Argan (AGX) 10-Q 6 Jun 24 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 30, 2024	May 31, 2024
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2024
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		13,354,332
Entity Central Index Key	0000100591
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--01-31
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
REVENUES	$ 157,682	$ 103,675
Cost of revenues	139,738	89,451
GROSS PROFIT	17,944	14,224
Selling, general and administrative expenses	11,425	10,591
INCOME FROM OPERATIONS	6,519	3,633
Other income (loss), net	4,794	(629)
INCOME BEFORE INCOME TAXES	11,313	3,004
Income tax expense	3,431	895
NET INCOME	7,882	2,109
OTHER COMPREHENSIVE INCOME, NET OF TAXES
Foreign currency translation adjustments	(790)	440
Net unrealized losses on available-for-sale securities	(969)	(37)
COMPREHENSIVE INCOME	$ 6,123	$ 2,512
NET INCOME PER SHARE
Basic (in dollars per share)	$ 0.59	$ 0.16
Diluted (in dollars per share)	$ 0.58	$ 0.16
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic (in shares)	13,257	13,413
Diluted (in shares)	13,572	13,546
CASH DIVIDENDS PER SHARE	$ 0.30	$ 0.25

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 207,738	$ 197,032
Investments	208,618	215,373
Accounts receivable, net	59,960	47,326
Contract assets	54,385	48,189
Other current assets	43,625	39,259
TOTAL CURRENT ASSETS	574,326	547,179
Property, plant and equipment, net	10,825	11,021
Goodwill	28,033	28,033
Intangible assets, net	2,120	2,217
Deferred taxes, net	2,305	2,259
Right-of-use and other assets	6,799	7,520
TOTAL ASSETS	624,408	598,229
CURRENT LIABILITIES
Accounts payable	66,448	39,485
Accrued expenses	60,721	81,721
Contract liabilities	200,429	181,054
TOTAL CURRENT LIABILITIES	327,598	302,260
Noncurrent liabilities	3,655	5,030
TOTAL LIABILITIES	331,253	307,290
COMMITMENTS AND CONTINGENCIES (see Notes 8 and 9)
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; 13,350,180 and 13,242,520 shares outstanding at April 30, 2024 and January 31, 2024, respectively	2,374	2,374
Additional paid-in capital	164,501	164,183
Retained earnings	229,364	225,507
Less treasury stock, at cost - 2,478,109 and 2,585,769 shares at April 30, 2024 and January 31, 2024, respectively	(97,728)	(97,528)
Accumulated other comprehensive loss	(5,356)	(3,597)
TOTAL STOCKHOLDERS' EQUITY	293,155	290,939
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 624,408	$ 598,229

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS(Parenthetical) - $ / shares	Apr. 30, 2024	Jan. 31, 2024
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	13,350,180	13,242,520
Treasury stock, shares	2,478,109	2,585,769

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	Total
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			2,109			2,109
Foreign currency translation gain (loss)					440	440
Net unrealized losses on available-for-sale securities					(37)	(37)
Stock compensation expense		1,034				1,034
Stock option exercises and restricted stock unit settlements, net of shares withheld for exercise price and withholding taxes		(1,895)		2,439		544
Stock option exercises and restricted stock unit settlements, net of shares withheld for exercise price and withholding taxes (in shares)	65,470
Common stock repurchases				(3,681)		$ (3,681)
Common stock repurchases (in shares)	(92,656)					(92,656)
Cash dividends			(3,357)			$ (3,357)
Balances at Apr. 30, 2023	$ 2,374	161,347	206,584	(89,883)	(2,473)	277,949
Balances (in shares) at Apr. 30, 2023	13,414,404
Balances at Jan. 31, 2024	$ 2,374	164,183	225,507	(97,528)	(3,597)	290,939
Balances (in shares) at Jan. 31, 2024	13,242,520
Net income			7,882			7,882
Foreign currency translation gain (loss)					(790)	(790)
Net unrealized losses on available-for-sale securities					(969)	(969)
Stock compensation expense		1,211				$ 1,211
Stock option exercises (in shares)						249,000
Stock option exercises and restricted stock unit settlements, net of shares withheld for exercise price and withholding taxes		(893)		(13)		$ (906)
Stock option exercises and restricted stock unit settlements, net of shares withheld for exercise price and withholding taxes (in shares)	113,260
Common stock repurchases				(187)		$ (187)
Common stock repurchases (in shares)	(5,600)					(5,600)
Cash dividends			(4,025)			$ (4,025)
Balances at Apr. 30, 2024	$ 2,374	$ 164,501	$ 229,364	$ (97,728)	$ (5,356)	$ 293,155
Balances (in shares) at Apr. 30, 2024	13,350,180

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 7,882	$ 2,109
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Changes in accrued interest on investments	3,544	1,081
Stock compensation expense	1,211	1,034
Lease expense	647	439
Depreciation	480	547
Deferred income tax expense	263	147
Amortization of intangible assets	97	98
Other	(38)	57
Changes in operating assets and liabilities
Accounts receivable	(12,636)	(10,642)
Contract assets	(6,196)	19,864
Other assets	(4,422)	(4,089)
Accounts payable and accrued expenses	7,479	(26,940)
Contract liabilities	19,375	15,047
Net cash provided by (used in) operating activities	17,686	(1,248)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of short-term investments	(57,500)	(90,000)
Maturities of short-term investments	80,000	149,750
Purchases of available-for-sale securities	(29,824)	(30,355)
Maturities of available-for-sale securities	9,230
Purchases of property, plant and equipment	(322)	(645)
Investments in solar energy projects	(3,312)
Net cash (used in) provided by investing activities	(1,728)	28,750
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock repurchases	(187)	(3,681)
Payments of cash dividends	(4,025)	(3,357)
Proceeds from share-based award settlements, net of withholding taxes paid	(906)	544
Net cash used in financing activities	(5,118)	(6,494)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH	(134)	992
NET INCREASE IN CASH AND CASH EQUIVALENTS	10,706	22,000
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	197,032	173,947
CASH AND CASH EQUIVALENTS, END OF PERIOD	207,738	195,947
NON-CASH INVESTING AND FINANCING ACTIVITIES
Right-of-use assets obtained in exchange for lease obligations	542	293
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for income taxes, net of refunds	3,312	513
Cash paid for operating leases	$ 651	$ 444

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Apr. 30, 2024
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 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 and its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. In Note 15, 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 April 30, 2024, the condensed consolidated statements of earnings and stockholders’ equity for the three months ended April 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended April 30, 2024 and 2023 are unaudited. The condensed consolidated balance sheet as of January 31, 2024 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, 2024 (“Fiscal 2024”). 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 April 30, 2024, 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 November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax 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.

