Argan (AGX) 10-Q 5 Sep 24 2025 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 31, 2024	Aug. 30, 2024
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 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		13,499,650
Entity Central Index Key	0000100591
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--01-31
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
REVENUES	$ 227,015	$ 141,349	$ 384,697	$ 245,024
Cost of revenues	195,910	117,607	335,648	207,058
GROSS PROFIT	31,105	23,742	49,049	37,966
Selling, general and administrative expenses	12,428	10,501	23,853	21,092
INCOME FROM OPERATIONS	18,677	13,241	25,196	16,874
Other income, net	5,604	4,118	10,398	3,489
INCOME BEFORE INCOME TAXES	24,281	17,359	35,594	20,363
Income tax expense	6,083	4,592	9,514	5,487
NET INCOME	18,198	12,767	26,080	14,876
OTHER COMPREHENSIVE INCOME, NET OF TAXES
Foreign currency translation adjustments	(186)	(185)	(976)	255
Net unrealized gains (losses) on available-for-sale securities	1,459	(683)	490	(720)
COMPREHENSIVE INCOME	$ 19,471	$ 11,899	$ 25,594	$ 14,411
NET INCOME PER SHARE
Basic (in dollars per share)	$ 1.36	$ 0.95	$ 1.96	$ 1.11
Diluted (in dollars per share)	$ 1.31	$ 0.94	$ 1.90	$ 1.10
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic (in shares)	13,403	13,403	13,331	13,408
Diluted (in shares)	13,880	13,542	13,727	13,544
CASH DIVIDENDS PER SHARE	$ 0.30	$ 0.25	$ 0.60	$ 0.50

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 232,685	$ 197,032
Investments	251,997	215,373
Accounts receivable, net	95,315	47,326
Contract assets	46,086	48,189
Other current assets	48,871	39,259
TOTAL CURRENT ASSETS	674,954	547,179
Property, plant and equipment, net	12,098	11,021
Goodwill	28,033	28,033
Intangible assets, net	2,022	2,217
Deferred taxes, net	1,637	2,259
Right-of-use and other assets	7,830	7,520
TOTAL ASSETS	726,574	598,229
CURRENT LIABILITIES
Accounts payable	99,693	39,485
Accrued expenses	61,698	81,721
Contract liabilities	253,736	181,054
TOTAL CURRENT LIABILITIES	415,127	302,260
Noncurrent liabilities	3,379	5,030
TOTAL LIABILITIES	418,506	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; 13,497,550 and 13,242,520 shares outstanding at July 31, 2024 and January 31, 2024, respectively	2,374	2,374
Additional paid-in capital	165,902	164,183
Retained earnings	243,519	225,507
Less treasury stock, at cost - 2,330,739 and 2,585,769 shares at July 31, 2024 and January 31, 2024, respectively	(99,644)	(97,528)
Accumulated other comprehensive loss	(4,083)	(3,597)
TOTAL STOCKHOLDERS' EQUITY	308,068	290,939
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 726,574	$ 598,229

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS(Parenthetical) - $ / shares	Jul. 31, 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	13,497,550	13,242,520
Treasury stock, shares	2,330,739	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			14,876			14,876
Foreign currency translation gain (loss)					255	255
Net unrealized gains (losses) on available-for-sale securities					(720)	(720)
Stock compensation expense		2,218				2,218
Stock option exercises and restricted stock unit settlements, net		(2,103)		3,050		947
Stock option exercises and restricted stock unit settlements, net (in shares)	81,851
Common stock repurchases				(6,738)		$ (6,738)
Common stock repurchases (in shares)	(169,788)					(169,788)
Cash dividends			(6,699)			$ (6,699)
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
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
Net income			12,767			12,767
Foreign currency translation gain (loss)					(185)	(185)
Net unrealized gains (losses) on available-for-sale securities					(683)	(683)
Stock compensation expense		1,184				1,184
Stock option exercises and restricted stock unit settlements, net		(208)		611		403
Stock option exercises and restricted stock unit settlements, net (in shares)	16,381
Common stock repurchases				(3,057)		(3,057)
Common stock repurchases (in shares)	(77,132)
Cash dividends			(3,342)			(3,342)
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
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			26,080			26,080
Foreign currency translation gain (loss)					(976)	(976)
Net unrealized gains (losses) on available-for-sale securities					490	490
Stock compensation expense		2,215				$ 2,215
Stock option exercises and restricted stock unit settlements (in shares)						627,000
Stock option exercises and restricted stock unit settlements, net		(496)		(1,929)		$ (2,425)
Stock option exercises and restricted stock unit settlements, net (in shares)	260,630
Common stock repurchases				(187)		$ (187)
Common stock repurchases (in shares)	(5,600)					(5,600)
Cash dividends			(8,068)			$ (8,068)
Balances at Jul. 31, 2024	$ 2,374	165,902	243,519	(99,644)	(4,083)	308,068
Balances (in shares) at Jul. 31, 2024	13,497,550
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
Net income			18,198			18,198
Foreign currency translation gain (loss)					(186)	(186)
Net unrealized gains (losses) on available-for-sale securities					1,459	1,459
Stock compensation expense		1,004				1,004
Stock option exercises and restricted stock unit settlements, net		397		(1,916)		(1,519)
Stock option exercises and restricted stock unit settlements, net (in shares)	147,370
Cash dividends			(4,043)			(4,043)
Balances at Jul. 31, 2024	$ 2,374	$ 165,902	$ 243,519	$ (99,644)	$ (4,083)	$ 308,068
Balances (in shares) at Jul. 31, 2024	13,497,550

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 26,080	$ 14,876
Adjustments to reconcile net income to net cash provided by operating activities
Changes in accrued interest on investments	2,716	(341)
Stock compensation expense	2,215	2,218
Lease expense	1,415	884
Depreciation	943	1,035
Deferred income tax expense (benefit)	469	(196)
Amortization of intangible assets	195	196
Other	995	162
Changes in operating assets and liabilities
Accounts receivable	(48,492)	5,600
Contract assets	2,103	4,031
Other assets	(10,661)	(5,176)
Accounts payable and accrued expenses	40,521	(8,931)
Contract liabilities	72,682	20,195
Net cash provided by operating activities	91,181	34,553
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of short-term investments	(57,500)	(90,000)
Maturities of short-term investments	95,000	159,750
Purchases of available-for-sale securities	(85,309)	(60,261)
Maturities of available-for-sale securities	9,230
Purchases of property, plant and equipment	(2,671)	(1,031)
Investments in solar energy projects	(3,312)
Net cash (used in) provided by investing activities	(44,562)	8,458
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock repurchases	(187)	(6,738)
Payments of cash dividends	(8,068)	(6,699)
Proceeds from share-based award settlements, net of withholding taxes paid	(2,425)	947
Net cash used in financing activities	(10,680)	(12,490)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH	(286)	331
NET INCREASE IN CASH AND CASH EQUIVALENTS	35,653	30,852
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	197,032	173,947
CASH AND CASH EQUIVALENTS, END OF PERIOD	232,685	204,799
NON-CASH INVESTING AND FINANCING ACTIVITIES
Right-of-use assets obtained in exchange for lease obligations	1,531	665
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for income taxes, net of refunds	9,138	3,270
Cash paid for operating leases	$ 1,410	$ 888

