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	$ 12,731	$ 5,526	$ 23,379	$ 4,517
NET INCOME PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
Basic	$ 0.82	$ 0.36	$ 1.50	$ 0.31
Diluted	$ 0.81	$ 0.36	$ 1.48	$ 0.31
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic	15,769	15,653	15,748	15,648
Diluted	15,982	15,788	15,978	15,767
CASH DIVIDENDS PER SHARE	$ 0.25	$ 1.25	$ 0.50	$ 1.50

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 451,415	$ 366,671
Short-term investments	40,065	90,055
Accounts receivable	43,120	28,713
Contract assets	25,377	26,635
Other current assets (Note 10)	37,679	34,146
TOTAL CURRENT ASSETS	597,656	546,220
Property, plant and equipment, net	19,209	20,361
Goodwill	27,943	27,943
Other purchased intangible assets, net	3,644	4,097
Deferred taxes		249
Right-of-use and other assets	3,537	3,760
TOTAL ASSETS	651,989	602,630
LIABILITIES AND EQUITY CURRENT LIABILITIES
Accounts payable	44,317	53,295
Accrued expenses	49,308	50,750
Contract liabilities	213,722	172,042
TOTAL CURRENT LIABILITIES	307,347	276,087
Deferred taxes	751
Other noncurrent liabilities	3,356	4,135
TOTAL LIABILITIES	311,454	280,222
COMMITMENTS AND CONTINGENCIES (Notes 7 and 8)
STOCKHOLDERS' EQUITY
Preferred stock, par value $0.10 per share - 500,000 shares authorized; no shares issued and outstanding
Common stock, par value $0.15 per share - 30,000,000 shares authorized; 15,772,673 and 15,706,202 shares issued at July 31, 2021 and January 31, 2021, respectively; 15,769,440 and 15,702,969 shares outstanding at July 31, 2021 and January 31, 2021, respectively	2,366	2,356
Additional paid-in capital	155,904	153,282
Retained earnings	181,862	166,110
Accumulated other comprehensive loss	(1,338)	(1,081)
TOTAL STOCKHOLDERS' EQUITY	338,794	320,667
Non-controlling interests	1,741	1,741
TOTAL EQUITY	340,535	322,408
TOTAL STOCKHOLDERS' EQUITY	$ 651,989	$ 602,630

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 31, 2021	Jan. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value	$ 0.10	$ 0.10
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.15	$ 0.15
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	15,772,673	15,706,202
Common stock, shares outstanding	15,769,440	15,702,969

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interests	Total
Balances at Jan. 31, 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)			4,846		(40)	4,806
Foreign currency translation loss				(329)		(329)
Stock compensation expense		1,414				1,414
Stock option exercises and other share-based award settlements	$ 5	720				725
Stock option exercises and other share-based award settlements (in shares)	35,000
Cash dividends			(23,499)			(23,499)
Balances at Jul. 31, 2020	$ 2,351	150,847	170,653	(1,445)	1,741	324,147
Balances (in shares) at Jul. 31, 2020	15,669,969
Balances at Apr. 30, 2020	$ 2,347	149,531	184,633	(1,362)	1,751	336,900
Balances (in shares) at Apr. 30, 2020	15,644,969
Net income (loss)			5,609		(10)	5,599
Foreign currency translation loss				(83)		(83)
Stock compensation expense		772				772
Stock option exercises and other share-based award settlements	$ 4	544				548
Stock option exercises and other share-based award settlements (in shares)	25,000
Cash dividends			(19,589)			(19,589)
Balances at Jul. 31, 2020	$ 2,351	150,847	170,653	(1,445)	1,741	324,147
Balances (in shares) at Jul. 31, 2020	15,669,969
Retained earnings						166,110
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
Net income (loss)			23,636			23,636
Foreign currency translation loss				(257)		(257)
Stock compensation expense		1,609				1,609
Stock option exercises and other share-based award settlements	$ 10	1,013				$ 1,023
Stock option exercises and other share-based award settlements (in shares)	66,471					26,000
Cash dividends			(7,884)			$ (7,884)
Balances at Jul. 31, 2021	$ 2,366	155,904	181,862	(1,338)	1,741	340,535
Balances (in shares) at Jul. 31, 2021	15,769,440
Balances at Apr. 30, 2021	$ 2,366	154,974	172,934	(1,199)	1,741	330,816
Balances (in shares) at Apr. 30, 2021	15,769,440
Net income (loss)			12,870			12,870
Foreign currency translation loss				(139)		(139)
Stock compensation expense		930				930
Cash dividends			(3,942)			(3,942)
Balances at Jul. 31, 2021	$ 2,366	$ 155,904	$ 181,862	$ (1,338)	$ 1,741	340,535
Balances (in shares) at Jul. 31, 2021	15,769,440
Retained earnings						$ 181,862

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 12,870	$ 5,599	$ 23,636	$ 4,806
Adjustments to reconcile net income to net cash provided by operating activities
Lease expense	1,100	400	1,938	793
Depreciation	859	921	1,741	1,858
Stock compensation expense	900	800	1,609	1,414
Deferred income tax expense			1,001	8,536
Amortization of purchased intangible assets	225	226	453	451
Other			229	399
Changes in operating assets and liabilities
Accounts receivable			(14,407)	7,532
Contract assets			1,258	6,856
Other assets			(3,161)	(17,781)
Accounts payable and accrued expenses			(8,793)	4,714
Contract liabilities			41,680	83,323
Net cash provided by operating activities			47,184	102,901
CASH FLOWS FROM INVESTING ACTIVITIES
Maturities of short-term investments			50,000	145,000
Purchase of short-term investment				(10,000)
Investment in solar energy project			(4,085)
Purchases of property, plant and equipment			(1,011)	(1,133)
Net cash provided by investing activities			44,904	133,867
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of cash dividends			(7,884)	(23,499)
Proceeds from the exercise of stock options			1,023	725
Net cash used in financing activities			(6,861)	(22,774)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH			(483)	1,067
NET INCREASE IN CASH AND CASH EQUIVALENTS			84,744	215,061
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			366,671	167,363
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 451,415	$ 382,424	$ 451,415	$ 382,424

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jul. 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 United States (the “US”), the Republic of Ireland (“Ireland”) and the United Kingdom (the “UK”). Including a consolidated variable interest entity (“VIE”), 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 southeastern region of the US and that are based on its expertise in producing, delivering and installing fabricated metal components such as piping systems and pressure vessels. Through SMC, which conducts business as SMC Infrastructure Solutions, the telecommunications infrastructure services segment provides project management, construction, installation and maintenance services to commercial, local government and federal government customers primarily in the mid-Atlantic region of the US. Basis of Presentation and Significant Accounting Policies The condensed consolidated financial statements include the accounts of Argan, its wholly-owned subsidiaries and its financially controlled VIE. All significant inter-company balances and transactions have been eliminated in consolidation. In Note 14, the Company has provided certain financial information relating to the operating results and assets of its reportable segments based on the manner in which management disaggregates the Company’s financial reporting for purposes of making internal operating decisions. The Company’s fiscal year ends on January 31 of each year. The condensed consolidated balance sheet as of July 31, 2021, the condensed consolidated statements of earnings and stockholders’ equity for the three and six months ended July 31, 2021 and 2020, and the condensed consolidated statements of cash flows for the six months ended July 31, 2021 and 2020 are unaudited. The condensed consolidated balance sheet as of January 31, 2021 has been derived from audited financial statements. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the US Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. The accompanying condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements, the notes thereto, and the independent registered public accounting firm’s report thereon, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2021 (“Fiscal 2021”). In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, considered necessary to present fairly the financial position of the Company as of July 31, 2021, and its earnings and cash flows for the interim periods presented. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year. Accounting Policies Income Taxes In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes There are no other recently issued accounting pronouncements that have not yet been adopted that the Company considers material to its condensed consolidated financial statements. Fair Values The carrying value amounts presented in the condensed consolidated balance sheets for the Company’s current assets, which primarily include cash and cash equivalents, short-term investments, accounts receivable and contract assets, and its current liabilities are reasonable estimates of their fair values due to the short-term nature of these items. Variable Interest Entity In January 2018, the Company was deemed to be the primary beneficiary of a VIE that is performing the project development activities related to the planned construction of a new natural gas-fired power plant. Consequently, the account balances of the VIE are included in the Company’s condensed consolidated financial statements, including development costs incurred by the VIE during the project development period. The total amounts of the project development costs included in the balances for property, plant and equipment as of July 31, 2021 and January 31, 2021 were $7.7 million and $7.5 million, respectively. Consideration for the Company’s engineering and financial support provided to the project 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. Currently, the most significant project development hurdle for the project owner is the establishment of a fuel-supply source for the plant. The understanding of GPS is that there are viable gas supply alternatives under development by the project owner and others. Recovery of the Company’s investment in this project will depend on the successful completion of all project development efforts, which should lead to the arrangement of financing for the construction of the corresponding power plant, or the sale of the project. As currently contemplated, such financing or sale would provide cash flow sufficient for the project developer to repay the funds borrowed from GPS in full. Such repayment would represent a full recovery of GPS’s investment in the project.