REVENUES FROM CONTRACTS WITH CU

REVENUES FROM CONTRACTS WITH CUSTOMERS	3 Months Ended
	Apr. 30, 2024
REVENUES FROM CONTRACTS WITH CUSTOMERS
REVENUES FROM CONTRACTS WITH CUSTOMERS	NOTE 2 – REVENUES FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenues The following table presents consolidated revenues for the three months ended April 30, 2024 and 2023, disaggregated by the geographic area where the corresponding projects were located: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended April 30, ​ 2024 2023 United States $ 124,331 ​ $ 65,244 Republic of Ireland 28,891 ​ 24,856 United Kingdom 4,460 ​ 13,575 Consolidated Revenues $ 157,682 ​ $ 103,675 ​ Revenues for projects located in Ireland and the U.K. are attributed to the power industry services segment. 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 15 to the condensed consolidated financial statements. Contract Termination For a project being performed by APC to construct a gas-fired power facility in Northern Ireland (the “Kilroot Project”), an estimated loss for the project of approximately $12.7 million has been recognized, of which $2.6 million was recorded during the three-month period ended April 30, 2024 and the remainder recorded in the prior fiscal year. On May 3, 2024, the project owner revoked the passes of the project and construction teams of APC to the construction site. APC had delivered a notice of contract breach with a 14-day resolution period. The issues were not resolved and APC terminated the contract (see Note 7). APC has significant unresolved contract variations and claims for extensions of time, among others, related to the Kilroot Project. The project owner has asserted counterclaims that the Company disputes. APC will continue to pursue all of its rights under the contract, and will do so through legal means if necessary. Contract Assets and Liabilities 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. This results in typically larger contract liability balances early in contract lives that decline over the terms of the corresponding contracts. During the three months ended April 30, 2024 and 2023, there were no unusual or one-time adjustments to contract liabilities. The amounts of revenues recognized during the three months ended April 30, 2024 and 2023, that were included in the balances of contract liabilities as of January 31, 2024 and 2023, were approximately $66.5 million and $50.9 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. The amounts retained by project owners and other customers under construction contracts at April 30, 2024 and January 31, 2024 were $24.8 million and $21.2 million, respectively. Variable Consideration Variable consideration includes 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, that 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 Company also includes in the corresponding transaction price an estimate of the amount that it expects to receive from claims based on management’s judgment regarding all reasonably available information. At April 30, 2024 and January 31, 2024, the aggregate amounts of such contract variations, that primarily related to the Kilroot Project, and that were included in the corresponding transaction prices pending customer approvals, were $9.4 million and $8.4 million, respectively. Remaining Unsatisfied Performance Obligations (“RUPO”) At April 30, 2024, the Company had RUPO of $0.8 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 67% of the RUPO amount at April 30, 2024 will be included in the amount of consolidated revenues that will be recognized during the remainder of the fiscal year ending January 31, 2025 (“Fiscal 2025”). Most of the remaining amount of the RUPO amount at April 30, 2024 is expected to be recognized in revenues during the fiscal years ending January 31, 2026 and January 31, 2027. 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 April 30, 2024. 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.

CASH, CASH EQUIVALENTS AND INVE

CASH, CASH EQUIVALENTS AND INVESTMENTS	3 Months Ended
	Apr. 30, 2024
CASH, CASH EQUIVALENTS AND INVESTMENTS
CASH, CASH EQUIVALENTS AND INVESTMENTS	NOTE 3 – CASH, CASH EQUIVALENTS AND INVESTMENTS At April 30, 2024 and January 31, 2024, 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 such obligations. Dividend income related to money market investments is recorded when earned. The balances of accrued dividends at April 30, 2024 and January 31, 2024 were $0.6 million and $0.7 million, respectively. Investments The Company’s investments consisted of the following as of April 30, 2024 and January 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, ​ January 31, ​ ​ 2024 2024 Short-term investments ​ $ 84,029 ​ $ 109,489 Available-for-sale securities ​ ​ 124,589 ​ ​ 105,884 Total investments ​ $ 208,618 ​ $ 215,373 ​ Short-Term Investments Short-term investments as of April 30, 2024 and January 31, 2024 consisted solely of certificates of deposit (“CDs”) with initial 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. The balances of accrued interest on the CDs at April 30, 2024 and January 31, 2024 were $1.5 million and $4.5 million, respectively. Interest income is recorded when earned and is included in other income. At April 30, 2024 and January 31, 2024, the weighted average annual interest rates of the outstanding CDs were 5.5% and 5.4%, respectively. Available-For-Sale Securities The Company’s available-for-sale (“AFS”) securities consisted of the following amounts of amortized cost, allowance for credit losses, gross unrealized gains and losses and estimated fair value by contractual maturity as of April 30, 2024 and January 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, 2024 ​ ​ ​ ​ ​ Allowance for ​ Gross ​ Gross ​ Estimated ​ ​ Amortized ​ Credit ​ Unrealized ​ Unrealized ​ Fair ​ Cost Losses Gains Losses Value U.S. Treasury notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due within one year ​ $ 15,032 ​ $ — ​ $ — ​ $ 167 ​ $ 14,865 Due in one to two years ​ ​ 50,557 ​ ​ — ​ ​ — ​ ​ 456 ​ ​ 50,101 Due in two to three years ​ ​ 50,004 ​ ​ — ​ ​ — ​ ​ 405 ​ ​ 49,599 U.S. corporate debt security: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in two to three years ​ ​ 10,046 ​ ​ — ​ ​ — ​ ​ 22 ​ ​ 10,024 Totals ​ $ 125,639 ​ $ — ​ $ — ​ $ 1,050 ​ $ 124,589 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 31, 2024 ​ ​ ​ ​ ​ 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 ​ $ 50,634 ​ $ — ​ $ 305 ​ $ 102 ​ $ 50,837 Due in two to three years ​ ​ 45,583 ​ ​ — ​ ​ 263 ​ ​ 128 ​ ​ 45,718 U.S. corporate debt security: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in two to three years ​ ​ 9,406 ​ ​ — ​ ​ — ​ ​ 77 ​ ​ 9,329 Totals ​ $ 105,623 ​ $ — ​ $ 568 ​ $ 307 ​ $ 105,884 As of April 30, 2024 and January 31, 2024, interest receivable in the amounts of $0.8 million and $1.3 million, respectively, were included For the three months ended April 30, 2024 and 2023, there were no sales of the Company’s AFS securities, and therefore, there were no amounts of gains or losses reclassified out of other comprehensive income into net income. The Company does not believe the unrealized losses represent credit losses based on the evaluation of evidence as of April 30, 2024, which includes an assessment of whether it is more likely than not the Company will be required to sell or intends to sell the investments before recovery of their corresponding amortized cost bases. ​ Earnings on Invested Funds Earnings on invested funds for the three months ended April 30, 2024 and 2023 were $4.5 million and $2.4 million, respectively, and are included in other income, net, in the consolidated statements of earnings. 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 April 30, 2024, approximately 2% 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.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Apr. 30, 2024
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 4 – FAIR VALUE MEASUREMENTS The following table presents the Company’s financial instruments as of April 30, 2024 and January 31, 2024 that are measured and recorded at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, 2024 ​ January 31, 2024 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Level 1 ​ Level 2 ​ Level 3 ​ Inputs Inputs ​ Inputs Inputs ​ Inputs Inputs Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market fund ​ $ 144,895 ​ $ — ​ $ — ​ $ 126,646 ​ $ — ​ $ — Available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury notes ​ ​ — ​ ​ 114,565 ​ ​ — ​ ​ — ​ ​ 96,555 ​ ​ — U.S. corporate debt security ​ ​ — ​ ​ 10,024 ​ ​ — ​ ​ — ​ ​ 9,329 ​ ​ — Totals ​ $ 144,895 ​ $ 124,589 ​ $ — ​ $ 126,646 ​ $ 105,884 ​ $ — ​

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	3 Months Ended
	Apr. 30, 2024
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE	NOTE 5 – 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 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 months ended April 30, 2024 and 2023 were insignificant. The allowance for credit losses at April 30, 2024 and January 31, 2024 was $1.8 million.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Apr. 30, 2024
INTANGIBLE ASSETS
INTANGIBLE ASSETS	NOTE 6 – INTANGIBLE ASSETS At both April 30, 2024 and January 31, 2024, 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, 2024, 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 April 30, 2024 and January 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, 2024 ​ January 31, 2024 ​ ​ Estimated ​ Gross ​ Accumulated ​ Net ​ Gross ​ Accumulated ​ Net ​ Useful Life Amounts Amortization Amounts Amounts Amortization Amounts Trade name ​ 15 years ​ $ 4,499 ​ $ 2,524 ​ $ 1,975 ​ $ 4,499 ​ $ 2,450 ​ $ 2,049 Customer relationships ​ 10 years ​ ​ 916 ​ ​ 771 ​ ​ 145 ​ ​ 916 ​ ​ 748 ​ ​ 168 Totals ​ ​ ​ $ 5,415 ​ $ 3,295 ​ $ 2,120 ​ $ 5,415 ​ $ 3,198 ​ $ 2,217 ​ The following is a schedule of future amounts of amortization related to purchased intangibles: ​ ​ ​ ​ ​ ​ Amortization Years ending January 31, ​ Expense 2025 (remainder) $ 294 2026 ​ 376 2027 ​ 300 2028 ​ 300 2029 ​ ​ 300 Thereafter ​ 550 Total ​ $ 2,120 ​