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jul. 31, 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 July 31, 2024, the condensed consolidated statements of earnings and stockholders’ equity for the three and six months ended July 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended July 31, 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 July 31, 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	6 Months Ended
	Jul. 31, 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 and six months ended July 31, 2024 and 2023, disaggregated by the geographic area where the corresponding projects were located: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 31, ​ Six Months Ended July 31, ​ ​ 2024 2023 ​ ​ 2024 2023 United States ​ $ 195,249 ​ $ 80,281 ​ ​ $ 319,580 ​ $ 147,800 Republic of Ireland ​ 28,167 ​ 48,075 ​ ​ 57,058 ​ 70,656 United Kingdom ​ 3,599 ​ 12,993 ​ ​ 8,059 ​ 26,568 Consolidated Revenues ​ $ 227,015 ​ $ 141,349 ​ ​ $ 384,697 ​ $ 245,024 ​ 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 of approximately $12.8 million has been recognized, of which $2.8 million was recorded during the six-month period ended July 31, 2024 and the remainder recorded in the prior fiscal year. APC provided 14 days’ notice to terminate as a result of project owner breaches of the contract. Those breaches were not resolved during that 14-day part of the open and disputed claims related to this project. APC and the Company believe the project owner initiated the draw without cause, and therefore, the amount should be refunded. APC has significant billable receivables, unresolved contract variations and claims for extensions of time, among other issues, related to the Kilroot Project. The project owner has asserted counterclaims that APC 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 can result in large contract liability or contract asset balances early in contract lives that decline over the terms of the corresponding contracts. During the six months ended July 31, 2024 and 2023, there were no unusual or one-time adjustments to these balances. The Company recognized the following revenues that were included in the contract liabilities balances at the beginning of the respective period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 31, ​ Six Months Ended July 31, ​ ​ 2024 2023 ​ ​ 2024 2023 Revenues recognized from contract liabilities ​ $ 90,874 ​ $ 64,735 ​ ​ $ 131,229 ​ $ 86,958 ​ 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 July 31, 2024 and January 31, 2024 were $19.0 million and $21.2 million, respectively. Variable Consideration Variable consideration includes unapproved change orders where the Company has project-owner directive for additional work or other scope changes, but has not yet obtained approval for the associated price or the corresponding additional effort. These amounts are included in the transaction price when it is considered probable that the applicable costs, including those for additional effort, 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 July 31, 2024 and January 31, 2024, the aggregate amounts of such contract variations, that primarily related to an overseas project, and that were included in the corresponding transaction prices pending customer approvals, were $11.7 million and $8.4 million, respectively. Remaining Unsatisfied Performance Obligations (“RUPO”) At July 31, 2024, the Company had RUPO of $1.0 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 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. 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	6 Months Ended
	Jul. 31, 2024
CASH, CASH EQUIVALENTS AND INVESTMENTS
CASH, CASH EQUIVALENTS AND INVESTMENTS	NOTE 3 – CASH, CASH EQUIVALENTS AND INVESTMENTS At July 31, 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 July 31, 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 July 31, 2024 and January 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, ​ January 31, ​ ​ 2024 2024 Short-term investments ​ $ 69,292 ​ $ 109,489 Available-for-sale securities ​ ​ 182,705 ​ ​ 105,884 Total investments ​ $ 251,997 ​ $ 215,373 ​ Short-Term Investments Short-term investments as of July 31, 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 July 31, 2024 and January 31, 2024 were $1.8 million and $4.5 million, respectively. Interest income is recorded when earned and is included in other income. At July 31, 2024 and January 31, 2024, the weighted average annual interest rates of the outstanding CDs were 5.4%. 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 July 31, 2024 and January 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, 2024 ​ ​ ​ ​ ​ Allowance for ​ Gross ​ Gross ​ Estimated ​ ​ Amortized ​ Credit ​ Unrealized ​ Unrealized ​ Fair ​ Cost Losses Gains Losses Value U.S. Treasury notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due within one year ​ $ 25,200 ​ $ — ​ $ 3 ​ $ 94 ​ $ 25,109 Due in one to three years ​ ​ 91,045 ​ ​ — ​ ​ 449 ​ ​ 202 ​ ​ 91,292 Due in three to five years ​ ​ 55,502 ​ ​ — ​ ​ 755 ​ ​ — ​ ​ 56,257 U.S. corporate debt security: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in one to three years ​ ​ 10,046 ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 10,047 Totals ​ $ 181,793 ​ $ — ​ $ 1,208 ​ $ 296 ​ $ 182,705 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 three years ​ $ 96,217 ​ $ — ​ $ 568 ​ $ 230 ​ $ 96,555 U.S. corporate debt security: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in one to three years ​ ​ 9,406 ​ ​ — ​ ​ — ​ ​ 77 ​ ​ 9,329 Totals ​ $ 105,623 ​ $ — ​ $ 568 ​ $ 307 ​ $ 105,884 ​ As of July 31, 2024 and January 31, 2024, interest receivable in the amounts of $1.6 million and $1.3 million, respectively, were included The Company does not believe the unrealized losses represent credit losses based on the evaluation of evidence as of July 31, 2024 and January 31, 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 Investments Earnings on investments for the three and six months ended July 31, 2024 were $4.8 million and $9.3 million, respectively, and they were $3.3 million and $5.7 million for the three and six months ended July 31, 2023, respectively. Earnings on investments 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 July 31, 2024 and January 31, 2024, approximately 1% and 12%, respectively, 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	6 Months Ended
	Jul. 31, 2024
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 4 – FAIR VALUE MEASUREMENTS The following table presents the Company’s financial instruments as of July 31, 2024 and January 31, 2024 that are measured and recorded at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, 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 ​ $ 144,956 ​ $ — ​ $ — ​ $ 126,646 ​ $ — ​ $ — Available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury notes ​ ​ — ​ ​ 172,658 ​ ​ — ​ ​ — ​ ​ 96,555 ​ ​ — U.S. corporate debt security ​ ​ — ​ ​ 10,047 ​ ​ — ​ ​ — ​ ​ 9,329 ​ ​ — Totals ​ $ 144,956 ​ $ 182,705 ​ $ — ​ $ 126,646 ​ $ 105,884 ​ $ — ​

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	6 Months Ended
	Jul. 31, 2024
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE	NOTE 5 – ACCOUNTS RECEIVABLE Accounts receivable include amounts that have been billed and amounts that are billable to customers. As of July 31, 2024, there were billable amounts related to an overseas project in the total amount of $23.9 million. The Company may extend credit to a customer without requiring tangible collateral based on an evaluation of the customer’s financial condition and other factors. 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 and six months ended July 31, 2024 was $0.5 million. The amount of the provision for credit losses for the three and six months ended July 31, 2023 were insignificant. The allowance for credit losses at July 31, 2024 and January 31, 2024 was $2.3 million and $1.8 million, respectively.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jul. 31, 2024
INTANGIBLE ASSETS
INTANGIBLE ASSETS	NOTE 6 – INTANGIBLE ASSETS At both July 31, 2024 and January 31, 2024, the goodwill balances related primarily to the GPS and TRC reporting units, and were $18.5 million million The Company’s intangible assets, other than goodwill, relate primarily to the industrial construction services segment and consisted of the following as of July 31, 2024 and January 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, 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 ​ $ 2,599 ​ $ 1,900 ​ $ 4,499 ​ $ 2,450 ​ $ 2,049 Customer relationships ​ 10 years ​ ​ 916 ​ ​ 794 ​ ​ 122 ​ ​ 916 ​ ​ 748 ​ ​ 168 Totals ​ ​ ​ $ 5,415 ​ $ 3,393 ​ $ 2,022 ​ $ 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) $ 196 2026 ​ 376 2027 ​ 300 2028 ​ 300 2029 ​ ​ 300 Thereafter ​ 550 Total ​ $ 2,022 ​

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	6 Months Ended
	Jul. 31, 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 At July 31, 2024 and January 31, 2024, the Company did not have any borrowings outstanding under the New Credit Agreement and Expired Credit Agreement, respectively. At July 31, 2024, there were no outstanding letters of credit issued under the New Credit Agreement. 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 July 31, 2024, the Company was in compliance with the covenants and other requirements of the New Credit Agreement.