REVENUES FROM CONTRACTS WITH CU

REVENUES FROM CONTRACTS WITH CUSTOMERS	6 Months Ended
	Jul. 31, 2021
REVENUES FROM CONTRACTS WITH CUSTOMERS
REVENUES FROM CONTRACTS WITH CUSTOMERS	NOTE 2 – REVENUES FROM CONTRACTS WITH CUSTOMERS The Company’s accounting for revenues on contracts with customers is based on a single comprehensive five-step model that requires reporting entities to: 1. Identify the contract, 2. Identify the performance obligations of the contract, 3. Determine the transaction price of the contract, 4. Allocate the transaction price to the performance obligations, and 5. Recognize revenue. 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 July 31 and January 31, 2021 were $46.2 million and $36.8 million, respectively. Variable Consideration Amounts for contract variations for which the Company has project-owner directive for additional work or other scope change, but not for the price associated with the corresponding additional effort, are included in the transaction price when it is considered probable that the applicable costs will be recovered through a modification to the contract price. The effects of any revision to a transaction price can be determined at any time and they could be material. The Company may include in the corresponding transaction price a portion of the amount claimed in a dispute that it expects to receive from a project owner. Once a settlement of the dispute has been reached with the project owner, the transaction price may be revised again to reflect the final resolution. The aggregate amount of such contract variations included in the transaction prices that were used to determine project-to-date revenues at July 31, 2021 and January 31, 2021 were $12.7 million and $16.6 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 Construction activities being performed by APC on the mechanical installation of the boiler for a biomass-fired power plant under construction in Teesside, England, the Tees Renewable Energy Plant (“TeesREP”), were suspended in March 2020 due to the COVID-19 pandemic, pending preparations being made by the contractors and subcontractors to comply with new and evolving government guidance concerning public health protocols. At the time of the suspension of work on the TeesREP project, APC had completed approximately 90% of its subcontracted work. As of July 31, 2020 and based on an updated forecast of subcontract costs, management expected that such costs for the TeesREP project at completion would exceed forecasted revenues by approximately $32.3 million. In connection with a significant modification to the subcontract, a reduction of the subcontract loss and other favorable project-related adjustments resulted in a $2.3 million improvement in consolidated gross profit for the three months ended July 31, 2020. Project-related adjustments netted to a $0.4 million reduction in consolidated gross profit for the six months ended July 31, 2020. Prior to January 31, 2021, additional 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 subsequent reduction of the final amount of the loss incurred on the fixed-price portion of the TeesREP project to $29.5 million. The construction activities of APC during the six months ended July 31, 2021, up to the completion of the project, were performed under a time and materials arrangement. The total amounts of accounts receivable and contract assets related to the TeesREP project and included in the condensed consolidated balance sheets were less than $0.1 million as of July 31, 2021 and were $4.7 million as of January 31, 2021. 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 July 31, 2021, the Company had RUPO of $467.9 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 47% of the RUPO amount at July 31, 2021 will be included in the amount of consolidated revenues that will be recognized during the second half of the fiscal year ending January 31, 2022. Most of the remaining amount of RUPO at July 31, 2021 Revenues for future periods will also include amounts related to customer contracts awarded subsequent to July 31, 2021. It is important to note that estimates may be changed in the future and that cancellations, deferrals or scope adjustments may occur related to work included in the amount of RUPO at July 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 the three and six months ended July 31, 2021 and 2020, disaggregated by the geographic area where the corresponding projects were located: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 31, ​ Six Months Ended July 31, ​ 2021 2020 ​ 2021 2020 United States ​ $ 123,380 ​ $ 83,510 ​ $ 238,871 ​ $ 132,375 Republic of Ireland ​ 7,998 ​ 1,442 ​ 12,691 ​ 2,429 United Kingdom ​ 1,630 ​ 2,540 ​ 7,787 ​ 12,836 Consolidated Revenues ​ $ 133,008 ​ $ 87,492 ​ $ 259,349 ​ $ 147,640 ​ The major portion of the Company’s consolidated revenues are recognized pursuant to fixed-price contracts with most of the remaining portions earned pursuant to time-and-material contracts. Consolidated revenues are disaggregated by reportable segment in Note 14 to the condensed consolidated financial statements.

CASH, CASH EQUIVALENTS AND SHOR

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	6 Months Ended
	Jul. 31, 2021
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	NOTE 3 – CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS At July 31, 2021 and January 31, 2021, significant amounts of 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 July 31, 2021 and January 31, 2021 consisted solely of certificates of deposit purchased from Bank of America (the “Bank”) with weighted average initial maturities of less than one year. 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. Interest income is recorded when earned and is included in other income. At July 31, 2021 and January 31, 2021, the weighted average annual interest rates of the outstanding CDs was 0.2% at each period end. The Company has a substantial portion of its cash on deposit in the US. The Company also maintains certain Euro-based bank accounts in Ireland and certain pound sterling-based bank accounts in the UK in support of the operations of APC. Management does not believe that the combined amount of the CD investments and the cash deposited with the Bank and financial institutions in Ireland and the UK, in excess of government-insured levels, represents a material risk.

ACCOUNTS AND NOTES RECEIVABLE

ACCOUNTS AND NOTES RECEIVABLE	6 Months Ended
	Jul. 31, 2021
ACCOUNTS AND NOTES RECEIVABLE
ACCOUNTS AND NOTES RECEIVABLE	NOTE 4 – ACCOUNTS AND NOTES RECEIVABLE The Company generally extends credit to a customer based on an evaluation of the customer’s financial condition without requiring tangible collateral. Exposure to losses on accounts and notes receivable is expected to differ due to the varying financial condition of each customer. The Company monitors its exposure to credit losses and may establish an allowance for credit losses based on management’s estimate of the loss that is expected to occur over the remaining life of the particular financial asset. The amounts of the provisions for credit losses for the three and six months ended July 31, 2021 and 2020 were insignificant. The allowances for credit losses as of July 31 and January 31, 2021 were also insignificant. As of July 31 and 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 this amount will most likely depend on the resolution of the outstanding legal dispute between the parties (see Note 8). As of July 31 and January 31, 2021, there were past due notes receivables 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 receivables on a non-accrual status during Fiscal 2021.

PURCHASED INTANGIBLE ASSETS

PURCHASED INTANGIBLE ASSETS	6 Months Ended
	Jul. 31, 2021
PURCHASED INTANGIBLE ASSETS
PURCHASED INTANGIBLE ASSETS	NOTE 5 – PURCHASED INTANGIBLE ASSETS At both July 31, 2021 and January 31, 2021, the goodwill balances related to the acquisitions of GPS and TRC were $18.5 million and $9.5 million, respectively. Management does not believe that any events or circumstances that have occurred or arisen since January 31, 2021 require an updated assessment of the goodwill balances of either GPS or TRC. The Company’s purchased intangible assets, other than goodwill, consisted of the following elements as of July 31, 2021 and January 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, 2021 ​ January 31, ​ ​ Estimated ​ Gross ​ Accumulated ​ Net ​ 2021, (net ​ Useful Life Amounts Amortization Amounts amounts) Trade names ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TRC ​ 15 years ​ $ 4,499 ​ $ 1,700 ​ $ 2,799 ​ $ 2,949 GPS ​ 15 years ​ ​ 3,643 ​ ​ 3,557 ​ ​ 86 ​ ​ 208 Process certifications 7 years ​ 1,897 ​ ​ 1,535 ​ ​ 362 ​ ​ 497 Customer relationships ​ 10 years ​ ​ 916 ​ ​ 519 ​ ​ 397 ​ ​ 443 Totals ​ ​ ​ $ 10,955 ​ $ 7,311 ​ $ 3,644 ​ $ 4,097 ​

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	6 Months Ended
	Jul. 31, 2021
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS	NOTE 6 – FINANCING ARRANGEMENTS During April 2021, the Company amended its Amended and Restated Replacement Credit Agreement with the Bank (the “Credit Agreement”). The amendment extended the expiration date of the Credit Agreement to May 31, 2024 and reduced the borrowing rate. The Credit Agreement, as amended, includes the following features, among others: a lending commitment of $50.0 million including a revolving loan with interest at the 30-day LIBOR plus 1.6% (reduced from 2.0%), and an accordion feature which allows for an additional commitment amount of $10.0 million, subject to certain conditions. The Company may use the borrowing ability to cover other credit instruments issued by the Bank for the Company’s use in the ordinary course of business as defined in the Credit Agreement. At July 31, 2021, the Company did not have any outstanding letters of credit issued under the Credit Agreement. However, in connection with the current project development activities of the VIE that is described in Note 1, the Bank issued a letter of credit, outside the scope of the Credit Agreement, in the approximate amount of $3.4 million as of July 31, 2021 and January 31, 2021 for which the Company has provided cash collateral. 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, as amended, includes other terms, covenants and events of default that are customary for a credit facility of its size and nature, including a requirement to achieve positive adjusted earnings before interest, taxes, depreciation and amortization, as defined, over each rolling twelve-month measurement period. As of July 31, 2021 and January 31, 2021, the Company was in compliance with the covenants of the Credit Agreement.

COMMITMENTS

COMMITMENTS	6 Months Ended
	Jul. 31, 2021
COMMITMENTS
COMMITMENTS	NOTE 7 – COMMITMENTS Leases The Company’s operating leases primarily cover office space that expire on various dates through January 2025 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 material 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 (currently LIBOR plus 1.6%) at the commencement date in determining the present value of future payments. The expected lease term includes any option to extend terminate Operating lease expense amounts are recorded on a straight-line basis over the expected lease terms and were $1.1 million and $1.9 million for the three and six months ended July 31, 2021, respectively, and were $0.4 million and $0.8 million for the three and six months ended July 31, 2020, respectively. Operating lease payments for the three and six months ended July 31, 2021 were $1.1 million and $1.9 million, respectively, and they were $0.4 million and $0.8 million for the three and six months ended July 31, 2020, respectively. For operating leases as of July 31, 2021, the weighted average lease term is 27 months and the weighted average discount rate is 2.9%. 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 for the three and six months ended July 31, 2021 were $3.3 million and $6.3 million, respectively. Rent expense incurred under these types of arrangements and included in costs of revenues for the three and six months ended July 31, 2020 was $1.4 million and $2.0 million, respectively. Rent expense incurred under these types of arrangements (including portions of the lease expense amounts disclosed above) and included in selling, general and administrative expenses for the three and six months ended July 31, 2021 was $0.3 million and $0.5 million, respectively. Rent expense incurred under these types of arrangements and included in selling, general and administrative expenses for the three and six months ended July 31, 2020 was $0.2 million and $0.4 million, respectively. The aggregate amounts of operating leases added during the six months ended July 31, 2021 and 2020 were $0.8 million and $1.5 million, respectively. The following is a schedule of future minimum lease payments for the operating leases that were recognized in the condensed consolidated balance sheet as of July 31, 2021. ​ ​ ​ ​ ​ Years Ending January 31, Remainder of 2022 $ 1,438 2023 ​ ​ 743 2024 ​ ​ 283 2025 ​ ​ 132 2026 ​ ​ 20 Total lease payments ​ ​ 2,616 Less interest portion ​ ​ 233 Present value of lease payments ​ ​ 2,383 Less current portion (included in accrued expenses) ​ ​ 1,776 Non-current portion (included in other noncurrent liabilities) ​ $ 607 ​ 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, 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 July 31, 2021 are not estimable. As of July 31, 2021, the value of the Company’s unsatisfied bonded performance obligations, covering all of its subsidiaries, was approximately $295.9 million. In addition, as of July 31, 2021, there were bonds outstanding in the aggregate amount of approximately $5.7 million covering other risks including warranty obligations related to completed activities; these bonds expire at various dates over the next seven months. Not all of our projects require bonding. As of July 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 July 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