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	3 Months Ended
	Apr. 30, 2024
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS	NOTE 7 – FINANCING ARRANGEMENTS On May 24, 2024, the Company and the Bank executed the Second Amended and Restated Replacement Credit Agreement with an expiration date May 31, 2027 (the “New Credit Agreement”). The New Credit Agreement supersedes the now expired credit agreement, as amended, that was executed on May 15, 2017 with an expiration date of May 31, 2024 (the “Expired Credit Agreement”), reduces the base lending commitment amount from $50.0 million to $35.0 million, increases the letter of credit fees to be consistent with current market conditions, and establishes the interest rate for revolving loans at the Secured Overnight Financing Rate (“SOFR”) plus 1.85%. In addition to the base commitment, the new facility includes an accordion feature that allows for an additional commitment amount of $30.0 million, subject to certain conditions, that represents an increase from the $10.0 million accordion provided by the Expired Credit Agreement. The Company may use the borrowing ability to cover other credit instruments issued by the Bank for the Company’s use in the ordinary course of business as defined in the New Credit Agreement. Further, on May 31, 2024, the Company completed the negotiation of a companion facility, in the amount of $25.0 million, pursuant to which the Company’s Irish subsidiary, Atlantic Projects Company Limited (“APCL”), may cause the Bank’s European entity to issue letters of credit on its behalf that will be secured by a blanket parent company guarantee issued by Argan to the Bank. At April 30, 2024 and January 31, 2024, the Company did not have any borrowings outstanding under the Expired Credit Agreement. However, the Bank had issued a letter of credit, in support of the activities of APC for the Kilroot Project, that was outstanding in the total amount of $9.2 million as of April 30, 2024. Subsequent to April 30, 2024, the project owner made a draw for the full amount of the irrevocable letter of credit that is subject to the open and disputed contract variations and claims related to this project. 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 New Credit Agreement requires that the Company comply with certain financial covenants at its fiscal year-end and at each fiscal quarter-end. The New Credit Agreement includes other terms, covenants and events of default that are customary for a credit facility of its size and nature, including a requirement to achieve positive adjusted earnings before interest, taxes, depreciation and amortization, as defined, over each rolling twelve-month measurement period. As of April 30, 2024, the Company was in compliance with the covenants and other requirements of the New Credit Agreement that are similar to those that were included in the Expired Credit Agreement.

COMMITMENTS

COMMITMENTS	3 Months Ended
	Apr. 30, 2024
COMMITMENTS
COMMITMENTS	NOTE 8 – COMMITMENTS 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 become available and monetary damages or other costs or losses are determined to be probable, the Company would record such losses. As of April 30, 2024, the estimated amounts of the Company’s unsatisfied bonded performance obligations, covering all of its subsidiaries, was approximately $0.4 billion. As of April 30, 2024, 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, up to the amount of $3.6 million in support of business development efforts. An estimated loss related to this guarantee was recorded 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	3 Months Ended
	Apr. 30, 2024
LEGAL CONTINGENCIES
LEGAL CONTINGENCIES	NOTE 9 – 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 were no current claims and proceedings that were expected to have a material adverse effect on the condensed consolidated financial statements as of April 30, 2024. ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Apr. 30, 2024
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 10 – STOCK-BASED COMPENSATION On June 23, 2020, the Company’s stockholders approved the adoption of the 2020 Stock Plan (the “2020 Plan”). 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.” As of April 30, 2024, there were 1,920,114 shares of common stock reserved for issuance under the Stock Plans, which includes 483,679 shares of common stock available for future awards under the 2020 Plan. Expense amounts related to stock awards were $1.2 million and $1.0 million for the three months ended April 30, 2024 and 2023, respectively. At April 30, 2024, there was $8.0 million in unrecognized compensation cost related to outstanding stock awards that the Company expects to expense over the next three years. Stock Options A summary of stock option activity under the Stock Plans for the three months ended April 30, 2024 is presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Weighted- ​ ​ ​ ​ Weighted- ​ Average ​ Average ​ ​ ​ ​ Average Exercise ​ Remaining ​ Grant-Date ​ ​ ​ ​ Price ​ Contractual ​ Fair Value ​ Shares Per Share Term (years) Per Share Outstanding, February 1, 2024 1,365 ​ $ 44.95 4.67 ​ $ 10.43 Granted ​ 6 ​ $ 61.22 ​ ​ ​ ​ ​ Exercised ​ (249) ​ $ 41.58 ​ ​ ​ ​ ​ Forfeited ​ (4) ​ $ 60.07 ​ ​ ​ ​ ​ Outstanding, April 30, 2024 ​ 1,118 ​ $ 45.73 4.47 ​ $ 10.63 Exercisable, April 30, 2024 1,047 ​ $ 46.13 ​ 4.19 ​ $ 10.81 Vested or expected to vest, April 30, 2024 1,118 ​ $ 45.73 4.47 ​ $ 10.63 ​ The changes in the number of non-vested options to purchase shares of common stock for the three months ended April 30, 2024 is presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Fair Value ​ ​ Shares Per Share Non-vested, February 1, 2024 92 ​ $ 7.85 Granted 6 ​ $ 13.89 Vested (27) ​ $ 8.63 Non-vested, April 30, 2024 71 ​ $ 8.06 ​ The total intrinsic value amounts related to the stock options exercised during the three months ended April 30, 2024 and 2023 were $4.7 million and $0.7 million, respectively. At April 30, 2024, 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 by $17.8 million and $16.4 million, respectively. Restricted Stock Units The Company awards total stock return performance-based restricted stock units (“PRSUs”), earnings per share performance-based restricted stock units (“EPRSUs”), renewable energy performance-based restricted stock units (“RRSUs”), and time-based restricted stock units (“TRSUs”) 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 three months ended April 30, 2024, the Company awarded PRSUs covering a target of 5,000 shares of common stock, EPRSUs covering a target of 10,000 shares of common stock, RRSUs covering a target of 5,000 shares of common stock, TRSUs covering 37,750 shares of common stock, and 2,658 shares based on the amount of cash dividends deemed paid on shares earned pursuant to the awards. The number of shares of common stock to be issued under certain awards may exceed target shares if certain performance goals are met. The changes in the maximum number of shares of common stock issuable pursuant to outstanding restricted stock units for the three months ended April 30, 2024, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Fair Value ​ ​ Shares ​ Per Share Outstanding, February 1, 2024 348 ​ $ 30.21 Awarded 75 ​ $ 41.49 Issued ​ (50) ​ $ 42.17 Forfeited ​ (55) ​ $ 24.49 Outstanding, April 30, 2024 318 ​ $ 31.99 ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Apr. 30, 2024
INCOME TAXES
INCOME TAXES	NOTE 11 – INCOME TAXES The Company’s income tax amounts for the three months ended April 30, 2024 and 2023 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended April 30, ​ ​ 2024 2023 ​ Computed expected income tax expense ​ $ 2,376 ​ $ 631 ​ Difference resulting from: ​ ​ ​ ​ ​ ​ ​ Unrecognized tax loss benefit ​ ​ 794 ​ ​ — ​ Foreign tax rate differential ​ ​ (216) ​ ​ (198) ​ State income taxes, net of federal tax effect ​ 418 ​ 84 ​ Other permanent differences and adjustments, net ​ ​ 59 ​ ​ 378 ​ Income tax expense ​ $ 3,431 ​ $ 895 ​ ​ Net Operating Loss (“NOL”) Carryback As a result of the tax changes enacted by the Coronavirus, Aid, Relief and Economic Security Act signed into law in March 2020 (the “CARES Act”), the Company made a filing during the year ended January 31, 2021 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. At the instruction of the IRS, the Company filed amended income tax returns for Fiscal 2016 and Fiscal 2015 during Fiscal 2024; the IRS has not completed the examination and approval process for the Company’s amended tax returns and refund request. Research and Development Tax Credits During the year ended January 31, 2023 (“Fiscal 2023”), the Company filed amended federal income tax returns for Fiscal 2022 and for the year ended January 31, 2021 (“Fiscal 2021”) that included 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. In May 2023, the Company received notification that these amended federal income tax returns were selected for examination. At April 30, 2024, the examination was in its early stages of documentation requests and review. Income Tax Refunds As of April 30, 2024 and January 31, 2024, 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 $18.2 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, 2020, 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 holds equity investments in Solar Tax Credit (“STC”) investments. Primarily, the STC investments are structured as limited liability companies that invest in solar energy projects that are eligible to receive energy tax credits. During the three months ended April 30, 2024, the Company made investments of approximately $3.3 million in STC investments that were committed as of January 31, 2024. As of April 30, 2024, the Company had no remaining cash investment commitments related to its STC investments. At April 30, 2024 and January 31, 2024, the investment accounts balances were $1.4 million and $2.1 million, respectively, which are included in other assets in the condensed consolidated balance sheets. The Company has elected to use the proportional amortization method (“PAM”) for STC investments that qualify. Under PAM, an investment is amortized in proportion to the allocation of tax benefits received in each period, and the investment amortization and tax benefit amounts are presented net within income tax expense in the Company’s condensed consolidated statement of earnings. For the three months ended April 30, 2024, the Company recorded $0.7 million of investment amortization related to the STC investment that qualifies for PAM. The amount of non-income tax-related activity and other returns related to this investment was not material for the three months ended April 30, 2024. During the three months ended April 30, 2023, the Company did not have any STC investments that qualified for PAM. For the Company’s STC investments that do not qualify for PAM, the Company accounts for the investments using the equity method of accounting and includes income and losses related to the investment in other income in the Company’s condensed consolidated statements of earnings. For the three months ended April 30, 2024 and 2023, the Company recorded its share of losses of less than $0.1 million and $0.1 million, respectively, from these STC investments.