COMMITMENTS

COMMITMENTS	6 Months Ended
	Jul. 31, 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 July 31, 2024, the estimated amounts of the Company’s unsatisfied bonded performance obligations, covering all of its subsidiaries, was approximately $0.3 billion. As of July 31, 2024, the outstanding amount of bonds covering other risks, including warranty obligations and contract payment retentions related to completed activities, was $19.9 million. 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	6 Months Ended
	Jul. 31, 2024
LEGAL CONTINGENCIES
LEGAL CONTINGENCIES	NOTE 9 – LEGAL CONTINGENCIES In the normal course of business, the Company may have pending claims and legal proceedings. The Company maintains accrued expense balances for the estimated amounts of legal costs expected to be billed related to any significant matter. 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 July 31, 2024. ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jul. 31, 2024
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 10 – STOCK-BASED COMPENSATION In June 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 July 31, 2024, there were 1,540,667 shares of common stock reserved for issuance under the Stock Plans, which includes 488,799 shares of common stock available for future awards under the 2020 Plan. Expense amounts related to stock awards were $1.0 million and $1.2 million for the three months ended July 31, 2024 and 2023, respectively. Expense amounts related to stock awards were $2.2 million and $2.2 million for the six months ended July 31, 2024 and 2023, respectively. At July 31, 2024, there was $6.8 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 six months ended July 31, 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 ​ (627) ​ $ 41.56 ​ ​ ​ ​ ​ Forfeited ​ (4) ​ $ 60.07 ​ ​ ​ ​ ​ Outstanding, July 31, 2024 ​ 740 ​ $ 47.87 4.81 ​ $ 10.93 Exercisable, July 31, 2024 669 ​ $ 48.72 ​ 4.43 ​ $ 11.24 Vested or expected to vest, July 31, 2024 740 ​ $ 47.87 4.81 ​ $ 10.93 ​ The changes in the number of non-vested options to purchase shares of common stock for the six months ended July 31, 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, July 31, 2024 71 ​ $ 8.06 ​ The total intrinsic value amounts related to the stock options exercised during the six months ended July 31, 2024 and 2023 were $17.1 million and $0.9 million, respectively. As of July 31, 2024, the aggregate market value of the underlying common stock outstanding and exercisable stock options that were “in-the-money” exceeded their aggregate exercise prices by $23.0 million and $20.2 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 six months ended July 31, 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 39,050 shares of common stock, and 2,738 shares based on the amount of cash dividends deemed paid on shares were earned pursuant to the awards during the period. The number of shares of common stock to be issued under certain awards may exceed the number of target shares if certain performance goals are exceeded. The changes in the maximum number of shares of common stock issuable pursuant to outstanding restricted stock units for the six months ended July 31, 2024, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Fair Value ​ ​ Shares ​ Per Share Outstanding, February 1, 2024 348 ​ $ 30.21 Granted 77 ​ $ 42.07 Issued ​ (51) ​ $ 42.14 Forfeited ​ (62) ​ $ 26.13 Outstanding, July 31, 2024 312 ​ $ 31.96 ​

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jul. 31, 2024
INCOME TAXES
INCOME TAXES	NOTE 11 – INCOME TAXES The Company’s income tax amounts for the six months ended July 31, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended July 31, ​ ​ 2024 2023 ​ Computed expected income tax expense ​ $ 7,475 ​ $ 4,276 ​ Difference resulting from: ​ ​ ​ ​ ​ ​ ​ State income taxes, net of federal tax effect ​ 1,186 ​ 455 ​ Unrecognized tax loss benefit ​ ​ 961 ​ ​ 529 ​ Excess executive compensation ​ ​ 404 ​ ​ 400 ​ Stock-based compensation windfall ​ ​ (531) ​ ​ (126) ​ Foreign tax rate differential ​ ​ (240) ​ ​ (643) ​ GILTI ​ ​ — ​ ​ 505 ​ Tax credits ​ ​ — ​ ​ (453) ​ Other permanent differences and adjustments, net ​ ​ 259 ​ ​ 544 ​ Income tax expense ​ $ 9,514 ​ $ 5,487 ​ ​ 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 July 31, 2024, the examination was in its early stages of documentation requests and review. Income Tax Refunds As of July 31, 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 amount of approximately $18.3 million. The income tax refunds included the amount expected to be received from the IRS upon its examination 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, 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 six months ended July 31, 2024, the Company made investments of approximately $3.3 million in STC investments that were committed as of January 31, 2024. As of July 31, 2024, the Company had no remaining cash investment commitments related to its STC investments. At July 31, 2024 and January 31, 2024, the investment accounts balances were $1.2 million and $2.1 million, respectively, which are included in right-of-use and 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 six months ended July 31, 2024, the Company recorded $0.7 million of investment amortization related to the STC investment that qualifies for PAM. For the three months ended July 31, 2024, the recorded amount of amortization related to this investment was not material. The amount of non-income tax-related activity and other returns related to this investment was not material for the three and six months ended July 31, 2024. During the six months ended July 31, 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 and six months ended July 31, 2024 and 2023, the Company’s share of activity from these STC investments was not material.

NET INCOME PER SHARE

NET INCOME PER SHARE	6 Months Ended
	Jul. 31, 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 July 31, ​ 2024 2023 Net income ​ $ 18,198 ​ $ 12,767 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 13,403 ​ ​ 13,403 Effect of stock awards (1) ​ ​ 477 ​ ​ 139 Weighted average number of shares outstanding – diluted ​ ​ 13,880 ​ ​ 13,542 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ Basic ​ $ 1.36 ​ $ 0.95 Diluted ​ $ 1.31 ​ $ 0.94 (1) For the three months ended July 31, 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 74,500 and 785,167 shares of common stock, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended July 31, ​ 2024 2023 Net income ​ $ 26,080 ​ $ 14,876 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 13,331 ​ ​ 13,408 Effect of stock awards (1) ​ ​ 396 ​ ​ 136 Weighted average number of shares outstanding – diluted ​ ​ 13,727 ​ ​ 13,544 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ Basic ​ $ 1.96 ​ $ 1.11 Diluted ​ $ 1.90 ​ $ 1.10 (1) For the six months ended July 31, 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 209,250 and 818,501 shares of common stock, respectively.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jul. 31, 2024
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 13 – STOCKHOLDERS’ EQUITY During the six months ended July 31, 2024, the Company’s board of directors declared two regular quarterly cash dividends, each in the amount of $0.30 per share share Pursuant to its established program and authorizations provided by Argan’s board of directors, the Company repurchased shares of its common stock during the six months ended July 31, 2024 and 2023 and added the shares to treasury stock. During these periods, the Company repurchased 5,600 shares and 169,788 shares of common stock, all on the open market, for aggregate prices of approximately $0.3 million, or $44.87 per share, and $6.7 million, or $39.45 per share, respectively. For the six months ended July 31, 2024, the Company accepted 417,431 shares of common stock at the average price per share of $68.04 for the exercise price and/or tax withholding in connection with stock option exercises and other share-based award settlements. For the six months ended July 31, 2023, the Company did not accept any shares of common stock for such transactions. For the six months ended July 31, 2024 and 2023, the Company used 260,630 shares and 81,851 shares of treasury stock, respectively, to settle stock option exercises and other share-based awards.

