Argan (AGX) 10-Q 6 Dec 23 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 31, 2023	Dec. 01, 2023
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2023
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		13,327,866
Entity Central Index Key	0000100591
Document Fiscal Year Focus	2024
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, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
REVENUES	$ 163,755	$ 117,875	$ 408,779	$ 336,262
Cost of revenues	144,520	95,667	351,578	269,929
GROSS PROFIT	19,235	22,208	57,201	66,333
Selling, general and administrative expenses	11,375	12,667	32,467	34,226
INCOME FROM OPERATIONS	7,860	9,541	24,734	32,107
Other income, net	3,733	768	7,222	1,868
INCOME BEFORE INCOME TAXES	11,593	10,309	31,956	33,975
Income tax expense	6,129	2,551	11,616	14,510
NET INCOME	5,464	7,758	20,340	19,465
Foreign currency translation adjustments	(882)	(650)	(627)	(2,601)
Net unrealized losses on available-for-sale securities	(427)		(1,147)
COMPREHENSIVE INCOME	$ 4,155	$ 7,108	$ 18,566	$ 16,864
NET INCOME PER SHARE
Basic (in dollars per share)	$ 0.41	$ 0.56	$ 1.52	$ 1.36
Diluted (in dollars per share)	$ 0.40	$ 0.56	$ 1.50	$ 1.36
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic (in shares)	13,328	13,781	13,381	14,268
Diluted (in shares)	13,559	13,812	13,549	14,350
CASH DIVIDENDS PER SHARE	$ 0.30	$ 0.25	$ 0.80	$ 0.75

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2023	Jan. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 185,569	$ 173,947
Investments	211,946	151,511
Accounts receivable, net	49,922	50,132
Contract assets	25,391	24,778
Other current assets	41,243	38,334
TOTAL CURRENT ASSETS	514,071	438,702
Property, plant and equipment, net	10,786	10,430
Goodwill	28,033	28,033
Intangible assets, net	2,315	2,609
Deferred taxes, net	3,132	3,689
Right-of-use and other assets	5,315	6,024
TOTAL ASSETS	563,652	489,487
CURRENT LIABILITIES
Accounts payable	34,532	56,375
Accrued expenses	83,193	49,867
Contract liabilities	156,169	96,261
TOTAL CURRENT LIABILITIES	273,894	202,503
Noncurrent liabilities	4,925	6,087
TOTAL LIABILITIES	278,819	208,590
COMMITMENTS AND CONTINGENCIES (see Notes 7 and 8)
STOCKHOLDERS' EQUITY
Preferred stock, par value $0.10 per share - 500,000 shares authorized; no shares issued and outstanding
Common stock, par value $0.15 per share - 30,000,000 shares authorized; 15,828,289 shares issued; 13,332,747 and 13,441,590 shares outstanding at October 31, 2023 and January 31, 2023, respectively	2,374	2,374
Additional paid-in capital	163,154	162,208
Retained earnings	217,486	207,832
Less treasury stock, at cost - 2,495,542 and 2,386,699 shares at October 31, 2023 and January 31, 2023, respectively	(93,531)	(88,641)
Accumulated other comprehensive loss	(4,650)	(2,876)
TOTAL STOCKHOLDERS' EQUITY	284,833	280,897
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 563,652	$ 489,487

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 31, 2023	Jan. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 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 (in dollars per share)	$ 0.15	$ 0.15
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	15,828,289	15,828,289
Common stock, shares outstanding	13,332,747	13,441,590
Treasury stock, shares	2,495,542	2,386,699

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, 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 restricted stock unit settlements, net of shares withheld for exercise price and withholding taxes	$ 6	60					66
Stock option exercises and restricted stock unit settlements, net of shares withheld for exercise price and withholding taxes (in shares)	39,099
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)
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
Balances at Jan. 31, 2023	$ 2,374	162,208	207,832	(88,641)	(2,876)		280,897
Balances (in shares) at Jan. 31, 2023	13,441,590
Net income			20,340				20,340
Foreign currency translation loss					(627)		(627)
Net unrealized losses on available-for-sale securities					(1,147)		(1,147)
Stock compensation expense		3,416					3,416
Stock option exercises and restricted stock unit settlements, net of shares withheld for exercise price and withholding taxes		(2,470)		3,577			1,107
Stock option exercises and restricted stock unit settlements, net of shares withheld for exercise price and withholding taxes (in shares)	103,598
Common stock repurchases				(8,467)			$ (8,467)
Common stock repurchases (in shares)	(212,441)						(212,441)
Cash dividends			(10,686)				$ (10,686)
Balances at Oct. 31, 2023	$ 2,374	163,154	217,486	(93,531)	(4,650)		284,833
Balances (in shares) at Oct. 31, 2023	13,332,747
Balances at Jul. 31, 2023	$ 2,374	162,323	216,009	(92,329)	(3,341)		285,036
Balances (in shares) at Jul. 31, 2023	13,353,653
Net income			5,464				5,464
Foreign currency translation loss					(882)		(882)
Net unrealized losses on available-for-sale securities					(427)		(427)
Stock compensation expense		1,198					1,198
Stock option exercises and restricted stock unit settlements, net of shares withheld for exercise price and withholding taxes		(367)		527			160
Stock option exercises and restricted stock unit settlements, net of shares withheld for exercise price and withholding taxes (in shares)	21,747
Common stock repurchases				(1,729)			(1,729)
Common stock repurchases (in shares)	(42,653)
Cash dividends			(3,987)				(3,987)
Balances at Oct. 31, 2023	$ 2,374	$ 163,154	$ 217,486	$ (93,531)	$ (4,650)		$ 284,833
Balances (in shares) at Oct. 31, 2023	13,332,747

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 20,340	$ 19,465
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Stock compensation expense	3,416	3,055
Changes in accrued interest on investments	(1,876)	(790)
Depreciation	1,524	2,296
Lease expense	1,335	1,871
Deferred income tax expense (benefit)	497	(209)
Amortization of intangible assets	294	611
Equity in loss (income) of solar energy investments	130	(1,112)
Other	157	20
Changes in operating assets and liabilities
Accounts receivable	168	(10,921)
Contract assets	(613)	(6,647)
Other assets	(2,977)	6,184
Accounts payable and accrued expenses	9,960	(7,952)
Contract liabilities	59,908	(78,859)
Net cash provided by (used in) operating activities	92,263	(72,988)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of short-term investments	(115,000)	(249,750)
Maturities of short-term investments	159,750	190,000
Purchases of available-for-sale securities	(104,492)
Purchases of property, plant and equipment	(2,143)	(2,582)
Net cash used in investing activities	(61,885)	(62,332)
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock repurchases	(8,467)	(63,252)
Payments of cash dividends	(10,686)	(10,588)
Proceeds from share-based award settlements	1,107	66
Net cash used in financing activities	(18,046)	(73,774)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH	(710)	(5,313)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	11,622	(214,407)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	173,947	350,472
CASH AND CASH EQUIVALENTS, END OF PERIOD	185,569	136,065
NON-CASH INVESTING AND FINANCING ACTIVITIES
Right-of-use assets obtained in exchange for lease obligations	706	935
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for income taxes	7,022	6,310
Cash paid for operating leases	$ 1,340	$ 1,869

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Oct. 31, 2023
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, maintenance, project development, and technical consulting services to the power generation market. The customers include primarily independent power producers, public utilities, power plant equipment suppliers and other commercial firms with significant power requirements with customer 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 construction services reportable segment provides on-site services that support new plant construction and additions, maintenance turnarounds, shutdowns and emergency mobilizations for industrial operations primarily located in the Southeast region of the U.S. and that may include the fabrication, delivery and installation of steel 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 (“VIE”) prior to its deconsolidation in the fourth quarter of the year ended January 31, 2023. 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, 2023, the condensed consolidated statements of earnings and stockholders’ equity for the three and nine months ended October 31, 2023 and 2022, and the condensed consolidated statements of cash flows for the nine months ended October 31, 2023 and 2022 are unaudited. The condensed consolidated balance sheet as of January 31, 2023 has been derived from audited consolidated 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, 2023 (“Fiscal 2023”). In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, considered necessary for a fair statement of the financial position of the Company as of October 31, 2023, 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. Recently Issued Accounting Pronouncements In March 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures There are no other recently issued accounting pronouncements that have not yet been adopted that the Company considers material to its condensed consolidated financial statements. Available-For-Sale Securities At each balance sheet date, available-for-sale (“AFS”) securities are stated at fair value, as presented below, with unrealized gains and losses, net of income taxes, reported as a component of accumulated other comprehensive loss. Interest income, accretion of discounts, amortization of premiums, and realized gains and losses are included in other income or expense, as applicable, in the Company’s condensed consolidated statement of earnings. The Company determines the cost of securities sold based on the specific identification method. The Company determines the appropriate classification of AFS securities based on whether they represent the investment of cash available for current operations, as defined in Accounting Standards Codification (“ASC”) 210-10-45-1 and ASC 210-10-45-2. The classification of the AFS securities is reevaluated at each balance sheet date. The Company evaluates whether a decline in the fair value of AFS securities below amortized cost basis is credit-related or due to other factors. If the Company intends to sell the AFS security or it is more likely than not that the Company would be required to sell the AFS security before recovery, impairment is recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. If a portion of the unrealized loss is credit-related, the impairment is recorded as an allowance on the balance sheet with a corresponding adjustment to earnings. Credit recovery is recorded as an adjustment to the allowance and earnings in the period in which credit conditions improve. Fair Values ASC Topic 820 , Fair Value Measurement Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs are quoted prices for similar assets or liabilities in active markets; or quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Inputs are unobservable inputs based on a company’s own assumptions. The following table shows the Company’s financial instruments as of October 31, 2023 and January 31, 2023 that are measured and recorded at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, 2023 ​ January 31, 2023 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Level 1 ​ Level 2 ​ Level 3 ​ Inputs Inputs ​ Inputs Inputs ​ Inputs Inputs Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market fund ​ $ 127,022 ​ $ — ​ $ — ​ $ 68,647 ​ $ — ​ $ — Available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury notes ​ ​ — ​ ​ 94,700 ​ ​ — ​ ​ — ​ ​ — ​ ​ — U.S. corporate debt security ​ ​ — ​ ​ 9,217 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Totals ​ $ 127,022 ​ $ 103,917 ​ $ — ​ $ 68,647 ​ $ — ​ $ — ​ The carrying value amounts presented in the condensed consolidated balance sheets for the Company’s other current assets, including cash, certificates of deposit (“CDs”), 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 Treasury Stock Treasury stock is recorded using the cost method. Incremental direct costs to purchase treasury stock, including excise tax, are included in the cost of the shares acquired. The Company uses the average cost method to account for treasury stock. For shares of treasury stock provided for settlements or sold at a price higher than its cost, the gain is recorded to additional paid-in capital. For shares of treasury stock provided for settlements or sold at a price lower than its cost, the loss is recorded to additional paid-in capital to the extent there are previous net gains included in the account. Any losses in excess of that amount are recorded to retained earnings.