NET INCOME PER SHARE

NET INCOME PER SHARE	3 Months Ended
	Apr. 30, 2024
NET INCOME PER SHARE
NET INCOME PER SHARE	NOTE 12 – 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 April 30, ​ ​ 2024 2023 ​ Net income ​ $ 7,882 ​ $ 2,109 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 13,257 ​ ​ 13,413 ​ Effect of stock awards (1) ​ ​ 315 ​ ​ 133 ​ Weighted average number of shares outstanding – diluted ​ ​ 13,572 ​ ​ 13,546 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.59 ​ $ 0.16 ​ Diluted ​ $ 0.58 ​ $ 0.16 ​ (1) For the three months ended April 30, 2024 and 2023, 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 344,000 and 851,834 shares of common stock, respectively.

CASH DIVIDENDS AND COMMON STOCK

CASH DIVIDENDS AND COMMON STOCK REPURCHASES	3 Months Ended
	Apr. 30, 2024
CASH DIVIDENDS AND COMMON STOCK REPURCHASES
CASH DIVIDENDS AND COMMON STOCK REPURCHASES	NOTE 13 – CASH DIVIDENDS AND COMMON STOCK REPURCHASES During the three months ended April 30, 2024, the Company’s board of directors declared and the Company paid a regular quarterly cash dividend in the amount of $0.30 per share of common stock. During the three months ended April 30, 2023, the Company paid a regular quarterly dividend of $0.25 per share of common stock. Pursuant to its established program and authorizations provided by Argan’s board of directors, the Company repurchased shares of its common stock during the three months ended April 30, 2024 and 2023 and added the shares to treasury stock. During these periods, the Company repurchased 5,600 shares and 92,656 shares of common stock, all on the open market, for aggregate prices of approximately $0.3 For the three months ended April 30, 2024, the Company accepted 185,354 shares of common stock at the average price per share of $60.64 for the exercise price and/or tax withholding in connection with stock option exercises and other share-based award settlements. For the three months ended April 30, 2023, the Company did not accept any shares of common stock for such transactions. For the three months ended April 30, 2024 and 2023, the Company used 113,260 shares and 65,470 shares of treasury stock, respectively, to settle stock option exercises and other share-based awards.

CUSTOMER CONCENTRATIONS

CUSTOMER CONCENTRATIONS	3 Months Ended
	Apr. 30, 2024
CUSTOMER CONCENTRATIONS
CUSTOMER CONCENTRATIONS	NOTE 14 – CUSTOMER CONCENTRATIONS The majority of the Company’s consolidated revenues relate to performance by the power industry services segment which provided 70% and 68% of consolidated revenues for the three months ended April 30, 2024 and 2023, respectively. The industrial construction services segment represented 28% and 29% of consolidated revenues for the three months ended April 30, 2024 and 2023, respectively. The Company’s most significant customer relationships for the three months ended April 30, 2024 included two power industry services customers, which accounted for 28% and 11% of consolidated revenues. The Company’s most significant customer relationships for the three months ended April 30, 2023 included four power industry services customers, which accounted for 16%, 14%, 14% and 13% of consolidated revenues. The accounts receivable balances from three major customers represented 25%, 22% and 12% of the corresponding consolidated balance as of April 30, 2024. Accounts receivable balances from three major customers represented 16%, 14% and 14% of the corresponding consolidated balance as of January 31, 2024. The contract asset balances associated with two major customers represented 33% and 28% of the corresponding consolidated balance as of April 30, 2024. The contract asset balances associated with two major customers represented 39% and 32% of the corresponding consolidated balance as of January 31, 2024.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Apr. 30, 2024
SEGMENT REPORTING
SEGMENT REPORTING	NOTE 15 – 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 CODM, 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 months ended April 30, 2024 and 2023, 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 months ended April 30, 2024 and 2023. The “Other” column in each summary includes the Company’s corporate expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ April 30, 2024 Services Services Services Other Totals Revenues ​ $ 110,266 ​ $ 43,699 ​ $ 3,717 ​ $ — ​ $ 157,682 Cost of revenues ​ 98,992 ​ 37,879 ​ 2,867 ​ — ​ 139,738 Gross profit ​ 11,274 ​ 5,820 ​ 850 ​ — ​ 17,944 Selling, general and administrative expenses ​ ​ 6,128 ​ ​ 1,873 ​ ​ 610 ​ ​ 2,814 ​ ​ 11,425 Income (loss) from operations ​ ​ 5,146 ​ ​ 3,947 ​ ​ 240 ​ ​ (2,814) ​ ​ 6,519 Other income, net ​ 4,061 ​ 1 ​ — ​ 732 ​ 4,794 Income (loss) before income taxes ​ $ 9,207 ​ $ 3,948 ​ $ 240 ​ $ (2,082) ​ 11,313 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,431 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 7,882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 97 ​ $ — ​ $ — ​ $ 97 Depreciation ​ ​ 137 ​ ​ 245 ​ ​ 97 ​ ​ 1 ​ ​ 480 Property, plant and equipment additions ​ ​ 272 ​ ​ 32 ​ ​ 18 ​ ​ — ​ ​ 322 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 416,117 ​ $ 54,170 ​ $ 3,844 ​ $ 100,195 ​ $ 574,326 Current liabilities ​ ​ 293,979 ​ ​ 29,642 ​ ​ 1,372 ​ ​ 2,605 ​ ​ 327,598 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ 90 ​ ​ — ​ ​ 28,033 Total assets ​ ​ 443,920 ​ ​ 70,792 ​ ​ 6,516 ​ ​ 103,180 ​ ​ 624,408 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ April 30, 2023 Services Services Services Other Totals Revenues ​ $ 70,176 ​ $ 30,307 ​ $ 3,192 ​ $ — ​ $ 103,675 Cost of revenues ​ 60,335 ​ 26,562 ​ 2,554 ​ — ​ 89,451 Gross profit ​ 9,841 ​ 3,745 ​ 638 ​ — ​ 14,224 Selling, general and administrative expenses ​ 5,714 ​ ​ 1,460 ​ ​ 703 ​ ​ 2,714 ​ 10,591 Income (loss) from operations ​ ​ 4,127 ​ ​ 2,285 ​ ​ (65) ​ ​ (2,714) ​ ​ 3,633 Other income (loss), net ​ 2,090 ​ — ​ — ​ (2,719) ​ (629) Income (loss) before income taxes ​ $ 6,217 ​ $ 2,285 ​ $ (65) ​ $ (5,433) ​ 3,004 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 895 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,109 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 98 ​ $ — ​ $ — ​ $ 98 Depreciation ​ ​ 128 ​ ​ 304 ​ ​ 114 ​ ​ 1 ​ ​ 547 Property, plant and equipment additions ​ ​ 389 ​ ​ 256 ​ ​ — ​ ​ — ​ ​ 645 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 303,596 ​ $ 43,946 ​ $ 3,985 ​ $ 73,474 ​ $ 425,001 Current liabilities ​ ​ 160,564 ​ ​ 29,226 ​ ​ 1,172 ​ ​ 1,435 ​ ​ 192,397 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ 90 ​ ​ — ​ ​ 28,033 Total assets ​ ​ 330,736 ​ ​ 61,421 ​ ​ 7,071 ​ ​ 76,466 ​ ​ 475,694 ​ ​ ​