CUSTOMER CONCENTRATIONS

CUSTOMER CONCENTRATIONS	6 Months Ended
	Jul. 31, 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. The following schedule presents the percentage of consolidated revenues for each reportable business segment for the three and six months ended July 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 31, ​ Six Months Ended July 31, ​ ​ ​ 2024 2023 ​ ​ 2024 2023 ​ Power industry services ​ ​ 76.5 % ​ 74.5 % ​ ​ 73.8 % ​ 71.6 % Industrial construction services ​ 21.9 ​ 23.2 ​ ​ 24.3 ​ 25.7 ​ Telecommunications infrastructure services ​ 1.6 ​ 2.3 ​ ​ 1.9 ​ 2.7 ​ ​ The Company’s most significant customer relationships for the three months ended July 31, 2024 included three power industry services customers, which accounted for 27%, 14% and 12% of consolidated revenues. The Company’s most significant customer relationships for the three months ended July 31, 2023 included three power industry services customers, which accounted for 21%, 20% and 12% of consolidated revenues. The Company’s most significant customer relationships for the six months ended July 31, 2024 included three power industry services customers, which accounted for 28%, 13% and 10% of consolidated revenues. The Company’s most significant customer relationships for the six months ended July 31, 2023 included three power industry services customers and one industrial construction services customer, which accounted for 19%, 17%, 11% and 11% of consolidated revenues. The accounts receivable balances from three major customers represented 25%, 21% and 13% of the corresponding consolidated balance as of July 31, 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 five major customers represented 16%, 16%, 13%, 11% and 11% of the corresponding consolidated balance as of July 31, 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	6 Months Ended
	Jul. 31, 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 and six months ended July 31, 2024, intersegment revenues were $1.4 million. For the three and six months ended July 31, 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 and six months ended July 31, 2024 and 2023. The “Other” column in each summary includes the Company’s corporate expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2024 Services Services Services Other Totals Revenues ​ $ 173,760 ​ $ 49,642 ​ $ 3,613 ​ $ — ​ $ 227,015 Cost of revenues ​ 150,233 ​ 43,200 ​ 2,477 ​ — ​ 195,910 Gross profit ​ 23,527 ​ 6,442 ​ 1,136 ​ — ​ 31,105 Selling, general and administrative expenses ​ ​ 7,192 ​ ​ 1,965 ​ ​ 669 ​ ​ 2,602 ​ ​ 12,428 Income (loss) from operations ​ ​ 16,335 ​ ​ 4,477 ​ ​ 467 ​ ​ (2,602) ​ ​ 18,677 Other income, net ​ 4,707 ​ — ​ 3 ​ 894 ​ 5,604 Income (loss) before income taxes ​ $ 21,042 ​ $ 4,477 ​ $ 470 ​ $ (1,708) ​ 24,281 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,083 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 18,198 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 98 ​ $ — ​ $ — ​ $ 98 Depreciation ​ ​ 148 ​ ​ 210 ​ ​ 104 ​ ​ 1 ​ ​ 463 Property, plant and equipment additions ​ ​ 1,947 ​ ​ 241 ​ ​ 161 ​ ​ — ​ ​ 2,349 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 476,912 ​ $ 55,175 ​ $ 4,405 ​ $ 138,462 ​ $ 674,954 Current liabilities ​ ​ 384,477 ​ ​ 27,817 ​ ​ 1,331 ​ ​ 1,502 ​ ​ 415,127 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ 90 ​ ​ — ​ ​ 28,033 Total assets ​ ​ 506,365 ​ ​ 71,787 ​ ​ 7,041 ​ ​ 141,381 ​ ​ 726,574 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2023 Services Services Services Other Totals Revenues ​ $ 105,345 ​ $ 32,756 ​ $ 3,248 ​ $ — ​ $ 141,349 Cost of revenues ​ 87,094 ​ 28,076 ​ 2,437 ​ — ​ 117,607 Gross profit ​ 18,251 ​ 4,680 ​ 811 ​ — ​ 23,742 Selling, general and administrative expenses ​ 5,596 ​ ​ 1,446 ​ ​ 727 ​ ​ 2,732 ​ 10,501 Income (loss) from operations ​ ​ 12,655 ​ ​ 3,234 ​ ​ 84 ​ ​ (2,732) ​ ​ 13,241 Other income (loss), net ​ 3,607 ​ — ​ (3) ​ 514 ​ 4,118 Income (loss) before income taxes ​ $ 16,262 ​ $ 3,234 ​ $ 81 ​ $ (2,218) ​ 17,359 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,592 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,767 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 98 ​ $ — ​ $ — ​ $ 98 Depreciation ​ ​ 128 ​ ​ 260 ​ ​ 99 ​ ​ 1 ​ ​ 488 Property, plant and equipment additions ​ ​ 148 ​ ​ 220 ​ ​ 18 ​ ​ — ​ ​ 386 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 319,196 ​ $ 45,590 ​ $ 4,273 ​ $ 86,073 ​ $ 455,132 Current liabilities ​ ​ 183,405 ​ ​ 28,996 ​ ​ 1,717 ​ ​ 1,488 ​ ​ 215,606 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ 90 ​ ​ — ​ ​ 28,033 Total assets ​ ​ 346,192 ​ ​ 63,074 ​ ​ 7,264 ​ ​ 89,178 ​ ​ 505,708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2024 Services Services Services Other Totals Revenues ​ $ 284,026 ​ $ 93,341 ​ $ 7,330 ​ $ — ​ $ 384,697 Cost of revenues ​ 249,225 ​ 81,079 ​ 5,344 ​ — ​ 335,648 Gross profit ​ 34,801 ​ 12,262 ​ 1,986 ​ — ​ 49,049 Selling, general and administrative expenses ​ 13,320 ​ ​ 3,838 ​ ​ 1,279 ​ ​ 5,416 ​ ​ 23,853 Income (loss) from operations ​ ​ 21,481 ​ ​ 8,424 ​ ​ 707 ​ ​ (5,416) ​ ​ 25,196 Other income, net ​ 8,768 ​ 1 ​ 3 ​ 1,626 ​ 10,398 Income (loss) before income taxes ​ $ 30,249 ​ $ 8,425 ​ $ 710 ​ $ (3,790) ​ 35,594 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,514 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 26,080 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 195 ​ $ — ​ $ — ​ $ 195 Depreciation ​ ​ 285 ​ ​ 455 ​ ​ 201 ​ ​ 2 ​ ​ 943 Property, plant and equipment additions ​ ​ 2,219 ​ ​ 273 ​ ​ 179 ​ ​ — ​ ​ 2,671 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2023 Services Services Services Other Totals Revenues ​ $ 175,521 ​ $ 63,063 ​ $ 6,440 ​ $ — ​ $ 245,024 Cost of revenues ​ 147,429 ​ 54,638 ​ 4,991 ​ — ​ 207,058 Gross profit ​ 28,092 ​ 8,425 ​ 1,449 ​ — ​ 37,966 Selling, general and administrative expenses ​ 11,310 ​ ​ 2,906 ​ ​ 1,430 ​ ​ 5,446 ​ ​ 21,092 Income (loss) from operations ​ ​ 16,782 ​ ​ 5,519 ​ ​ 19 ​ ​ (5,446) ​ ​ 16,874 Other income (loss), net ​ 5,697 ​ — ​ (3) ​ (2,205) ​ 3,489 Income (loss) before income taxes ​ $ 22,479 ​ $ 5,519 ​ $ 16 ​ $ (7,651) ​ 20,363 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,487 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,876 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 196 ​ $ — ​ $ — ​ $ 196 Depreciation ​ ​ 256 ​ ​ 564 ​ ​ 213 ​ ​ 2 ​ ​ 1,035 Property, plant and equipment additions ​ ​ 537 ​ ​ 476 ​ ​ 18 ​ ​ — ​ ​ 1,031 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SUPPLEMENTAL FINANCIAL STATEMEN

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	6 Months Ended
	Jul. 31, 2024
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	NOTE 16 — SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Other current assets consisted of the following at July 31, 2024 and January 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, ​ January 31, ​ ​ 2024 2024 Income tax refunds receivable and prepaid income taxes ​ $ 18,288 ​ $ 18,267 Raw materials inventory ​ ​ 8,214 ​ ​ 9,985 Prepaid expenses ​ 8,268 ​ 6,035 Other ​ ​ 14,101 ​ ​ 4,972 Total other current assets ​ $ 48,871 ​ $ 39,259 ​ Accrued expenses consisted of the following at July 31, 2024 and January 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, ​ January 31, ​ ​ 2024 2024 Accrued project costs ​ $ 30,747 ​ $ 49,135 Accrued compensation ​ ​ 18,015 ​ ​ 21,206 Lease liabilities ​ ​ 3,696 ​ ​ 2,726 Other ​ ​ 9,240 ​ ​ 8,654 Total accrued expenses ​ $ 61,698 ​ $ 81,721 ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 18,198	$ 12,767	$ 26,080	$ 14,876

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 31, 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

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jul. 31, 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 July 31, 2024, the condensed consolidated statements of earnings and stockholders’ equity for the three and six months ended July 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended July 31, 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 July 31, 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)	6 Months Ended
	Jul. 31, 2024
REVENUES FROM CONTRACTS WITH CUSTOMERS
Schedule of consolidated revenues disaggregated by geographical area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 31, ​ Six Months Ended July 31, ​ ​ 2024 2023 ​ ​ 2024 2023 United States ​ $ 195,249 ​ $ 80,281 ​ ​ $ 319,580 ​ $ 147,800 Republic of Ireland ​ 28,167 ​ 48,075 ​ ​ 57,058 ​ 70,656 United Kingdom ​ 3,599 ​ 12,993 ​ ​ 8,059 ​ 26,568 Consolidated Revenues ​ $ 227,015 ​ $ 141,349 ​ ​ $ 384,697 ​ $ 245,024
Schedule of revenues recognized contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 31, ​ Six Months Ended July 31, ​ ​ 2024 2023 ​ ​ 2024 2023 Revenues recognized from contract liabilities ​ $ 90,874 ​ $ 64,735 ​ ​ $ 131,229 ​ $ 86,958

