Argan (AGX) 10-Q 7 Dec 22 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 31, 2022	Dec. 06, 2022
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2022
Document Transition Report	false
Entity File Number	001-31756
Entity Registrant Name	ARGAN INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-1947195
Entity Address, Address Line One	One Church Street, Suite 201
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	315-0027
Title of 12(b) Security	Common Stock, $0.15 par value
Trading Symbol	AGX
Security Exchange Name	NYSE
Entity 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		13,576,285
Entity Central Index Key	0000100591
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--01-31
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
REVENUES	$ 117,875	$ 124,451	$ 336,262	$ 383,800
Cost of revenues	95,667	98,316	269,929	306,299
GROSS PROFIT	22,208	26,135	66,333	77,501
Selling, general and administrative expenses	12,667	11,590	34,226	31,813
INCOME FROM OPERATIONS	9,541	14,545	32,107	45,688
Other income, net	768	1,117	1,868	1,569
INCOME BEFORE INCOME TAXES	10,309	15,662	33,975	47,257
Income tax expense	(2,551)	(3,269)	(14,510)	(11,228)
NET INCOME	7,758	12,393	19,465	36,029
Foreign currency translation adjustments	(650)	(471)	(2,601)	(728)
COMPREHENSIVE INCOME	$ 7,108	$ 11,922	$ 16,864	$ 35,301
NET INCOME PER SHARE
Basic	$ 0.56	$ 0.79	$ 1.36	$ 2.29
Diluted	$ 0.56	$ 0.78	$ 1.36	$ 2.25
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic	13,781	15,774	14,268	15,757
Diluted	13,812	15,963	14,350	15,980
CASH DIVIDENDS PER SHARE	$ 0.25	$ 0.25	$ 0.75	$ 0.75

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2022	Jan. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 136,065	$ 350,472
Short-term investments	150,566	90,026
Accounts receivable, net	37,899	26,978
Contract assets	11,551	4,904
Other current assets	28,884	34,904
TOTAL CURRENT ASSETS	364,965	507,284
Property, plant and equipment, net	10,504	10,460
Goodwill	28,033	28,033
Other purchased intangible assets, net	2,730	3,322
Right-of-use, deferred tax and other assets	4,671	4,486
TOTAL ASSETS	410,903	553,585
CURRENT LIABILITIES
Accounts payable	45,268	41,822
Accrued expenses	40,243	53,315
Contract liabilities	49,031	127,890
TOTAL CURRENT LIABILITIES	134,542	223,027
Noncurrent liabilities	4,621	4,963
TOTAL LIABILITIES	139,163	227,990
COMMITMENTS AND CONTINGENCIES
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; 15,827,772 and 15,788,673 shares issued at October 31, 2022 and January 31, 2022, respectively; 13,575,772 and 15,257,688 shares outstanding at October 31, 2022 and January 31, 2022, respectively	2,374	2,368
Additional paid-in capital	161,305	158,190
Retained earnings	197,567	188,690
Less treasury stock, at cost - 2,252,000 and 530,985 shares at October 31, 2022 and January 31, 2022, respectively	(83,657)	(20,405)
Accumulated other comprehensive loss	(5,052)	(2,451)
TOTAL STOCKHOLDERS' EQUITY	272,537	326,392
Non-controlling interest	(797)	(797)
TOTAL EQUITY	271,740	325,595
TOTAL LIABILITIES AND EQUITY	$ 410,903	$ 553,585

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 31, 2022	Jan. 31, 2022
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	15,827,772	15,788,673
Common stock, shares outstanding	13,575,772	15,257,688
Treasury stock, shares	2,252,000	530,985

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Non-controlling Interests	Total
Balances at Jan. 31, 2021	$ 2,356	$ 153,315	$ 166,110	$ (33)	$ (1,081)	$ 1,741	$ 322,408
Balances (in shares) at Jan. 31, 2021	15,702,969
Net income			36,029				36,029
Foreign currency translation loss					(728)		(728)
Stock compensation expense		2,521					2,521
Stock option exercises and other share-based award settlements	$ 12	1,384					1,396
Stock option exercises and other share-based award settlements (in shares)	81,471
Cash dividends			(11,831)				(11,831)
Balances at Oct. 31, 2021	$ 2,368	157,220	190,308	(33)	(1,809)	1,741	349,795
Balances (in shares) at Oct. 31, 2021	15,784,440
Balances at Jul. 31, 2021	$ 2,366	155,937	181,862	(33)	(1,338)	1,741	340,535
Balances (in shares) at Jul. 31, 2021	15,769,440
Net income			12,393				12,393
Foreign currency translation loss					(471)		(471)
Stock compensation expense		913					913
Stock option exercises and other share-based award settlements	$ 2	370					372
Stock option exercises and other share-based award settlements (in shares)	15,000
Cash dividends			(3,947)				(3,947)
Balances at Oct. 31, 2021	$ 2,368	157,220	190,308	(33)	(1,809)	1,741	349,795
Balances (in shares) at Oct. 31, 2021	15,784,440
Balances at Jan. 31, 2022	$ 2,368	158,190	188,690	(20,405)	(2,451)	(797)	325,595
Balances (in shares) at Jan. 31, 2022	15,257,688
Net income			19,465				19,465
Foreign currency translation loss					(2,601)		(2,601)
Stock compensation expense		3,055					3,055
Stock option exercises and other share-based award settlements	$ 6	60					$ 66
Stock option exercises and other share-based award settlements (in shares)	39,099						2,000
Common stock repurchases				(63,252)			$ (63,252)
Common stock repurchases (in shares)	(1,721,015)						(1,721,015)
Cash dividends			(10,588)				$ (10,588)
Balances at Oct. 31, 2022	$ 2,374	161,305	197,567	(83,657)	(5,052)	(797)	271,740
Balances (in shares) at Oct. 31, 2022	13,575,772
Balances at Jul. 31, 2022	$ 2,374	160,229	193,205	(73,573)	(4,402)	(797)	277,036
Balances (in shares) at Jul. 31, 2022	13,884,195
Net income			7,758				7,758
Foreign currency translation loss					(650)		(650)
Stock compensation expense		1,076					1,076
Common stock repurchases				(10,084)			$ (10,084)
Common stock repurchases (in shares)	(308,423)						(308,423)
Cash dividends			(3,396)				$ (3,396)
Balances at Oct. 31, 2022	$ 2,374	$ 161,305	$ 197,567	$ (83,657)	$ (5,052)	$ (797)	$ 271,740
Balances (in shares) at Oct. 31, 2022	13,575,772

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 7,758	$ 12,393	$ 19,465	$ 36,029
Adjustments to reconcile net income to net cash (used in) provided by operating activities
Stock compensation expense	1,100	900	3,055	2,521
Depreciation	740	819	2,296	2,560
Lease expense	600	1,100	1,871	3,017
Equity in (income) loss of solar energy investments			(1,112)	404
Amortization of purchased intangible assets	212	227	611	680
Deferred income tax (benefit) expense			(209)	383
Other			(770)	(14)
Changes in operating assets and liabilities
Accounts receivable			(10,921)	(7,084)
Contract assets			(6,647)	16,727
Other assets			6,184	2,070
Accounts payable and accrued expenses			(7,952)	(19,966)
Contract liabilities			(78,859)	4,372
Net cash (used in) provided by operating activities			(72,988)	41,699
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of short-term investments			(249,750)	(90,000)
Maturities of short-term investments			190,000	90,000
Purchases of property, plant and equipment			(2,582)	(1,123)
Investments in solar energy projects				(4,085)
Net cash used in investing activities			(62,332)	(5,208)
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock repurchases			(63,252)
Payments of cash dividends			(10,588)	(11,831)
Proceeds from the exercise of stock options			66	1,396
Net cash used in financing activities			(73,774)	(10,435)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH			(5,313)	(1,164)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS			(214,407)	24,892
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			350,472	366,671
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 136,065	$ 391,563	$ 136,065	$ 391,563

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Oct. 31, 2022
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 other energy plant construction firms with projects located in the United States (the “U.S.”), the Republic of Ireland (“Ireland”) and the United Kingdom (the “U.K.”). 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 operations primarily located in the southeastern region of the U.S. 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 U.S. Basis of Presentation and Significant Accounting Policies The condensed consolidated financial statements include the accounts of Argan, its wholly-owned subsidiaries and a variable interest entity. All significant inter-company balances and transactions have been eliminated in consolidation. In Note 14, the Company has provided certain financial information relating to the operating results and assets of its reportable segments based on the manner in which management disaggregates the Company’s financial reporting for purposes of making internal operating decisions. The Company’s fiscal year ends on January 31 each year. The condensed consolidated balance sheet as of October 31, 2022, the condensed consolidated statements of earnings and stockholders’ equity for the three and nine months ended October 31, 2022 and 2021, and the condensed consolidated statements of cash flows for the nine months ended October 31, 2022 and 2021 are unaudited. The condensed consolidated balance sheet as of January 31, 2022 has been derived from audited financial statements. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. 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 (“U.S. 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, 2022 (“Fiscal 2022”). In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, considered necessary to present fairly the financial position of the Company as of October 31, 2022, 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 There are no 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 variable interest entity (the “VIE”) that was performing the project development activities related to the planned construction of a new natural gas-fired power plant. The account balances of the VIE have been included in the Company’s consolidated financial statements, including development costs incurred by the VIE during the project development period. Consideration for the Company’s engineering and financial support provided to the project included the right to build the power plant pursuant to a turnkey engineering, procurement and construction (“EPC”) services contract that was negotiated and announced. GPS provided financing for the development efforts through notes receivable from the consolidated VIE that was established by the project owner. The project owner was unable to obtain the necessary equity financing for the project and GPS ceased providing project development funding. The repayment of the notes to GPS is overdue. Accordingly, the Company believes that the completion of the development of this project has been significantly jeopardized and that it is doubtful that construction of this power plant will occur. Accordingly, during the fourth quarter of Fiscal 2022, we recorded an impairment loss related to the capitalized development costs of this project in the amount of $7.9 million, of which $2.5 million was attributed to the non-controlling interest (i.e., the VIE). In March 2022, the project owner publicly announced the cancellation of this power plant project.