REVENUES FROM CONTRACTS WITH CU

REVENUES FROM CONTRACTS WITH CUSTOMERS	9 Months Ended
	Oct. 31, 2023
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. 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. For a project being performed by APC to construct a gas-fired power facility in Northern Ireland, an estimated loss at completion of approximately $7.9 million was recognized during the quarter ended October 31, 2023. Accordingly, APC recorded a loss during the three-month period ended October 31, 2023, in the amount of approximately $10.7 million, which includes an unfavorable adjustment of estimated gross profit of approximately $2.8 million recorded in previous periods. For the nine-month period ended October 31, 2023, the recorded loss related to the contract is $11.5 million, which includes an unfavorable adjustment of estimated gross profit recorded in the prior year in the amount of approximately $3.6 million. This project is expected to be completed by APC early next year. 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. The Company’s timing of revenue recognition may not be consistent with its rights to bill and collect cash from project owners and other customers. Most contracts require payments as the corresponding work progresses that are determined in the manner described therein. Those rights are generally dependent upon advance billing terms, milestone billings based on the completion of certain phases of work or when services are performed. On most of the Company’s large contracts, milestone billings that occur early in the corresponding contract terms typically are made in advance of certain significant and related costs being incurred. This results in typically larger contract liability balances early in contract lives that decline over the terms of the corresponding contracts. During the three and nine months ended October 31, 2023 and 2022, there were no significant unusual or one-time adjustments to contract liabilities. The balances of the Company’s accounts receivable represent amounts billed to customers that have yet to be collected and represent an unconditional right to receive cash from its customers. Contract assets include amounts that represent the rights to receive payment for goods or services that have been transferred to the customer, 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. The amounts of revenues recognized during the nine months ended October 31, 2023 and 2022, that were included in the balances of contract liabilities as of January 31, 2023 and 2022, respectively, were approximately $94.2 million and $127.6 million, respectively. The amounts of revenues recognized during the three months ended October 31, 2023 and 2022 that were included in the balances of contract liabilities as of July 31, 2023 and 2022, respectively, were approximately $53.8 million and $48.7 million, respectively. Contract retentions are billed amounts which, pursuant to the terms of the applicable contract, are not paid by customers 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 and other customers under construction contracts at October 31, 2023 and January 31, 2023 were $19.2 million and $49.1 million, respectively. Variable Consideration Amounts for unapproved change orders 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 also includes in the corresponding transaction price an estimate of the amount that it expects to receive from a claim based on management’s judgment 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, 2023 and January 31, 2023, the aggregate amounts of such unapproved change orders included in the transaction prices that were still pending customer approval were $6.7 million and $11.6 million, respectively. Variations related to the Company’s contracts typically represent modifications to the existing contracts and performance obligations and do not represent new performance obligations. Actual costs related to any changes in the scope of the corresponding contract are expensed as they are incurred. Changes to total estimated contract costs and losses, if any, are reflected in operating results for the period in which they are determined. The Company’s long-term contracts typically have schedule dates and other performance objectives that if not achieved could subject the Company to liquidated damages. These contract requirements generally relate to specified activities that must be completed by an established date or by the achievement of a specified level of output or efficiency. Each applicable contract defines the conditions under which a project owner may be entitled to any liquidated damages. At the outset of each of the Company’s contracts, the potential amounts of liquidated damages typically are not subtracted from the transaction price as the Company believes that it has included activities in its contract plan, and the associated 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”) Substantially all of the Company’s customer contracts include the right for customers to terminate contracts for convenience. The value of future work that the Company is contractually obligated to perform pursuant to active customer contracts should not be included in the disclosure of RUPO when the corresponding contracts include termination for convenience clauses without substantial penalties accruing to the customers upon such terminations. Management assesses whether the nature of the work being performed under contract is largely service-based and repetitive and should be considered a succession of one-month contracts for the duration of the identified term of the contract. These types of arrangements do not qualify as RUPO. Predominantly, the Company’s customers contract with the Company to construct assets, to fabricate materials or to perform emergency maintenance or outage services where management believes substantial penalties or costs would be incurred upon a termination for convenience including the costs of terminating subcontracts, canceling purchase orders and returning or otherwise disposing of delivered materials and equipment. The value of RUPO on customer contracts represents amounts based on contracts or orders received from customers that the Company believes are firm and where the parties are acting in accordance with their respective obligations. The cancellation or termination of contracts for the convenience of customers has not had a material adverse effect on our consolidated financial statements. At October 31, 2023, the Company had RUPO of $0.7 billion. The largest portion of RUPO at any date usually relates to engineering, procurement and construction (“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 21% of the RUPO amount at October 31, 2023 will be included in the amount of consolidated revenues that will be recognized during the remainder of the fiscal year ending January 31, 2024 (“Fiscal 2024”). Most of the remaining amount of the RUPO amount at October 31, 2023 is expected to be recognized in revenues during the fiscal years ending January 31, 2025 and January 31, 2026. 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, 2023. 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, 2023 and 2022, disaggregated by the geographic area where the corresponding projects were located: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended October 31, ​ Nine Months Ended October 31, ​ ​ 2023 2022 ​ ​ 2023 2022 United States ​ $ 92,066 ​ $ 81,810 ​ ​ $ 239,866 ​ $ 256,031 Republic of Ireland ​ 68,359 ​ 21,833 ​ ​ 139,014 ​ 47,019 United Kingdom ​ 3,330 ​ 14,232 ​ ​ 29,899 ​ 33,212 Consolidated Revenues ​ $ 163,755 ​ $ 117,875 ​ ​ $ 408,779 ​ $ 336,262 ​ 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 INVE

CASH, CASH EQUIVALENTS AND INVESTMENTS	9 Months Ended
	Oct. 31, 2023
CASH, CASH EQUIVALENTS AND INVESTMENTS
CASH, CASH EQUIVALENTS AND INVESTMENTS	NOTE 3 – CASH, CASH EQUIVALENTS AND INVESTMENTS Cash and Cash Equivalents The Company considers all liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. At October 31, 2023 and January 31, 2023, certain amounts of cash equivalents were invested in a money market fund with net assets invested in high-quality money market instruments, including U.S. Treasury obligations; obligations of U.S. government agencies, authorities, instrumentalities or sponsored enterprises; and repurchase agreements secured by U.S. government obligations. Dividend income related to money market investments is recorded when earned. The balances of accrued dividends at October 31, 2023 and January 31, 2023 were $0.5 million and $0.3 million, respectively. Investments The Company’s investments consisted of the following as of October 31, 2023 and January 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, ​ January 31, ​ ​ 2023 2023 Short-term investments ​ $ 108,029 ​ $ 151,511 Available-for-sale securities ​ ​ 103,917 ​ ​ — Total investments ​ $ 211,946 ​ $ 151,511 ​ Short-Term Investments Short-term investments as of October 31, 2023 and January 31, 2023 consisted solely of CDs with weighted average maturities of one year or less purchased from Bank of America, N.A. (the “Bank”). 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, 2023 and January 31, 2023, the weighted average annual interest rates of the outstanding CDs were 5.4% and 2.5%, respectively. The balances of accrued interest on the CDs at October 31, 2023 and January 31, 2023 were $3.0 million and $1.8 million, respectively. Available-For-Sale Securities AFS securities as of October 31, 2023 consisted of U.S. Treasury notes and a U.S. corporate debt security with original maturities of two ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, 2023 ​ ​ ​ ​ ​ Allowance for ​ Gross ​ Gross ​ Estimated ​ ​ Amortized ​ Credit ​ Unrealized ​ Unrealized ​ Fair ​ Cost Losses Gains Losses Value U.S. Treasury notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in one to two years ​ $ 50,282 ​ $ — ​ $ 3 ​ $ 357 ​ $ 49,928 Due in two to three years ​ ​ 45,514 ​ ​ — ​ ​ — ​ ​ 742 ​ ​ 44,772 U.S. corporate debt security: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in two to three years ​ ​ 9,268 ​ ​ — ​ ​ — ​ ​ 51 ​ ​ 9,217 Totals ​ $ 105,064 ​ $ — ​ $ 3 ​ $ 1,150 ​ $ 103,917 ​ As of October 31, 2023, interest receivable in the amount of $0.8 million is included ​ Concentration Risk The Company has a substantial portion of its cash on deposit in the U.S. with the Bank or invested in CDs purchased from the Bank. In addition, the Company has cash invested in a money market fund at a separate institution. 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. As of October 31, 2023, approximately 23% of the Company’s cash and cash equivalents were held by financial institutions in Ireland and the U.K. Management does not believe that the combined amount of the CDs and the cash deposited with the Bank, cash invested in the money market fund, and cash balances maintained at financial institutions in Ireland and the U.K., in excess of government-insured levels, represent material risks.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	9 Months Ended
	Oct. 31, 2023
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE	NOTE 4 – ACCOUNTS RECEIVABLE The Company generally extends credit to a customer based on an evaluation of the customer’s financial condition, without requiring tangible collateral. Customer payments on other construction, fabrication and field service contracts are generally due within 30 to 60 days of billing, depending on the negotiated terms of the corresponding contract. Exposure to losses on accounts and notes receivable is expected to differ due to the varying financial condition of each customer. The Company monitors its exposure to credit losses and may establish an allowance for credit losses based on management’s estimate of the loss that is expected to occur over the remaining life of the particular financial asset. The amounts of the provision for credit losses for the three and nine months ended October 31, 2023 and 2022 were insignificant. The allowance for credit losses at October 31, 2023 and January 31, 2023 was $1.8 million.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Oct. 31, 2023
INTANGIBLE ASSETS
INTANGIBLE ASSETS	NOTE 5 – INTANGIBLE ASSETS At both October 31, 2023 and January 31, 2023, the goodwill balances related primarily to the GPS and TRC reporting units, 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, 2023, that required an updated assessment of the goodwill balances of either the GPS or TRC reporting units. The Company’s intangible assets, other than goodwill, relate primarily to the industrial construction services segment and consisted of the following as of October 31, 2023 and January 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, 2023 ​ January 31, 2023 ​ ​ Estimated ​ Gross ​ Accumulated ​ Net ​ Gross ​ Accumulated ​ Net ​ Useful Life Amounts Amortization Amounts Amounts Amortization Amounts Trade names ​ 15 years ​ $ 4,499 ​ $ 2,375 ​ $ 2,124 ​ $ 4,499 ​ $ 2,150 ​ $ 2,349 Customer relationships ​ 10 years ​ ​ 916 ​ ​ 725 ​ ​ 191 ​ ​ 916 ​ ​ 656 ​ ​ 260 Totals ​ ​ ​ $ 5,415 ​ $ 3,100 ​ $ 2,315 ​ $ 5,415 ​ $ 2,806 ​ $ 2,609 ​ The future amounts of amortization related to purchased intangibles for each of the five succeeding fiscal years are $0.1 million (November 1, 2023 to January 31, 2024), $0.4 million (year ending January 31, 2025), $0.4 million (year ending January 31, 2026), $0.3 million (year ending January 31, 2027), $0.3 million (year ending January 31, 2028), and $0.8 million (thereafter).