SUPPLEMENTAL FINANCIAL STATEMEN

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	3 Months Ended
	Apr. 30, 2024
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	NOTE 16 — SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Other current assets consisted of the following at April 30, 2024 and January 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, ​ January 31, ​ ​ 2024 2024 Income tax refunds receivable and prepaid income taxes ​ $ 18,252 ​ $ 18,267 Raw materials inventory ​ ​ 9,573 ​ ​ 9,985 Prepaid expenses ​ 9,595 ​ 6,035 Other ​ ​ 6,205 ​ ​ 4,972 Total other current assets ​ $ 43,625 ​ $ 39,259 ​ Accrued expenses consisted of the following at April 30, 2024 and January 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, ​ January 31, ​ ​ 2024 2024 Accrued project costs ​ $ 30,855 ​ $ 49,135 Accrued compensation ​ ​ 13,991 ​ ​ 21,206 Lease liabilities ​ ​ 3,282 ​ ​ 2,726 Other ​ ​ 12,593 ​ ​ 8,654 Total accrued expenses ​ $ 60,721 ​ $ 81,721 ​

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Apr. 30, 2024
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 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 and its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. In Note 15, 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 April 30, 2024, the condensed consolidated statements of earnings and stockholders’ equity for the three months ended April 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended April 30, 2024 and 2023 are unaudited. The condensed consolidated balance sheet as of January 31, 2024 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, 2024 (“Fiscal 2024”). 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 April 30, 2024, 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 November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax 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.

REVENUES FROM CONTRACTS WITH _2

REVENUES FROM CONTRACTS WITH CUSTOMERS (Tables)	3 Months Ended
	Apr. 30, 2024
REVENUES FROM CONTRACTS WITH CUSTOMERS
Schedule of consolidated revenues disaggregated by geographical area	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended April 30, ​ 2024 2023 United States $ 124,331 ​ $ 65,244 Republic of Ireland 28,891 ​ 24,856 United Kingdom 4,460 ​ 13,575 Consolidated Revenues $ 157,682 ​ $ 103,675

CASH, CASH EQUIVALENTS AND IN_2

CASH, CASH EQUIVALENTS AND INVESTMENTS (Tables)	3 Months Ended
	Apr. 30, 2024
CASH, CASH EQUIVALENTS AND INVESTMENTS
Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, ​ January 31, ​ ​ 2024 2024 Short-term investments ​ $ 84,029 ​ $ 109,489 Available-for-sale securities ​ ​ 124,589 ​ ​ 105,884 Total investments ​ $ 208,618 ​ $ 215,373
Schedule of available-for-sale securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, 2024 ​ ​ ​ ​ ​ Allowance for ​ Gross ​ Gross ​ Estimated ​ ​ Amortized ​ Credit ​ Unrealized ​ Unrealized ​ Fair ​ Cost Losses Gains Losses Value U.S. Treasury notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due within one year ​ $ 15,032 ​ $ — ​ $ — ​ $ 167 ​ $ 14,865 Due in one to two years ​ ​ 50,557 ​ ​ — ​ ​ — ​ ​ 456 ​ ​ 50,101 Due in two to three years ​ ​ 50,004 ​ ​ — ​ ​ — ​ ​ 405 ​ ​ 49,599 U.S. corporate debt security: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in two to three years ​ ​ 10,046 ​ ​ — ​ ​ — ​ ​ 22 ​ ​ 10,024 Totals ​ $ 125,639 ​ $ — ​ $ — ​ $ 1,050 ​ $ 124,589

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Apr. 30, 2024
FAIR VALUE MEASUREMENTS
Schedule of financial instruments recorded at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, 2024 ​ January 31, 2024 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Level 1 ​ Level 2 ​ Level 3 ​ Inputs Inputs ​ Inputs Inputs ​ Inputs Inputs Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market fund ​ $ 144,895 ​ $ — ​ $ — ​ $ 126,646 ​ $ — ​ $ — Available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury notes ​ ​ — ​ ​ 114,565 ​ ​ — ​ ​ — ​ ​ 96,555 ​ ​ — U.S. corporate debt security ​ ​ — ​ ​ 10,024 ​ ​ — ​ ​ — ​ ​ 9,329 ​ ​ — Totals ​ $ 144,895 ​ $ 124,589 ​ $ — ​ $ 126,646 ​ $ 105,884 ​ $ — ​

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Apr. 30, 2024
INTANGIBLE ASSETS
Schedule of company's purchased intangible assets, other than goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, 2024 ​ January 31, 2024 ​ ​ Estimated ​ Gross ​ Accumulated ​ Net ​ Gross ​ Accumulated ​ Net ​ Useful Life Amounts Amortization Amounts Amounts Amortization Amounts Trade name ​ 15 years ​ $ 4,499 ​ $ 2,524 ​ $ 1,975 ​ $ 4,499 ​ $ 2,450 ​ $ 2,049 Customer relationships ​ 10 years ​ ​ 916 ​ ​ 771 ​ ​ 145 ​ ​ 916 ​ ​ 748 ​ ​ 168 Totals ​ ​ ​ $ 5,415 ​ $ 3,295 ​ $ 2,120 ​ $ 5,415 ​ $ 3,198 ​ $ 2,217
Schedule of expected amortization expense	​ ​ ​ ​ ​ ​ Amortization Years ending January 31, ​ Expense 2025 (remainder) $ 294 2026 ​ 376 2027 ​ 300 2028 ​ 300 2029 ​ ​ 300 Thereafter ​ 550 Total ​ $ 2,120 ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Apr. 30, 2024
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 three months ended April 30, 2024 is presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Weighted- ​ ​ ​ ​ Weighted- ​ Average ​ Average ​ ​ ​ ​ Average Exercise ​ Remaining ​ Grant-Date ​ ​ ​ ​ Price ​ Contractual ​ Fair Value ​ Shares Per Share Term (years) Per Share Outstanding, February 1, 2024 1,365 ​ $ 44.95 4.67 ​ $ 10.43 Granted ​ 6 ​ $ 61.22 ​ ​ ​ ​ ​ Exercised ​ (249) ​ $ 41.58 ​ ​ ​ ​ ​ Forfeited ​ (4) ​ $ 60.07 ​ ​ ​ ​ ​ Outstanding, April 30, 2024 ​ 1,118 ​ $ 45.73 4.47 ​ $ 10.63 Exercisable, April 30, 2024 1,047 ​ $ 46.13 ​ 4.19 ​ $ 10.81 Vested or expected to vest, April 30, 2024 1,118 ​ $ 45.73 4.47 ​ $ 10.63
Schedule of changes in the number of non-vested options to purchase shares of common stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Fair Value ​ ​ Shares Per Share Non-vested, February 1, 2024 92 ​ $ 7.85 Granted 6 ​ $ 13.89 Vested (27) ​ $ 8.63 Non-vested, April 30, 2024 71 ​ $ 8.06
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 three months ended April 30, 2024, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Fair Value ​ ​ Shares ​ Per Share Outstanding, February 1, 2024 348 ​ $ 30.21 Awarded 75 ​ $ 41.49 Issued ​ (50) ​ $ 42.17 Forfeited ​ (55) ​ $ 24.49 Outstanding, April 30, 2024 318 ​ $ 31.99 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Apr. 30, 2024
INCOME TAXES
Schedule of actual income tax expense amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended April 30, ​ ​ 2024 2023 ​ Computed expected income tax expense ​ $ 2,376 ​ $ 631 ​ Difference resulting from: ​ ​ ​ ​ ​ ​ ​ Unrecognized tax loss benefit ​ ​ 794 ​ ​ — ​ Foreign tax rate differential ​ ​ (216) ​ ​ (198) ​ State income taxes, net of federal tax effect ​ 418 ​ 84 ​ Other permanent differences and adjustments, net ​ ​ 59 ​ ​ 378 ​ Income tax expense ​ $ 3,431 ​ $ 895 ​