LEGAL CONTINGENCIES

LEGAL CONTINGENCIES	6 Months Ended
	Jul. 31, 2021
LEGAL CONTINGENCIES
LEGAL CONTINGENCIES	NOTE 8 – LEGAL CONTINGENCIES In the normal course of business, the Company may have pending claims and legal proceedings. In the opinion of management, based on information available at this time, there are no current claims and proceedings that could have a material adverse effect on the condensed consolidated financial statements except for the outstanding matter described below. In January 2019, GPS filed a lawsuit against Exelon West Medway II, LLC and Exelon Generation Company, LLC (together referred to as “Exelon”) in the US District Court for the Southern District of New York for Exelon’s breach of contract and failure to remedy various conditions which negatively impacted the schedule and the costs associated with the construction by GPS of a gas-fired power plant for Exelon in Massachusetts. As a result, the Company believes that Exelon has received the benefits of the construction efforts of GPS and the corresponding progress made on the project without making payments to GPS for the value received (see Note 4). In March 2019, Exelon provided GPS with a notice intending to terminate the EPC contract under which GPS had been providing services to Exelon. At that time, the construction project was nearly complete and both of the power generation units included in the plant had successfully reached first fire. The completion of various prescribed performance tests and the clearance of punch-list items were the primary tasks necessary to be accomplished by GPS in order to achieve substantial completion of the power plant. Nevertheless, and among other actions, Exelon provided contractual notice requiring GPS to vacate the construction site. Exelon has asserted that GPS failed to fulfill certain obligations under the contract and was in default, withholding payments from GPS on invoices rendered to Exelon in accordance with the terms of the contract between the parties. With vigor, GPS intends to continue to assert its rights under the EPC contract with Exelon, to pursue the collection of amounts owed under the EPC contract and to defend itself against the allegations that GPS did not perform in accordance with the contract. The discovery period related to this litigation is now closed for both parties. No trial date has yet to be set for this lawsuit. Mediation on this matter has been set to occur in September 2021. ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jul. 31, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 9 – STOCK-BASED COMPENSATION On June 23, 2020, the Company’s stockholders approved the adoption of the 2020 Stock Plan (the “2020 Plan”), and the allocation of 500,000 shares of the Company’s common stock for issuance thereunder. The Company’s board of directors may make share-based awards under the 2020 Stock Plan to officers, directors and key employees. The 2020 Plan replaces the 2011 Stock Plan (the “2011 Plan”); the Company’s authority to make awards pursuant to the 2011 Plan expired on July 19, 2021. Together, the 2020 Plan and the 2011 Plan are hereinafter referred to as the “Stock Plans.” 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 2020 Plan are documented in a written agreement between the Company and the awardee. All stock options awarded under the 2020 Plan 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 As of July 31, 2021, there were approximately 2,063,000 shares of common stock reserved for issuance under the Stock Plans; this number includes 475,000 shares of common stock available for future awards under the 2020 Plan. Stock Options A summary of stock option activity under the Company’s approved Stock Plans for the six months ended July 31, 2021 and 2020, along with corresponding weighted average per share amounts, is presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise ​ Remaining ​ ​ ​ Shares Price Term (years) Fair Value Outstanding, February 1, 2021 1,405 ​ $ 44.17 6.90 ​ $ 10.39 Granted ​ 32 ​ $ 54.60 ​ ​ ​ ​ ​ Exercised ​ (26) ​ $ 39.37 ​ ​ ​ ​ ​ Forfeited ​ (13) ​ $ 52.26 ​ ​ ​ ​ ​ Outstanding, July 31, 2021 ​ 1,398 ​ $ 44.42 6.51 ​ $ 10.41 Exercisable, July 31, 2021 1,022 ​ $ 45.34 5.76 ​ $ 11.20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, July 31, 2020 ​ 1,392 ​ $ 44.04 7.15 ​ $ 10.51 Exercisable, July 31, 2020 843 ​ $ 46.38 6.00 ​ $ 11.87 ​ The changes in the number of non-vested options to purchase shares of common stock for the six months ended July 31, 2021 and 2020, and the weighted average fair value per share for each number, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ Shares Fair Value Non-vested, February 1, 2021 467 ​ $ 8.01 Granted 32 ​ $ 11.12 Vested (117) ​ $ 8.06 Forfeitures ​ (6) ​ $ 7.41 Non-vested, July 31, 2021 376 ​ $ 8.27 ​ ​ ​ ​ ​ ​ Non-vested, July 31, 2020 549 ​ $ 8.44 ​ The total intrinsic value amounts of the stock options exercised during the six months ended July 31, 2021 and 2020 were $0.3 million and $0.8 million, respectively. At July 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 $7.3 million and $5.6 million, respectively. Restricted Stock Units The changes in the maximum number of restricted stock units for the six months ended July 31, 2021, and the weighted average fair value per share for each number, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ Shares Fair Value Outstanding, February 1, 2021 117 ​ $ 17.71 Awarded 113 ​ $ 38.91 Issued (40) ​ $ 20.64 Outstanding, July 31, 2021 190 ​ $ 29.73 ​ ​ ​ ​ ​ ​ Outstanding, July 31, 2020 117 ​ $ 17.71 ​ Performance-Based Restricted Stock Units Pursuant to the terms of the Stock Plans and as described in the corresponding agreements with the executives, the Company awarded performance-based restricted stock units to four senior executives in April 2021 and two senior executives in April 2020, covering up to 49,000 and 45,000 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 issuance of the number of shares earned under the agreements, free of related 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. During the six months ended July 31, 2021, the three-year vesting period for the restricted stock units awarded in April 2018 concluded and it was determined that 40,471 shares of common stock, including shares attributable to cash dividends, were earned pursuant to the performance criteria and other terms of the 2011 Plan and the applicable award agreements. These shares were issued to the awardees in April 2021. Renewable Performance-Based Restricted Stock Units In April 2021, the Company awarded renewable energy project performance-based restricted stock units to two senior executives at GPS as described in the corresponding agreements with the executives. Each award covers 5,000 shares of the Company’s common stock 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 issuance of the shares, free of restrictions, shall be based on the success of GPS in increasing the amount of RUPO related to renewable energy projects, as defined, during certain periods within the three-year term of each award. The awards establish RUPO hurdle amounts for separate periods of time defined in the awards, and assign a certain portion of the award shares to each hurdle. If a RUPO hurdle is exceeded (each is mutually exclusive), the number of shares earned based on the achievement of the applicable hurdle will be issued to the executives at the end of the corresponding period. If a RUPO hurdle amount is not achieved within the period of time defined in the awards, the award shares assigned to the hurdle are forfeited. Time-Based Restricted Stock Units In April 2021, the Company also awarded time-based restricted stock units covering 49,500 shares of common stock to senior executives and other employees pursuant to the terms of the Stock Plans and as described in the corresponding agreements with each awardee. The shares will vest in equal installments on each of the first three anniversaries of the award date. Accordingly, at each vesting date, one Fair Value The fair value amounts of stock options and restricted stock units are recorded as stock compensation expense over the terms of the corresponding awards. Expense amounts related to stock awards were $0.9 million and $0.8 million for the three months ended July 31, 2021 and 2020, respectively. Expense amounts related to stock awards were $1.6 million and $1.4 million for the six months ended July 31, 2021 and 2020, respectively. At July 31, 2021, there was $6.4 million in unrecognized compensation cost related to outstanding stock awards that the Company expects to expense over the next three years. The Company estimates the weighted average fair value of stock options on the date of award using a Black-Scholes option pricing model. 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 for the performance-based restricted stock units have been 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 term, 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. For the renewable performance-based restricted stock units, which were awarded for the first time in April 2021, the fair value of each award was determined to be 50% of the aggregate market value of the shares of common stock covered by the award on the date of the award. For the time-based restricted stock units, the fair value of each award equals the aggregate market price for the number of shares covered by each award on the date of award.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jul. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 10 – INCOME TAXES Income Tax Expense Reconciliation The Company’s income tax amounts for the six months ended July 31, 2021 and 2020 differed from corresponding amounts computed by applying the federal corporate income tax rate of 21%to the income before income taxes for the periods as presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended July 31, ​ ​ 2021 2020 ​ Computed expected income tax expense ​ $ (6,635) ​ $ (367) ​ Difference resulting from: ​ ​ ​ ​ ​ ​ ​ State income taxes, net of federal tax effect ​ (719) ​ (44) ​ Deferred tax asset adjustments ​ ​ (283) ​ ​ — ​ Net operating loss carryback benefit (see discussion below) ​ ​ — ​ ​ 4,286 ​ Realizable (unrealizable) NOL benefit (UK) ​ ​ 18 ​ ​ (582) ​ Adjustments and other differences ​ ​ (340) ​ ​ (236) ​ Income tax (expense) benefit ​ $ (7,959) ​ $ 3,057 ​ ​ Foreign income tax expense for the six months ended July 31, 2021 was $0.4 million; the foreign tax expense amount for the six months ended July 31, 2020 was not material. During the six months ended July 31, 2021, the Company wrote-off previously established deferred tax assets in the amount of $0.3 million based on the estimated non-deductible portion of stock option compensation. Net Operating Loss (“NOL”) 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 included 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 tax changes of the CARES Act included a temporary suspension of 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 the year ended January 31, 2020 (“Fiscal 2020”), which was approximately $39.5 million. The Company made the appropriate filing with the Internal Revenue Service (the “IRS”) requesting carryback refunds of income taxes paid for the years ended January 31, 2017 (“Fiscal 2017”), 2016 (“Fiscal 2016”) and 2015 (“Fiscal 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 the year then ended. With the enactment of the CARES Act, the asset was moved to income taxes receivable (included in other current assets in the condensed consolidated balance sheets as of July 31, 2021 and 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 income tax benefit, estimated at the time to be approximately $4.2 Research and Development Tax Credits During the year ended January 31, 2019 (“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 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 the year ended January 31, 2018 (“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 July 31, 2021 is $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 July 31, 2021 and January 31, 2021. 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 July 31, 2021, the Company does not believe that it has any other material uncertain income tax positions reflected in its accounts. As of July 31, 2021 and January 31, 2021, the balances of other current assets in the condensed consolidated balance sheet included income tax refunds receivable and prepaid income taxes in the total amounts of approximately $25.9 million and $26.9 million, respectively. 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. 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 reported 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. The Company believes 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 July 31, 2021. In March 2021, the Company submitted a formal protest of the findings of the IRS examiner and is pursuing its income tax position with the IRS through the established protest and 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. By the time the appeals process commences, our protest may dispute the results of the examinations of the tax returns for all three years. Solar Energy Projects During the six months ended July 31, 2021, the Company invested approximately $4.1 million in a limited liability company that makes equity investments in solar energy projects that are eligible to receive energy tax credits. The passive investment has been accounted for under the equity method and reported within other assets in our condensed consolidated balance sheet. Each tax credit, when realized, is recognized as a reduction of the corresponding investment balance in accordance with the deferral method. Investment tax credits in the approximate amount of $3.0 million were recognized during the six months ended July 31, 2021. As of July 31, 2021, the Company’s remaining cash investment commitment was approximately $0.9 million. At July 31, 2021, the corresponding investment balance was adjusted to reflect its share of the loss of the investment entity in the amount of approximately $0.3 million, which has been included in other (expense) income in the Company’s condensed consolidated statement of earnings for the three and six months ended July 31, 2021. The Company has also established deferred taxes related to the difference in the book and tax bases of the investments. This investment is expected to provide a positive overall return over the six-year expected life of the investment. Supplemental Cash Flow Information The amounts of cash paid for income taxes during the six months ended July 31, 2021 and 2020 were $7.5 million (including the $4.1 million solar energy investment described above) and $3.1 million, respectively. During the six months ended July 31, 2020, the Company received cash refunds of previously paid income taxes from various taxing authorities in the total amount of $0.8 million. The amount of income tax refunds received during the six months ended July 31, 2021 was not material.