CASH, CASH EQUIVALENTS AND IN_2

CASH, CASH EQUIVALENTS AND INVESTMENTS (Tables)	6 Months Ended
	Jul. 31, 2024
CASH, CASH EQUIVALENTS AND INVESTMENTS
Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, ​ January 31, ​ ​ 2024 2024 Short-term investments ​ $ 69,292 ​ $ 109,489 Available-for-sale securities ​ ​ 182,705 ​ ​ 105,884 Total investments ​ $ 251,997 ​ $ 215,373
Schedule of available-for-sale securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, 2024 ​ ​ ​ ​ ​ Allowance for ​ Gross ​ Gross ​ Estimated ​ ​ Amortized ​ Credit ​ Unrealized ​ Unrealized ​ Fair ​ Cost Losses Gains Losses Value U.S. Treasury notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due within one year ​ $ 25,200 ​ $ — ​ $ 3 ​ $ 94 ​ $ 25,109 Due in one to three years ​ ​ 91,045 ​ ​ — ​ ​ 449 ​ ​ 202 ​ ​ 91,292 Due in three to five years ​ ​ 55,502 ​ ​ — ​ ​ 755 ​ ​ — ​ ​ 56,257 U.S. corporate debt security: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in one to three years ​ ​ 10,046 ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 10,047 Totals ​ $ 181,793 ​ $ — ​ $ 1,208 ​ $ 296 ​ $ 182,705 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 three years ​ $ 96,217 ​ $ — ​ $ 568 ​ $ 230 ​ $ 96,555 U.S. corporate debt security: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in one to three years ​ ​ 9,406 ​ ​ — ​ ​ — ​ ​ 77 ​ ​ 9,329 Totals ​ $ 105,623 ​ $ — ​ $ 568 ​ $ 307 ​ $ 105,884

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jul. 31, 2024
FAIR VALUE MEASUREMENTS
Schedule of financial instruments recorded at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, 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 ​ $ 144,956 ​ $ — ​ $ — ​ $ 126,646 ​ $ — ​ $ — Available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury notes ​ ​ — ​ ​ 172,658 ​ ​ — ​ ​ — ​ ​ 96,555 ​ ​ — U.S. corporate debt security ​ ​ — ​ ​ 10,047 ​ ​ — ​ ​ — ​ ​ 9,329 ​ ​ — Totals ​ $ 144,956 ​ $ 182,705 ​ $ — ​ $ 126,646 ​ $ 105,884 ​ $ — ​

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jul. 31, 2024
INTANGIBLE ASSETS
Schedule of company's purchased intangible assets, other than goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, 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 ​ $ 2,599 ​ $ 1,900 ​ $ 4,499 ​ $ 2,450 ​ $ 2,049 Customer relationships ​ 10 years ​ ​ 916 ​ ​ 794 ​ ​ 122 ​ ​ 916 ​ ​ 748 ​ ​ 168 Totals ​ ​ ​ $ 5,415 ​ $ 3,393 ​ $ 2,022 ​ $ 5,415 ​ $ 3,198 ​ $ 2,217
Schedule of expected amortization expense	​ ​ ​ ​ ​ ​ Amortization Years Ending January 31, ​ Expense 2025 (remainder) $ 196 2026 ​ 376 2027 ​ 300 2028 ​ 300 2029 ​ ​ 300 Thereafter ​ 550 Total ​ $ 2,022 ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jul. 31, 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 six months ended July 31, 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 ​ (627) ​ $ 41.56 ​ ​ ​ ​ ​ Forfeited ​ (4) ​ $ 60.07 ​ ​ ​ ​ ​ Outstanding, July 31, 2024 ​ 740 ​ $ 47.87 4.81 ​ $ 10.93 Exercisable, July 31, 2024 669 ​ $ 48.72 ​ 4.43 ​ $ 11.24 Vested or expected to vest, July 31, 2024 740 ​ $ 47.87 4.81 ​ $ 10.93
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, July 31, 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 six months ended July 31, 2024, are presented below (shares in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Fair Value ​ ​ Shares ​ Per Share Outstanding, February 1, 2024 348 ​ $ 30.21 Granted 77 ​ $ 42.07 Issued ​ (51) ​ $ 42.14 Forfeited ​ (62) ​ $ 26.13 Outstanding, July 31, 2024 312 ​ $ 31.96 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jul. 31, 2024
INCOME TAXES
Schedule of actual income tax expense amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended July 31, ​ ​ 2024 2023 ​ Computed expected income tax expense ​ $ 7,475 ​ $ 4,276 ​ Difference resulting from: ​ ​ ​ ​ ​ ​ ​ State income taxes, net of federal tax effect ​ 1,186 ​ 455 ​ Unrecognized tax loss benefit ​ ​ 961 ​ ​ 529 ​ Excess executive compensation ​ ​ 404 ​ ​ 400 ​ Stock-based compensation windfall ​ ​ (531) ​ ​ (126) ​ Foreign tax rate differential ​ ​ (240) ​ ​ (643) ​ GILTI ​ ​ — ​ ​ 505 ​ Tax credits ​ ​ — ​ ​ (453) ​ Other permanent differences and adjustments, net ​ ​ 259 ​ ​ 544 ​ Income tax expense ​ $ 9,514 ​ $ 5,487 ​

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	6 Months Ended
	Jul. 31, 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 July 31, ​ 2024 2023 Net income ​ $ 18,198 ​ $ 12,767 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 13,403 ​ ​ 13,403 Effect of stock awards (1) ​ ​ 477 ​ ​ 139 Weighted average number of shares outstanding – diluted ​ ​ 13,880 ​ ​ 13,542 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ Basic ​ $ 1.36 ​ $ 0.95 Diluted ​ $ 1.31 ​ $ 0.94 (1) For the three months ended July 31, 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 74,500 and 785,167 shares of common stock, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended July 31, ​ 2024 2023 Net income ​ $ 26,080 ​ $ 14,876 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding – basic ​ ​ 13,331 ​ ​ 13,408 Effect of stock awards (1) ​ ​ 396 ​ ​ 136 Weighted average number of shares outstanding – diluted ​ ​ 13,727 ​ ​ 13,544 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ ​ ​ ​ Basic ​ $ 1.96 ​ $ 1.11 Diluted ​ $ 1.90 ​ $ 1.10 (1) For the six months ended July 31, 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 209,250 and 818,501 shares of common stock, respectively.

CUSTOMER CONCENTRATIONS (Tables

CUSTOMER CONCENTRATIONS (Tables)	6 Months Ended
	Jul. 31, 2024
CUSTOMER CONCENTRATIONS
schedule of the percentage of consolidated revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended July 31, ​ Six Months Ended July 31, ​ ​ ​ 2024 2023 ​ ​ 2024 2023 ​ Power industry services ​ ​ 76.5 % ​ 74.5 % ​ ​ 73.8 % ​ 71.6 % Industrial construction services ​ 21.9 ​ 23.2 ​ ​ 24.3 ​ 25.7 ​ Telecommunications infrastructure services ​ 1.6 ​ 2.3 ​ ​ 1.9 ​ 2.7 ​