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	3 Months Ended
	Apr. 30, 2024
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 April 30, ​ ​ 2024 2023 ​ Net income ​ $ 7,882 ​ $ 2,109 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 13,257 ​ ​ 13,413 ​ Effect of stock awards (1) ​ ​ 315 ​ ​ 133 ​ Weighted average number of shares outstanding – diluted ​ ​ 13,572 ​ ​ 13,546 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.59 ​ $ 0.16 ​ Diluted ​ $ 0.58 ​ $ 0.16 ​ (1) For the three months ended April 30, 2024 and 2023, 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 344,000 and 851,834 shares of common stock, respectively.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Apr. 30, 2023
SEGMENT REPORTING
Schedule of operating results and financial position data of the Company's reportable business segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ April 30, 2024 Services Services Services Other Totals Revenues ​ $ 110,266 ​ $ 43,699 ​ $ 3,717 ​ $ — ​ $ 157,682 Cost of revenues ​ 98,992 ​ 37,879 ​ 2,867 ​ — ​ 139,738 Gross profit ​ 11,274 ​ 5,820 ​ 850 ​ — ​ 17,944 Selling, general and administrative expenses ​ ​ 6,128 ​ ​ 1,873 ​ ​ 610 ​ ​ 2,814 ​ ​ 11,425 Income (loss) from operations ​ ​ 5,146 ​ ​ 3,947 ​ ​ 240 ​ ​ (2,814) ​ ​ 6,519 Other income, net ​ 4,061 ​ 1 ​ — ​ 732 ​ 4,794 Income (loss) before income taxes ​ $ 9,207 ​ $ 3,948 ​ $ 240 ​ $ (2,082) ​ 11,313 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,431 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 7,882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 97 ​ $ — ​ $ — ​ $ 97 Depreciation ​ ​ 137 ​ ​ 245 ​ ​ 97 ​ ​ 1 ​ ​ 480 Property, plant and equipment additions ​ ​ 272 ​ ​ 32 ​ ​ 18 ​ ​ — ​ ​ 322 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 416,117 ​ $ 54,170 ​ $ 3,844 ​ $ 100,195 ​ $ 574,326 Current liabilities ​ ​ 293,979 ​ ​ 29,642 ​ ​ 1,372 ​ ​ 2,605 ​ ​ 327,598 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ 90 ​ ​ — ​ ​ 28,033 Total assets ​ ​ 443,920 ​ ​ 70,792 ​ ​ 6,516 ​ ​ 103,180 ​ ​ 624,408 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ April 30, 2023 Services Services Services Other Totals Revenues ​ $ 70,176 ​ $ 30,307 ​ $ 3,192 ​ $ — ​ $ 103,675 Cost of revenues ​ 60,335 ​ 26,562 ​ 2,554 ​ — ​ 89,451 Gross profit ​ 9,841 ​ 3,745 ​ 638 ​ — ​ 14,224 Selling, general and administrative expenses ​ 5,714 ​ ​ 1,460 ​ ​ 703 ​ ​ 2,714 ​ 10,591 Income (loss) from operations ​ ​ 4,127 ​ ​ 2,285 ​ ​ (65) ​ ​ (2,714) ​ ​ 3,633 Other income (loss), net ​ 2,090 ​ — ​ — ​ (2,719) ​ (629) Income (loss) before income taxes ​ $ 6,217 ​ $ 2,285 ​ $ (65) ​ $ (5,433) ​ 3,004 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 895 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,109 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 98 ​ $ — ​ $ — ​ $ 98 Depreciation ​ ​ 128 ​ ​ 304 ​ ​ 114 ​ ​ 1 ​ ​ 547 Property, plant and equipment additions ​ ​ 389 ​ ​ 256 ​ ​ — ​ ​ — ​ ​ 645 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 303,596 ​ $ 43,946 ​ $ 3,985 ​ $ 73,474 ​ $ 425,001 Current liabilities ​ ​ 160,564 ​ ​ 29,226 ​ ​ 1,172 ​ ​ 1,435 ​ ​ 192,397 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ 90 ​ ​ — ​ ​ 28,033 Total assets ​ ​ 330,736 ​ ​ 61,421 ​ ​ 7,071 ​ ​ 76,466 ​ ​ 475,694

SUPPLEMENTAL FINANCIAL STATEM_2

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables)	3 Months Ended
	Apr. 30, 2024
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
Schedule of other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, ​ January 31, ​ ​ 2024 2024 Income tax refunds receivable and prepaid income taxes ​ $ 18,252 ​ $ 18,267 Raw materials inventory ​ ​ 9,573 ​ ​ 9,985 Prepaid expenses ​ 9,595 ​ 6,035 Other ​ ​ 6,205 ​ ​ 4,972 Total other current assets ​ $ 43,625 ​ $ 39,259
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, ​ January 31, ​ ​ 2024 2024 Accrued project costs ​ $ 30,855 ​ $ 49,135 Accrued compensation ​ ​ 13,991 ​ ​ 21,206 Lease liabilities ​ ​ 3,282 ​ ​ 2,726 Other ​ ​ 12,593 ​ ​ 8,654 Total accrued expenses ​ $ 60,721 ​ $ 81,721 ​

REVENUES FROM CONTRACTS WITH _3

REVENUES FROM CONTRACTS WITH CUSTOMERS - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Disaggregation of Revenues
Consolidated Revenues	$ 157,682	$ 103,675
United States
Disaggregation of Revenues
Consolidated Revenues	124,331	65,244
Republic of Ireland
Disaggregation of Revenues
Consolidated Revenues	28,891	24,856
United Kingdom
Disaggregation of Revenues
Consolidated Revenues	$ 4,460	$ 13,575

REVENUES FROM CONTRACTS WITH _4

REVENUES FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 30, 2024	Jan. 31, 2024	Jan. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Contract Liabilities		$ 66.5	$ 50.9
Retained amounts by project owners	$ 24.8	$ 21.2
Amounts of unpriced change orders included in transaction prices	9.4	8.4
Kilroot Project | APC
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Estimated loss	$ 12.7
Estimated loss, including reversal of net gross profit	$ 2.6

REVENUES FROM CONTRACTS WITH _5

REVENUES FROM CONTRACTS WITH CUSTOMERS - Remaining Unsatisfied Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-11-01 $ in Billions	Apr. 30, 2024 USD ($)
REVENUES FROM CONTRACTS WITH CUSTOMERS
Contract backlog amount	$ 0.8
Performance period	3 years
Contract backlog (as percent)	67%

CASH, CASH EQUIVALENTS AND IN_3

CASH, CASH EQUIVALENTS AND INVESTMENTS (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2024	Jan. 31, 2024
Cash and Cash Equivalents
Accrued dividends	$ 0.6	$ 0.7
Accrued interest		$ 1.3
Held-to-maturity Securities
Cash and Cash Equivalents
Maturity period	1 year
Weighted average annual interest rates of CDs (as a percent)	5.50%	5.40%
Accrued interest	$ 1.5	$ 4.5

CASH, CASH EQUIVALENTS AND IN_4

CASH, CASH EQUIVALENTS AND INVESTMENTS - Investments (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
CASH, CASH EQUIVALENTS AND INVESTMENTS
Short-term investments	$ 84,029	$ 109,489
Available-for-sale securities	124,589	105,884
Total investments	$ 208,618	$ 215,373