REVENUES FROM CONTRACTS WITH CU

REVENUES FROM CONTRACTS WITH CUSTOMERS	9 Months Ended
	Oct. 31, 2022
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 in which it is identified and the loss amount becomes estimable. Revenues from time-and-materials contracts are recognized when the related services are provided to the customer. Predominantly, 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 primarily and are recorded as the corresponding contract work is performed. The transaction price for a customer 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 amounts retained by project owners under construction contracts at October 31, 2022 and January 31, 2022 were $49.4 million and $40.4 million, respectively. The amount of revenues recognized during the nine months ended October 31, 2022 that was included in the balance of contract liabilities as of January 31, 2022 was approximately $109.9 million. 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 includes in the corresponding transaction price an estimate of the amount that it expects to receive from a claim based on management’s judgement regarding all reasonably available information. Once a final amount has been determined, the transaction price may be revised again to reflect the final resolution. At October 31, 2022 and January 31, 2022, the aggregate amounts of such contract variations included in the transaction prices that were still pending customer acceptance were $13.2 million and $7.5 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 forecasted contract 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. Remaining Unsatisfied Performance Obligations (“RUPO”) The amount of RUPO approximately represents the unrecognized revenue value of active contracts with customers as determined under the revenue recognition rules of U.S. GAAP. It includes the unrecognized value of certain contracts that provide customers with the right to terminate a contract for convenience but not without incurring substantive termination costs. At October 31, 2022, the Company had RUPO of $328.1 million. The largest portion of RUPO at any date usually relates to EPC service and other construction 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 30% of the RUPO amount at October 31, 2022 will be included in the amount of consolidated revenues that will be recognized during the remainder of the fiscal year ending January 31, 2023 (“Fiscal 2023”). Most of the remaining amount of the RUPO amount at October 31, 2022 is expected to be recognized in revenues during the fiscal year ending January 31, 2024 (“Fiscal 2024”). 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 October 31, 2022. 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 to RUPO may materially reduce future revenues below Company estimates. Disaggregation of Revenues The following table presents consolidated revenues for the three and nine months ended October 31, 2022 and 2021, disaggregated by the geographic area where the corresponding projects were located: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended October 31, ​ Nine Months Ended October 31, ​ ​ 2022 2021 ​ ​ 2022 2021 United States ​ $ 81,810 ​ $ 110,196 ​ ​ $ 256,031 ​ $ 349,066 Republic of Ireland ​ 21,833 ​ 9,698 ​ ​ 47,019 ​ 21,947 United Kingdom ​ 14,232 ​ 4,496 ​ ​ 33,212 ​ 12,283 Other ​ — ​ 61 ​ ​ — ​ 504 Consolidated Revenues ​ $ 117,875 ​ $ 124,451 ​ ​ $ 336,262 ​ $ 383,800 ​ The major portions 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	9 Months Ended
	Oct. 31, 2022
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	​ NOTE 3 – CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS At October 31, 2022 and January 31, 2022, certain amounts of cash equivalents were invested in money market funds with net assets invested in high-quality money market instruments. Such investments include U.S. Treasury obligations; obligations of U.S. government agencies, authorities, instrumentalities or sponsored enterprises; and repurchase agreements secured by U.S. government obligations. The Company considers all liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Short-term investments as of October 31, 2022 and January 31, 2022 consisted solely of certificates of deposit purchased from Bank of America (the “Bank”) with weighted average initial maturities of less than one year (the “CDs”). The Company has the intent and ability to hold the CDs until they mature, and they are carried at cost plus accrued interest. Interest income is recorded when earned and is included in other income. At October 31, 2022 and January 31, 2022, the weighted average annual interest rates of the outstanding CDs were 2.5% and 0.1%, respectively. The Company has a substantial portion of its cash on deposit in the U.S. with the Bank. The Company also maintains certain Euro-based bank accounts in Ireland and certain pound sterling-based bank accounts in the U.K. in support of the operations of APC. Management does not believe that the combined amount of the CDs and the cash deposited with the Bank and cash balances maintained at financial institutions in Ireland and the U.K., in excess of government-insured levels, represent material risks.

ACCOUNTS AND NOTES RECEIVABLE

ACCOUNTS AND NOTES RECEIVABLE	9 Months Ended
	Oct. 31, 2022
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 any credit losses for the three and nine months ended October 31, 2022 and 2021 were insignificant. The allowance for credit losses at both October 31, 2022 and January 31, 2022 was $2.4 million.

PURCHASED INTANGIBLE ASSETS

PURCHASED INTANGIBLE ASSETS	9 Months Ended
	Oct. 31, 2022
PURCHASED INTANGIBLE ASSETS
PURCHASED INTANGIBLE ASSETS	NOTE 5 – PURCHASED INTANGIBLE ASSETS At both October 31, 2022 and January 31, 2022, the goodwill balances related primarily to GPS and TRC, and were $18.5 million and $9.5 million, respectively. Management does not believe that any events or circumstances occurred or arose since January 31, 2022, that required an updated assessment of the goodwill balances of either GPS or TRC. The Company’s purchased intangible assets, other than goodwill, relate primarily to TRC and consisted of the following elements as of October 31, 2022 and January 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, 2022 ​ January 31, ​ ​ Estimated ​ Gross ​ Accumulated ​ Net ​ 2022, (net ​ Useful Life Amounts Amortization Amounts amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade name ​ 15 years ​ $ 4,499 ​ $ 2,075 ​ $ 2,424 ​ $ 2,650 Process certifications 7 years ​ 1,897 ​ ​ 1,874 ​ ​ 23 ​ ​ 226 Customer relationships ​ 10 years ​ ​ 916 ​ ​ 633 ​ ​ 283 ​ ​ 351 Customer contracts ​ < 1 year ​ ​ 114 ​ ​ 114 ​ ​ — ​ ​ 95 Totals ​ ​ ​ $ 7,426 ​ $ 4,696 ​ $ 2,730 ​ $ 3,322 ​

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	9 Months Ended
	Oct. 31, 2022
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 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 also 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 October 31, 2022, the Company did not have any borrowings outstanding under the Credit Agreement. However, the Bank has issued letters of credit in the total outstanding amount of $8.2 million at October 31, 2022, in support of the activities of APC under existing customer contracts. The comparable outstanding total amount of letters of credit at January 31, 2022 was $21.5 million. In connection with the 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 October 31, 2022 and January 31, 2022, for which the Company has provided cash collateral. As of October 31, 2022, no amounts have been drawn against this letter of credit. 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 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 October 31, 2022 and January 31, 2022, the Company was in compliance with the covenants of the Credit Agreement. The Company expects to amend the Credit Agreement before the end of Fiscal 2023 in order to replace LIBOR with an equivalent benchmark rate. The Company does not expect that the change will materially impact its consolidated financial statements.

COMMITMENTS

COMMITMENTS	9 Months Ended
	Oct. 31, 2022
COMMITMENTS
COMMITMENTS	NOTE 7 – COMMITMENTS Leases The Company’s leases are primarily operating leases that cover office space, expiring on various dates through September 2031, and certain equipment used by the Company in the performance of its construction services contracts. Some of these equipment leases may be embedded in broader agreements with subcontractors or construction equipment suppliers. The Company has no material finance leases. None of the operating leases include significant amounts for incentives, rent holidays or price escalations. Under certain leases, 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 or to terminate the lease when it is reasonably certain the Company will exercise such option. Operating lease expense amounts are recorded on a straight-line basis over the expected lease terms and were $0.6 million and $1.9 million for the three and nine months ended October 31, 2022, respectively, and were $1.1 million and $3.0 million for the three and nine months ended October 31, 2021, respectively. Operating lease payments for the three and nine months ended October 31, 2022 were $0.6 million and $1.9 million, respectively, and they were $1.1 million and $3.0 million for the three and nine months ended October 31, 2021, respectively. For operating leases as of October 31, 2022, the weighted average lease term is 78 months and the weighted average discount rate is 2.2%. The aggregate amounts of operating leases added during the nine months ended October 31, 2022 and 2021 were $0.9 million and $2.4 million, respectively. Payments for the occupancy by TRC of certain facilities, which were made to the founder and retired chief executive officer of TRC based on an annual rental rate of $0.5 million, and most recently on a month-to-month rental basis, ceased during the three-month period end October 31, 2022 as TRC vacated the facilities in connection with a plant relocation effort that was substantially completed during the period. ​ The following is a schedule of future minimum lease payments for the operating leases that were recognized in the condensed consolidated balance sheet as of October 31, 2022: ​ ​ ​ ​ ​ Years Ending January 31, 2023 (remainder) $ 396 2024 ​ ​ 600 2025 ​ ​ 395 2026 ​ ​ 249 2027 ​ ​ 231 Thereafter ​ ​ 1,028 Total lease payments ​ ​ 2,899 Less interest portion ​ ​ 177 Present value of lease payments ​ ​ 2,722 Less current portion (included in accrued expenses) ​ ​ 796 Non-current portion (included in noncurrent liabilities) ​ $ 1,926 ​ The Company also uses equipment and occupies other facilities under short-term rental agreements. Rent expense amounts incurred under short-term rental agreements were $3.5 million and $8.8 million, respectively for the three and nine months ended October 31, 2022. Rent expense amounts incurred under these types of arrangements for the three and nine months ended October 31, 2021 was $1.7 million and $6.6 million, respectively. 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 such amounts that may be required to be paid in excess of the estimated costs to complete contracts in progress as of October 31, 2022 are not estimable. As of October 31, 2022 and January 31, 2022, the estimated amounts of the Company’s unsatisfied bonded performance obligations, covering all of its subsidiaries, were approximately $0.1 billion and $0.2 billion, respectively. As of October 31, 2022 and January 31, 2022, the outstanding amounts of bonds covering other risks, including warranty obligations related to completed activities, were not material. Not all of our projects require bonding. As of October 31, 2022 and January 31, 2022, the Company had 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. A liability was established for the estimated loss related to this guarantee during Fiscal 2022. Warranties The Company generally provides assurance-type warranties for work performed under its construction contracts. The warranties cover defects in equipment, materials, design or workmanship, and most warranty periods typically run from nine