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jul. 31, 2024
SEGMENT REPORTING
Schedule of operating results and financial position data of the Company's reportable business segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2024 Services Services Services Other Totals Revenues ​ $ 173,760 ​ $ 49,642 ​ $ 3,613 ​ $ — ​ $ 227,015 Cost of revenues ​ 150,233 ​ 43,200 ​ 2,477 ​ — ​ 195,910 Gross profit ​ 23,527 ​ 6,442 ​ 1,136 ​ — ​ 31,105 Selling, general and administrative expenses ​ ​ 7,192 ​ ​ 1,965 ​ ​ 669 ​ ​ 2,602 ​ ​ 12,428 Income (loss) from operations ​ ​ 16,335 ​ ​ 4,477 ​ ​ 467 ​ ​ (2,602) ​ ​ 18,677 Other income, net ​ 4,707 ​ — ​ 3 ​ 894 ​ 5,604 Income (loss) before income taxes ​ $ 21,042 ​ $ 4,477 ​ $ 470 ​ $ (1,708) ​ 24,281 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,083 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 18,198 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 98 ​ $ — ​ $ — ​ $ 98 Depreciation ​ ​ 148 ​ ​ 210 ​ ​ 104 ​ ​ 1 ​ ​ 463 Property, plant and equipment additions ​ ​ 1,947 ​ ​ 241 ​ ​ 161 ​ ​ — ​ ​ 2,349 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 476,912 ​ $ 55,175 ​ $ 4,405 ​ $ 138,462 ​ $ 674,954 Current liabilities ​ ​ 384,477 ​ ​ 27,817 ​ ​ 1,331 ​ ​ 1,502 ​ ​ 415,127 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ 90 ​ ​ — ​ ​ 28,033 Total assets ​ ​ 506,365 ​ ​ 71,787 ​ ​ 7,041 ​ ​ 141,381 ​ ​ 726,574 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2023 Services Services Services Other Totals Revenues ​ $ 105,345 ​ $ 32,756 ​ $ 3,248 ​ $ — ​ $ 141,349 Cost of revenues ​ 87,094 ​ 28,076 ​ 2,437 ​ — ​ 117,607 Gross profit ​ 18,251 ​ 4,680 ​ 811 ​ — ​ 23,742 Selling, general and administrative expenses ​ 5,596 ​ ​ 1,446 ​ ​ 727 ​ ​ 2,732 ​ 10,501 Income (loss) from operations ​ ​ 12,655 ​ ​ 3,234 ​ ​ 84 ​ ​ (2,732) ​ ​ 13,241 Other income (loss), net ​ 3,607 ​ — ​ (3) ​ 514 ​ 4,118 Income (loss) before income taxes ​ $ 16,262 ​ $ 3,234 ​ $ 81 ​ $ (2,218) ​ 17,359 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,592 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,767 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 98 ​ $ — ​ $ — ​ $ 98 Depreciation ​ ​ 128 ​ ​ 260 ​ ​ 99 ​ ​ 1 ​ ​ 488 Property, plant and equipment additions ​ ​ 148 ​ ​ 220 ​ ​ 18 ​ ​ — ​ ​ 386 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ $ 319,196 ​ $ 45,590 ​ $ 4,273 ​ $ 86,073 ​ $ 455,132 Current liabilities ​ ​ 183,405 ​ ​ 28,996 ​ ​ 1,717 ​ ​ 1,488 ​ ​ 215,606 Goodwill ​ ​ 18,476 ​ ​ 9,467 ​ ​ 90 ​ ​ — ​ ​ 28,033 Total assets ​ ​ 346,192 ​ ​ 63,074 ​ ​ 7,264 ​ ​ 89,178 ​ ​ 505,708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2024 Services Services Services Other Totals Revenues ​ $ 284,026 ​ $ 93,341 ​ $ 7,330 ​ $ — ​ $ 384,697 Cost of revenues ​ 249,225 ​ 81,079 ​ 5,344 ​ — ​ 335,648 Gross profit ​ 34,801 ​ 12,262 ​ 1,986 ​ — ​ 49,049 Selling, general and administrative expenses ​ 13,320 ​ ​ 3,838 ​ ​ 1,279 ​ ​ 5,416 ​ ​ 23,853 Income (loss) from operations ​ ​ 21,481 ​ ​ 8,424 ​ ​ 707 ​ ​ (5,416) ​ ​ 25,196 Other income, net ​ 8,768 ​ 1 ​ 3 ​ 1,626 ​ 10,398 Income (loss) before income taxes ​ $ 30,249 ​ $ 8,425 ​ $ 710 ​ $ (3,790) ​ 35,594 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,514 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 26,080 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 195 ​ $ — ​ $ — ​ $ 195 Depreciation ​ ​ 285 ​ ​ 455 ​ ​ 201 ​ ​ 2 ​ ​ 943 Property, plant and equipment additions ​ ​ 2,219 ​ ​ 273 ​ ​ 179 ​ ​ — ​ ​ 2,671 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ Power ​ Industrial ​ Telecom ​ ​ ​ ​ July 31, 2023 Services Services Services Other Totals Revenues ​ $ 175,521 ​ $ 63,063 ​ $ 6,440 ​ $ — ​ $ 245,024 Cost of revenues ​ 147,429 ​ 54,638 ​ 4,991 ​ — ​ 207,058 Gross profit ​ 28,092 ​ 8,425 ​ 1,449 ​ — ​ 37,966 Selling, general and administrative expenses ​ 11,310 ​ ​ 2,906 ​ ​ 1,430 ​ ​ 5,446 ​ ​ 21,092 Income (loss) from operations ​ ​ 16,782 ​ ​ 5,519 ​ ​ 19 ​ ​ (5,446) ​ ​ 16,874 Other income (loss), net ​ 5,697 ​ — ​ (3) ​ (2,205) ​ 3,489 Income (loss) before income taxes ​ $ 22,479 ​ $ 5,519 ​ $ 16 ​ $ (7,651) ​ 20,363 Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,487 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 14,876 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of intangibles ​ $ — ​ $ 196 ​ $ — ​ $ — ​ $ 196 Depreciation ​ ​ 256 ​ ​ 564 ​ ​ 213 ​ ​ 2 ​ ​ 1,035 Property, plant and equipment additions ​ ​ 537 ​ ​ 476 ​ ​ 18 ​ ​ — ​ ​ 1,031 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SUPPLEMENTAL FINANCIAL STATEM_2

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables)	6 Months Ended
	Jul. 31, 2024
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
Schedule of other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, ​ January 31, ​ ​ 2024 2024 Income tax refunds receivable and prepaid income taxes ​ $ 18,288 ​ $ 18,267 Raw materials inventory ​ ​ 8,214 ​ ​ 9,985 Prepaid expenses ​ 8,268 ​ 6,035 Other ​ ​ 14,101 ​ ​ 4,972 Total other current assets ​ $ 48,871 ​ $ 39,259
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, ​ January 31, ​ ​ 2024 2024 Accrued project costs ​ $ 30,747 ​ $ 49,135 Accrued compensation ​ ​ 18,015 ​ ​ 21,206 Lease liabilities ​ ​ 3,696 ​ ​ 2,726 Other ​ ​ 9,240 ​ ​ 8,654 Total accrued expenses ​ $ 61,698 ​ $ 81,721 ​

REVENUES FROM CONTRACTS WITH _3

REVENUES FROM CONTRACTS WITH CUSTOMERS - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Disaggregation of Revenues
Consolidated Revenues	$ 227,015	$ 141,349	$ 384,697	$ 245,024
United States
Disaggregation of Revenues
Consolidated Revenues	195,249	80,281	319,580	147,800
Republic of Ireland
Disaggregation of Revenues
Consolidated Revenues	28,167	48,075	57,058	70,656
United Kingdom
Disaggregation of Revenues
Consolidated Revenues	$ 3,599	$ 12,993	$ 8,059	$ 26,568

REVENUES FROM CONTRACTS WITH _4

REVENUES FROM CONTRACTS WITH CUSTOMERS - Contract Termination (Details) - USD ($) $ in Thousands			6 Months Ended
	May 04, 2024	May 03, 2024	Jul. 31, 2024	Jan. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Contract assets			$ 46,086	$ 48,189
Atlantic Projects Company Limited
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Amounts drawn against this letter of credit.	$ 9,200
Kilroot Project | Atlantic Projects Company Limited
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Estimated loss			12,800
Estimated loss, including reversal of net gross profit			$ 2,800
Termination period		14 days

REVENUES FROM CONTRACTS WITH _5

REVENUES FROM CONTRACTS WITH CUSTOMERS - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Jan. 31, 2024
REVENUES FROM CONTRACTS WITH CUSTOMERS
Revenues recognized from contract liabilities	$ 90,874	$ 64,735	$ 131,229	$ 86,958
Retained amounts by project owners	$ 19,000		$ 19,000		$ 21,200

REVENUES FROM CONTRACTS WITH _6

REVENUES FROM CONTRACTS WITH CUSTOMERS - Variable Consideration (Details) - USD ($) $ in Millions	Jul. 31, 2024	Jan. 31, 2024
REVENUES FROM CONTRACTS WITH CUSTOMERS
Amounts of unpriced change orders included in transaction prices	11.7	8.4

REVENUES FROM CONTRACTS WITH _7

REVENUES FROM CONTRACTS WITH CUSTOMERS - Remaining Unsatisfied Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-01 $ in Billions	Jul. 31, 2024 USD ($)
REVENUES FROM CONTRACTS WITH CUSTOMERS
Contract backlog amount	$ 1
Performance period	3 years
Contract backlog (as percent)	42%
Minimum
REVENUES FROM CONTRACTS WITH CUSTOMERS
Performance period	1 year
Maximum
REVENUES FROM CONTRACTS WITH CUSTOMERS
Performance period	3 years