CASH, CASH EQUIVALENTS AND IN_5

CASH, CASH EQUIVALENTS AND INVESTMENTS - Available-for-Sale Securities (Details) - USD ($)	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Jan. 31, 2024
Cash and Cash Equivalents
Interest receivable	$ 800,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration]	Investments
Net unrealized holding losses for the Company's AFS securities		$ 1,000,000
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	125,639,000		$ 105,623,000
Gross Unrealized Gains			568,000
Gross Unrealized Losses	1,050,000		307,000
Fair Value, Due in within one year	14,865,000
Fair Value	124,589,000		105,884,000
US Treasury notes
Available-for-sale securities
Amortized cost, Due within one year	15,032,000
Amortized cost, Due in one to two years	50,557,000		50,634,000
Amortized Cost, Due in two to three years	50,004,000		45,583,000
Gross Unrealized Gains, Due in one to two years			305,000
Gross Unrealized Gains, Due in two to three years			263,000
Gross Unrealized Losses, Due within one year	167,000
Gross Unrealized Losses, Due in one to two years	456,000		102,000
Gross Unrealized Losses, Due in two to three years	405,000		128,000
Fair Value, Due in one to two years	50,101,000		50,837,000
Fair Value, Due in two to three years	49,599,000		45,718,000
U.S. corporate debt security
Available-for-sale securities
Amortized Cost, Due in two to three years	10,046,000		9,406,000
Gross Unrealized Losses, Due in two to three years	22,000		77,000
Fair Value, Due in two to three years	$ 10,024,000		$ 9,329,000

CASH, CASH EQUIVALENTS AND IN_6

CASH, CASH EQUIVALENTS AND INVESTMENTS - Earnings on Invested Funds (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
CASH, CASH EQUIVALENTS AND INVESTMENTS
Earnings on invested funds	$ 4.5	$ 2.4

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Instruments on a Recurring Basis (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Available-for-sale securities	$ 124,589	$ 105,884
Level 1 Inputs | Fair value, recurring
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Totals	144,895	126,646
Level 1 Inputs | Fair value, recurring | Money market funds
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Cash and cash equivalents	144,895	126,646
Level 2 Inputs | Fair value, recurring
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Totals	124,589	105,884
Level 2 Inputs | Fair value, recurring | U.S. Treasury notes
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Available-for-sale securities	114,565	96,555
Level 2 Inputs | Fair value, recurring | U.S. corporate debt security
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Available-for-sale securities	$ 10,024	$ 9,329

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Apr. 30, 2024	Jan. 31, 2024
ACCOUNTS RECEIVABLE
Allowance for uncollectible accounts	$ 1.8	$ 1.8

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024	Apr. 30, 2023
Indefinite-Lived Intangible Assets
Goodwill	$ 28,033	$ 28,033	$ 28,033
TRC.
Indefinite-Lived Intangible Assets
Goodwill	9,500
GPS.
Indefinite-Lived Intangible Assets
Goodwill	$ 18,500

INTANGIBLE ASSETS - Components

INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Amounts	$ 5,415	$ 5,415
Accumulated Amortization	3,295	3,198
Net Amounts	$ 2,120	2,217
Trade name
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	15 years
Gross Amounts	$ 4,499	4,499
Accumulated Amortization	2,524	2,450
Net Amounts	$ 1,975	2,049
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	10 years
Gross Amounts	$ 916	916
Accumulated Amortization	771	748
Net Amounts	$ 145	$ 168

INTANGIBLE ASSETS - Finite Live

INTANGIBLE ASSETS - Finite Lived Intangible Future Amortization Schedule (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
INTANGIBLE ASSETS
2025 (remainder)	$ 294
2026	376
2027	300
2028	300
2029	300
Thereafter	550
Net Amounts	$ 2,120	$ 2,217

FINANCING ARRANGEMENTS (Details

FINANCING ARRANGEMENTS (Details) - USD ($) $ in Millions	May 24, 2024	May 31, 2024	Apr. 30, 2024	May 15, 2017	May 14, 2017
Revolving Credit Facility
Financing Arrangements
Borrowing available under financing arrangements		$ 25
Additional commitment amount	$ 10
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Financing Arrangements
Interest rate margin on referred rate	1.85%
Revolving Credit Facility | Expires on May 31, 2027
Financing Arrangements
Borrowing available under financing arrangements				$ 35	$ 50
Additional commitment amount	$ 30
Letter of Credit
Financing Arrangements
Letters of credit outstanding amount			$ 9.2

COMMITMENTS - Performance Bonds

COMMITMENTS - Performance Bonds and Guarantees (Details) $ in Millions	Apr. 30, 2024 USD ($)
Unsatisfied bonded performance obligations	$ 400
GPS | Financial guarantee
Guarantor obligation maximum exposure	$ 3.6

COMMITMENTS - Warranties (Detai

COMMITMENTS - Warranties (Details)	3 Months Ended
	Apr. 30, 2024
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	3 Months Ended	12 Months Ended
	Apr. 30, 2024	Jan. 31, 2024
STOCK-BASED COMPENSATION
Shares, Outstanding, Beginning balance	1,365
Shares, Granted	6
Shares, Exercised	(249)
Shares, Forfeited	(4)
Shares, Outstanding, Ending balance	1,118	1,365
Shares, Exercisable	1,047
Shares, Vested or expected to vest	1,118
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance	$ 44.95
Weighted Average Exercise Price Per Share, Granted	61.22
Weighted Average Exercise Price Per Share, Exercised	41.58
Weighted Average Exercise Price Per Share, Forfeited	60.07
Weighted Average Exercise Price Per Share, Outstanding, Ending balance	45.73	$ 44.95
Weighted Average Exercise Price Per Share, Exercisable	46.13
Weighted Average Exercise Price Per Share, Vested or expected to vest	$ 45.73
Weighted Average Remaining Contractual Term (Years), Outstanding	4 years 5 months 19 days	4 years 8 months 1 day
Weighted Average Remaining Contractual Term (Years), Exercisable	4 years 2 months 8 days
Weighted Average Remaining Contractual Term (Years), Vested or expected to vest	4 years 5 months 19 days
Weighted Average Grant Date Fair Value Per Share, Outstanding	$ 10.63	$ 10.43
Weighted Average Grant Date Fair Value Per Share, Exercisable	10.81
Weighted Average Grant Date Fair Value Per Share, Vested or expected to vest	$ 10.63

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 in Thousands	3 Months Ended
	Apr. 30, 2024 $ / shares shares
STOCK-BASED COMPENSATION
Shares, Non-vested, Beginning balance | shares	92
Shares, Granted | shares	6
Shares, Vested | shares	(27)
Shares, Non-vested, Ending balance | shares	71
Shares, Non-vested | shares	71
Weighted Average Grant Date Fair Value Per Share, Non-vested, Beginning balance | $ / shares	$ 7.85
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares	13.89
Weighted Average Grant Date Fair Value Per Share, Vested | $ / shares	8.63
Weighted Average Grant Date Fair Value Per Share, Non-vested, Ending balance | $ / shares	8.06
Weighted Average Grant Date Fair Value Per Share, Non-vested | $ / shares	$ 8.06

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of changes in the maximum number of shares of common stock (Details) - Restricted Stock Units shares in Thousands	3 Months Ended
	Apr. 30, 2024 $ / shares shares
Shares
Outstanding, Beginning balance (in shares)	348
Awarded (in shares)	75
Issued (in shares)	(50)
Forfeited (in shares)	(55)
Outstanding, Ending balance (in shares)	318
Outstanding (in shares)	318
Weighted Average Grant Date Fair Value Per Share
Outstanding, Beginning balance Fair value (Per share) | $ / shares	$ 30.21
Awarded, Fair value (Per share) | $ / shares	41.49
Issued, Fair value (Per share) | $ / shares	42.17
Forfeited, Fair value (Per share) | $ / shares	24.49
Outstanding, Ending balance Fair value (Per share) | $ / shares	$ 31.99

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Stock compensation expense	$ 1,211	$ 1,034
Unrecognized compensation cost	$ 8,000
Compensation expense recognize, period	3 years
Intrinsic value of the stock options exercised	$ 4,700	$ 700
Intrinsic value of outstanding stock options	17,800
Intrinsic value of exercisable stock options	$ 16,400
Cash dividends deemed paid on shares	2,658
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares of common stock reserved for issuance	1,920,114
Number of shares of common stock available for award	483,679
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	5,000
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	10,000
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	5,000
Time Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
The number of shares issuable under restricted stock units awarded during the period	37,750