LEGAL CONTINGENCIES

LEGAL CONTINGENCIES	9 Months Ended
	Oct. 31, 2022
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 are expected to have a material adverse effect on the condensed consolidated financial statements. ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Oct. 31, 2022
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 Plan to officers, directors and key employees. The 2020 Plan replaced 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 are documented in a written agreement between the Company and the awardee. All stock options awarded under the Stock Plans have exercise prices per share at least equal to the market value per share of the Company’s common stock on the date of grant. Stock options have terms no longer than ten years. Typically, stock options are awarded with one three As of October 31, 2022, there were 1,939,402 shares of common stock reserved for issuance under the Stock Plans; this number includes 236,146 shares of common stock available for future awards under the 2020 Plan. Stock Options A summary of stock option activity under the Stock Plans for the nine months ended October 31, 2022, 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, 2022 1,405 ​ $ 44.35 6.17 ​ $ 10.31 Granted ​ 38 ​ $ 36.78 ​ ​ ​ ​ ​ Exercised ​ (2) ​ $ 32.68 ​ ​ ​ ​ ​ Forfeited ​ (36) ​ $ 48.98 ​ ​ ​ ​ ​ Outstanding, October 31, 2022 ​ 1,405 ​ $ 44.04 5.61 ​ $ 10.17 Exercisable, October 31, 2022 1,188 ​ $ 44.76 ​ 5.11 ​ $ 10.69 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, October 31, 2021 ​ 1,381 ​ $ 44.64 6.32 ​ $ 10.46 Exercisable, October 31, 2021 1,053 ​ $ 45.51 5.66 ​ $ 11.18 ​ The changes in the number of non-vested options to purchase shares of common stock for the nine months ended October 31, 2022, and the weighted average fair value per share for each number, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ Shares Fair Value Non-vested, February 1, 2022 295 ​ $ 7.80 Granted 38 ​ $ 6.68 Vested (116) ​ $ 8.32 Non-vested, October 31, 2022 217 ​ $ 7.33 ​ ​ ​ ​ ​ ​ Non-vested, October 31, 2021 328 ​ $ 8.13 ​ The total intrinsic value related to the stock options exercised during the nine months ended October 31, 2021 was $0.6 million; the amount was not significant for the nine months ended October 31, 2022. The aggregate market value amounts of the shares of common stock subject to outstanding stock options and exercisable stock options that were “in-the-money” exceeded the aggregate exercise prices of such options at October 31, 2022 by $1.2 million and $1.1 million, respectively. Restricted Stock Units The Company awards restricted stock units to senior executives, members of the Company’s board of directors and certain other employees. Awardees earn the right to receive shares of common stock as certain performance goals are achieved and/or service periods are satisfied. Each restricted stock unit expires on the three-year anniversary of the award. During the nine months ended October 31, 2022, the Company awarded performance-based restricted stock units covering 52,000 shares of common stock, renewable (energy) performance-based restricted stock units covering 7,500 shares of common stock, time-based restricted stock units covering 72,500 shares of common stock, and 2,604 shares based on the amount of cash dividends deemed paid on shares earned pursuant to the awards. During the nine months ended October 31, 2021, the Company awarded 49,000 performance-based restricted stock units, 10,000 renewable performance-based restricted stock units and 65,000 time-based restricted stock units. The changes in the maximum number of shares of common stock issuable pursuant to outstanding restricted stock units for the nine months ended October 31, 2022, and the weighted average fair value per share for each restricted stock unit, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Shares Fair Value Outstanding, February 1, 2022 222 ​ $ 31.48 Awarded 135 ​ $ 27.22 Issued ​ (37) ​ $ 38.51 Forfeited ​ (22) ​ $ 40.85 Outstanding, October 31, 2022 298 ​ $ 29.42 ​ ​ ​ ​ ​ ​ Outstanding, October 31, 2021 205 ​ $ 31.00 ​ ​ ​ ​ ​ ​ ​ Fair Value The fair value amounts of stock options and restricted stock units are recorded as stock compensation expense on a straight-line basis over the terms of the corresponding awards. Expense amounts related to stock awards were $1.1 million and $0.9 million for the three months ended October 31, 2022 and 2021, respectively. Expense amounts related to stock awards were $3.1 million and $2.5 million for the nine months ended October 31, 2022 and 2021, respectively. At October 31, 2022, there was $7.2 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 common stock on the dates of award and, 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 (which is 50% of the maximum number) of shares on the award date. For the renewable performance-based restricted stock units, 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	9 Months Ended
	Oct. 31, 2022
INCOME TAXES
INCOME TAXES	NOTE 10 – INCOME TAXES Income Tax Expense Reconciliations The Company’s income tax amounts for the nine months ended October 31, 2022 and 2021 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ ​ 2022 2021 ​ Computed expected income tax expense ​ $ (7,135) ​ $ (9,924) ​ Difference resulting from: ​ ​ ​ ​ ​ ​ ​ State income taxes, net of federal tax effect ​ (486) ​ (1,015) ​ Research and development credits adjustment ​ ​ (6,181) ​ ​ — ​ Deferred tax adjustments ​ ​ (68) ​ ​ — ​ Other permanent differences and adjustments, net ​ (640) ​ (289) ​ Income tax expense ​ $ (14,510) ​ $ (11,228) ​ ​ Foreign income tax expense amounts for the nine months ended October 31, 2022 and 2021 were not material. Net Operating Loss (“NOL”) Carryback In an effort to combat the adverse economic impacts of the COVID-19 crisis, the U.S. 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 U.S. 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 in the total amount of approximately $12.7 million during the fiscal year ended January 31, 2021 (“Fiscal 2021”); the IRS has not completed the processing of the Company’s refund request. 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 net amount of federal and state 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. The Company recorded a corresponding liability for uncertain income tax return positions related to identified but unrecognized research and development tax credit benefits in the amount of $5.0 million. Most of this liability was included in accrued expenses as of January 31, 2022. During Fiscal 2021, the IRS concluded examinations of the Company’s consolidated federal income tax returns for Fiscal 2016, as amended; Fiscal 2017, as amended; and the year ended January 31, 2018 (“Fiscal 2018”) with its focus on the research and development tax credits included therein. In January 2021, the IRS issued its final revenue agents reports that documented its understanding of the facts, attempted to summarize the Company’s arguments in support of the research and development claims and stated its position which disagreed with the Company’s treatment of a substantial amount of the costs that supported the Company’s claims. In March 2021, the Company submitted a formal protest of the findings of the IRS examiner and requested an appeals hearing. At the conclusion of the hearing that occurred in May 2022, the Company agreed to accept a settlement offer from the IRS in the amount of approximately $7.9 million, before interest. As a result, during the three-month period ended July 31, 2022, the Company made an unfavorable adjustment to its liability for uncertain income tax positions in the approximate amount of $6.2 million. Accordingly, this amount is included in income tax expense for the nine months ended October 31, 2022. The Company has also formally protested the conclusions reached by two states, where the Company filed tax returns reflecting the benefits of certain research and development credits, that the credits are not allowable. The Company expects that any unfavorable adjustments related to the ultimate settlement of the income tax disputes with the states will not be significant. Income Tax Refunds As of October 31, 2022 and January 31, 2022, 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 $15.8 million and $29.5 million, respectively. The income tax refunds included the amounts that were expected to be received from the IRS upon completion of the tax return examination appeals process and the amount expected to be received from the IRS upon its processing of the Company’s NOL carryback refund request as described above. Income Tax Returns The Company is subject to federal and state income taxes in the U.S., and income taxes in Ireland and the U.K. Tax treatments within each jurisdiction are subject to the interpretation of the related tax laws and regulations which require significant judgments to apply. The Company is no longer subject to income tax examinations by authorities for its fiscal years ended on or before the end of Fiscal 2018 except for several notable exceptions including Ireland, the U.K. and several states where the open periods are one year longer. Solar Energy Projects The Company has invested in limited liability companies that make equity investments in solar energy projects that are eligible to receive energy tax credits, including $4.1 million that was invested during the nine months ended October 31, 2021. The passive investments have been accounted for using the equity method; the balances are included in other assets in our condensed consolidated balance sheets. Each tax credit, when recognized, is recorded as a reduction of the corresponding investment balance with an offsetting reduction in the balance of accrued taxes payable in accordance with the deferral method. At October 31, 2022 and January 31, 2022, the investment account balances were $1.2 million and $0.2 million, respectively. These investments are expected to provide positive overall returns over their six-year expected lives. During the nine months ended October 31, 2022, the investment balance was adjusted to reflect the Company’s share of the income of the investment entities in the amount of approximately $1.1 million, which amount has been included as other income in the Company’s condensed consolidated statement of earnings for the corresponding period. The adjustment made in the three-month period ended October 31, 2022 was not material. The Company has also established deferred taxes related to the difference in the book and tax bases of the investments. Supplemental Cash Flow Information The amounts of cash paid for income taxes during the nine months ended October 31, 2022 and 2021 were $6.3 million and $9.6 million (including the $4.1 million solar energy investment described above), respectively. The amounts of income tax refunds received during the nine months ended October 31, 2022 and 2021 were not material.