NET INCOME PER SHARE ATTRIBUTAB

NET INCOME PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN	6 Months Ended
	Jul. 31, 2021
NET INCOME PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN
NET INCOME PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN	NOTE 11 – NET INCOME PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN Basic and diluted net income per share amounts are computed as follows (shares in thousands except in the notes): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 31, ​ ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to the stockholders of Argan ​ $ 12,870 ​ $ 5,609 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 15,769 ​ ​ 15,653 ​ Effect of stock awards (1) ​ ​ 213 ​ ​ 135 ​ Weighted average number of shares outstanding – diluted ​ ​ 15,982 ​ ​ 15,788 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per share attributable to the stockholders of Argan ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.82 ​ $ 0.36 ​ Diluted ​ $ 0.81 ​ $ 0.36 ​ (1) For the three months ended July 31, 2021 and 2020, the weighted average numbers of shares determined on a dilutive basis exclude the effects of antidilutive stock options covering an aggregate of 366,500 and 761,000 shares of common stock, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended July 31, ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Net income attributable to the stockholders of Argan ​ $ 23,636 ​ $ 4,846 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 15,748 ​ ​ 15,648 Effect of stock awards (1) ​ ​ 230 ​ ​ 119 Weighted average number of shares outstanding – diluted ​ ​ 15,978 ​ ​ 15,767 ​ ​ ​ ​ ​ ​ ​ Net income per share attributable to the stockholders of Argan ​ ​ ​ ​ ​ ​ Basic ​ $ 1.50 ​ $ 0.31 Diluted ​ $ 1.48 ​ $ 0.31 (1) For the six months ended July 31, 2021 and 2020, the weighted average numbers of shares determined on a dilutive basis exclude the effects of antidilutive stock options covering an aggregate of 366,500 and 831,000 shares of common stock, respectively.

CASH DIVIDENDS

CASH DIVIDENDS	6 Months Ended
	Jul. 31, 2021
CASH DIVIDENDS
CASH DIVIDENDS	NOTE 12 – CASH DIVIDENDS On June 24, 2021, the Company’s board of directors declared a regular quarterly cash dividend in the amount of $0.25 per share of common stock, which was paid paid paid

CUSTOMER CONCENTRATIONS

CUSTOMER CONCENTRATIONS	6 Months Ended
	Jul. 31, 2021
CUSTOMER CONCENTRATIONS
CUSTOMER CONCENTRATIONS	NOTE 13 – CUSTOMER CONCENTRATIONS The majority of the Company’s consolidated revenues relate to performance by the power industry services segment which provided 74% and 79% of consolidated revenues for the three months ended July 31, 2021 and 2020, respectively, and 76% and 80% of consolidated revenues for the six months ended July 31, 2021 and 2020, respectively. The industrial services segment represented 23% and 19% of consolidated revenues for the three months ended July 31, 2021 and 2020, respectively, and 22% and 18% of consolidated revenues for the six months ended July 31, 2021 and 2020, respectively. The Company’s most significant customer relationships for the three months ended July 31, 2021 included one power industry service customer and one industrial services customer, which accounted for 59% and 12% of consolidated revenues, respectively. The Company’s most significant customer relationship for the three months ended July 31, 2020 included one power industry service customer, which accounted for 70% of consolidated revenues. The Company’s most significant customer relationships for the six months ended July 31, 2021 included one power industry service customer and one industrial services customer, which accounted for 63% and 12% of consolidated revenues, respectively. The Company’s most significant customer relationships for the six months ended July 31, 2020 included two power industry service customers, which accounted for 66% and 10% of consolidated revenues, respectively The accounts receivable balances from three major customers represented 17%, 16% and 10% of the corresponding consolidated balance as of July 31, 2021. Accounts receivable balances from three major customers represented 26%, 11% and 11% of the corresponding consolidated balance as of January 31, 2021. The contract asset balances from two major customers represented 65% and 15% of the corresponding consolidated balance as of July 31, 2021. Contract asset balances from two major customers represented 64% and 12% of the corresponding consolidated balance as of January 31, 2021.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jul. 31, 2021
SEGMENT REPORTING
SEGMENT REPORTING	NOTE 14 – SEGMENT REPORTING Segments represent components of an enterprise for which discrete financial information is available that is evaluated regularly by the Company’s chief executive officer, who is the chief operating decision maker, in determining how to allocate resources and in assessing performance. The Company’s reportable segments recognize revenues and incur expenses, are organized in separate business units with different management teams, customers, talents and services, and may include more than one operating segment. Intersegment revenues and the related cost of revenues are netted against the corresponding amounts of the segment receiving the intersegment services. For the three and six months ended July 31, 2021, intersegment revenues totaled approximately $1.2 million and $3.2 million, respectively. For the three and six months ended July 31, 2020, intersegment revenues totaled approximately $1.1 million and $1.7 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 the three and six months ended July 31, 2021 and 2020. The “Other” column in each summary includes the Company’s corporate expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2021 Services Services Services Other Totals Revenues ​ $ 99,004 ​ $ 30,153 ​ $ 3,851 ​ $ — ​ $ 133,008 Cost of revenues ​ 78,496 ​ 23,847 ​ 3,013 ​ — ​ 105,356 Gross profit ​ 20,508 ​ 6,306 ​ 838 ​ — ​ 27,652 Selling, general and administrative expenses ​ 5,751 ​ ​ 1,977 ​ ​ 484 ​ ​ 2,119 ​ ​ 10,331 Income (loss) from operations ​ ​ 14,757 ​ ​ 4,329 ​ ​ 354 ​ ​ (2,119) ​ ​ 17,321 Other (expense) income, net ​ (262) ​ — ​ — ​ 2 ​ (260) Income (loss) before income taxes ​ $ 14,495 ​ $ 4,329 ​ $ 354 ​ $ (2,117) ​ 17,061 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4,191) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,870 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 61 ​ $ 164 ​ $ — ​ $ — ​ $ 225 Depreciation ​ ​ 153 ​ ​ 593 ​ ​ 112 ​ ​ 1 ​ ​ 859 Property, plant and equipment additions ​ ​ 35 ​ ​ 7 ​ ​ 123 ​ ​ 2 ​ ​ 167 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 389,998 ​ $ 29,084 ​ $ 3,751 ​ $ 174,823 ​ $ 597,656 Current liabilities ​ ​ 293,002 ​ ​ 12,099 ​ ​ 1,563 ​ ​ 683 ​ ​ 307,347 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ — ​ ​ — ​ ​ 27,943 Total assets ​ ​ 422,902 ​ ​ 48,655 ​ ​ 5,274 ​ ​ 175,158 ​ ​ 651,989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2020 Services Services Services Other Totals Revenues ​ $ 69,039 ​ $ 16,689 ​ $ 1,764 ​ $ — ​ $ 87,492 Cost of revenues ​ 55,610 ​ 14,896 ​ 1,356 ​ — ​ 71,862 Gross profit ​ 13,429 ​ 1,793 ​ 408 ​ — ​ 15,630 Selling, general and administrative expenses ​ 4,868 ​ ​ 1,713 ​ ​ 470 ​ ​ 2,034 ​ 9,085 Income (loss) from operations ​ ​ 8,561 ​ ​ 80 ​ ​ (62) ​ ​ (2,034) ​ ​ 6,545 Other income, net ​ 438 ​ — ​ — ​ 13 ​ 451 Income (loss) before income taxes ​ $ 8,999 ​ $ 80 ​ $ (62) ​ $ (2,021) ​ 6,996 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,397) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 60 ​ $ 166 ​ $ — ​ $ — ​ $ 226 Depreciation ​ ​ 174 ​ ​ 646 ​ ​ 100 ​ ​ 1 ​ ​ 921 Property, plant and equipment additions ​ ​ 313 ​ ​ 94 ​ ​ 42 ​ ​ — ​ ​ 449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 356,383 ​ $ 23,244 ​ $ 1,924 ​ $ 121,905 ​ $ 503,456 Current liabilities ​ ​ 219,315 ​ ​ 12,568 ​ ​ 853 ​ ​ 699 ​ ​ 233,435 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ — ​ ​ — ​ ​ 27,943 Total assets ​ ​ 389,380 ​ ​ 46,099 ​ ​ 3,417 ​ ​ 122,211 ​ ​ 561,107 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2021 Services Services Services Other Totals Revenues ​ $ 196,176 ​ $ 56,811 ​ $ 6,362 ​ $ — ​ $ 259,349 Cost of revenues ​ 157,165 ​ 45,816 ​ 5,002 ​ — ​ 207,983 Gross profit ​ 39,011 ​ 10,995 ​ 1,360 ​ — ​ 51,366 Selling, general and administrative expenses ​ 11,206 ​ ​ 3,859 ​ ​ 970 ​ ​ 4,188 ​ ​ 20,223 Income (loss) from operations ​ ​ 27,805 ​ ​ 7,136 ​ ​ 390 ​ ​ (4,188) ​ ​ 31,143 Other income, net ​ 448 ​ — ​ — ​ 4 ​ 452 Income (loss) before income taxes ​ $ 28,253 ​ $ 7,136 ​ $ 390 ​ $ (4,184) ​ 31,595 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (7,959) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 23,636 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 122 ​ $ 331 ​ $ — ​ $ — ​ $ 453 Depreciation ​ ​ 319 ​ ​ 1,200 ​ ​ 220 ​ ​ 2 ​ ​ 1,741 Property, plant and equipment additions ​ ​ 637 ​ ​ 16 ​ ​ 355 ​ ​ 3 ​ ​ 1,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2020 Services Services Services Other Totals Revenues ​ $ 117,651 ​ $ 26,433 ​ $ 3,556 ​ $ — ​ $ 147,640 Cost of revenues ​ 101,320 ​ 23,878 ​ 2,803 ​ — ​ 128,001 Gross profit ​ 16,331 ​ 2,555 ​ 753 ​ — ​ 19,639 Selling, general and administrative expenses ​ 10,796 ​ ​ 3,836 ​ ​ 958 ​ ​ 3,839 ​ ​ 19,429 Income (loss) from operations ​ ​ 5,535 ​ ​ (1,281) ​ ​ (205) ​ ​ (3,839) ​ ​ 210 Other income, net ​ 1,462 ​ — ​ — ​ 77 ​ 1,539 Income (loss) before income taxes ​ $ 6,997 ​ $ (1,281) ​ $ (205) ​ $ (3,762) ​ 1,749 Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,057 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 120 ​ $ 331 ​ $ — ​ $ — ​ $ 451 Depreciation ​ ​ 344 ​ ​ 1,313 ​ ​ 199 ​ ​ 2 ​ ​ 1,858 Property, plant and equipment additions ​ ​ 693 ​ ​ 304 ​ ​ 136 ​ ​ — ​ ​ 1,133 ​