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	9 Months Ended
	Oct. 31, 2023
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”) which extended the expiration date of the Credit Agreement to May 31, 2024 and reduced the borrowing rate. On March 6, 2023, the Company entered into the Second Amendment (the “Second Amendment”) to the Credit Agreement. The Second Amendment modified the Credit Amendment, primarily, to replace the interest pricing with the Secured Overnight Financing Rate (“SOFR”) plus 1.6% and to add SOFR successor rate language. The Credit Agreement, as amended, includes the following features, among others: a lending commitment of $50.0 million including a revolving loan 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. The Company intends to renew the Credit Agreement prior to its current expiration date. At October 31, 2023 and January 31, 2023, 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 $13.2 million at October 31, 2023, in support of the activities of APC under existing customer contracts. The comparable outstanding total amount of letters of credit at January 31, 2023 was $8.8 million. 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 Credit Agreement requires that the Company comply with certain financial covenants at its fiscal year-end and at each fiscal quarter-end. The Credit Agreement, as amended, includes other terms, covenants and events of default that are customary for a credit facility of its size and nature, including a requirement to achieve positive adjusted earnings before interest, taxes, depreciation and amortization, as defined, over each rolling twelve-month measurement period. As of October 31, 2023 and January 31, 2023, the Company was in compliance with the covenants of the Credit Agreement, as amended.

COMMITMENTS

COMMITMENTS	9 Months Ended
	Oct. 31, 2023
COMMITMENTS
COMMITMENTS	NOTE 7 – COMMITMENTS Leases The Company’s leases are primarily operating leases that cover office space, expiring on various dates through December 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 includes significant amounts for incentives, rent holidays or price escalations. Under certain leases, the Company is obligated to pay property taxes, insurance, and maintenance costs. For leases that contain both lease and non-lease components, fixed and variable payments are allocated to each component relative to observable or estimated standalone prices. 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 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. Right-of-use assets at October 31, 2023 and January 31, 2023, were $4.1 million and $4.8 million, respectively. Operating lease expense amounts are recorded on a straight-line basis over the expected lease terms. Operating lease expenses for the three and nine months ended October 31, 2023 were $0.5 million and $1.3 million, respectively, and they were $0.6 million and $1.9 million for the three and nine months ended October 31, 2022, respectively. The following is a schedule of future minimum lease payments for the operating leases that were recognized in the condensed consolidated balance sheet as of October 31, 2023: ​ ​ ​ ​ ​ Years Ending January 31, 2024 (remainder) $ 436 2025 ​ ​ 1,466 2026 ​ ​ 1,194 2027 ​ ​ 276 2028 ​ ​ 221 Thereafter ​ ​ 818 Total lease payments ​ ​ 4,411 Less imputed interest ​ ​ 254 Present value of lease payments ​ ​ 4,157 Less current portion (included in accrued expenses) ​ ​ 1,447 Noncurrent portion (included in noncurrent liabilities) ​ $ 2,710 ​ For operating leases as of October 31, 2023, the weighted average lease term and weighted average discount rate were 53 months and 3.8%, respectively. For operating leases as of January 31, 2023, the weighted average lease term and weighted average discount rate were 58 months and 3.7%, respectively. The Company also uses equipment and occupies other facilities under short-term rental agreements. The Company classifies as short-term leases any lease with an initial noncancellable term of twelve months or less that does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. Rent expense amounts incurred under short-term rentals during the three and nine months ended October 31, 2023 were $3.4 million and $10.1 million, respectively, and they were $3.5 million and $8.8 million for the three and nine months ended October 31, 2022, respectively. Right-of-use assets and lease liabilities related to short-term leases are excluded from the consolidated balance sheets. 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, 2023 are not estimable. As of October 31, 2023 and January 31, 2023, the estimated amounts of the Company’s unsatisfied bonded performance obligations, covering all of its subsidiaries, were approximately $0.5 billion and $0.6 billion, respectively. As of October 31, 2023 and January 31, 2023, the outstanding amount of bonds covering other risks, including warranty obligations related to completed activities, was not material. Not all of our projects require bonding. The Company also provided a financial guarantee, subject to certain terms and conditions, 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 the year ended January 31, 2022 (“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 twenty-four months

LEGAL CONTINGENCIES

LEGAL CONTINGENCIES	9 Months Ended
	Oct. 31, 2023
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 as of October 31, 2023. ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Oct. 31, 2023
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. On June 20, 2023, the Company’s stockholders approved an allocation of an additional 500,000 shares for issuance under the 2020 Plan. 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, 2023, there were 2,259,896 shares of common stock reserved for issuance under the Stock Plans; this number includes 578,587 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, 2023, along with corresponding weighted average per share amounts, is presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ Weighted ​ Remaining ​ Grant Date ​ ​ ​ ​ Average Exercise ​ Contractual ​ Fair Value ​ Shares Price Per Share Term (years) Per Share Outstanding, February 1, 2023 1,440 ​ $ 43.84 5.46 ​ $ 10.11 Granted ​ 10 ​ $ 39.47 ​ ​ ​ ​ ​ Exercised ​ (91) ​ $ 27.24 ​ ​ ​ ​ ​ Forfeited ​ (1) ​ $ 33.81 ​ ​ ​ ​ ​ Outstanding, October 31, 2023 ​ 1,358 ​ $ 44.93 4.89 ​ $ 10.42 Exercisable, October 31, 2023 1,230 ​ $ 45.45 ​ 4.53 ​ $ 10.70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, October 31, 2022 ​ 1,405 ​ $ 44.04 5.61 ​ $ 10.17 Exercisable, October 31, 2022 1,188 ​ $ 44.76 5.11 ​ $ 10.69 ​ The changes in the number of non-vested options to purchase shares of common stock for the nine months ended October 31, 2023, and the weighted average fair value per share for each number, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ ​ Shares Per Share Non-vested, February 1, 2023 194 ​ $ 7.27 Granted 10 ​ $ 8.12 Vested (75) ​ $ 6.62 Forfeitures ​ (1) ​ $ 5.68 Non-vested, October 31, 2023 128 ​ $ 7.72 ​ ​ ​ ​ ​ ​ Non-vested, October 31, 2022 217 ​ $ 7.33 ​ The total intrinsic value amount related to the stock options exercised during the nine months ended October 31, 2023 was $1.5 million. The total intrinsic value amount related to the stock options exercised during the nine months ended October 31, 2022 was not significant. The aggregate market value amounts of the shares of common stock subject to outstanding stock options and exercisable stock options where the options were “in-the-money” exceeded the aggregate exercise prices of such options at October 31, 2023 by $6.8 million and $5.9 million, respectively. Restricted Stock Units The Company awards restricted stock units to senior executives, certain other key employees and members of the Company’s board of directors. 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, 2023, the Company awarded total stock return performance-based restricted stock units (“PRSUs”) covering a target of 6,000 shares of common stock, earnings per share performance-based restricted stock units (“EPRSUs”) covering a target of 15,000 shares of common stock, renewable energy performance-based restricted stock units (“RPRSUs”) covering a target of 7,500 shares of common stock, time-based restricted stock units (“TRSUs”) covering 52,800 shares of common stock, and 1,492 shares based on the amount of cash dividends deemed paid on shares earned pursuant to the awards. During the nine months ended October 31, 2022, the Company awarded PRSUs covering a target of 26,000 shares of common stock, RPRSUs covering a target of 7,500 shares of common stock and TRSUs covering 72,500 shares of common stock. 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, 2023, and the weighted average fair value per share for each restricted stock unit, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ ​ Shares ​ Per Share Outstanding, February 1, 2023 310 ​ $ 30.80 Awarded 104 ​ $ 31.68 Issued ​ (42) ​ $ 43.80 Forfeited ​ (49) ​ $ 15.57 Outstanding, October 31, 2023 323 ​ $ 30.59 ​ ​ ​ ​ ​ ​ Outstanding, October 31, 2022 298 ​ $ 29.42 ​ 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 $1.2 million and $1.1 million for the three months ended October 31, 2023 and 2022, respectively. Expense amounts related to stock awards were $3.4 million and $3.1 million for the nine months ended October 31, 2023 and 2022, respectively. At October 31, 2023, there was $6.4 million in unrecognized compensation cost related to outstanding stock awards that the Company expects to expense over the next three years. The Company estimates the weighted average fair value of stock options on the date of award using a Black-Scholes option pricing model. The Company believes that its past stock option exercise activity is sufficient to provide it with a reasonable basis upon which to estimate the expected life of newly awarded stock options. Risk-free interest rates are determined by blending the rates for three- The fair value amounts for the PRSUs 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 EPRSUs and RPRSUs, the fair value of each award equals the aggregate market price for the number of shares that, as of the award date, are probable of vesting based on the performance conditions. For the TRSUs, 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, 2023
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, 2023 and 2022 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, ​ ​ 2023 2022 ​ Computed expected income tax expense ​ $ 6,711 ​ $ 7,135 ​ Difference resulting from: ​ ​ ​ ​ ​ ​ ​ Unrecognized tax loss benefit ​ ​ 3,255 ​ ​ — ​ State income taxes, net of federal tax effect ​ 2,023 ​ 486 ​ Foreign tax rate differential ​ ​ (1,699) ​ ​ (194) ​ Excess executive compensation ​ ​ 672 ​ ​ 757 ​ Meals and entertainment expense ​ ​ 385 ​ ​ 48 ​ Research and development credits adjustment ​ ​ — ​ ​ 6,181 ​ Other permanent differences and adjustments, net ​ ​ 269 ​ ​ 97 ​ Income tax expense ​ $ 11,616 ​ $ 14,510 ​ ​ Foreign income tax expense for the nine months ended October 31, 2023 was $3.0 million. Foreign income tax expense for the nine months ended October 31, 2022 was 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, 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, 2016 (“Fiscal 2016”) and 2015 (“Fiscal 2015”) in the total amount of approximately $12.7 million during the fiscal year ended January 31, 2021 (“Fiscal 2021”). At the instruction of the IRS, amended income tax returns for Fiscal 2016 and Fiscal 2015 were filed during the second quarter of the current fiscal year; the IRS has not completed the review and approval of the Company’s amended tax returns and refund request. Research and Development Tax Credits During Fiscal 2022, 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 tax credits that may have been available to reduce federal income taxes for Fiscal 2022 and Fiscal 2021. As a result, the Company filed amended federal income tax returns for those years including research and development tax credits in the total amount of $5.8 million, which was netted with a provision for uncertain tax return positions in the amount of $2.4 million, and recorded as a reduction of income tax expense in the fourth quarter of Fiscal 2023. In May 2023, the Company received notification that its amended federal income tax returns for Fiscal 2021 and Fiscal 2022 were selected for examination. At October 31, 2023, the examination was in its early stages. Income Tax Refunds As of October 31, 2023 and January 31, 2023, 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 $16.6 million and $15.3 million, respectively. The income tax refunds included the amount expected to be received from the IRS upon its review and approval of the Company’s NOL carryback refund request and the completion of its examination of the amended tax returns for Fiscal 2022 and Fiscal 2021 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 January 31, 2019, 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. 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, 2023 and January 31, 2023, the investment account balances were $1.0 million and $1.2 million, respectively. These investments are expected to provide positive overall returns over their six-year expected lives. As of October 31, 2023, the Company had no remaining cash investment commitments related to these projects. During the three and nine months ended October 31, 2023, the investment balance was adjusted to reflect the Company’s share of the losses of the investment entities in the amounts of less than $0.1 million and $0.1 million, respectively. For the three and 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 amounts of approximately $0.6 million and $1.1 million, respectively. These net amounts have been included as other loss or income in the Company’s condensed consolidated statement of earnings for the corresponding periods.