NET INCOME PER SHARE

NET INCOME PER SHARE	9 Months Ended
	Oct. 31, 2022
NET INCOME PER SHARE
NET INCOME PER SHARE	NOTE 11 – NET INCOME PER SHARE Basic and diluted net income per share amounts are computed as follows (shares in thousands except in the note): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended October 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 7,758 ​ $ 12,393 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 13,781 ​ ​ 15,774 Effect of stock awards (1) ​ ​ 31 ​ ​ 189 Weighted average number of shares outstanding – diluted ​ ​ 13,812 ​ ​ 15,963 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ Basic ​ $ 0.56 ​ $ 0.79 Diluted ​ $ 0.56 ​ $ 0.78 (1) For the three months ended October 31, 2022 and 2021, the weighted average numbers of shares determined on a dilutive basis exclude the effects of antidilutive stock options covering an aggregate of 1,016,834 and 579,167 shares of common stock, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 19,465 ​ $ 36,029 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 14,268 ​ ​ 15,757 Effect of stock awards (1) ​ ​ 82 ​ ​ 223 Weighted average number of shares outstanding – diluted ​ ​ 14,350 ​ ​ 15,980 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ Basic ​ $ 1.36 ​ $ 2.29 Diluted ​ $ 1.36 ​ $ 2.25 (1) For the nine months ended October 31, 2022 and 2021, the weighted average numbers of shares determined on a dilutive basis exclude the effects of antidilutive stock options covering an aggregate of 978,834 and 366,500 shares of common stock, respectively.

CASH DIVIDENDS AND COMMON STOCK

CASH DIVIDENDS AND COMMON STOCK REPURCHASES	9 Months Ended
	Oct. 31, 2022
CASH DIVIDENDS AND COMMON STOCK REPURCHASES
CASH DIVIDENDS AND COMMON STOCK REPURCHASES	NOTE 12 – CASH DIVIDENDS AND COMMON STOCK REPURCHASES On September 8, 2022, Argan’s board of directors declared a regular quarterly cash dividend in the amount of $0.25 per share of common stock, which was paid which paid stockholders Pursuant to authorizations provided by Argan’s board of directors (the “Share Repurchase Plan”), the Company repurchased shares of its common stock during the three and nine months ended October 31, 2022. During these periods, the Company repurchased 308,423 shares and 1,721,015 shares of common stock, most on the open market, for aggregate prices of approximately $10.1 million, or $32.69 per share, and $63.3 million, or $36.75 per share, respectively.

CUSTOMER CONCENTRATIONS

CUSTOMER CONCENTRATIONS	9 Months Ended
	Oct. 31, 2022
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 77% and 80% of consolidated revenues for the three months ended October 31, 2022 and 2021, respectively, and 76% and 77% of consolidated revenues for the nine months ended October 31, 2022 and 2021, respectively. The industrial services segment represented 20% and 17% of consolidated revenues for the three months ended October 31, 2022 and 2021, respectively, and 20% of consolidated revenues for both the nine months ended October 31, 2022 and 2021, respectively. The Company’s most significant customer relationships for the three months ended October 31, 2022 included four power industry service customers, which accounted for 33%, 12%, 12% and 12% of consolidated revenues, respectively. The Company’s most significant customer relationship for the three months ended October 31, 2021 included one power industry service customer, which accounted for 56% of consolidated revenues. The Company’s most significant customer relationship for the nine months ended October 31, 2022 included one power industry service customer, which accounted for 42% of consolidated revenues. The Company’s most significant customer relationships for the nine months ended October 31, 2021 included one power industry service customer and one industrial services customer, which accounted for 61% and 11% of consolidated revenues, respectively. The accounts receivable balances from two major customers represented 35% and 13% of the corresponding consolidated balance as of October 31, 2022. Accounts receivable balances from three major customers represented 22%, 15% and 12% of the corresponding consolidated balance as of January 31, 2022. The contract asset balance related to one major customer represented 19% of the corresponding consolidated balance as of October 31, 2022. Contract asset balances from two major customers represented 31% and 13% of the corresponding consolidated balance as of January 31, 2022.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Oct. 31, 2022
SEGMENT REPORTING
SEGMENT REPORTING	NOTE 14 – SEGMENT REPORTING Segments represent components of an enterprise for which discrete financial information is available that is evaluated regularly by the Company’s chief executive officer, who is the chief operating decision maker, in determining how to allocate resources and in assessing performance. The Company’s reportable segments recognize revenues and incur expenses, are organized in separate business units with different management teams, customers, talents and services, and may include more than one operating segment. Intersegment revenues and the related cost of revenues are netted against the corresponding amounts of the segment receiving the intersegment services. For the three and nine months ended October 31, 2022, intersegment revenues were $0.3 million and $0.6 million, respectively. For the nine months ended October 31, 2021, intersegment revenues totaled approximately $2.7 million; such revenues for the three months ended October 31, 2021 were not material. Summarized below are certain operating results and financial position data of the Company’s reportable business segments for the three and nine months ended October 31, 2022 and 2021. The “Other” column in each summary includes the Company’s corporate expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2022 Services Services Services Other Totals Revenues ​ $ 90,682 ​ $ 22,137 ​ $ 5,056 ​ $ — ​ $ 117,875 Cost of revenues ​ 72,725 ​ 18,737 ​ 4,205 ​ — ​ 95,667 Gross profit ​ 17,957 ​ 3,400 ​ 851 ​ — ​ 22,208 Selling, general and administrative expenses ​ 6,745 ​ ​ 1,823 ​ ​ 796 ​ ​ 3,303 ​ ​ 12,667 Income (loss) from operations ​ ​ 11,212 ​ ​ 1,577 ​ ​ 55 ​ ​ (3,303) ​ ​ 9,541 Other income, net ​ 592 ​ — ​ — ​ 176 ​ 768 Income (loss) before income taxes ​ $ 11,804 ​ $ 1,577 ​ $ 55 ​ $ (3,127) ​ 10,309 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,551) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 7,758 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 166 ​ $ 46 ​ $ — ​ $ 212 Depreciation ​ ​ 142 ​ ​ 501 ​ ​ 96 ​ ​ 1 ​ ​ 740 Property, plant and equipment additions ​ ​ 774 ​ ​ 928 ​ ​ 238 ​ ​ 4 ​ ​ 1,944 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 237,575 ​ $ 31,355 ​ $ 4,076 ​ $ 91,959 ​ $ 364,965 Current liabilities ​ ​ 110,383 ​ ​ 21,560 ​ ​ 1,420 ​ ​ 1,179 ​ ​ 134,542 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ 90 ​ ​ — ​ ​ 28,033 Total assets ​ ​ 261,994 ​ ​ 48,766 ​ ​ 7,434 ​ ​ 92,709 ​ ​ 410,903 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2021 Services Services Services Other Totals Revenues ​ $ 99,560 ​ $ 21,402 ​ $ 3,489 ​ $ — ​ $ 124,451 Cost of revenues ​ 76,517 ​ 18,703 ​ 3,096 ​ — ​ 98,316 Gross profit ​ 23,043 ​ 2,699 ​ 393 ​ — ​ 26,135 Selling, general and administrative expenses ​ 6,770 ​ ​ 2,158 ​ ​ 558 ​ ​ 2,104 ​ 11,590 Income (loss) from operations ​ ​ 16,273 ​ ​ 541 ​ ​ (165) ​ ​ (2,104) ​ ​ 14,545 Other income, net ​ 1,116 ​ — ​ — ​ 1 ​ 1,117 Income (loss) before income taxes ​ $ 17,389 ​ $ 541 ​ $ (165) ​ $ (2,103) ​ 15,662 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3,269) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,393 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 61 ​ $ 166 ​ $ — ​ $ — ​ $ 227 Depreciation ​ ​ 145 ​ ​ 564 ​ ​ 109 ​ ​ 1 ​ ​ 819 Property, plant and equipment additions ​ ​ 36 ​ ​ 60 ​ ​ 223 ​ ​ 2 ​ ​ 321 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 374,370 ​ $ 24,029 ​ $ 3,329 ​ $ 157,991 ​ $ 559,719 Current liabilities ​ ​ 247,693 ​ ​ 9,015 ​ ​ 1,696 ​ ​ 641 ​ ​ 259,045 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ — ​ ​ — ​ ​ 27,943 Total assets ​ ​ 406,261 ​ ​ 42,833 ​ ​ 5,765 ​ ​ 158,294 ​ ​ 613,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2022 Services Services Services Other Totals Revenues ​ $ 255,958 ​ $ 67,660 ​ $ 12,644 ​ $ — ​ $ 336,262 Cost of revenues ​ 202,985 ​ 56,968 ​ 9,976 ​ — ​ 269,929 Gross profit ​ 52,973 ​ 10,692 ​ 2,668 ​ — ​ 66,333 Selling, general and administrative expenses ​ 18,418 ​ ​ 5,267 ​ ​ 2,369 ​ ​ 8,172 ​ ​ 34,226 Income (loss) from operations ​ ​ 34,555 ​ ​ 5,425 ​ ​ 299 ​ ​ (8,172) ​ ​ 32,107 Other income, net ​ 1,613 ​ — ​ 1 ​ 254 ​ 1,868 Income (loss) before income taxes ​ $ 36,168 ​ $ 5,425 ​ $ 300 ​ $ (7,918) ​ 33,975 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (14,510) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 19,465 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 497 ​ $ 114 ​ $ — ​ $ 611 Depreciation ​ ​ 422 ​ ​ 1,553 ​ ​ 318 ​ ​ 3 ​ ​ 2,296 Property, plant and equipment additions ​ ​ 868 ​ ​ 1,415 ​ ​ 295 ​ ​ 4 ​ ​ 2,582 ​ For the nine months ended October 31, 2022, property, plant and equipment additions primarily consisted of building improvements made by TRC to its fabrication facility in connection with a plant consolidation and the purchase of office space by APC for its headquarters staff in Limerick, Ireland. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2021 Services Services Services Other Totals Revenues ​ $ 295,736 ​ $ 78,213 ​ $ 9,851 ​ $ — ​ $ 383,800 Cost of revenues ​ 233,682 ​ 64,519 ​ 8,098 ​ — ​ 306,299 Gross profit ​ 62,054 ​ 13,694 ​ 1,753 ​ — ​ 77,501 Selling, general and administrative expenses ​ 17,976 ​ ​ 6,017 ​ ​ 1,528 ​ ​ 6,292 ​ ​ 31,813 Income (loss) from operations ​ ​ 44,078 ​ ​ 7,677 ​ ​ 225 ​ ​ (6,292) ​ ​ 45,688 Other income, net ​ 1,564 ​ — ​ — ​ 5 ​ 1,569 Income (loss) before income taxes ​ $ 45,642 ​ $ 7,677 ​ $ 225 ​ $ (6,287) ​ 47,257 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (11,228) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 36,029 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 183 ​ $ 497 ​ $ — ​ $ — ​ $ 680 Depreciation ​ ​ 464 ​ ​ 1,764 ​ ​ 329 ​ ​ 3 ​ ​ 2,560 Property, plant and equipment additions ​ ​ 464 ​ ​ 76 ​ ​ 578 ​ ​ 5 ​ ​ 1,123 ​