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jul. 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 United States (the “US”), the Republic of Ireland (“Ireland”) and the United Kingdom (the “UK”). Including a consolidated variable interest entity (“VIE”), 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 southeastern region of the US and that are based on its expertise in producing, delivering and installing fabricated metal components such as piping systems and pressure vessels. Through SMC, which conducts business as SMC Infrastructure Solutions, the telecommunications infrastructure services segment provides project management, construction, installation and maintenance services to commercial, local government and federal government customers primarily in the mid-Atlantic region of the US.
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The condensed consolidated financial statements include the accounts of Argan, its wholly-owned subsidiaries and its financially controlled VIE. All significant inter-company balances and transactions have been eliminated in consolidation. In Note 14, the Company has provided certain financial information relating to the operating results and assets of its reportable segments based on the manner in which management disaggregates the Company’s financial reporting for purposes of making internal operating decisions. The Company’s fiscal year ends on January 31 of each year. The condensed consolidated balance sheet as of July 31, 2021, the condensed consolidated statements of earnings and stockholders’ equity for the three and six months ended July 31, 2021 and 2020, and the condensed consolidated statements of cash flows for the six months ended July 31, 2021 and 2020 are unaudited. The condensed consolidated balance sheet as of January 31, 2021 has been derived from audited financial statements. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the US Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. The accompanying condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements, the notes thereto, and the independent registered public accounting firm’s report thereon, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2021 (“Fiscal 2021”). In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, considered necessary to present fairly the financial position of the Company as of July 31, 2021, and its earnings and cash flows for the interim periods presented. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year. Accounting Policies Income Taxes In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes There are no other recently issued accounting pronouncements that have not yet been adopted that the Company considers material to its condensed consolidated financial statements. Fair Values The carrying value amounts presented in the condensed consolidated balance sheets for the Company’s current assets, which primarily include cash and cash equivalents, short-term investments, accounts receivable and contract assets, and its current liabilities are reasonable estimates of their fair values due to the short-term nature of these items.
Variable Interest Entity	Variable Interest Entity In January 2018, the Company was deemed to be the primary beneficiary of a VIE that is performing the project development activities related to the planned construction of a new natural gas-fired power plant. Consequently, the account balances of the VIE are included in the Company’s condensed consolidated financial statements, including development costs incurred by the VIE during the project development period. The total amounts of the project development costs included in the balances for property, plant and equipment as of July 31, 2021 and January 31, 2021 were $7.7 million and $7.5 million, respectively. Consideration for the Company’s engineering and financial support provided to the project 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. Currently, the most significant project development hurdle for the project owner is the establishment of a fuel-supply source for the plant. The understanding of GPS is that there are viable gas supply alternatives under development by the project owner and others. Recovery of the Company’s investment in this project will depend on the successful completion of all project development efforts, which should lead to the arrangement of financing for the construction of the corresponding power plant, or the sale of the project. As currently contemplated, such financing or sale would provide cash flow sufficient for the project developer to repay the funds borrowed from GPS in full. Such repayment would represent a full recovery of GPS’s investment in the project.

REVENUES FROM CONTRACTS WITH _2

REVENUES FROM CONTRACTS WITH CUSTOMERS (Tables)	6 Months Ended
	Jul. 31, 2021
REVENUES FROM CONTRACTS WITH CUSTOMERS
Schedule of consolidated revenues disaggregated by geographical area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 31, ​ Six Months Ended July 31, ​ 2021 2020 ​ 2021 2020 United States ​ $ 123,380 ​ $ 83,510 ​ $ 238,871 ​ $ 132,375 Republic of Ireland ​ 7,998 ​ 1,442 ​ 12,691 ​ 2,429 United Kingdom ​ 1,630 ​ 2,540 ​ 7,787 ​ 12,836 Consolidated Revenues ​ $ 133,008 ​ $ 87,492 ​ $ 259,349 ​ $ 147,640

PURCHASED INTANGIBLE ASSETS (Ta

PURCHASED INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jul. 31, 2021
PURCHASED INTANGIBLE ASSETS
Schedule of company's purchased intangible assets, other than goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, 2021 ​ January 31, ​ ​ Estimated ​ Gross ​ Accumulated ​ Net ​ 2021, (net ​ Useful Life Amounts Amortization Amounts amounts) Trade names ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TRC ​ 15 years ​ $ 4,499 ​ $ 1,700 ​ $ 2,799 ​ $ 2,949 GPS ​ 15 years ​ ​ 3,643 ​ ​ 3,557 ​ ​ 86 ​ ​ 208 Process certifications 7 years ​ 1,897 ​ ​ 1,535 ​ ​ 362 ​ ​ 497 Customer relationships ​ 10 years ​ ​ 916 ​ ​ 519 ​ ​ 397 ​ ​ 443 Totals ​ ​ ​ $ 10,955 ​ $ 7,311 ​ $ 3,644 ​ $ 4,097

COMMITMENTS (Tables)

COMMITMENTS (Tables)	6 Months Ended
	Jul. 31, 2021
COMMITMENTS
Schedule of future minimum lease payments for the operating leases	​ ​ ​ ​ ​ Years Ending January 31, Remainder of 2022 $ 1,438 2023 ​ ​ 743 2024 ​ ​ 283 2025 ​ ​ 132 2026 ​ ​ 20 Total lease payments ​ ​ 2,616 Less interest portion ​ ​ 233 Present value of lease payments ​ ​ 2,383 Less current portion (included in accrued expenses) ​ ​ 1,776 Non-current portion (included in other noncurrent liabilities) ​ $ 607

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jul. 31, 2021
STOCK-BASED COMPENSATION
Schedule of stock option activity under the Company's stock plans	A summary of stock option activity under the Company’s approved Stock Plans for the six months ended July 31, 2021 and 2020, along with corresponding weighted average per share amounts, is presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise ​ Remaining ​ ​ ​ Shares Price Term (years) Fair Value Outstanding, February 1, 2021 1,405 ​ $ 44.17 6.90 ​ $ 10.39 Granted ​ 32 ​ $ 54.60 ​ ​ ​ ​ ​ Exercised ​ (26) ​ $ 39.37 ​ ​ ​ ​ ​ Forfeited ​ (13) ​ $ 52.26 ​ ​ ​ ​ ​ Outstanding, July 31, 2021 ​ 1,398 ​ $ 44.42 6.51 ​ $ 10.41 Exercisable, July 31, 2021 1,022 ​ $ 45.34 5.76 ​ $ 11.20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, July 31, 2020 ​ 1,392 ​ $ 44.04 7.15 ​ $ 10.51 Exercisable, July 31, 2020 843 ​ $ 46.38 6.00 ​ $ 11.87
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, 2021 1,405 ​ $ 44.17 6.90 ​ $ 10.39 Granted ​ 32 ​ $ 54.60 ​ ​ ​ ​ ​ Exercised ​ (26) ​ $ 39.37 ​ ​ ​ ​ ​ Forfeited ​ (13) ​ $ 52.26 ​ ​ ​ ​ ​ Outstanding, July 31, 2021 ​ 1,398 ​ $ 44.42 6.51 ​ $ 10.41 Exercisable, July 31, 2021 1,022 ​ $ 45.34 5.76 ​ $ 11.20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, July 31, 2020 ​ 1,392 ​ $ 44.04 7.15 ​ $ 10.51 Exercisable, July 31, 2020 843 ​ $ 46.38 6.00 ​ $ 11.87
Schedule of changes in restricted stock units	The changes in the maximum number of restricted stock units for the six months ended July 31, 2021, and the weighted average fair value per share for each number, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ Shares Fair Value Outstanding, February 1, 2021 117 ​ $ 17.71 Awarded 113 ​ $ 38.91 Issued (40) ​ $ 20.64 Outstanding, July 31, 2021 190 ​ $ 29.73 ​ ​ ​ ​ ​ ​ Outstanding, July 31, 2020 117 ​ $ 17.71