NET INCOME PER SHARE

NET INCOME PER SHARE	9 Months Ended
	Oct. 31, 2023
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 notes): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended October 31, ​ 2023 2022 Net income ​ $ 5,464 ​ $ 7,758 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 13,328 ​ ​ 13,781 Effect of stock awards (1) ​ ​ 231 ​ ​ 31 Weighted average number of shares outstanding – diluted ​ ​ 13,559 ​ ​ 13,812 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ Basic ​ $ 0.41 ​ $ 0.56 Diluted ​ $ 0.40 ​ $ 0.56 (1) For the three months ended October 31, 2023 and 2022, the weighted average numbers of shares determined on a dilutive basis exclude the effects of antidilutive stock options and restricted stock units covering an aggregate of 690,167 and 1,146,834 shares of common stock, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ 2023 2022 Net income ​ $ 20,340 ​ $ 19,465 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 13,381 ​ ​ 14,268 Effect of stock awards (1) ​ ​ 168 ​ ​ 82 Weighted average number of shares outstanding – diluted ​ ​ 13,549 ​ ​ 14,350 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ Basic ​ $ 1.52 ​ $ 1.36 Diluted ​ $ 1.50 ​ $ 1.36 (1) For the nine months ended October 31, 2023 and 2022, the weighted average numbers of shares determined on a dilutive basis exclude the effects of antidilutive stock options and restricted stock units covering an aggregate of 881,056 and 1,103,334 shares of common stock, respectively.

CASH DIVIDENDS AND TREASURY STO

CASH DIVIDENDS AND TREASURY STOCK	9 Months Ended
	Oct. 31, 2023
CASH DIVIDENDS AND TREASURY STOCK
CASH DIVIDENDS AND TREASURY STOCK	NOTE 12 – CASH DIVIDENDS AND COMMON STOCK REPURCHASES On September 19, 2023, Argan’s board of directors increased the Company’s quarterly cash dividend by 20% from $0.25 to $0.30 per share of common stock, which was paid Pursuant to its established program and authorizations provided by Argan’s board of directors, the Company repurchased shares of its common stock during the nine months ended October 31, 2023 and 2022 and added the shares to treasury stock. During these periods, the Company repurchased 212,441 shares and 1,721,015 shares of common stock, all on the open market, for aggregate prices of approximately $8.4 For the nine months ended October 31, 2023, the Company used 132,656 shares of treasury stock to settle stock option exercises and other share-based awards. For the nine months ended October 31, 2022, no shares of treasury stock were used to settle such transactions. In August 2022, the Inflation Reduction Act (the “IRA”) was signed into law, which introduced a 1% excise tax on the value of shares repurchased after December 31, 2022. For the nine months ended October 31, 2023, the excise tax was not material.

CUSTOMER CONCENTRATIONS

CUSTOMER CONCENTRATIONS	9 Months Ended
	Oct. 31, 2023
CUSTOMER CONCENTRATIONS
CUSTOMER CONCENTRATIONS	NOTE 13 – CUSTOMER CONCENTRATIONS The majority of the Company’s consolidated revenues relate to performance by the power industry services segment which provided 74% and 77% of consolidated revenues for the three months ended October 31, 2023 and 2022, respectively, and 73% and 76% of consolidated revenues for the nine months ended October 31, 2023 and 2022, respectively. The industrial construction services segment represented 23% and 19% of consolidated revenues for the three months ended October 31, 2023 and 2022, respectively, and 25% and 20% of consolidated revenues for the nine months ended October 31, 2023 and 2022, respectively. The Company’s most significant customer relationships for the three months ended October 31, 2023 included three power industry service customers, which accounted for 23%, 20%, and 17% of consolidated revenues. 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. The Company’s most significant customer relationships for the nine months ended October 31, 2023 included three power industry service customers, which accounted for 19%, 17% and 14% 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 accounts receivable balances from two major customers represented 42% and 14% of the corresponding consolidated balance as of October 31, 2023. Accounts receivable balances from three major customers represented 36%, 12% and 12% of the corresponding consolidated balance as of January 31, 2023. The contract asset balances associated with two major customers represented 30% and 14% of the corresponding consolidated balance as of October 31, 2023. The contract asset balance associated with one major customer represented 70% of the corresponding consolidated balance as of January 31, 2023.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Oct. 31, 2023
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, 2023 and 2022, intersegment revenues 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, 2023 and 2022. The “Other” column in each summary includes the Company’s corporate expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2023 Services Services Services Other Totals Revenues ​ $ 121,300 ​ $ 38,434 ​ $ 4,021 ​ $ — ​ $ 163,755 Cost of revenues ​ 107,781 ​ 33,899 ​ 2,840 ​ — ​ 144,520 Gross profit ​ 13,519 ​ 4,535 ​ 1,181 ​ — ​ 19,235 Selling, general and administrative expenses ​ ​ 6,390 ​ ​ 1,626 ​ ​ 608 ​ ​ 2,751 ​ ​ 11,375 Income (loss) from operations ​ ​ 7,129 ​ ​ 2,909 ​ ​ 573 ​ ​ (2,751) ​ ​ 7,860 Other income, net ​ 3,391 ​ — ​ — ​ 342 ​ 3,733 Income (loss) before income taxes ​ $ 10,520 ​ $ 2,909 ​ $ 573 ​ $ (2,409) ​ 11,593 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,129 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,464 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 98 ​ $ — ​ $ — ​ $ 98 Depreciation ​ ​ 137 ​ ​ 249 ​ ​ 102 ​ ​ 1 ​ ​ 489 Property, plant and equipment additions ​ ​ 583 ​ ​ 497 ​ ​ 31 ​ ​ 1 ​ ​ 1,112 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 399,489 ​ $ 39,843 ​ $ 3,701 ​ $ 71,038 ​ $ 514,071 Current liabilities ​ ​ 244,662 ​ ​ 25,839 ​ ​ 1,801 ​ ​ 1,592 ​ ​ 273,894 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ 90 ​ ​ — ​ ​ 28,033 Total assets ​ ​ 426,466 ​ ​ 57,112 ​ ​ 6,519 ​ ​ 73,555 ​ ​ 563,652 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2023 Services Services Services Other Totals Revenues ​ $ 296,821 ​ $ 101,497 ​ $ 10,461 ​ $ — ​ $ 408,779 Cost of revenues ​ 255,210 ​ 88,537 ​ 7,831 ​ — ​ 351,578 Gross profit ​ 41,611 ​ 12,960 ​ 2,630 ​ — ​ 57,201 Selling, general and administrative expenses ​ 17,700 ​ ​ 4,532 ​ ​ 2,038 ​ ​ 8,197 ​ ​ 32,467 Income (loss) from operations ​ ​ 23,911 ​ ​ 8,428 ​ ​ 592 ​ ​ (8,197) ​ ​ 24,734 Other income (loss), net ​ 9,088 ​ — ​ (3) ​ (1,863) ​ 7,222 Income (loss) before income taxes ​ $ 32,999 ​ $ 8,428 ​ $ 589 ​ $ (10,060) ​ 31,956 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11,616 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 20,340 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 294 ​ $ — ​ $ — ​ $ 294 Depreciation ​ ​ 393 ​ ​ 813 ​ ​ 315 ​ ​ 3 ​ ​ 1,524 Property, plant and equipment additions ​ ​ 1,120 ​ ​ 973 ​ ​ 49 ​ ​ 1 ​ ​ 2,143 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