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Oct. 31, 2022
SUBSEQUENT EVENT
SUBSEQUENT EVENT	NOTE 15 — SUBSEQUENT EVENT On November 3, 2022, GPS received full notice to proceed with EPC activities under a contract for a 950 MW natural gas-fired power plant that it will build in Lordstown, Ohio. Construction of this state-of-the-art combined cycle facility has begun with completion scheduled to occur in calendar 2026.

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Oct. 31, 2022
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 other energy plant construction firms with projects located in the United States (the “U.S.”), the Republic of Ireland (“Ireland”) and the United Kingdom (the “U.K.”). 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 operations primarily located in the southeastern region of the U.S. 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 U.S.
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 a variable interest entity. All significant inter-company balances and transactions have been eliminated in consolidation. In Note 14, the Company has provided certain financial information relating to the operating results and assets of its reportable segments based on the manner in which management disaggregates the Company’s financial reporting for purposes of making internal operating decisions. The Company’s fiscal year ends on January 31 each year. The condensed consolidated balance sheet as of October 31, 2022, the condensed consolidated statements of earnings and stockholders’ equity for the three and nine months ended October 31, 2022 and 2021, and the condensed consolidated statements of cash flows for the nine months ended October 31, 2022 and 2021 are unaudited. The condensed consolidated balance sheet as of January 31, 2022 has been derived from audited financial statements. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. 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 (“U.S. 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, 2022 (“Fiscal 2022”). In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, considered necessary to present fairly the financial position of the Company as of October 31, 2022, 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	Accounting Policies There are no recently issued accounting pronouncements that have not yet been adopted that the Company considers material to its condensed consolidated financial statements.
Fair Values	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 variable interest entity (the “VIE”) that was performing the project development activities related to the planned construction of a new natural gas-fired power plant. The account balances of the VIE have been included in the Company’s consolidated financial statements, including development costs incurred by the VIE during the project development period. Consideration for the Company’s engineering and financial support provided to the project included the right to build the power plant pursuant to a turnkey engineering, procurement and construction (“EPC”) services contract that was negotiated and announced. GPS provided financing for the development efforts through notes receivable from the consolidated VIE that was established by the project owner. The project owner was unable to obtain the necessary equity financing for the project and GPS ceased providing project development funding. The repayment of the notes to GPS is overdue. Accordingly, the Company believes that the completion of the development of this project has been significantly jeopardized and that it is doubtful that construction of this power plant will occur. Accordingly, during the fourth quarter of Fiscal 2022, we recorded an impairment loss related to the capitalized development costs of this project in the amount of $7.9 million, of which $2.5 million was attributed to the non-controlling interest (i.e., the VIE). In March 2022, the project owner publicly announced the cancellation of this power plant project.

REVENUES FROM CONTRACTS WITH _2

REVENUES FROM CONTRACTS WITH CUSTOMERS (Tables)	9 Months Ended
	Oct. 31, 2022
REVENUES FROM CONTRACTS WITH CUSTOMERS
Schedule of consolidated revenues disaggregated by geographical area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended October 31, ​ Nine Months Ended October 31, ​ ​ 2022 2021 ​ ​ 2022 2021 United States ​ $ 81,810 ​ $ 110,196 ​ ​ $ 256,031 ​ $ 349,066 Republic of Ireland ​ 21,833 ​ 9,698 ​ ​ 47,019 ​ 21,947 United Kingdom ​ 14,232 ​ 4,496 ​ ​ 33,212 ​ 12,283 Other ​ — ​ 61 ​ ​ — ​ 504 Consolidated Revenues ​ $ 117,875 ​ $ 124,451 ​ ​ $ 336,262 ​ $ 383,800

PURCHASED INTANGIBLE ASSETS (Ta

PURCHASED INTANGIBLE ASSETS (Tables)	9 Months Ended
	Oct. 31, 2022
PURCHASED INTANGIBLE ASSETS
Schedule of company's purchased intangible assets, other than goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, 2022 ​ January 31, ​ ​ Estimated ​ Gross ​ Accumulated ​ Net ​ 2022, (net ​ Useful Life Amounts Amortization Amounts amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade name ​ 15 years ​ $ 4,499 ​ $ 2,075 ​ $ 2,424 ​ $ 2,650 Process certifications 7 years ​ 1,897 ​ ​ 1,874 ​ ​ 23 ​ ​ 226 Customer relationships ​ 10 years ​ ​ 916 ​ ​ 633 ​ ​ 283 ​ ​ 351 Customer contracts ​ < 1 year ​ ​ 114 ​ ​ 114 ​ ​ — ​ ​ 95 Totals ​ ​ ​ $ 7,426 ​ $ 4,696 ​ $ 2,730 ​ $ 3,322

COMMITMENTS (Tables)

COMMITMENTS (Tables)	9 Months Ended
	Oct. 31, 2022
COMMITMENTS
Schedule of future minimum lease payments for the operating leases	​ ​ ​ ​ ​ Years Ending January 31, 2023 (remainder) $ 396 2024 ​ ​ 600 2025 ​ ​ 395 2026 ​ ​ 249 2027 ​ ​ 231 Thereafter ​ ​ 1,028 Total lease payments ​ ​ 2,899 Less interest portion ​ ​ 177 Present value of lease payments ​ ​ 2,722 Less current portion (included in accrued expenses) ​ ​ 796 Non-current portion (included in noncurrent liabilities) ​ $ 1,926

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Oct. 31, 2022
STOCK-BASED COMPENSATION
Schedule of stock option activity under the Company's stock plans	A summary of stock option activity under the Stock Plans for the nine months ended October 31, 2022, 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, 2022 1,405 ​ $ 44.35 6.17 ​ $ 10.31 Granted ​ 38 ​ $ 36.78 ​ ​ ​ ​ ​ Exercised ​ (2) ​ $ 32.68 ​ ​ ​ ​ ​ Forfeited ​ (36) ​ $ 48.98 ​ ​ ​ ​ ​ Outstanding, October 31, 2022 ​ 1,405 ​ $ 44.04 5.61 ​ $ 10.17 Exercisable, October 31, 2022 1,188 ​ $ 44.76 ​ 5.11 ​ $ 10.69 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, October 31, 2021 ​ 1,381 ​ $ 44.64 6.32 ​ $ 10.46 Exercisable, October 31, 2021 1,053 ​ $ 45.51 5.66 ​ $ 11.18
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, 2022 1,405 ​ $ 44.35 6.17 ​ $ 10.31 Granted ​ 38 ​ $ 36.78 ​ ​ ​ ​ ​ Exercised ​ (2) ​ $ 32.68 ​ ​ ​ ​ ​ Forfeited ​ (36) ​ $ 48.98 ​ ​ ​ ​ ​ Outstanding, October 31, 2022 ​ 1,405 ​ $ 44.04 5.61 ​ $ 10.17 Exercisable, October 31, 2022 1,188 ​ $ 44.76 ​ 5.11 ​ $ 10.69 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, October 31, 2021 ​ 1,381 ​ $ 44.64 6.32 ​ $ 10.46 Exercisable, October 31, 2021 1,053 ​ $ 45.51 5.66 ​ $ 11.18
Schedule of changes in restricted stock units	The changes in the maximum number of shares of common stock issuable pursuant to outstanding restricted stock units for the nine months ended October 31, 2022, and the weighted average fair value per share for each restricted stock unit, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Shares Fair Value Outstanding, February 1, 2022 222 ​ $ 31.48 Awarded 135 ​ $ 27.22 Issued ​ (37) ​ $ 38.51 Forfeited ​ (22) ​ $ 40.85 Outstanding, October 31, 2022 298 ​ $ 29.42 ​ ​ ​ ​ ​ ​ Outstanding, October 31, 2021 205 ​ $ 31.00 ​ ​ ​ ​ ​ ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Oct. 31, 2022
INCOME TAXES
Schedule of actual income tax expense amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ ​ 2022 2021 ​ Computed expected income tax expense ​ $ (7,135) ​ $ (9,924) ​ Difference resulting from: ​ ​ ​ ​ ​ ​ ​ State income taxes, net of federal tax effect ​ (486) ​ (1,015) ​ Research and development credits adjustment ​ ​ (6,181) ​ ​ — ​ Deferred tax adjustments ​ ​ (68) ​ ​ — ​ Other permanent differences and adjustments, net ​ (640) ​ (289) ​ Income tax expense ​ $ (14,510) ​ $ (11,228) ​