INCOME TAXES - Income Tax Expen

INCOME TAXES - Income Tax Expense Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
INCOME TAXES
Federal corporate income tax rate (as percent)	21%	21%
Computed expected income tax expense	$ 2,376	$ 631
Unrecognized tax loss benefit	794
Foreign tax rate differential	(216)	(198)
State income taxes, net of federal tax effect	418	84
Other permanent differences and adjustments, net	59	378
Income tax expense	$ 3,431	$ 895

INCOME TAXES - Net Operating Lo

INCOME TAXES - Net Operating Loss Carryback (Details) $ in Millions	Jan. 31, 2021 USD ($)
INCOME TAXES
Income tax receivable	$ 12.7

INCOME TAXES - Research and Dev

INCOME TAXES - Research and Development Tax Credits (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Jan. 31, 2024
INCOME TAXES
Federal research and development tax credits	$ 5,800
Development tax credit	2,400
Income tax refunds and prepaid income taxes	$ 18,252	$ 18,267

INCOME TAXES - Solar Energy Pro

INCOME TAXES - Solar Energy Projects And Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Jan. 31, 2024
Net Investment Income [Line Items]
Investment account balances	$ 1,400		$ 2,100
Payment for equity method investment	3,312
Remaining cash investment commitments	0
Amortization of Equity Investments in Solar Energy Projects	700
Amortization related to STC investment	700
Cash paid for income taxes	3,312	$ 513
Other income (expense)
Net Investment Income [Line Items]
Loss of investment	$ 100	$ 100

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
NET INCOME PER SHARE
Net income	$ 7,882	$ 2,109
Weighted average number of shares outstanding - basic	13,257	13,413
Effects of stock awards	315	133
Weighted average number of shares outstanding - diluted	13,572	13,546
Basic (in dollars per share)	$ 0.59	$ 0.16
Diluted (in dollars per share)	$ 0.58	$ 0.16

NET INCOME PER SHARE - Addition

NET INCOME PER SHARE - Additional information (Details) - shares	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
NET INCOME PER SHARE
Antidilutive common stock	344,000	851,834

CASH DIVIDENDS AND COMMON STO_2

CASH DIVIDENDS AND COMMON STOCK REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
CASH DIVIDENDS AND COMMON STOCK REPURCHASES
Regular cash dividend declared per common stock	$ 0.30	$ 0.25
Common stock repurchases (in shares)	5,600	92,656
Common stock repurchased	$ 187	$ 3,681
Share price	$ 44.87	$ 39.61
Shares paid for tax withholding for share based compensation	185,354
Share-based payment	$ 60.64
Treasury stock to settle stock option exercises and other share-based awards	113,260	65,470

CUSTOMER CONCENTRATIONS (Detail

CUSTOMER CONCENTRATIONS (Details) - customer	3 Months Ended		12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Jan. 31, 2024
Customer Concentration Risk | Accounts Receivable
Customer Concentrations
Number of customers	3		3
Customer Concentration Risk | Contract Asset
Customer Concentrations
Number of customers	2		2
Customer Concentration Risk | Major Customer One | Accounts Receivable
Customer Concentrations
Percentage of major customers or segments	25%		16%
Customer Concentration Risk | Major Customer One | Contract Asset
Customer Concentrations
Percentage of major customers or segments	33%		39%
Customer Concentration Risk | Major Customer Two | Accounts Receivable
Customer Concentrations
Percentage of major customers or segments	22%		14%
Customer Concentration Risk | Major Customer Two | Contract Asset
Customer Concentrations
Percentage of major customers or segments	28%		32%
Customer Concentration Risk | Major Customer Three | Accounts Receivable
Customer Concentrations
Percentage of major customers or segments	12%		14%
Power Industry Services | Product Concentration Risk | Revenue
Customer Concentrations
Percentage of major customers or segments	70%	68%
Power Industry Services | Customer Concentration Risk | Revenue
Customer Concentrations
Number of customers	2	4
Power Industry Services | Customer Concentration Risk | Major Customer One | Revenue
Customer Concentrations
Percentage of major customers or segments	28%	16%
Power Industry Services | Customer Concentration Risk | Major Customer Two | Revenue
Customer Concentrations
Percentage of major customers or segments	11%	14%
Power Industry Services | Customer Concentration Risk | Major Customer Three | Revenue
Customer Concentrations
Percentage of major customers or segments		14%
Power Industry Services | Customer Concentration Risk | Major Customer Four | Revenue
Customer Concentrations
Percentage of major customers or segments		13%
Industrial Construction Services | Product Concentration Risk | Revenue
Customer Concentrations
Percentage of major customers or segments	28%	29%

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended
	Apr. 30, 2024 USD ($) segment	Apr. 30, 2023 USD ($)	Jan. 31, 2024 USD ($)
Segment Reporting Information
Operating segment | segment	1
Revenues	$ 157,682	$ 103,675
Cost of revenues	139,738	89,451
Gross profit	17,944	14,224
Selling, general and administrative expenses	11,425	10,591
Income (loss) from operations	6,519	3,633
Other income (loss), net	4,794	(629)
Income (loss) before income taxes	11,313	3,004
Income tax expense	3,431	895
Net income	7,882	2,109
Amortization of intangibles	97	98
Depreciation	480	547
Property, plant and equipment additions	322	645
Current assets	574,326	425,001	$ 547,179
Current liabilities	327,598	192,397	302,260
Goodwill	28,033	28,033	28,033
Total assets	624,408	475,694	$ 598,229
Corporate, Non-Segment [Member]
Segment Reporting Information
Selling, general and administrative expenses	2,814	2,714
Income (loss) from operations	(2,814)	(2,714)
Other income (loss), net	732	(2,719)
Income (loss) before income taxes	(2,082)	(5,433)
Depreciation	1	1
Current assets	100,195	73,474
Current liabilities	2,605	1,435
Total assets	103,180	76,466
Power Industry Services | Operating Segments
Segment Reporting Information
Revenues	110,266	70,176
Cost of revenues	98,992	60,335
Gross profit	11,274	9,841
Selling, general and administrative expenses	6,128	5,714
Income (loss) from operations	5,146	4,127
Other income (loss), net	4,061	2,090
Income (loss) before income taxes	9,207	6,217
Depreciation	137	128
Property, plant and equipment additions	272	389
Current assets	416,117	303,596
Current liabilities	293,979	160,564
Goodwill	18,476	18,476
Total assets	443,920	330,736
Industrial Construction Services | Operating Segments
Segment Reporting Information
Revenues	43,699	30,307
Cost of revenues	37,879	26,562
Gross profit	5,820	3,745
Selling, general and administrative expenses	1,873	1,460
Income (loss) from operations	3,947	2,285
Other income (loss), net	1
Income (loss) before income taxes	3,948	2,285
Amortization of intangibles	97	98
Depreciation	245	304
Property, plant and equipment additions	32	256
Current assets	54,170	43,946
Current liabilities	29,642	29,226
Goodwill	9,467	9,467
Total assets	70,792	61,421
Telecommunications Infrastructure Services | Operating Segments
Segment Reporting Information
Revenues	3,717	3,192
Cost of revenues	2,867	2,554
Gross profit	850	638
Selling, general and administrative expenses	610	703
Income (loss) from operations	240	(65)
Income (loss) before income taxes	240	(65)
Depreciation	97	114
Property, plant and equipment additions	18
Current assets	3,844	3,985
Current liabilities	1,372	1,172
Goodwill	90	90
Total assets	$ 6,516	$ 7,071

SUPPLEMENTAL FINANCIAL STATEM_3

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Other Current Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
Income tax refunds receivable and prepaid income taxes	$ 18,252	$ 18,267
Raw materials inventory	9,573	9,985
Prepaid expenses	9,595	6,035
Other	6,205	4,972
Total other current assets	$ 43,625	$ 39,259

SUPPLEMENTAL FINANCIAL STATEM_4

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Accrued Expenses (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Jan. 31, 2024
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
Accrued project costs	$ 30,855	$ 49,135
Accrued compensation	13,991	21,206
Lease liabilities	3,282	2,726
Other	12,593	8,654
Total accrued expenses	$ 60,721	$ 81,721

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,882	$ 2,109

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Apr. 30, 2024
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