SUPPLEMENTAL FINANCIAL STATEMEN

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	9 Months Ended
	Oct. 31, 2023
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	NOTE 15 — SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Balance Sheet Other current assets consisted of the following at October 31, 2023 and January 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, ​ January 31, ​ ​ 2023 2023 Income tax refunds receivable and prepaid income taxes ​ $ 16,550 ​ $ 15,327 Raw materials inventory ​ ​ 12,449 ​ ​ 11,903 Prepaid expenses ​ 6,106 ​ 4,541 Other ​ ​ 6,138 ​ ​ 6,563 Total other current assets ​ $ 41,243 ​ $ 38,334 ​ Accrued expenses consisted of the following at October 31, 2023 and January 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, ​ January 31, ​ ​ 2023 2023 Accrued project costs ​ $ 52,719 ​ $ 17,448 Accrued compensation ​ ​ 17,921 ​ ​ 18,286 Lease liabilities ​ ​ 1,447 ​ ​ 1,567 Other ​ ​ 11,106 ​ ​ 12,566 Total accrued expenses ​ $ 83,193 ​ $ 49,867 ​ Other Loss On March 7, 2023, the Company determined that it had been a victim of a complex criminal scheme, which resulted in fraudulently-induced outbound wire transfers to a third-party account. The Company retained specialized legal counsel and a cybersecurity services firm to assist in an independent forensic investigation of the incident and the efforts to recover the funds. The Company continues to pursue efforts to recover additional funds. The total amount of the fraud loss and the professional fees, net with funds recovered, of approximately $2.8 million is reflected in other income, net, as a loss in the condensed consolidated statement of earnings for the nine months ended October 31, 2023.

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Oct. 31, 2023
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, maintenance, project development, and technical consulting services to the power generation market. The customers include primarily independent power producers, public utilities, power plant equipment suppliers and other commercial firms with significant power requirements with customer 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 construction services reportable segment provides on-site services that support new plant construction and additions, maintenance turnarounds, shutdowns and emergency mobilizations for industrial operations primarily located in the Southeast region of the U.S. and that may include the fabrication, delivery and installation of steel 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 (“VIE”) prior to its deconsolidation in the fourth quarter of the year ended January 31, 2023. 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, 2023, the condensed consolidated statements of earnings and stockholders’ equity for the three and nine months ended October 31, 2023 and 2022, and the condensed consolidated statements of cash flows for the nine months ended October 31, 2023 and 2022 are unaudited. The condensed consolidated balance sheet as of January 31, 2023 has been derived from audited consolidated 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, 2023 (“Fiscal 2023”). In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, considered necessary for a fair statement of the financial position of the Company as of October 31, 2023, 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures There are no other recently issued accounting pronouncements that have not yet been adopted that the Company considers material to its condensed consolidated financial statements.
Available-For-Sale Securities	Available-For-Sale Securities At each balance sheet date, available-for-sale (“AFS”) securities are stated at fair value, as presented below, with unrealized gains and losses, net of income taxes, reported as a component of accumulated other comprehensive loss. Interest income, accretion of discounts, amortization of premiums, and realized gains and losses are included in other income or expense, as applicable, in the Company’s condensed consolidated statement of earnings. The Company determines the cost of securities sold based on the specific identification method. The Company determines the appropriate classification of AFS securities based on whether they represent the investment of cash available for current operations, as defined in Accounting Standards Codification (“ASC”) 210-10-45-1 and ASC 210-10-45-2. The classification of the AFS securities is reevaluated at each balance sheet date. The Company evaluates whether a decline in the fair value of AFS securities below amortized cost basis is credit-related or due to other factors. If the Company intends to sell the AFS security or it is more likely than not that the Company would be required to sell the AFS security before recovery, impairment is recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. If a portion of the unrealized loss is credit-related, the impairment is recorded as an allowance on the balance sheet with a corresponding adjustment to earnings. Credit recovery is recorded as an adjustment to the allowance and earnings in the period in which credit conditions improve.
Fair Values	Fair Values ASC Topic 820 , Fair Value Measurement Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs are quoted prices for similar assets or liabilities in active markets; or quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Inputs are unobservable inputs based on a company’s own assumptions. The following table shows the Company’s financial instruments as of October 31, 2023 and January 31, 2023 that are measured and recorded at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, 2023 ​ January 31, 2023 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Level 1 ​ Level 2 ​ Level 3 ​ Inputs Inputs ​ Inputs Inputs ​ Inputs Inputs Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market fund ​ $ 127,022 ​ $ — ​ $ — ​ $ 68,647 ​ $ — ​ $ — Available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury notes ​ ​ — ​ ​ 94,700 ​ ​ — ​ ​ — ​ ​ — ​ ​ — U.S. corporate debt security ​ ​ — ​ ​ 9,217 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Totals ​ $ 127,022 ​ $ 103,917 ​ $ — ​ $ 68,647 ​ $ — ​ $ — ​ The carrying value amounts presented in the condensed consolidated balance sheets for the Company’s other current assets, including cash, certificates of deposit (“CDs”), 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
Treasury Stock	Treasury Stock Treasury stock is recorded using the cost method. Incremental direct costs to purchase treasury stock, including excise tax, are included in the cost of the shares acquired. The Company uses the average cost method to account for treasury stock. For shares of treasury stock provided for settlements or sold at a price higher than its cost, the gain is recorded to additional paid-in capital. For shares of treasury stock provided for settlements or sold at a price lower than its cost, the loss is recorded to additional paid-in capital to the extent there are previous net gains included in the account. Any losses in excess of that amount are recorded to retained earnings.

DESCRIPTION OF THE BUSINESS A_3

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Tables)	9 Months Ended
	Oct. 31, 2023
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION
Schedule of financial instruments recorded at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, 2023 ​ January 31, 2023 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Level 1 ​ Level 2 ​ Level 3 ​ Inputs Inputs ​ Inputs Inputs ​ Inputs Inputs Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market fund ​ $ 127,022 ​ $ — ​ $ — ​ $ 68,647 ​ $ — ​ $ — Available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury notes ​ ​ — ​ ​ 94,700 ​ ​ — ​ ​ — ​ ​ — ​ ​ — U.S. corporate debt security ​ ​ — ​ ​ 9,217 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Totals ​ $ 127,022 ​ $ 103,917 ​ $ — ​ $ 68,647 ​ $ — ​ $ —

REVENUES FROM CONTRACTS WITH _2

REVENUES FROM CONTRACTS WITH CUSTOMERS (Tables)	9 Months Ended
	Oct. 31, 2023
REVENUES FROM CONTRACTS WITH CUSTOMERS
Schedule of consolidated revenues disaggregated by geographical area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended October 31, ​ Nine Months Ended October 31, ​ ​ 2023 2022 ​ ​ 2023 2022 United States ​ $ 92,066 ​ $ 81,810 ​ ​ $ 239,866 ​ $ 256,031 Republic of Ireland ​ 68,359 ​ 21,833 ​ ​ 139,014 ​ 47,019 United Kingdom ​ 3,330 ​ 14,232 ​ ​ 29,899 ​ 33,212 Consolidated Revenues ​ $ 163,755 ​ $ 117,875 ​ ​ $ 408,779 ​ $ 336,262

CASH, CASH EQUIVALENTS AND IN_2

CASH, CASH EQUIVALENTS AND INVESTMENTS (Tables)	9 Months Ended
	Oct. 31, 2023
CASH, CASH EQUIVALENTS AND INVESTMENTS
Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, ​ January 31, ​ ​ 2023 2023 Short-term investments ​ $ 108,029 ​ $ 151,511 Available-for-sale securities ​ ​ 103,917 ​ ​ — Total investments ​ $ 211,946 ​ $ 151,511
Schedule of available-for-sale securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, 2023 ​ ​ ​ ​ ​ Allowance for ​ Gross ​ Gross ​ Estimated ​ ​ Amortized ​ Credit ​ Unrealized ​ Unrealized ​ Fair ​ Cost Losses Gains Losses Value U.S. Treasury notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in one to two years ​ $ 50,282 ​ $ — ​ $ 3 ​ $ 357 ​ $ 49,928 Due in two to three years ​ ​ 45,514 ​ ​ — ​ ​ — ​ ​ 742 ​ ​ 44,772 U.S. corporate debt security: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in two to three years ​ ​ 9,268 ​ ​ — ​ ​ — ​ ​ 51 ​ ​ 9,217 Totals ​ $ 105,064 ​ $ — ​ $ 3 ​ $ 1,150 ​ $ 103,917

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Oct. 31, 2023
INTANGIBLE ASSETS
Schedule of company's purchased intangible assets, other than goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, 2023 ​ January 31, 2023 ​ ​ Estimated ​ Gross ​ Accumulated ​ Net ​ Gross ​ Accumulated ​ Net ​ Useful Life Amounts Amortization Amounts Amounts Amortization Amounts Trade names ​ 15 years ​ $ 4,499 ​ $ 2,375 ​ $ 2,124 ​ $ 4,499 ​ $ 2,150 ​ $ 2,349 Customer relationships ​ 10 years ​ ​ 916 ​ ​ 725 ​ ​ 191 ​ ​ 916 ​ ​ 656 ​ ​ 260 Totals ​ ​ ​ $ 5,415 ​ $ 3,100 ​ $ 2,315 ​ $ 5,415 ​ $ 2,806 ​ $ 2,609

COMMITMENTS (Tables)

COMMITMENTS (Tables)	9 Months Ended
	Oct. 31, 2023
COMMITMENTS
Schedule of future minimum lease payments for the operating leases	​ ​ ​ ​ ​ Years Ending January 31, 2024 (remainder) $ 436 2025 ​ ​ 1,466 2026 ​ ​ 1,194 2027 ​ ​ 276 2028 ​ ​ 221 Thereafter ​ ​ 818 Total lease payments ​ ​ 4,411 Less imputed interest ​ ​ 254 Present value of lease payments ​ ​ 4,157 Less current portion (included in accrued expenses) ​ ​ 1,447 Noncurrent portion (included in noncurrent liabilities) ​ $ 2,710