CASH, CASH EQUIVALENTS AND IN_3

CASH, CASH EQUIVALENTS AND INVESTMENTS (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2024	Jan. 31, 2024
Cash and Cash Equivalents
Accrued dividends	$ 0.6	$ 0.7
Accrued interest	$ 1.6	$ 1.3
Held-to-maturity Securities
Cash and Cash Equivalents
Maturity period	1 year
Weighted average annual interest rates of CDs (as a percent)	5.40%	5.40%
Accrued interest	$ 1.8	$ 4.5

CASH, CASH EQUIVALENTS AND IN_4

CASH, CASH EQUIVALENTS AND INVESTMENTS - Investments (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
CASH, CASH EQUIVALENTS AND INVESTMENTS
Short-term investments	$ 69,292	$ 109,489
Available-for-sale securities	182,705	105,884
Total investments	$ 251,997	$ 215,373

CASH, CASH EQUIVALENTS AND IN_5

CASH, CASH EQUIVALENTS AND INVESTMENTS - Available-for-Sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Jan. 31, 2024
Cash and Cash Equivalents
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration]	Investments		Investments
Proceeds from sale of debt securities, available-for-sale	$ 0	$ 0	$ 0	$ 0
Amounts of gains or losses reclassified out of other comprehensive income	0	$ 0	0	$ 0
Available-for-sale securities
Amortized Cost	181,793		181,793		$ 105,623
Gross Unrealized Gains	1,208		1,208		568
Gross Unrealized Losses	296		296		307
Fair Value	182,705		182,705		105,884
US Treasury notes
Available-for-sale securities
Amortized cost, Due within one year	25,200		25,200
Amortized cost, Due in one to three years	91,045		91,045		96,217
Amortized Cost, Due in three to five years	55,502		55,502
Gross Unrealized Gains, Due within one year	3		3
Gross Unrealized Gains, Due in one to three years	449		449		568
Gross Unrealized Gains, Due in three to five years	755		755
Gross Unrealized Losses, Due within one year	94		94
Gross Unrealized Losses, Due in one to three years	202		202		230
Fair Value, Due in within one year	25,109		25,109
Fair Value, Due in one to three years	91,292		91,292		96,555
Fair Value, Due in three to five years	56,257		56,257
U.S. corporate debt security
Available-for-sale securities
Amortized cost, Due in one to three years	10,046		10,046		9,406
Gross Unrealized Gains, Due in one to three years	1		1
Gross Unrealized Losses, Due in one to three years					77
Fair Value, Due in one to three years	$ 10,047		$ 10,047		$ 9,329

CASH, CASH EQUIVALENTS AND IN_6

CASH, CASH EQUIVALENTS AND INVESTMENTS - Earnings on Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
CASH, CASH EQUIVALENTS AND INVESTMENTS
Earnings on investments	$ 4.8	$ 3.3	$ 9.3	$ 5.7

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Instruments on a Recurring Basis (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Available-for-sale securities	$ 182,705	$ 105,884
Level 1 Inputs | Fair value, recurring
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Totals	144,956	126,646
Level 1 Inputs | Fair value, recurring | Money market funds
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Cash equivalents	144,956	126,646
Level 2 Inputs | Fair value, recurring
Fair value of assets and liabilities measured on recurring and nonrecurring basis
Totals	182,705	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	172,658	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	$ 10,047	$ 9,329

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2024	Jan. 31, 2024
ACCOUNTS AND NOTES RECEIVABLE
Provision for credit losses	$ 0.5
Allowance for uncollectible accounts	2.3	$ 1.8
Kilroot Project
ACCOUNTS AND NOTES RECEIVABLE
Disputed billable amount	$ 23.9

INTANGIBLE ASSETS - Additional

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

INTANGIBLE ASSETS - Components

INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Amounts	$ 5,415	$ 5,415
Accumulated Amortization	3,393	3,198
Net Amounts	$ 2,022	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	2,599	2,450
Net Amounts	$ 1,900	2,049
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	10 years
Gross Amounts	$ 916	916
Accumulated Amortization	794	748
Net Amounts	$ 122	$ 168

INTANGIBLE ASSETS - Finite Live

INTANGIBLE ASSETS - Finite Lived Intangible Future Amortization Schedule (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
INTANGIBLE ASSETS
2025 (remainder)	$ 196
2026	376
2027	300
2028	300
2029	300
Thereafter	550
Net Amounts	$ 2,022	$ 2,217

FINANCING ARRANGEMENTS (Details

FINANCING ARRANGEMENTS (Details) - Revolving Credit Facility - USD ($) $ in Millions	May 24, 2024	May 15, 2017	Jul. 31, 2024	May 31, 2024
Financing Arrangements
Borrowing available under financing arrangements				$ 25
Letters of credit outstanding amount			$ 0
Expires on May 31, 2024
Financing Arrangements
Borrowing available under financing arrangements		$ 50
Additional commitment amount		$ 10
Expires on May 31, 2027
Financing Arrangements
Borrowing available under financing arrangements	$ 35
Interest rate margin on referred rate	1.85%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Additional commitment amount	$ 30

COMMITMENTS - Performance Bonds

COMMITMENTS - Performance Bonds and Guarantees (Details) $ in Millions	Jul. 31, 2024 USD ($)
Unsatisfied bonded performance obligations	$ 300
Outstanding amount of bonds covering other risks including warranty obligations	19.9
GPS | Financial guarantee
Guarantor obligation maximum exposure	$ 3.6

COMMITMENTS - Warranties (Detai

COMMITMENTS - Warranties (Details)	6 Months Ended
	Jul. 31, 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	6 Months Ended	12 Months Ended
	Jul. 31, 2024	Jan. 31, 2024
STOCK-BASED COMPENSATION
Shares, Outstanding, Beginning balance	1,365
Shares, Granted	6
Shares, Exercised	(627)
Shares, Forfeited	(4)
Shares, Outstanding, Ending balance	740	1,365
Shares, Exercisable	669
Shares, Vested or expected to vest	740
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	41.56
Weighted Average Exercise Price Per Share, Forfeited	60.07
Weighted Average Exercise Price Per Share, Outstanding, Ending balance	47.87	$ 44.95
Weighted Average Exercise Price Per Share, Exercisable	48.72
Weighted Average Exercise Price Per Share, Vested or expected to vest	$ 47.87
Weighted Average Remaining Contractual Term (Years), Outstanding	4 years 9 months 21 days	4 years 8 months 1 day
Weighted Average Remaining Contractual Term (Years), Exercisable	4 years 5 months 4 days
Weighted Average Remaining Contractual Term (Years), Vested or expected to vest	4 years 9 months 21 days
Weighted Average Grant Date Fair Value Per Share, Outstanding	$ 10.93	$ 10.43
Weighted Average Grant Date Fair Value Per Share, Exercisable	11.24
Weighted Average Grant Date Fair Value Per Share, Vested or expected to vest	$ 10.93

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	6 Months Ended
	Jul. 31, 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
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

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	6 Months Ended
	Jul. 31, 2024 $ / shares shares
Shares
Outstanding, Beginning balance (in shares) | shares	348
Granted (in shares) | shares	77
Issued (in shares) | shares	(51)
Forfeited (in shares) | shares	(62)
Outstanding, Ending balance (in shares) | shares	312
Weighted Average Grant Date Fair Value Per Share
Outstanding, Beginning balance Fair value (Per share) | $ / shares	$ 30.21
Granted, Fair value (Per share) | $ / shares	42.07
Issued, Fair value (Per share) | $ / shares	42.14
Forfeited, Fair value (Per share) | $ / shares	26.13
Outstanding, Ending balance Fair value (Per share) | $ / shares	$ 31.96

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Stock compensation expense	$ 1,000	$ 1,200	$ 2,215	$ 2,218
Unrecognized compensation cost	6,800		$ 6,800
Compensation expense recognize, period			3 years
Intrinsic value of the stock options exercised			$ 17,100	$ 900
Intrinsic value of outstanding stock options	23,000		23,000
Intrinsic value of exercisable stock options	$ 20,200		$ 20,200
Cash dividends deemed paid on shares			2,738
Stock Plans
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares of common stock reserved for issuance	1,540,667		1,540,667
Number of shares of common stock available for award	488,799		488,799
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		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		10,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Incentive stock option award maximum expiration period			3 years
Renewable energy 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		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	39,050		39,050