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	9 Months Ended
	Oct. 31, 2022
NET INCOME PER SHARE
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 note): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended October 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 7,758 ​ $ 12,393 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 13,781 ​ ​ 15,774 Effect of stock awards (1) ​ ​ 31 ​ ​ 189 Weighted average number of shares outstanding – diluted ​ ​ 13,812 ​ ​ 15,963 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ Basic ​ $ 0.56 ​ $ 0.79 Diluted ​ $ 0.56 ​ $ 0.78 (1) For the three months ended October 31, 2022 and 2021, the weighted average numbers of shares determined on a dilutive basis exclude the effects of antidilutive stock options covering an aggregate of 1,016,834 and 579,167 shares of common stock, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 19,465 ​ $ 36,029 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 14,268 ​ ​ 15,757 Effect of stock awards (1) ​ ​ 82 ​ ​ 223 Weighted average number of shares outstanding – diluted ​ ​ 14,350 ​ ​ 15,980 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ Basic ​ $ 1.36 ​ $ 2.29 Diluted ​ $ 1.36 ​ $ 2.25 (1) For the nine months ended October 31, 2022 and 2021, the weighted average numbers of shares determined on a dilutive basis exclude the effects of antidilutive stock options covering an aggregate of 978,834 and 366,500 shares of common stock, respectively.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Oct. 31, 2022
SEGMENT REPORTING
Schedule of operating results and certain financial position data of the Company's reportable business segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2022 Services Services Services Other Totals Revenues ​ $ 90,682 ​ $ 22,137 ​ $ 5,056 ​ $ — ​ $ 117,875 Cost of revenues ​ 72,725 ​ 18,737 ​ 4,205 ​ — ​ 95,667 Gross profit ​ 17,957 ​ 3,400 ​ 851 ​ — ​ 22,208 Selling, general and administrative expenses ​ 6,745 ​ ​ 1,823 ​ ​ 796 ​ ​ 3,303 ​ ​ 12,667 Income (loss) from operations ​ ​ 11,212 ​ ​ 1,577 ​ ​ 55 ​ ​ (3,303) ​ ​ 9,541 Other income, net ​ 592 ​ — ​ — ​ 176 ​ 768 Income (loss) before income taxes ​ $ 11,804 ​ $ 1,577 ​ $ 55 ​ $ (3,127) ​ 10,309 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,551) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 7,758 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 166 ​ $ 46 ​ $ — ​ $ 212 Depreciation ​ ​ 142 ​ ​ 501 ​ ​ 96 ​ ​ 1 ​ ​ 740 Property, plant and equipment additions ​ ​ 774 ​ ​ 928 ​ ​ 238 ​ ​ 4 ​ ​ 1,944 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 237,575 ​ $ 31,355 ​ $ 4,076 ​ $ 91,959 ​ $ 364,965 Current liabilities ​ ​ 110,383 ​ ​ 21,560 ​ ​ 1,420 ​ ​ 1,179 ​ ​ 134,542 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ 90 ​ ​ — ​ ​ 28,033 Total assets ​ ​ 261,994 ​ ​ 48,766 ​ ​ 7,434 ​ ​ 92,709 ​ ​ 410,903 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2021 Services Services Services Other Totals Revenues ​ $ 99,560 ​ $ 21,402 ​ $ 3,489 ​ $ — ​ $ 124,451 Cost of revenues ​ 76,517 ​ 18,703 ​ 3,096 ​ — ​ 98,316 Gross profit ​ 23,043 ​ 2,699 ​ 393 ​ — ​ 26,135 Selling, general and administrative expenses ​ 6,770 ​ ​ 2,158 ​ ​ 558 ​ ​ 2,104 ​ 11,590 Income (loss) from operations ​ ​ 16,273 ​ ​ 541 ​ ​ (165) ​ ​ (2,104) ​ ​ 14,545 Other income, net ​ 1,116 ​ — ​ — ​ 1 ​ 1,117 Income (loss) before income taxes ​ $ 17,389 ​ $ 541 ​ $ (165) ​ $ (2,103) ​ 15,662 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3,269) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,393 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 61 ​ $ 166 ​ $ — ​ $ — ​ $ 227 Depreciation ​ ​ 145 ​ ​ 564 ​ ​ 109 ​ ​ 1 ​ ​ 819 Property, plant and equipment additions ​ ​ 36 ​ ​ 60 ​ ​ 223 ​ ​ 2 ​ ​ 321 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 374,370 ​ $ 24,029 ​ $ 3,329 ​ $ 157,991 ​ $ 559,719 Current liabilities ​ ​ 247,693 ​ ​ 9,015 ​ ​ 1,696 ​ ​ 641 ​ ​ 259,045 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ — ​ ​ — ​ ​ 27,943 Total assets ​ ​ 406,261 ​ ​ 42,833 ​ ​ 5,765 ​ ​ 158,294 ​ ​ 613,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2022 Services Services Services Other Totals Revenues ​ $ 255,958 ​ $ 67,660 ​ $ 12,644 ​ $ — ​ $ 336,262 Cost of revenues ​ 202,985 ​ 56,968 ​ 9,976 ​ — ​ 269,929 Gross profit ​ 52,973 ​ 10,692 ​ 2,668 ​ — ​ 66,333 Selling, general and administrative expenses ​ 18,418 ​ ​ 5,267 ​ ​ 2,369 ​ ​ 8,172 ​ ​ 34,226 Income (loss) from operations ​ ​ 34,555 ​ ​ 5,425 ​ ​ 299 ​ ​ (8,172) ​ ​ 32,107 Other income, net ​ 1,613 ​ — ​ 1 ​ 254 ​ 1,868 Income (loss) before income taxes ​ $ 36,168 ​ $ 5,425 ​ $ 300 ​ $ (7,918) ​ 33,975 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (14,510) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 19,465 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 497 ​ $ 114 ​ $ — ​ $ 611 Depreciation ​ ​ 422 ​ ​ 1,553 ​ ​ 318 ​ ​ 3 ​ ​ 2,296 Property, plant and equipment additions ​ ​ 868 ​ ​ 1,415 ​ ​ 295 ​ ​ 4 ​ ​ 2,582 ​ For the nine months ended October 31, 2022, property, plant and equipment additions primarily consisted of building improvements made by TRC to its fabrication facility in connection with a plant consolidation and the purchase of office space by APC for its headquarters staff in Limerick, Ireland. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2021 Services Services Services Other Totals Revenues ​ $ 295,736 ​ $ 78,213 ​ $ 9,851 ​ $ — ​ $ 383,800 Cost of revenues ​ 233,682 ​ 64,519 ​ 8,098 ​ — ​ 306,299 Gross profit ​ 62,054 ​ 13,694 ​ 1,753 ​ — ​ 77,501 Selling, general and administrative expenses ​ 17,976 ​ ​ 6,017 ​ ​ 1,528 ​ ​ 6,292 ​ ​ 31,813 Income (loss) from operations ​ ​ 44,078 ​ ​ 7,677 ​ ​ 225 ​ ​ (6,292) ​ ​ 45,688 Other income, net ​ 1,564 ​ — ​ — ​ 5 ​ 1,569 Income (loss) before income taxes ​ $ 45,642 ​ $ 7,677 ​ $ 225 ​ $ (6,287) ​ 47,257 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (11,228) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 36,029 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ 183 ​ $ 497 ​ $ — ​ $ — ​ $ 680 Depreciation ​ ​ 464 ​ ​ 1,764 ​ ​ 329 ​ ​ 3 ​ ​ 2,560 Property, plant and equipment additions ​ ​ 464 ​ ​ 76 ​ ​ 578 ​ ​ 5 ​ ​ 1,123

DESCRIPTION OF THE BUSINESS A_3

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) $ in Millions	3 Months Ended
	Jan. 31, 2022 USD ($)
Description of the Business
Capitalized project development costs	$ 7.9
Non-controlling Interests
Description of the Business
Capitalized project development costs	$ 2.5

REVENUES FROM CONTRACTS WITH _3

REVENUES FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2022	Jan. 31, 2022
REVENUES FROM CONTRACTS WITH CUSTOMERS
Retained amounts by project owners	$ 49.4	$ 40.4
Revenue recognized	$ 109.9
Amounts of unpriced change orders included in transaction prices	13.2	7.5

REVENUES FROM CONTRACTS WITH _4

REVENUES FROM CONTRACTS WITH CUSTOMERS - Remaining Unsatisfied Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-11-01 $ in Millions	Oct. 31, 2022 USD ($)
REVENUES FROM CONTRACTS WITH CUSTOMERS
Contract backlog amount	$ 328.1
Contract backlog (as percent)	30%
Performance period	3 years