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jul. 31, 2021
INCOME TAXES
Schedule of actual income tax expense amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended July 31, ​ ​ 2021 2020 ​ Computed expected income tax expense ​ $ (6,635) ​ $ (367) ​ Difference resulting from: ​ ​ ​ ​ ​ ​ ​ State income taxes, net of federal tax effect ​ (719) ​ (44) ​ Deferred tax asset adjustments ​ ​ (283) ​ ​ — ​ Net operating loss carryback benefit (see discussion below) ​ ​ — ​ ​ 4,286 ​ Realizable (unrealizable) NOL benefit (UK) ​ ​ 18 ​ ​ (582) ​ Adjustments and other differences ​ ​ (340) ​ ​ (236) ​ Income tax (expense) benefit ​ $ (7,959) ​ $ 3,057 ​

NET INCOME PER SHARE ATTRIBUT_2

NET INCOME PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN (Tables)	6 Months Ended
	Jul. 31, 2021
NET INCOME PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN
Schedule of computations of basic and diluted net income per share	Basic and diluted net income per share amounts are computed as follows (shares in thousands except in the notes): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 31, ​ ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to the stockholders of Argan ​ $ 12,870 ​ $ 5,609 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 15,769 ​ ​ 15,653 ​ Effect of stock awards (1) ​ ​ 213 ​ ​ 135 ​ Weighted average number of shares outstanding – diluted ​ ​ 15,982 ​ ​ 15,788 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per share attributable to the stockholders of Argan ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.82 ​ $ 0.36 ​ Diluted ​ $ 0.81 ​ $ 0.36 ​ (1) For the three months ended July 31, 2021 and 2020, the weighted average numbers of shares determined on a dilutive basis exclude the effects of antidilutive stock options covering an aggregate of 366,500 and 761,000 shares of common stock, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended July 31, ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Net income attributable to the stockholders of Argan ​ $ 23,636 ​ $ 4,846 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 15,748 ​ ​ 15,648 Effect of stock awards (1) ​ ​ 230 ​ ​ 119 Weighted average number of shares outstanding – diluted ​ ​ 15,978 ​ ​ 15,767 ​ ​ ​ ​ ​ ​ ​ Net income per share attributable to the stockholders of Argan ​ ​ ​ ​ ​ ​ Basic ​ $ 1.50 ​ $ 0.31 Diluted ​ $ 1.48 ​ $ 0.31 (1) For the six months ended July 31, 2021 and 2020, the weighted average numbers of shares determined on a dilutive basis exclude the effects of antidilutive stock options covering an aggregate of 366,500 and 831,000 shares of common stock, respectively.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Jul. 31, 2021
SEGMENT REPORTING
Schedule of operating results and certain financial position data of the Company's reportable business segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2021 Services Services Services Other Totals Revenues ​ $ 99,004 ​ $ 30,153 ​ $ 3,851 ​ $ — ​ $ 133,008 Cost of revenues ​ 78,496 ​ 23,847 ​ 3,013 ​ — ​ 105,356 Gross profit ​ 20,508 ​ 6,306 ​ 838 ​ — ​ 27,652 Selling, general and administrative expenses ​ 5,751 ​ ​ 1,977 ​ ​ 484 ​ ​ 2,119 ​ ​ 10,331 Income (loss) from operations ​ ​ 14,757 ​ ​ 4,329 ​ ​ 354 ​ ​ (2,119) ​ ​ 17,321 Other (expense) income, net ​ (262) ​ — ​ — ​ 2 ​ (260) Income (loss) before income taxes ​ $ 14,495 ​ $ 4,329 ​ $ 354 ​ $ (2,117) ​ 17,061 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4,191) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,870 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 61 ​ $ 164 ​ $ — ​ $ — ​ $ 225 Depreciation ​ ​ 153 ​ ​ 593 ​ ​ 112 ​ ​ 1 ​ ​ 859 Property, plant and equipment additions ​ ​ 35 ​ ​ 7 ​ ​ 123 ​ ​ 2 ​ ​ 167 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 389,998 ​ $ 29,084 ​ $ 3,751 ​ $ 174,823 ​ $ 597,656 Current liabilities ​ ​ 293,002 ​ ​ 12,099 ​ ​ 1,563 ​ ​ 683 ​ ​ 307,347 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ — ​ ​ — ​ ​ 27,943 Total assets ​ ​ 422,902 ​ ​ 48,655 ​ ​ 5,274 ​ ​ 175,158 ​ ​ 651,989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2020 Services Services Services Other Totals Revenues ​ $ 69,039 ​ $ 16,689 ​ $ 1,764 ​ $ — ​ $ 87,492 Cost of revenues ​ 55,610 ​ 14,896 ​ 1,356 ​ — ​ 71,862 Gross profit ​ 13,429 ​ 1,793 ​ 408 ​ — ​ 15,630 Selling, general and administrative expenses ​ 4,868 ​ ​ 1,713 ​ ​ 470 ​ ​ 2,034 ​ 9,085 Income (loss) from operations ​ ​ 8,561 ​ ​ 80 ​ ​ (62) ​ ​ (2,034) ​ ​ 6,545 Other income, net ​ 438 ​ — ​ — ​ 13 ​ 451 Income (loss) before income taxes ​ $ 8,999 ​ $ 80 ​ $ (62) ​ $ (2,021) ​ 6,996 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,397) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 60 ​ $ 166 ​ $ — ​ $ — ​ $ 226 Depreciation ​ ​ 174 ​ ​ 646 ​ ​ 100 ​ ​ 1 ​ ​ 921 Property, plant and equipment additions ​ ​ 313 ​ ​ 94 ​ ​ 42 ​ ​ — ​ ​ 449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 356,383 ​ $ 23,244 ​ $ 1,924 ​ $ 121,905 ​ $ 503,456 Current liabilities ​ ​ 219,315 ​ ​ 12,568 ​ ​ 853 ​ ​ 699 ​ ​ 233,435 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ — ​ ​ — ​ ​ 27,943 Total assets ​ ​ 389,380 ​ ​ 46,099 ​ ​ 3,417 ​ ​ 122,211 ​ ​ 561,107 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2021 Services Services Services Other Totals Revenues ​ $ 196,176 ​ $ 56,811 ​ $ 6,362 ​ $ — ​ $ 259,349 Cost of revenues ​ 157,165 ​ 45,816 ​ 5,002 ​ — ​ 207,983 Gross profit ​ 39,011 ​ 10,995 ​ 1,360 ​ — ​ 51,366 Selling, general and administrative expenses ​ 11,206 ​ ​ 3,859 ​ ​ 970 ​ ​ 4,188 ​ ​ 20,223 Income (loss) from operations ​ ​ 27,805 ​ ​ 7,136 ​ ​ 390 ​ ​ (4,188) ​ ​ 31,143 Other income, net ​ 448 ​ — ​ — ​ 4 ​ 452 Income (loss) before income taxes ​ $ 28,253 ​ $ 7,136 ​ $ 390 ​ $ (4,184) ​ 31,595 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (7,959) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 23,636 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 122 ​ $ 331 ​ $ — ​ $ — ​ $ 453 Depreciation ​ ​ 319 ​ ​ 1,200 ​ ​ 220 ​ ​ 2 ​ ​ 1,741 Property, plant and equipment additions ​ ​ 637 ​ ​ 16 ​ ​ 355 ​ ​ 3 ​ ​ 1,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2020 Services Services Services Other Totals Revenues ​ $ 117,651 ​ $ 26,433 ​ $ 3,556 ​ $ — ​ $ 147,640 Cost of revenues ​ 101,320 ​ 23,878 ​ 2,803 ​ — ​ 128,001 Gross profit ​ 16,331 ​ 2,555 ​ 753 ​ — ​ 19,639 Selling, general and administrative expenses ​ 10,796 ​ ​ 3,836 ​ ​ 958 ​ ​ 3,839 ​ ​ 19,429 Income (loss) from operations ​ ​ 5,535 ​ ​ (1,281) ​ ​ (205) ​ ​ (3,839) ​ ​ 210 Other income, net ​ 1,462 ​ — ​ — ​ 77 ​ 1,539 Income (loss) before income taxes ​ $ 6,997 ​ $ (1,281) ​ $ (205) ​ $ (3,762) ​ 1,749 Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,057 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 120 ​ $ 331 ​ $ — ​ $ — ​ $ 451 Depreciation ​ ​ 344 ​ ​ 1,313 ​ ​ 199 ​ ​ 2 ​ ​ 1,858 Property, plant and equipment additions ​ ​ 693 ​ ​ 304 ​ ​ 136 ​ ​ — ​ ​ 1,133

DESCRIPTION OF THE BUSINESS A_3

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jul. 31, 2021	Jan. 31, 2021
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION
Cost of property, plant and equipment	$ 7.7	$ 7.5

REVENUES FROM CONTRACTS WITH _3

REVENUES FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 31, 2021
REVENUES FROM CONTRACTS WITH CUSTOMERS
Retained amounts by project owners	$ 46.2	$ 36.8
Amounts of unpriced change orders included in transaction prices	12.7	16.6