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Oct. 31, 2023
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, 2023, along with corresponding weighted average per share amounts, is presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ Weighted ​ Remaining ​ Grant Date ​ ​ ​ ​ Average Exercise ​ Contractual ​ Fair Value ​ Shares Price Per Share Term (years) Per Share Outstanding, February 1, 2023 1,440 ​ $ 43.84 5.46 ​ $ 10.11 Granted ​ 10 ​ $ 39.47 ​ ​ ​ ​ ​ Exercised ​ (91) ​ $ 27.24 ​ ​ ​ ​ ​ Forfeited ​ (1) ​ $ 33.81 ​ ​ ​ ​ ​ Outstanding, October 31, 2023 ​ 1,358 ​ $ 44.93 4.89 ​ $ 10.42 Exercisable, October 31, 2023 1,230 ​ $ 45.45 ​ 4.53 ​ $ 10.70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, October 31, 2022 ​ 1,405 ​ $ 44.04 5.61 ​ $ 10.17 Exercisable, October 31, 2022 1,188 ​ $ 44.76 5.11 ​ $ 10.69
Schedule of changes in the number of non-vested options to purchase shares of common stock	The changes in the number of non-vested options to purchase shares of common stock for the nine months ended October 31, 2023, and the weighted average fair value per share for each number, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ ​ Shares Per Share Non-vested, February 1, 2023 194 ​ $ 7.27 Granted 10 ​ $ 8.12 Vested (75) ​ $ 6.62 Forfeitures ​ (1) ​ $ 5.68 Non-vested, October 31, 2023 128 ​ $ 7.72 ​ ​ ​ ​ ​ ​ Non-vested, October 31, 2022 217 ​ $ 7.33
Schedule of changes in the maximum number of shares of common stock issuable pursuant to outstanding 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, 2023, and the weighted average fair value per share for each restricted stock unit, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ ​ Shares ​ Per Share Outstanding, February 1, 2023 310 ​ $ 30.80 Awarded 104 ​ $ 31.68 Issued ​ (42) ​ $ 43.80 Forfeited ​ (49) ​ $ 15.57 Outstanding, October 31, 2023 323 ​ $ 30.59 ​ ​ ​ ​ ​ ​ Outstanding, October 31, 2022 298 ​ $ 29.42

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Oct. 31, 2023
INCOME TAXES
Schedule of actual income tax expense amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ ​ 2023 2022 ​ Computed expected income tax expense ​ $ 6,711 ​ $ 7,135 ​ Difference resulting from: ​ ​ ​ ​ ​ ​ ​ Unrecognized tax loss benefit ​ ​ 3,255 ​ ​ — ​ State income taxes, net of federal tax effect ​ 2,023 ​ 486 ​ Foreign tax rate differential ​ ​ (1,699) ​ ​ (194) ​ Excess executive compensation ​ ​ 672 ​ ​ 757 ​ Meals and entertainment expense ​ ​ 385 ​ ​ 48 ​ Research and development credits adjustment ​ ​ — ​ ​ 6,181 ​ Other permanent differences and adjustments, net ​ ​ 269 ​ ​ 97 ​ Income tax expense ​ $ 11,616 ​ $ 14,510 ​

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	9 Months Ended
	Oct. 31, 2023
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 notes): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended October 31, ​ 2023 2022 Net income ​ $ 5,464 ​ $ 7,758 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 13,328 ​ ​ 13,781 Effect of stock awards (1) ​ ​ 231 ​ ​ 31 Weighted average number of shares outstanding – diluted ​ ​ 13,559 ​ ​ 13,812 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ Basic ​ $ 0.41 ​ $ 0.56 Diluted ​ $ 0.40 ​ $ 0.56 (1) For the three months ended October 31, 2023 and 2022, the weighted average numbers of shares determined on a dilutive basis exclude the effects of antidilutive stock options and restricted stock units covering an aggregate of 690,167 and 1,146,834 shares of common stock, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended October 31, ​ 2023 2022 Net income ​ $ 20,340 ​ $ 19,465 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 13,381 ​ ​ 14,268 Effect of stock awards (1) ​ ​ 168 ​ ​ 82 Weighted average number of shares outstanding – diluted ​ ​ 13,549 ​ ​ 14,350 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ Basic ​ $ 1.52 ​ $ 1.36 Diluted ​ $ 1.50 ​ $ 1.36 (1) For the nine months ended October 31, 2023 and 2022, the weighted average numbers of shares determined on a dilutive basis exclude the effects of antidilutive stock options and restricted stock units covering an aggregate of 881,056 and 1,103,334 shares of common stock, respectively.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Oct. 31, 2023
SEGMENT REPORTING
Schedule of operating results and financial position data of the Company's reportable business segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2023 Services Services Services Other Totals Revenues ​ $ 121,300 ​ $ 38,434 ​ $ 4,021 ​ $ — ​ $ 163,755 Cost of revenues ​ 107,781 ​ 33,899 ​ 2,840 ​ — ​ 144,520 Gross profit ​ 13,519 ​ 4,535 ​ 1,181 ​ — ​ 19,235 Selling, general and administrative expenses ​ ​ 6,390 ​ ​ 1,626 ​ ​ 608 ​ ​ 2,751 ​ ​ 11,375 Income (loss) from operations ​ ​ 7,129 ​ ​ 2,909 ​ ​ 573 ​ ​ (2,751) ​ ​ 7,860 Other income, net ​ 3,391 ​ — ​ — ​ 342 ​ 3,733 Income (loss) before income taxes ​ $ 10,520 ​ $ 2,909 ​ $ 573 ​ $ (2,409) ​ 11,593 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,129 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,464 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 98 ​ $ — ​ $ — ​ $ 98 Depreciation ​ ​ 137 ​ ​ 249 ​ ​ 102 ​ ​ 1 ​ ​ 489 Property, plant and equipment additions ​ ​ 583 ​ ​ 497 ​ ​ 31 ​ ​ 1 ​ ​ 1,112 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 399,489 ​ $ 39,843 ​ $ 3,701 ​ $ 71,038 ​ $ 514,071 Current liabilities ​ ​ 244,662 ​ ​ 25,839 ​ ​ 1,801 ​ ​ 1,592 ​ ​ 273,894 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ 90 ​ ​ — ​ ​ 28,033 Total assets ​ ​ 426,466 ​ ​ 57,112 ​ ​ 6,519 ​ ​ 73,555 ​ ​ 563,652 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ October 31, 2023 Services Services Services Other Totals Revenues ​ $ 296,821 ​ $ 101,497 ​ $ 10,461 ​ $ — ​ $ 408,779 Cost of revenues ​ 255,210 ​ 88,537 ​ 7,831 ​ — ​ 351,578 Gross profit ​ 41,611 ​ 12,960 ​ 2,630 ​ — ​ 57,201 Selling, general and administrative expenses ​ 17,700 ​ ​ 4,532 ​ ​ 2,038 ​ ​ 8,197 ​ ​ 32,467 Income (loss) from operations ​ ​ 23,911 ​ ​ 8,428 ​ ​ 592 ​ ​ (8,197) ​ ​ 24,734 Other income (loss), net ​ 9,088 ​ — ​ (3) ​ (1,863) ​ 7,222 Income (loss) before income taxes ​ $ 32,999 ​ $ 8,428 ​ $ 589 ​ $ (10,060) ​ 31,956 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11,616 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 20,340 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 294 ​ $ — ​ $ — ​ $ 294 Depreciation ​ ​ 393 ​ ​ 813 ​ ​ 315 ​ ​ 3 ​ ​ 1,524 Property, plant and equipment additions ​ ​ 1,120 ​ ​ 973 ​ ​ 49 ​ ​ 1 ​ ​ 2,143 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

SUPPLEMENTAL FINANCIAL STATEM_2

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables)	9 Months Ended
	Oct. 31, 2023
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
Schedule of other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, ​ January 31, ​ ​ 2023 2023 Income tax refunds receivable and prepaid income taxes ​ $ 16,550 ​ $ 15,327 Raw materials inventory ​ ​ 12,449 ​ ​ 11,903 Prepaid expenses ​ 6,106 ​ 4,541 Other ​ ​ 6,138 ​ ​ 6,563 Total other current assets ​ $ 41,243 ​ $ 38,334
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ October 31, ​ January 31, ​ ​ 2023 2023 Accrued project costs ​ $ 52,719 ​ $ 17,448 Accrued compensation ​ ​ 17,921 ​ ​ 18,286 Lease liabilities ​ ​ 1,447 ​ ​ 1,567 Other ​ ​ 11,106 ​ ​ 12,566 Total accrued expenses ​ $ 83,193 ​ $ 49,867

DESCRIPTION OF THE BUSINESS A_4

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION - Financial Instruments on a Recurring Basis (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jan. 31, 2023
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Available-for-sale-securities	$ 103,917
Fair value, recurring | Level 1 Inputs
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Totals	127,022	$ 68,647
Fair value, recurring | Level 1 Inputs | Money market funds
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Cash and cash equivalents	127,022	$ 68,647
Fair value, recurring | Level 2 Inputs
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Totals	103,917
Fair value, recurring | Level 2 Inputs | U.S. Treasury notes
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Available-for-sale-securities	94,700
Fair value, recurring | Level 2 Inputs | U.S. corporate debt security
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Available-for-sale-securities	$ 9,217

REVENUES FROM CONTRACTS WITH _3

REVENUES FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Jan. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized	$ 53.8	$ 48.7	$ 94.2	$ 127.6
Retained amounts by project owners	$ 19.2		$ 19.2		$ 49.1
Amounts of unpriced change orders included in transaction prices	6.7		6.7		11.6
Kilroot Project | APC
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated loss	$ 7.9
Estimated loss, including reversal of net gross profit	10.7		$ 11.5
Reversal of profit	$ 2.8		$ 3.6

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]: 2023-11-01 $ in Billions	Oct. 31, 2023 USD ($)
REVENUES FROM CONTRACTS WITH CUSTOMERS
Contract backlog amount	$ 0.7
Contract backlog (as percent)	21%
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, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Disaggregation of Revenues
Totals	$ 163,755	$ 117,875	$ 408,779	$ 336,262
United States
Disaggregation of Revenues
Totals	92,066	81,810	239,866	256,031
Republic of Ireland
Disaggregation of Revenues
Totals	68,359	21,833	139,014	47,019
United Kingdom
Disaggregation of Revenues
Totals	$ 3,330	$ 14,232	$ 29,899	$ 33,212