REVENUES FROM CONTRACTS WITH _5

REVENUES FROM CONTRACTS WITH CUSTOMERS - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Disaggregation of Revenues
Totals	$ 117,875	$ 124,451	$ 336,262	$ 383,800
United States
Disaggregation of Revenues
Totals	81,810	110,196	256,031	349,066
Republic of Ireland
Disaggregation of Revenues
Totals	21,833	9,698	47,019	21,947
United Kingdom
Disaggregation of Revenues
Totals	$ 14,232	4,496	$ 33,212	12,283
Other
Disaggregation of Revenues
Totals		$ 61		$ 504

CASH, CASH EQUIVALENTS AND SH_2

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Details) - Held-to-maturity Securities	9 Months Ended	12 Months Ended
	Oct. 31, 2022	Jan. 31, 2022
Cash and Cash Equivalents
Maturity period	1 year	1 year
Weighted average annual interest rates of CDs (as a percent)	2.50%	0.10%

ACCOUNTS AND NOTES RECEIVABLE (

ACCOUNTS AND NOTES RECEIVABLE (Details) - USD ($) $ in Millions	Oct. 31, 2022	Jan. 31, 2022
ACCOUNTS AND NOTES RECEIVABLE
Allowance for uncollectible accounts	$ 2.4	$ 2.4

PURCHASED INTANGIBLE ASSETS - G

PURCHASED INTANGIBLE ASSETS - Goodwill and Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2022	Jan. 31, 2022	Oct. 31, 2021
Indefinite-Lived Intangible Assets
Goodwill	$ 28,033	$ 28,033	$ 27,943
Intangible Assets - Gross Carrying Amount	7,426
Accumulated Amortization	4,696
Intangible Assets, Net (Excluding Goodwill)	2,730	3,322
TRC.
Indefinite-Lived Intangible Assets
Goodwill		9,500
GPS.
Indefinite-Lived Intangible Assets
Goodwill	$ 18,500
Trade Name
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life	15 years
Finite Lived Intangible Assets - Gross Carrying Amount	$ 4,499
Accumulated Amortization	2,075
Finite Lived Intangible Assets - Net Amount	$ 2,424	2,650
Process certifications
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life	7 years
Finite Lived Intangible Assets - Gross Carrying Amount	$ 1,897
Accumulated Amortization	1,874
Finite Lived Intangible Assets - Net Amount	$ 23	226
Customer relationships
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life	10 years
Finite Lived Intangible Assets - Gross Carrying Amount	$ 916
Accumulated Amortization	633
Finite Lived Intangible Assets - Net Amount	283	351
Customer Contracts
Indefinite-Lived Intangible Assets
Intangible Assets - Gross Carrying Amount	114
Accumulated Amortization	$ 114
Finite Lived Intangible Assets - Net Amount		$ 95
Customer Contracts | Maximum
Indefinite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life	1 year

FINANCING ARRANGEMENTS (Details

FINANCING ARRANGEMENTS (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2021	Oct. 31, 2022	Jan. 31, 2021	Jan. 31, 2022
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%
Revolving Credit Facility | Expires on May 31, 2024
Financing Arrangements
Borrowing available under financing arrangements	$ 50
Letter of Credit
Financing Arrangements
Letters of credit outstanding amount		$ 8.2		$ 21.5
Amounts drawn against this letter of credit.		$ 0

COMMITMENTS - Leases (Details)

COMMITMENTS - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021	Jan. 31, 2022
Operating leases, options to extend			true
Operating leases, options to terminate			true
Operating lease expense	$ 600	$ 1,100	$ 1,871	$ 3,017
Operating lease payments	$ 600	1,100	$ 1,900	3,000
Weighted average lease term	78 months		78 months
Weighted average discount rate	2.20%		2.20%
Future minimum lease payment			$ 900	2,400
Unsatisfied bonded performance obligations	$ 100,000		100,000		$ 200,000
Annual rental rate	600		600
Rent expense	3,500	$ 1,700	$ 8,800	$ 6,600
London Interbank Offered Rate (LIBOR)
Interest rate margin on referred rate			1.60%
TRC
Annual rental rate	500		$ 500
GPS | Financial guarantee
Guarantor obligation maximum exposure	$ 3,600		$ 3,600

COMMITMENTS - Future minimum le

COMMITMENTS - Future minimum lease payments (Details) $ in Thousands	Oct. 31, 2022 USD ($)
Operating Leases
2023 (remainder)	$ 396
2024	600
2025	395
2026	249
2027	231
Thereafter	1,028
Total lease payments	2,899
Less interest portion	177
Present value of lease payments	2,722
Less current portion (included in accrued expenses)	$ 796
Less current portion (included in accrued expenses)	Accrued expenses
Non-current portion (included in noncurrent liabilities)	$ 1,926
Non-current portion (included in noncurrent liabilities)	Noncurrent liabilities

COMMITMENTS - Warranties (Detai

COMMITMENTS - Warranties (Details)	9 Months Ended
	Oct. 31, 2022
Minimum [Member]
Warranty period	P9M
Maximum [Member]
Warranty period	P24M

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Activity under Company's Stock Option Plans (Details) - $ / shares shares in Thousands	9 Months Ended		12 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Jan. 31, 2022
STOCK-BASED COMPENSATION
Shares, Outstanding, Beginning balance	1,405
Shares, Granted	38
Shares, Exercised	(2)
Shares, Forfeited	(36)
Shares, Outstanding, Ending balance	1,405	1,381	1,405
Shares, Exercisable	1,188	1,053
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 44.35
Weighted Average Exercise Price, Granted	36.78
Weighted Average Exercise Price, Exercised	32.68
Weighted Average Exercise Price, Forfeited	48.98
Weighted Average Exercise Price, Outstanding, Ending balance	44.04	$ 44.64	$ 44.35
Weighted Average Exercise Price, Exercisable	$ 44.76	$ 45.51
Weighted Average Remaining Term (Years), Outstanding	5 years 7 months 9 days	6 years 3 months 25 days	6 years 2 months 1 day
Weighted Average Remaining Term (Years), Exercisable	5 years 1 month 9 days	5 years 7 months 28 days
Weighted Average Fair Value, Outstanding	$ 10.17	$ 10.46	$ 10.31
Weighted Average Fair Value, Exercisable	$ 10.69	$ 11.18

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of Change in Number of Non-Vested Options to Purchase Shares of Common Stock (Details) - $ / shares shares in Thousands	9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
STOCK-BASED COMPENSATION
Shares, Non-vested, Beginning balance	295
Shares, Granted	38
Shares, Vested	(116)
Shares, Non-vested, Ending balance	217
Shares, Non-vested	217	328
Weighted Average Fair Value, Non-vested, Beginning balance	$ 7.80
Weighted Average Fair Value, Granted	6.68
Weighted Average Fair Value, Vested	8.32
Weighted Average Fair Value, Non-vested, Ending balance	7.33
Weighted Average Fair Value, Non-vested	$ 7.33	$ 8.13

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of Change in restricted stock units (Details) - Restricted Stock Units - $ / shares shares in Thousands	9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
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)	222
Awarded (in shares)	135
Issued (in shares)	(37)
Forfeited (in shares)	(22)
Outstanding, Ending balance (in shares)	298
Outstanding (in shares)	298	205
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)	$ 31.48
Awarded, Fair value (Per share)	27.22
Issued, Fair value (Per share)	38.51
Forfeited (Per share)	40.85
Outstanding, Ending balance Fair value (Per share)	29.42
Outstanding, Fair value (per share)	$ 29.42	$ 31

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021	Jun. 23, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Cash dividends deemed paid on shares			2,604
Percentage Reduction In The Aggregate Fair Value Of Stock Option			88.50%
Stock compensation expense	$ 1,100	$ 900	$ 3,055	$ 2,521
Unrecognized compensation cost	7,200		$ 7,200
Compensation expense recognize, period			3 years
Intrinsic value of outstanding stock options	1,200		$ 1,200
Intrinsic value of exercisable stock options	$ 1,100		$ 1,100
Period used for calculations			5 years
Fair value of award as a percentage of market value			50%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Period used for calculations			3 years
Maximum [Member]
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 [Member]
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	236,146		236,146
Number of shares of common stock reserved for issuance	1,939,402		1,939,402
Intrinsic value of the stock options exercised				$ 600
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
The number of shares issuable under restricted stock units awarded during the period	52,000	49,000	52,000	49,000
ISOs/NSOs | Stock Plan [Member]
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
Awarded (in shares)			135,000
Incentive stock option award maximum expiration period			3 years
Vested			37,000
Renewable Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
The number of shares issuable under restricted stock units awarded during the period	7,500	10,000	7,500	10,000
Time Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
The number of shares issuable under restricted stock units awarded during the period	72,500	65,000	72,500	65,000
Senior executives | Performance-based restricted stock units | Stock Plan [Member]
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%

INCOME TAXES - Income Tax Expen

INCOME TAXES - Income Tax Expense Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
INCOME TAXES
Federal corporate income tax rate (as percent)			21%	21%
Computed expected income tax expense			$ (7,135)	$ (9,924)
State income taxes, net of federal tax effect			(486)	(1,015)
Research and development credits adjustment			(6,181)
Deferred tax adjustments			(68)
Other permanent differences and adjustments, net			(640)	(289)
Income tax expense	$ (2,551)	$ (3,269)	$ (14,510)	$ (11,228)