REVENUES FROM CONTRACTS WITH _4

REVENUES FROM CONTRACTS WITH CUSTOMERS - Accounting for the Loss Subcontract (Details) - TeesREPProject - USD ($) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020	Jan. 31, 2021	Mar. 24, 2020
REVENUES FROM CONTRACTS WITH CUSTOMERS
Excess of projected project costs over projected project revenues			$ 32.3
Percentage of completion of subcontracted work					90.00%
Subcontract loss		$ 29.5
Adjustments in the amount made to the APC	$ 2.3
Adjustments in the amount made to the APC			$ 0.4
The total amounts of accounts receivable and contract assets with the customer				$ 4.7
Maximum
REVENUES FROM CONTRACTS WITH CUSTOMERS
The total amounts of accounts receivable and contract assets with the customer		$ 0.1

REVENUES FROM CONTRACTS WITH _5

REVENUES FROM CONTRACTS WITH CUSTOMERS - Remaining Unsatisfied Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-08-01 $ in Millions	Jul. 31, 2021USD ($)
REVENUES FROM CONTRACTS WITH CUSTOMERS
Contract backlog amount	$ 467.9
Contract backlog (as percent)	47.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	18 months

REVENUES FROM CONTRACTS WITH _6

REVENUES FROM CONTRACTS WITH CUSTOMERS - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Disaggregation of Revenues
Totals	$ 133,008	$ 87,492	$ 259,349	$ 147,640
United States
Disaggregation of Revenues
Totals	123,380	83,510	238,871	132,375
Republic of Ireland
Disaggregation of Revenues
Totals	7,998	1,442	12,691	2,429
United Kingdom
Disaggregation of Revenues
Totals	$ 1,630	$ 2,540	$ 7,787	$ 12,836

CASH, CASH EQUIVALENTS AND SH_2

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Details) - Held-to-maturity Securities	6 Months Ended	12 Months Ended
	Jul. 31, 2021	Jan. 31, 2021
Cash and Cash Equivalents
Maturity period	1 year	1 year
Weighted average annual interest rates of CDs (as a percent)	0.20%	0.20%

ACCOUNTS AND NOTES RECEIVABLE (

ACCOUNTS AND NOTES RECEIVABLE (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 31, 2021
ACCOUNTS AND NOTES RECEIVABLE
Outstanding balances of accounts receivable and contract assets	$ 24.5	$ 24.5
Past due notes receivable	$ 1.8	$ 1.8

PURCHASED INTANGIBLE ASSETS - G

PURCHASED INTANGIBLE ASSETS - Goodwill and Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020	Jan. 31, 2021
Indefinite-Lived Intangible Assets
Goodwill	$ 27,943	$ 27,943	$ 27,943	$ 27,943	$ 27,943
Intangible Assets - Gross Carrying Amount	10,955		10,955
Accumulated Amortization	7,311		7,311
Intangible Assets, Net (Excluding Goodwill)	3,644		3,644		4,097
Amortization of intangibles	225	$ 226	453	$ 451
TRC
Indefinite-Lived Intangible Assets
Goodwill	9,500		$ 9,500		9,500
TRC | Trade names
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life			15 years
Finite Lived Intangible Assets - Gross Carrying Amount	4,499		$ 4,499
Accumulated Amortization	1,700		1,700
Finite Lived Intangible Assets - Net Amount	2,799		2,799		2,949
GPS
Indefinite-Lived Intangible Assets
Goodwill	18,500		$ 18,500		18,500
GPS | Trade names
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life			15 years
Finite Lived Intangible Assets - Gross Carrying Amount	3,643		$ 3,643
Accumulated Amortization	3,557		3,557
Finite Lived Intangible Assets - Net Amount	86		$ 86		208
Process certifications
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life			7 years
Finite Lived Intangible Assets - Gross Carrying Amount	1,897		$ 1,897
Accumulated Amortization	1,535		1,535
Finite Lived Intangible Assets - Net Amount	362		$ 362		497
Customer relationships
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life			10 years
Finite Lived Intangible Assets - Gross Carrying Amount	916		$ 916
Accumulated Amortization	519		519
Finite Lived Intangible Assets - Net Amount	$ 397		$ 397		$ 443
Customer relationships | Minimum
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life			10 years

FINANCING ARRANGEMENTS (Details

FINANCING ARRANGEMENTS (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Apr. 30, 2021	Jul. 31, 2021	Jan. 31, 2021
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		1.60%
Revolving Credit Facility
Financing Arrangements
Additional commitment amount	$ 10
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Financing Arrangements
Variable rate	30-day LIBOR
Interest rate margin on referred rate	1.60%		2.00%
Revolving Credit Facility | Expires on May 31, 2024
Financing Arrangements
Borrowing available under financing arrangements	$ 50

COMMITMENTS - Leases (Details)

COMMITMENTS - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Operating leases, options to extend			true
Operating leases, options to terminate			true
Operating lease expense	$ 1,100	$ 400	$ 1,938	$ 793
Operating lease payments	$ 1,100	400	$ 1,900	800
Weighted average lease term	27 months		27 months
Weighted average discount rate	2.90%		2.90%
Future minimum lease payment			$ 800	1,500
Unsatisfied bonded performance obligations	$ 295,900		295,900
April 30, 2022	743		743
Bonds outstanding, covering other risks			$ 5,700
London Interbank Offered Rate (LIBOR)
Interest rate margin on referred rate			1.60%
TRC
April 30, 2022	300		$ 300
GPS | Financial guarantee
Guarantor obligation maximum exposure	3,600		3,600
Costs of Revenues
Rent expense	3,300	1,400	6,300	2,000
Selling, General and Administrative Expenses
Rent expense	$ 300	$ 200	$ 500	$ 400

COMMITMENTS - Future minimum le

COMMITMENTS - Future minimum lease payments (Details) $ in Thousands	Jul. 31, 2021USD ($)
Operating Leases
Remainder of 2022	$ 1,438
2023	743
2024	283
2025	132
2026	20
Total lease payments	2,616
Less interest portion	233
Present value of lease payments	2,383
Less current portion (included in accrued expenses)	$ 1,776
Less current portion (included in accrued expenses)	Accrued expenses
Non-current portion (included in noncurrent liabilities)	$ 607
Non-current portion (included in noncurrent liabilities)	us-gaap:LiabilitiesNoncurrent

COMMITMENTS - Warranties (Detai

COMMITMENTS - Warranties (Details)	6 Months Ended
	Jul. 31, 2021
Minimum
Warranty period	9 months
Maximum
Warranty period	24 months

COMMITMENTS - Solar Energy Proj

COMMITMENTS - Solar Energy Projects (Details) $ in Thousands	6 Months Ended
	Jul. 31, 2021USD ($)
COMMITMENTS
Initial investment payments	$ 4,085
Remaining cash investment commitments	$ 900

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Activity under Company's Stock Option Plans (Details) - $ / shares shares in Thousands	6 Months Ended		12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jan. 31, 2021
STOCK-BASED COMPENSATION
Shares, Outstanding, Beginning balance	1,405
Shares, Granted	32
Shares, Exercised	(26)
Shares, Forfeited	(13)
Shares, Outstanding, Ending balance	1,398	1,392	1,405
Shares, Exercisable	1,022	843
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 44.17
Weighted Average Exercise Price, Granted	54.60
Weighted Average Exercise Price, Exercised	39.37
Weighted Average Exercise Price, Forfeited	52.26
Weighted Average Exercise Price, Outstanding, Ending balance	44.42	$ 44.04	$ 44.17
Weighted Average Exercise Price, Exercisable	$ 45.34	$ 46.38
Weighted Average Remaining Term (Years), Outstanding	6 years 6 months 3 days	7 years 1 month 24 days	6 years 10 months 24 days
Weighted Average Remaining Term (Years), Exercisable	5 years 9 months 3 days	6 years
Weighted Average Fair Value, Outstanding	$ 10.41	$ 10.51	$ 10.39
Weighted Average Fair Value, Exercisable	$ 11.20	$ 11.87

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	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
STOCK-BASED COMPENSATION
Shares, Non-vested, Beginning balance	467
Shares, Granted	32
Shares, Vested	(117)
Shares, Forfeitures	(6)
Shares, Non-vested, Ending balance	376
Shares, Non-vested	376	549
Weighted Average Fair Value, Non-vested, Beginning balance	$ 8.01
Weighted Average Fair Value, Granted	11.12
Weighted Average Fair Value, Vested	8.06
Weighted Average Fair Value, Forfeitures	7.41
Weighted Average Fair Value, Non-vested, Ending balance	8.27
Weighted Average Fair Value, Non-vested	$ 8.27	$ 8.44

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of Change in restricted stock units (Details) - Restricted Stock Units - $ / shares shares in Thousands	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, Beginning balance (in shares)	117
Awarded (in shares)	113
Issued (in shares)	(40)
Outstanding, Ending balance (in shares)	190
Outstanding (in shares)	190	117
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, Beginning balance Fair value (Per share)	$ 17.71
Awarded, Fair value (Per share)	38.91
Issued, Fair value (Per share)	20.64
Outstanding, Ending balance Fair value (Per share)	29.73
Outstanding, Fair value (per share)	$ 29.73	$ 17.71

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 30, 2021personitemshares	Apr. 30, 2020personshares	Jul. 31, 2021USD ($)shares	Jul. 31, 2020USD ($)	Jul. 31, 2021USD ($)shares	Jul. 31, 2020USD ($)	Jun. 23, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award
Percentage Reduction In The Aggregate Fair Value Of Stock Option					88.50%
Stock compensation expense | $			$ 900	$ 800	$ 1,609	$ 1,414
Unrecognized compensation cost | $			6,400		$ 6,400
Compensation expense recognize, period					3 years
Intrinsic value of outstanding stock options | $			7,300		$ 7,300
Intrinsic value of exercisable stock options | $			$ 5,600		$ 5,600
Period used for calculations					5 years
Fair value of award as a percentage of market value					50.00%
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							500,000
Stock Options Plans
Share-based Compensation Arrangement by Share-based Payment Award
Initial vesting percentage					33.33%
Period to become exercisable					3 years
Number of shares of common stock available for award			475,000		475,000
Number of shares of common stock reserved for issuance			2,063,000		2,063,000
Intrinsic value of the stock options exercised | $					$ 300	$ 800
Performance-based restricted stock units | 2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of executives | person	4	2
ISOs/NSOs | 2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Incentive stock option award maximum expiration period					10 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares earned and issue under the restricted stock unit					40,000
Restricted Stock Units | 2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Period to become exercisable					3 years
Number of shares earned and issue under the restricted stock unit					40,471
Renewable Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Awards authorized	5,000
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award	three-year
Time Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Initial vesting percentage	33.33%
Awards authorized	49,500
Number of anniversaries | item	3
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%
Senior executives | Performance-based restricted stock units | 2011 Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares awarded	49,000	45,000
Senior executives | Renewable Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Number of executives | person	2