CASH, CASH EQUIVALENTS AND IN_3

CASH, CASH EQUIVALENTS AND INVESTMENTS (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Oct. 31, 2023	Jan. 31, 2023
Cash and Cash Equivalents
Accrued dividends	$ 0.5	$ 0.3
Held-to-maturity Securities
Cash and Cash Equivalents
Maturity period	1 year	1 year
Weighted average annual interest rates of CDs (as a percent)	5.40%	2.50%
Accrued interest	$ 3	$ 1.8

CASH, CASH EQUIVALENTS AND IN_4

CASH, CASH EQUIVALENTS AND INVESTMENTS - Available-for-Sale Securities (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 31, 2023 USD ($)	Oct. 31, 2023 USD ($)
Cash and Cash Equivalents
Interest receivable	$ 800	$ 800
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration]	Investments	Investments
Net unrealized holding losses for the Company's AFS securities	$ 400	$ 1,100
Proceeds from sale of debt securities, available-for-sale	0	0
Amounts of gains or losses reclassified out of other comprehensive income	0	0
Available-for-sale securities
Amortized Cost	105,064	105,064
Gross Unrealized Gains	3	3
Gross Unrealized Losses	1,150	1,150
Fair Value	103,917	103,917
US Treasury notes
Available-for-sale securities
Amortized cost, Due in one to two years	50,282	50,282
Amortized Cost, Due in two to three years	45,514	45,514
Gross Unrealized Gains, Due in one to two years	3	3
Gross Unrealized Losses, Due in one to two years	357	357
Gross Unrealized Losses, Due in two to three years	742	742
Fair value, Due in one to two years	49,928	49,928
Fair Value, Due in two to three years	44,772	44,772
U.S. corporate debt security
Available-for-sale securities
Amortized Cost, Due in two to three years	9,268	9,268
Gross Unrealized Losses, Due in two to three years	51	51
Fair Value, Due in two to three years	$ 9,217	$ 9,217
Minimum
Cash and Cash Equivalents
Available-for-sale securities term	2 years	2 years
Maximum
Cash and Cash Equivalents
Available-for-sale securities term	3 years	3 years

CASH, CASH EQUIVALENTS AND IN_5

CASH, CASH EQUIVALENTS AND INVESTMENTS - Investments (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jan. 31, 2023
CASH, CASH EQUIVALENTS AND INVESTMENTS
Short-term investments	$ 108,029	$ 151,511
Available-for-sale-securities	103,917
Total investments	$ 211,946	$ 151,511

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Oct. 31, 2023	Jan. 31, 2023
ACCOUNTS RECEIVABLE
Allowance for uncollectible accounts	$ 1.8	$ 1.8

INTANGIBLE ASSETS - Components

INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jan. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Amounts	$ 5,415	$ 5,415
Accumulated Amortization	3,100	2,806
Net Amounts	$ 2,315	2,609
Trade Name
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	15 years
Gross Amounts	$ 4,499	4,499
Accumulated Amortization	2,375	2,150
Net Amounts	$ 2,124	2,349
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	10 years
Gross Amounts	$ 916	916
Accumulated Amortization	725	656
Net Amounts	$ 191	$ 260

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jan. 31, 2023	Oct. 31, 2022
Indefinite-Lived Intangible Assets
Goodwill	$ 28,033	$ 28,033	$ 28,033
TRC.
Indefinite-Lived Intangible Assets
Goodwill	9,500	9,500
GPS.
Indefinite-Lived Intangible Assets
Goodwill	$ 18,500	$ 18,500

INTANGIBLE ASSETS - Finite Live

INTANGIBLE ASSETS - Finite Lived Intangible Future Amortization Schedule (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jan. 31, 2023
INTANGIBLE ASSETS
2024	$ 100
2025	400
2026	400
2027	300
2028	300
Thereafter	800
Net Amounts	$ 2,315	$ 2,609

FINANCING ARRANGEMENTS (Details

FINANCING ARRANGEMENTS (Details) - USD ($) $ in Millions	Mar. 06, 2023	Oct. 31, 2023	Jan. 31, 2023
Revolving Credit Facility
Financing Arrangements
Additional commitment amount	$ 10
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Financing Arrangements
Interest rate margin on referred rate	1.60%
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		$ 13.2	$ 8.8

COMMITMENTS - Leases (Details)

COMMITMENTS - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Jan. 31, 2023
Operating leases, options to extend			true
Operating leases, options to terminate			true
Operating lease, right-of-use assets	$ 4,100		$ 4,100		$ 4,800
Operating lease expense	$ 500	$ 600	$ 1,335	$ 1,871
Weighted average lease term	53 months		53 months		58 months
Weighted average discount rate	3.80%		3.80%		3.70%
Short-term rentals expense	$ 3,400	$ 3,500	$ 10,100	$ 8,800
Unsatisfied bonded performance obligations	500,000		500,000		$ 600,000
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, 2023 USD ($)
Operating Leases
2024 (remainder)	$ 436
2025	1,466
2026	1,194
2027	276
2028	221
Thereafter	818
Total lease payments	4,411
Less imputed interest	254
Present value of lease payments	4,157
Less current portion (included in accrued expenses)	$ 1,447
Less current portion (included in accrued expenses)	Accrued expenses
Non-current portion (included in noncurrent liabilities)	$ 2,710
Non-current portion (included in noncurrent liabilities)	Noncurrent liabilities

COMMITMENTS - Warranties (Detai

COMMITMENTS - Warranties (Details)	9 Months Ended
	Oct. 31, 2023
Minimum
Warranty period	P9M
Maximum
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, 2023	Oct. 31, 2022	Jan. 31, 2023
STOCK-BASED COMPENSATION
Shares, Outstanding, Beginning balance	1,440
Shares, Granted	10
Shares, Exercised	(91)
Shares, Forfeited	(1)
Shares, Outstanding, Ending balance	1,358	1,405	1,440
Shares, Exercisable	1,230	1,188
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance	$ 43.84
Weighted Average Exercise Price Per Share, Granted	39.47
Weighted Average Exercise Price Per Share, Exercised	27.24
Weighted Average Exercise Price Per Share, Forfeited	33.81
Weighted Average Exercise Price Per Share, Outstanding, Ending balance	44.93	$ 44.04	$ 43.84
Weighted Average Exercise Price Per Share, Exercisable	$ 45.45	$ 44.76
Weighted Average Remaining Term (Years), Outstanding	4 years 10 months 20 days	5 years 7 months 9 days	5 years 5 months 15 days
Weighted Average Remaining Term (Years), Exercisable	4 years 6 months 10 days	5 years 1 month 9 days
Weighted Average Grant Date Fair Value Per Share, Outstanding	$ 10.42	$ 10.17	$ 10.11
Weighted Average Grant Date Fair Value Per Share, Exercisable	$ 10.70	$ 10.69

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, 2023	Oct. 31, 2022
STOCK-BASED COMPENSATION
Shares, Non-vested, Beginning balance	194
Shares, Granted	10
Shares, Vested	(75)
Shares, Forfeitures	(1)
Shares, Non-vested, Ending balance	128
Shares, Non-vested	128	217
Weighted Average Grant Date Fair Value Per Share, Non-vested, Beginning balance	$ 7.27
Weighted Average Grant Date Fair Value Per Share, Granted	8.12
Weighted Average Grant Date Fair Value Per Share, Vested	6.62
Weighted Average Grant Date Fair Value Per Share, Forfeitures	5.68
Weighted Average Grant Date Fair Value Per Share, Non-vested, Ending balance	7.72
Weighted Average Grant Date Fair Value Per Share, Non-vested	$ 7.72	$ 7.33

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, 2023	Oct. 31, 2022
Shares
Outstanding, Beginning balance (in shares)	310
Awarded (in shares)	104
Issued (in shares)	(42)
Forfeited (in shares)	(49)
Outstanding, Ending balance (in shares)	323
Outstanding (in shares)	323	298
Weighted Average Grant Date Fair Value Per Share
Outstanding, Beginning balance Fair value (Per share)	$ 30.80
Awarded, Fair value (Per share)	31.68
Issued, Fair value (Per share)	43.80
Forfeited, Fair value (Per share)	15.57
Outstanding, Ending balance Fair value (Per share)	30.59
Outstanding, Fair value (per share)	$ 30.59	$ 29.42

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Jun. 20, 2023	Jun. 23, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Cash dividends deemed paid on shares			1,492
Percentage Reduction In The Aggregate Fair Value Of Stock Option			88.50%
Stock compensation expense	$ 1,200	$ 1,100	$ 3,416	$ 3,055
Unrecognized compensation cost	6,400		$ 6,400
Compensation expense recognize, period			3 years
Intrinsic value of the stock options exercised			$ 1,500
Intrinsic value of outstanding stock options	6,800		6,800
Intrinsic value of exercisable stock options	$ 5,900		$ 5,900
Period used for calculations			5 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Period used for calculations			3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Period used for calculations			5 years
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares of common stock reserved for issuance					500,000	500,000
Employee Stock Option [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 reserved for issuance	2,259,896		2,259,896
Number of shares of common stock available for award	578,587		578,587
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	6,000	26,000	6,000	26,000
Earnings per share 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	15,000		15,000
ISOs/NSOs | Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Incentive stock option award maximum expiration period			10 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Incentive stock option award maximum expiration period			3 years
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	7,500	7,500	7,500
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	52,800	72,500	52,800	72,500
Senior executives | Performance-based restricted stock units | Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Period to become exercisable			3 years
Percentage of the maximum shares for the target number of shares awarded			50%

INCOME TAXES - Income Tax Expen

INCOME TAXES - Income Tax Expense Reconciliation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
INCOME TAXES
Federal corporate income tax rate (as percent)			21%	21%
Computed expected income tax expense			$ 6,711,000	$ 7,135,000
Unrecognized tax loss benefit			3,255,000
State income taxes, net of federal tax effect			2,023,000	486,000
Foreign tax rate differential			(1,699,000)	(194,000)
Excess executive compensation			672,000	757,000
Meals and entertainment expense			385,000	48,000
Research and development credits adjustment				6,181,000
Other permanent differences and adjustments, net			269,000	97,000
Income tax expense	$ 6,129,000	$ 2,551,000	11,616,000	14,510,000
Foreign income tax expense			$ 3,000,000	$ 0