INCOME TAXES - Net Operating Lo

INCOME TAXES - Net Operating Loss Carryback (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2022	Jan. 31, 2021	Jan. 31, 2020
INCOME TAXES
Increase in loss carryback period for certain losses	5 years
Domestic net operating loss carryback			$ 39.5
Income tax refunds		$ 12.7

INCOME TAXES - Research and Dev

INCOME TAXES - Research and Development Tax Credits (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Oct. 31, 2022	Jan. 31, 2019	Jan. 31, 2022	Jan. 31, 2020
Prior period for identify and quantify the amounts of research and development credits		3 years
Research and development tax credit benefit		$ 16.6		$ 0.4
Unrecognized income tax benefits related to research and development credits			$ 5
Unfavorable adjustment	$ 6.2
Income tax refunds and prepaid income taxes	15.8		$ 29.5
Internal Revenue Service (IRS)
Settlement offer from the IRS	$ 7.9

INCOME TAXES - Solar Energy Pro

INCOME TAXES - Solar Energy Projects And Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Jan. 31, 2022
Net Investment Income [Line Items]
Payment for equity method investment		$ 4,085
Investment tax credits		3,300
Loss of investment	$ 1,112	(404)
Expected life of investment	6 years
Cash paid for income taxes	$ 6,300	$ 9,600
Investment account balances	1,200		$ 200
Other income (expense)
Net Investment Income [Line Items]
Loss of investment	$ 1,100

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
NET INCOME PER SHARE
Net income	$ 7,758	$ 12,393	$ 19,465	$ 36,029
Weighted average number of shares outstanding - basic	13,781	15,774	14,268	15,757
Effects of stock awards	31	189	82	223
Weighted average number of shares outstanding - diluted	13,812	15,963	14,350	15,980
Basic	$ 0.56	$ 0.79	$ 1.36	$ 2.29
Diluted	$ 0.56	$ 0.78	$ 1.36	$ 2.25

NET INCOME PER SHARE - Addition

NET INCOME PER SHARE - Additional information (Details) - shares	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
NET INCOME PER SHARE
Antidilutive common stock	1,016,834	579,167	978,834	366,500

CASH DIVIDENDS AND COMMON STO_2

CASH DIVIDENDS AND COMMON STOCK REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended			3 Months Ended		9 Months Ended
	Oct. 31, 2022	Sep. 08, 2022	Jul. 30, 2021	Apr. 30, 2021	Jul. 31, 2022	Apr. 30, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
CASH DIVIDENDS AND COMMON STOCK REPURCHASES
Regular cash dividend declared per common stock		$ 0.25					$ 0.25	$ 0.25	$ 0.25	$ 0.75	$ 0.75
Common stock repurchases (in shares)								308,423		1,721,015
Common stock repurchased								$ 10,084		$ 63,252
Share price								$ 32.69		$ 36.75
Regular cash dividend paid per common stock	$ 0.25		$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25

CUSTOMER CONCENTRATIONS (Detail

CUSTOMER CONCENTRATIONS (Details) - customer	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021	Jan. 31, 2022
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Customer Concentrations
Number of customers			2		3
Customer Concentration Risk [Member] | Contract Asset
Customer Concentrations
Number of customers			1		2
Customer Concentration Risk [Member] | Major Customer One [Member] | Accounts Receivable [Member]
Customer Concentrations
Percentage of major customers or segments			35%		22%
Customer Concentration Risk [Member] | Major Customer One [Member] | Contract Asset
Customer Concentrations
Percentage of major customers or segments			19%		31%
Customer Concentration Risk [Member] | Major Customer Two [Member] | Accounts Receivable [Member]
Customer Concentrations
Percentage of major customers or segments			13%		15%
Customer Concentration Risk [Member] | Major Customer Two [Member] | Contract Asset
Customer Concentrations
Percentage of major customers or segments					13%
Customer Concentration Risk [Member] | Major Customer Three [Member] | Accounts Receivable [Member]
Customer Concentrations
Percentage of major customers or segments					12%
Power Industry Services [Member] | Product Concentration Risk [Member] | Revenue [Member]
Customer Concentrations
Percentage of major customers or segments	77%	80%	76%	77%
Power Industry Services [Member] | Customer Concentration Risk [Member] | Revenue [Member]
Customer Concentrations
Number of customers	4	1	1	1
Power Industry Services [Member] | Customer Concentration Risk [Member] | Major Customer One [Member] | Revenue [Member]
Customer Concentrations
Percentage of major customers or segments	33%	56%	42%	61%
Power Industry Services [Member] | Customer Concentration Risk [Member] | Major Customer Two [Member] | Revenue [Member]
Customer Concentrations
Percentage of major customers or segments	12%
Power Industry Services [Member] | Customer Concentration Risk [Member] | Major Customer Three [Member] | Revenue [Member]
Customer Concentrations
Percentage of major customers or segments	12%
Power Industry Services [Member] | Customer Concentration Risk [Member] | Major Customer Four | Revenue [Member]
Customer Concentrations
Percentage of major customers or segments	12%
Industry services | Product Concentration Risk [Member] | Revenue [Member]
Customer Concentrations
Percentage of major customers or segments	20%	17%	20%	20%
Industry services | Customer Concentration Risk [Member] | Revenue [Member]
Customer Concentrations
Number of customers				1
Industry services | Customer Concentration Risk [Member] | Major Customer One [Member] | Revenue [Member]
Customer Concentrations
Percentage of major customers or segments				11%

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)	Oct. 31, 2022 USD ($) segment	Oct. 31, 2021 USD ($)	Jan. 31, 2022 USD ($)
Segment Reporting Information
Operating segment | segment			1
Revenues	$ 117,875	$ 124,451	$ 336,262	$ 383,800
Cost of revenues	95,667	98,316	269,929	306,299
Gross profit	22,208	26,135	66,333	77,501
Selling, general and administrative expenses	12,667	11,590	34,226	31,813
Income (loss) from operations	9,541	14,545	32,107	45,688
Other income, net	768	1,117	1,868	1,569
Income (loss) before income taxes	10,309	15,662	33,975	47,257
Income tax expense	(2,551)	(3,269)	(14,510)	(11,228)
Net income	7,758	12,393	19,465	36,029
Amortization of intangibles	212	227	611	680
Depreciation	740	819	2,296	2,560
Property, plant and equipment additions	1,944	321	2,582	1,123
Current assets	364,965	559,719	364,965	559,719	$ 507,284
Current liabilities	134,542	259,045	134,542	259,045	223,027
Goodwill	28,033	27,943	28,033	27,943	28,033
Total assets	410,903	613,153	410,903	613,153	$ 553,585
Other [Member]
Segment Reporting Information
Selling, general and administrative expenses	3,303	2,104	8,172	6,292
Income (loss) from operations	(3,303)	(2,104)	(8,172)	(6,292)
Other income, net	176	1	254	5
Income (loss) before income taxes	(3,127)	(2,103)	(7,918)	(6,287)
Depreciation	1	1	3	3
Property, plant and equipment additions	4	2	4	5
Current assets	91,959	157,991	91,959	157,991
Current liabilities	1,179	641	1,179	641
Total assets	92,709	158,294	92,709	158,294
Intercompany Eliminations
Segment Reporting Information
Revenues	300		600	2,700
Power Industry Services [Member]
Segment Reporting Information
Revenues	90,682	99,560	255,958	295,736
Cost of revenues	72,725	76,517	202,985	233,682
Gross profit	17,957	23,043	52,973	62,054
Selling, general and administrative expenses	6,745	6,770	18,418	17,976
Income (loss) from operations	11,212	16,273	34,555	44,078
Other income, net	592	1,116	1,613	1,564
Income (loss) before income taxes	11,804	17,389	36,168	45,642
Amortization of intangibles		61		183
Depreciation	142	145	422	464
Property, plant and equipment additions	774	36	868	464
Current assets	237,575	374,370	237,575	374,370
Current liabilities	110,383	247,693	110,383	247,693
Goodwill	18,476	18,476	18,476	18,476
Total assets	261,994	406,261	261,994	406,261
Industrial Services
Segment Reporting Information
Revenues	22,137	21,402	67,660	78,213
Cost of revenues	18,737	18,703	56,968	64,519
Gross profit	3,400	2,699	10,692	13,694
Selling, general and administrative expenses	1,823	2,158	5,267	6,017
Income (loss) from operations	1,577	541	5,425	7,677
Income (loss) before income taxes	1,577	541	5,425	7,677
Amortization of intangibles	166	166	497	497
Depreciation	501	564	1,553	1,764
Property, plant and equipment additions	928	60	1,415	76
Current assets	31,355	24,029	31,355	24,029
Current liabilities	21,560	9,015	21,560	9,015
Goodwill	9,467	9,467	9,467	9,467
Total assets	48,766	42,833	48,766	42,833
Telecommunications Infrastructure Services [Member]
Segment Reporting Information
Revenues	5,056	3,489	12,644	9,851
Cost of revenues	4,205	3,096	9,976	8,098
Gross profit	851	393	2,668	1,753
Selling, general and administrative expenses	796	558	2,369	1,528
Income (loss) from operations	55	(165)	299	225
Other income, net			1
Income (loss) before income taxes	55	(165)	300	225
Amortization of intangibles	46		114
Depreciation	96	109	318	329
Property, plant and equipment additions	238	223	295	578
Current assets	4,076	3,329	4,076	3,329
Current liabilities	1,420	1,696	1,420	1,696
Goodwill	90		90
Total assets	$ 7,434	$ 5,765	$ 7,434	$ 5,765

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details)	Nov. 03, 2022 MW
GPS | Subsequent Event
Subsequent Event [Line Items]
Nominal capacity of natural gas-fired power plant	950