INCOME TAXES - Income Tax Expen

INCOME TAXES - Income Tax Expense Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
INCOME TAXES
Federal corporate income tax rate (as percent)			21.00%	21.00%
Computed expected income tax expense			$ (6,635)	$ (367)
State income taxes, net of federal tax effect			(719)	(44)
Deferred tax asset adjustments			283
Net operating loss carryback benefit				4,286
Realizable (unrealizable) NOL benefit (UK)			18	(582)
Adjustments and other differences			(340)	(236)
Income tax (expense) benefit	$ (4,191)	$ (1,397)	(7,959)	$ 3,057
Foreign income tax expense			$ 400

INCOME TAXES - Net Operating Lo

INCOME TAXES - Net Operating Loss Carryback (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jan. 31, 2020
Operating Loss Carryforwards [Line Items]
Increase in loss carryback period for certain losses	5 years
Domestic net operating loss carryback	$ 39,500
Deferred tax asset			$ 8,300
Federal corporate income tax rate (as percent)	21.00%	21.00%
Amount of rate difference tax benefit		$ 4,286
Other current assets
Operating Loss Carryforwards [Line Items]
Income tax receivable	$ 12,700

INCOME TAXES - Research and Dev

INCOME TAXES - Research and Development Tax Credits (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2018	Jul. 31, 2021	Jan. 31, 2021	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				$ 0.4	$ 16.6
Unrecognized income tax benefits related to research and development credits		$ 5
Income tax refunds and prepaid income taxes		$ 25.9	$ 26.9

INCOME TAXES - Equity Method In

INCOME TAXES - Equity Method Investments And Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Net Investment Income [Line Items]
Payment for equity method investment	$ 4,085
Investment tax credits	3,000
Remaining cash investment commitments	$ 900
Expected life of investment	6 years
Cash paid for income taxes	$ 7,500	$ 3,100
Cash received from income tax refunds		$ 800
Other income (expense)
Net Investment Income [Line Items]
loss of Investment	$ 300

NET INCOME PER SHARE ATTRIBUT_3

NET INCOME PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
NET INCOME PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN
Net income attributable to the stockholders of Argan, Inc.	$ 12,870	$ 5,609	$ 23,636	$ 4,846
Weighted average number of shares outstanding - basic	15,769	15,653	15,748	15,648
Effects of stock awards	213	135	230	119
Weighted average number of shares outstanding - diluted	15,982	15,788	15,978	15,767
Basic	$ 0.82	$ 0.36	$ 1.50	$ 0.31
Diluted	$ 0.81	$ 0.36	$ 1.48	$ 0.31

NET INCOME PER SHARE ATTRIBUT_4

NET INCOME PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN - Additional information (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
NET INCOME PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN
Antidilutive common stock	366,500	761,000	366,500	831,000

CASH DIVIDENDS (Details)

CASH DIVIDENDS (Details) - $ / shares	Jul. 30, 2021	Jun. 24, 2021	Apr. 30, 2021	Apr. 14, 2021	Jul. 31, 2020	Apr. 30, 2020	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
CASH DIVIDENDS
Regular cash dividend declared per common stock		$ 0.25		$ 0.25			$ 0.25	$ 1.25	$ 0.50	$ 1.50
Special cash dividend paid per common stock					$ 1
Regular cash dividend paid per common stock	$ 0.25		$ 0.25		$ 0.25	$ 0.25

CUSTOMER CONCENTRATIONS (Detail

CUSTOMER CONCENTRATIONS (Details) - customer	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020	Jan. 31, 2021
Customer Concentration Risk | Accounts Receivable
Customer Concentrations
Number of customers			3		3
Customer Concentration Risk | Contract Asset
Customer Concentrations
Number of customers					2
Customer Concentration Risk | Major Customer One | Accounts Receivable
Customer Concentrations
Percentage of consolidated accounts receivable accounted by major customer			17.00%		26.00%
Customer Concentration Risk | Major Customer One | Contract Asset
Customer Concentrations
Percentage of major customers or segments			65.00%		64.00%
Customer Concentration Risk | Major Customer Two | Accounts Receivable
Customer Concentrations
Percentage of consolidated accounts receivable accounted by major customer			16.00%		11.00%
Customer Concentration Risk | Major Customer Two | Contract Asset
Customer Concentrations
Percentage of major customers or segments			15.00%		12.00%
Customer Concentration Risk | Major Customer Three | Accounts Receivable
Customer Concentrations
Percentage of consolidated accounts receivable accounted by major customer			10.00%		11.00%
Power Services | Product Concentration Risk | Revenue
Customer Concentrations
Percentage of major customers or segments	74.00%	79.00%	76.00%	80.00%
Power Services | Customer Concentration Risk | Revenue
Customer Concentrations
Number of customers	1	1	1	2
Power Services | Customer Concentration Risk | Major Customer One | Revenue
Customer Concentrations
Percentage of major customers or segments	59.00%	70.00%	63.00%	66.00%
Power Services | Customer Concentration Risk | Major Customer Two | Revenue
Customer Concentrations
Percentage of major customers or segments				10.00%
Industry services | Product Concentration Risk | Revenue
Customer Concentrations
Percentage of major customers or segments	23.00%	19.00%	22.00%	18.00%
Industry services | Customer Concentration Risk | Revenue
Customer Concentrations
Number of customers	1		1
Industry services | Customer Concentration Risk | Major Customer One | Revenue
Customer Concentrations
Percentage of major customers or segments	12.00%		12.00%

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021USD ($)	Jul. 31, 2020USD ($)	Jul. 31, 2021USD ($)segment	Jul. 31, 2020USD ($)	Jan. 31, 2021USD ($)
Segment Reporting Information
Operating segment | segment			1
Revenues	$ 133,008	$ 87,492	$ 259,349	$ 147,640
Cost of revenues	105,356	71,862	207,983	128,001
Gross profit	27,652	15,630	51,366	19,639
Selling, general and administrative expenses	10,331	9,085	20,223	19,429
Income (loss) from operations	17,321	6,545	31,143	210
Other (loss) income, net	(260)	451	452	1,539
Income (loss) before income taxes	17,061	6,996	31,595	1,749
Income tax (expense) benefit	(4,191)	(1,397)	(7,959)	3,057
Net income	12,870	5,599	23,636	4,806
Amortization of intangibles	225	226	453	451
Depreciation	859	921	1,741	1,858
Property, plant and equipment additions	167	449	1,011	1,133
Current assets	597,656	503,456	597,656	503,456	$ 546,220
Current liabilities	307,347	233,435	307,347	233,435	276,087
Goodwill	27,943	27,943	27,943	27,943	27,943
Total assets	651,989	561,107	651,989	561,107	$ 602,630
Other
Segment Reporting Information
Selling, general and administrative expenses	2,119	2,034	4,188	3,839
Income (loss) from operations	(2,119)	(2,034)	(4,188)	(3,839)
Other (loss) income, net	2	13	4	77
Income (loss) before income taxes	(2,117)	(2,021)	(4,184)	(3,762)
Depreciation	1	1	2	2
Property, plant and equipment additions	2		3
Current assets	174,823	121,905	174,823	121,905
Current liabilities	683	699	683	699
Total assets	175,158	122,211	175,158	122,211
Intercompany Eliminations
Segment Reporting Information
Revenues	1,200	1,100	3,200	1,700
Power Services
Segment Reporting Information
Revenues	99,004	69,039	196,176	117,651
Cost of revenues	78,496	55,610	157,165	101,320
Gross profit	20,508	13,429	39,011	16,331
Selling, general and administrative expenses	5,751	4,868	11,206	10,796
Income (loss) from operations	14,757	8,561	27,805	5,535
Other (loss) income, net	(262)	438	448	1,462
Income (loss) before income taxes	14,495	8,999	28,253	6,997
Amortization of intangibles	61	60	122	120
Depreciation	153	174	319	344
Property, plant and equipment additions	35	313	637	693
Current assets	389,998	356,383	389,998	356,383
Current liabilities	293,002	219,315	293,002	219,315
Goodwill	18,476	18,476	18,476	18,476
Total assets	422,902	389,380	422,902	389,380
Industrial Services
Segment Reporting Information
Revenues	30,153	16,689	56,811	26,433
Cost of revenues	23,847	14,896	45,816	23,878
Gross profit	6,306	1,793	10,995	2,555
Selling, general and administrative expenses	1,977	1,713	3,859	3,836
Income (loss) from operations	4,329	80	7,136	(1,281)
Income (loss) before income taxes	4,329	80	7,136	(1,281)
Amortization of intangibles	164	166	331	331
Depreciation	593	646	1,200	1,313
Property, plant and equipment additions	7	94	16	304
Current assets	29,084	23,244	29,084	23,244
Current liabilities	12,099	12,568	12,099	12,568
Goodwill	9,467	9,467	9,467	9,467
Total assets	48,655	46,099	48,655	46,099
Telecom Services
Segment Reporting Information
Revenues	3,851	1,764	6,362	3,556
Cost of revenues	3,013	1,356	5,002	2,803
Gross profit	838	408	1,360	753
Selling, general and administrative expenses	484	470	970	958
Income (loss) from operations	354	(62)	390	(205)
Income (loss) before income taxes	354	(62)	390	(205)
Depreciation	112	100	220	199
Property, plant and equipment additions	123	42	355	136
Current assets	3,751	1,924	3,751	1,924
Current liabilities	1,563	853	1,563	853
Total assets	$ 5,274	$ 3,417	$ 5,274	$ 3,417