INCOME TAXES - Net Operating Lo

INCOME TAXES - Net Operating Loss Carryback (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2023	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 receivable		$ 12.7

INCOME TAXES - Research and Dev

INCOME TAXES - Research and Development Tax Credits (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2023	Jan. 31, 2023
INCOME TAXES
Federal research and development tax credits	$ 5,800
Development tax credit	2,400
Income tax refunds and prepaid income taxes	$ 16,550	$ 15,327

INCOME TAXES - Solar Energy Pro

INCOME TAXES - Solar Energy Projects And Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Jan. 31, 2023
Net Investment Income [Line Items]
Investment account balances	$ 1,000		$ 1,000		$ 1,200
Remaining cash investment commitments	0		$ 0
Expected life of investment			6 years
Income Taxes Paid			$ 7,022	$ 6,310
Loss of investment			(130)	1,112
Other income (expense)
Net Investment Income [Line Items]
Loss of investment	$ 100	$ 600	$ 100	$ 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, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
NET INCOME PER SHARE
Net income	$ 5,464	$ 7,758	$ 20,340	$ 19,465
Weighted average number of shares outstanding - basic	13,328	13,781	13,381	14,268
Effects of stock awards	231	31	168	82
Weighted average number of shares outstanding - diluted	13,559	13,812	13,549	14,350
Basic (in dollars per share)	$ 0.41	$ 0.56	$ 1.52	$ 1.36
Diluted (in dollars per share)	$ 0.40	$ 0.56	$ 1.50	$ 1.36

NET INCOME PER SHARE - Addition

NET INCOME PER SHARE - Additional information (Details) - shares	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
NET INCOME PER SHARE
Antidilutive common stock	690,167	1,146,834	881,056	1,103,334

CASH DIVIDENDS AND TREASURY S_2

CASH DIVIDENDS AND TREASURY STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended					3 Months Ended				9 Months Ended
	Oct. 31, 2023	Sep. 19, 2023	Sep. 18, 2023	Jul. 31, 2023	Apr. 30, 2023	Oct. 31, 2022	Jul. 31, 2022	Apr. 30, 2022	Oct. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Apr. 30, 2022	Oct. 31, 2023	Oct. 31, 2022
CASH DIVIDENDS AND TREASURY STOCK
Percentage increase in common stock dividend		20%
Regular cash dividend declared per common stock		$ 0.30	$ 0.25	$ 0.25	$ 0.25				$ 0.30	$ 0.25	$ 0.25	$ 0.25	$ 0.80	$ 0.75
Common stock repurchases (in shares)													212,441	1,721,015
Common stock repurchased									$ 1,729	$ 10,084			$ 8,467	$ 63,252
Share price	$ 39.67					$ 36.75			$ 39.67	$ 36.75			$ 39.67	$ 36.75
Shares paid for tax withholding for share based compensation													29,058
Share-based payment													$ 47.16
Regular cash dividend paid per common stock	$ 0.25					$ 0.25	$ 0.25	$ 0.25
Treasury stock to settle stock option exercises and other share-based awards													132,656	0

CUSTOMER CONCENTRATIONS (Detail

CUSTOMER CONCENTRATIONS (Details) - customer	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Jan. 31, 2023
Customer Concentration Risk | Accounts Receivable
Customer Concentrations
Number of customers			2		3
Customer Concentration Risk | Contract Asset
Customer Concentrations
Number of customers			2		1
Customer Concentration Risk | Major Customer One | Accounts Receivable
Customer Concentrations
Percentage of major customers or segments			42%		36%
Customer Concentration Risk | Major Customer One | Contract Asset
Customer Concentrations
Percentage of major customers or segments			30%		70%
Customer Concentration Risk | Major Customer Two | Accounts Receivable
Customer Concentrations
Percentage of major customers or segments			14%		12%
Customer Concentration Risk | Major Customer Two | Contract Asset
Customer Concentrations
Percentage of major customers or segments			14%
Customer Concentration Risk | Major Customer Three | Accounts Receivable
Customer Concentrations
Percentage of major customers or segments					12%
Power Industry Services | Product Concentration Risk | Revenue
Customer Concentrations
Percentage of major customers or segments	74%	77%	73%	76%
Power Industry Services | Customer Concentration Risk | Revenue
Customer Concentrations
Number of customers	3	4	3	1
Power Industry Services | Customer Concentration Risk | Major Customer One | Revenue
Customer Concentrations
Percentage of major customers or segments	23%	33%	19%	42%
Power Industry Services | Customer Concentration Risk | Major Customer Two | Revenue
Customer Concentrations
Percentage of major customers or segments	20%	12%	17%
Power Industry Services | Customer Concentration Risk | Major Customer Three | Revenue
Customer Concentrations
Percentage of major customers or segments	17%	12%	14%
Power Industry Services | Customer Concentration Risk | Major Customer Four | Revenue
Customer Concentrations
Percentage of major customers or segments		12%
Industrial Construction Services | Product Concentration Risk | Revenue
Customer Concentrations
Percentage of major customers or segments	23%	19%	25%	20%

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Oct. 31, 2023 USD ($) segment	Oct. 31, 2022 USD ($)	Jan. 31, 2023 USD ($)
Segment Reporting Information
Operating segment | segment			1
Revenues	$ 163,755	$ 117,875	$ 408,779	$ 336,262
Cost of revenues	144,520	95,667	351,578	269,929
Gross profit	19,235	22,208	57,201	66,333
Selling, general and administrative expenses	11,375	12,667	32,467	34,226
Income (loss) from operations	7,860	9,541	24,734	32,107
Other income (loss), net	3,733	768	7,222	1,868
Income (loss) before income taxes	11,593	10,309	31,956	33,975
Income tax expense	6,129	2,551	11,616	14,510
Net income	5,464	7,758	20,340	19,465
Amortization of intangibles	98	212	294	611
Depreciation	489	740	1,524	2,296
Property, plant and equipment additions	1,112	1,944	2,143	2,582
Current assets	514,071	364,965	514,071	364,965	$ 438,702
Current liabilities	273,894	134,542	273,894	134,542	202,503
Goodwill	28,033	28,033	28,033	28,033	28,033
Total assets	563,652	410,903	563,652	410,903	$ 489,487
Other
Segment Reporting Information
Selling, general and administrative expenses	2,751	3,303	8,197	8,172
Income (loss) from operations	(2,751)	(3,303)	(8,197)	(8,172)
Other income (loss), net	342	176	(1,863)	254
Income (loss) before income taxes	(2,409)	(3,127)	(10,060)	(7,918)
Depreciation	1	1	3	3
Property, plant and equipment additions	1	4	1	4
Current assets	71,038	91,959	71,038	91,959
Current liabilities	1,592	1,179	1,592	1,179
Total assets	73,555	92,709	73,555	92,709
Power Industry Services | Operating Segments
Segment Reporting Information
Revenues	121,300	90,682	296,821	255,958
Cost of revenues	107,781	72,725	255,210	202,985
Gross profit	13,519	17,957	41,611	52,973
Selling, general and administrative expenses	6,390	6,745	17,700	18,418
Income (loss) from operations	7,129	11,212	23,911	34,555
Other income (loss), net	3,391	592	9,088	1,613
Income (loss) before income taxes	10,520	11,804	32,999	36,168
Depreciation	137	142	393	422
Property, plant and equipment additions	583	774	1,120	868
Current assets	399,489	237,575	399,489	237,575
Current liabilities	244,662	110,383	244,662	110,383
Goodwill	18,476	18,476	18,476	18,476
Total assets	426,466	261,994	426,466	261,994
Industrial Construction Services | Operating Segments
Segment Reporting Information
Revenues	38,434	22,137	101,497	67,660
Cost of revenues	33,899	18,737	88,537	56,968
Gross profit	4,535	3,400	12,960	10,692
Selling, general and administrative expenses	1,626	1,823	4,532	5,267
Income (loss) from operations	2,909	1,577	8,428	5,425
Income (loss) before income taxes	2,909	1,577	8,428	5,425
Amortization of intangibles	98	166	294	497
Depreciation	249	501	813	1,553
Property, plant and equipment additions	497	928	973	1,415
Current assets	39,843	31,355	39,843	31,355
Current liabilities	25,839	21,560	25,839	21,560
Goodwill	9,467	9,467	9,467	9,467
Total assets	57,112	48,766	57,112	48,766
Telecommunications Infrastructure Services | Operating Segments
Segment Reporting Information
Revenues	4,021	5,056	10,461	12,644
Cost of revenues	2,840	4,205	7,831	9,976
Gross profit	1,181	851	2,630	2,668
Selling, general and administrative expenses	608	796	2,038	2,369
Income (loss) from operations	573	55	592	299
Other income (loss), net			(3)	1
Income (loss) before income taxes	573	55	589	300
Amortization of intangibles		46		114
Depreciation	102	96	315	318
Property, plant and equipment additions	31	238	49	295
Current assets	3,701	4,076	3,701	4,076
Current liabilities	1,801	1,420	1,801	1,420
Goodwill	90	90	90	90
Total assets	$ 6,519	$ 7,434	$ 6,519	$ 7,434

SUPPLEMENTAL FINANCIAL STATEM_3

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Other Current Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jan. 31, 2023
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
Income tax refunds receivable and prepaid income taxes	$ 16,550	$ 15,327
Raw materials inventory	12,449	11,903
Prepaid expenses	6,106	4,541
Other	6,138	6,563
Total other current assets	$ 41,243	$ 38,334

SUPPLEMENTAL FINANCIAL STATEM_4

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Accrued Expenses (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Jan. 31, 2023
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
Accrued project costs	$ 52,719	$ 17,448
Accrued compensation	17,921	18,286
Lease liabilities	1,447	1,567
Other	11,106	12,566
Total accrued expenses	$ 83,193	$ 49,867

SUPPLEMENTAL FINANCIAL STATEM_5

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Additional Information (Details) $ in Millions	9 Months Ended
	Oct. 31, 2023 USD ($)
Fraudulently Induced Payment
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
Total amount of fraud loss and professional fee recovered	$ 2.8

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 5,464	$ 7,758	$ 20,340	$ 19,465

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Oct. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false