INCOME TAXES - Income Tax Expen

INCOME TAXES - Income Tax Expense Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
INCOME TAXES
Federal corporate income tax rate (as percent)			21%	21%
Computed expected income tax expense			$ 7,475	$ 4,276
State income taxes, net of federal tax effect			1,186	455
Unrecognized tax loss benefit			961	529
Excess executive compensation			404	400
Stock-based compensation windfall			(531)	(126)
Foreign tax rate differential			(240)	(643)
GILTI				505
Tax credits				(453)
Other permanent differences and adjustments, net			259	544
Income tax expense	$ 6,083	$ 4,592	$ 9,514	$ 5,487

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	6 Months Ended
	Jul. 31, 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	$ 18,288	$ 18,267

INCOME TAXES - Solar Energy Pro

INCOME TAXES - Solar Energy Projects And Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2024	Jan. 31, 2024
INCOME TAXES
Payment for equity method investment	$ 3,312
Remaining cash investment commitments	0
Investment account balances	1,200	$ 2,100
Amortization related to STC investment	$ 700

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
NET INCOME PER SHARE
Net income	$ 18,198	$ 12,767	$ 26,080	$ 14,876
Weighted average number of shares outstanding - basic	13,403	13,403	13,331	13,408
Effects of stock awards	477	139	396	136
Weighted average number of shares outstanding - diluted	13,880	13,542	13,727	13,544
Basic (in dollars per share)	$ 1.36	$ 0.95	$ 1.96	$ 1.11
Diluted (in dollars per share)	$ 1.31	$ 0.94	$ 1.90	$ 1.10

NET INCOME PER SHARE - Addition

NET INCOME PER SHARE - Additional information (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
NET INCOME PER SHARE
Antidilutive common stock	74,500	785,167	209,250	818,501

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 31, 2024	Apr. 30, 2024	Jul. 31, 2023	Apr. 30, 2023	Jul. 31, 2024	Jul. 31, 2023
Share repurchases
Regular cash dividend declared per common stock	$ 0.30		$ 0.25		$ 0.60	$ 0.50
Common stock repurchases (in shares)					5,600	169,788
Common stock repurchased			$ 3,057		$ 187	$ 6,738
Common stock repurchased					$ 300
Share price	44.87		$ 39.45		$ 44.87	$ 39.45
Shares paid for tax withholding for share based compensation					417,431
Share-based payment					$ 68.04
Treasury stock to settle stock option exercises and other share-based awards					260,630	81,851
Q1 dividend
Share repurchases
Regular cash dividend declared per common stock		$ 0.30
Dividend declared payment date		Apr. 22, 2024
Q2 dividend
Share repurchases
Regular cash dividend declared per common stock	$ 0.30
Dividend declared payment date	Jul. 31, 2024
Q3 dividend
Share repurchases
Regular cash dividend declared per common stock				$ 0.25
Dividend declared payment date				Apr. 28, 2023
Q4 dividend
Share repurchases
Regular cash dividend declared per common stock			$ 0.25
Dividend declared payment date			Jul. 31, 2023

CUSTOMER CONCENTRATIONS (Detail

CUSTOMER CONCENTRATIONS (Details) - customer	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 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			5		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			16%		39%
Customer Concentration Risk | Major Customer Two | Accounts Receivable
Customer Concentrations
Percentage of major customers or segments			21%		14%
Customer Concentration Risk | Major Customer Two | Contract Asset
Customer Concentrations
Percentage of major customers or segments			16%		32%
Customer Concentration Risk | Major Customer Three | Accounts Receivable
Customer Concentrations
Percentage of major customers or segments			13%		14%
Customer Concentration Risk | Major Customer Three | Contract Asset
Customer Concentrations
Percentage of major customers or segments			13%
Customer Concentration Risk | Major Customer Four | Contract Asset
Customer Concentrations
Percentage of major customers or segments			11%
Customer Concentration Risk | Major Customer Five | Contract Asset
Customer Concentrations
Percentage of major customers or segments			11%
Power Industry Services | Product Concentration Risk | Revenue
Customer Concentrations
Percentage of major customers or segments	76.50%	74.50%	73.80%	71.60%
Power Industry Services | Customer Concentration Risk | Revenue
Customer Concentrations
Number of customers	3	3	3	3
Power Industry Services | Customer Concentration Risk | Major Customer One | Revenue
Customer Concentrations
Percentage of major customers or segments	27%	21%	28%	19%
Power Industry Services | Customer Concentration Risk | Major Customer Two | Revenue
Customer Concentrations
Percentage of major customers or segments	14%	20%	13%	17%
Power Industry Services | Customer Concentration Risk | Major Customer Three | Revenue
Customer Concentrations
Percentage of major customers or segments	12%	12%	10%	11%
Industrial Construction Services | Product Concentration Risk | Revenue
Customer Concentrations
Percentage of major customers or segments	21.90%	23.20%	24.30%	25.70%
Industrial Construction Services | Customer Concentration Risk | Major Customer One
Customer Concentrations
Number of customers				1
Industrial Construction Services | Customer Concentration Risk | Major Customer One | Revenue
Customer Concentrations
Percentage of major customers or segments				11%
Telecommunication Infrastructure Services | Product Concentration Risk | Revenue
Customer Concentrations
Percentage of major customers or segments	1.60%	2.30%	1.90%	2.70%

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Jul. 31, 2024 USD ($) segment	Jul. 31, 2023 USD ($)	Jan. 31, 2024 USD ($)
Segment Reporting Information
Operating segment | segment			1
Revenues	$ 227,015	$ 141,349	$ 384,697	$ 245,024
Cost of revenues	195,910	117,607	335,648	207,058
Gross profit	31,105	23,742	49,049	37,966
Selling, general and administrative expenses	12,428	10,501	23,853	21,092
Income (loss) from operations	18,677	13,241	25,196	16,874
Other income (loss), net	5,604	4,118	10,398	3,489
Income (loss) before income taxes	24,281	17,359	35,594	20,363
Income tax expense	6,083	4,592	9,514	5,487
Net income	18,198	12,767	26,080	14,876
Amortization of intangibles	98	98	195	196
Depreciation	463	488	943	1,035
Property, plant and equipment additions	2,349	386	2,671	1,031
Current assets	674,954	455,132	674,954	455,132	$ 547,179
Current liabilities	415,127	215,606	415,127	215,606	302,260
Goodwill	28,033	28,033	28,033	28,033	28,033
Total assets	726,574	505,708	726,574	505,708	$ 598,229
Intercompany Eliminations
Segment Reporting Information
Revenues	1,400		1,400
Corporate, Non-Segment [Member]
Segment Reporting Information
Selling, general and administrative expenses	2,602	2,732	5,416	5,446
Income (loss) from operations	(2,602)	(2,732)	(5,416)	(5,446)
Other income (loss), net	894	514	1,626	(2,205)
Income (loss) before income taxes	(1,708)	(2,218)	(3,790)	(7,651)
Depreciation	1	1	2	2
Current assets	138,462	86,073	138,462	86,073
Current liabilities	1,502	1,488	1,502	1,488
Total assets	141,381	89,178	141,381	89,178
Power Industry Services | Operating Segments
Segment Reporting Information
Revenues	173,760	105,345	284,026	175,521
Cost of revenues	150,233	87,094	249,225	147,429
Gross profit	23,527	18,251	34,801	28,092
Selling, general and administrative expenses	7,192	5,596	13,320	11,310
Income (loss) from operations	16,335	12,655	21,481	16,782
Other income (loss), net	4,707	3,607	8,768	5,697
Income (loss) before income taxes	21,042	16,262	30,249	22,479
Depreciation	148	128	285	256
Property, plant and equipment additions	1,947	148	2,219	537
Current assets	476,912	319,196	476,912	319,196
Current liabilities	384,477	183,405	384,477	183,405
Goodwill	18,476	18,476	18,476	18,476
Total assets	506,365	346,192	506,365	346,192
Industrial Construction Services | Operating Segments
Segment Reporting Information
Revenues	49,642	32,756	93,341	63,063
Cost of revenues	43,200	28,076	81,079	54,638
Gross profit	6,442	4,680	12,262	8,425
Selling, general and administrative expenses	1,965	1,446	3,838	2,906
Income (loss) from operations	4,477	3,234	8,424	5,519
Other income (loss), net			1
Income (loss) before income taxes	4,477	3,234	8,425	5,519
Amortization of intangibles	98	98	195	196
Depreciation	210	260	455	564
Property, plant and equipment additions	241	220	273	476
Current assets	55,175	45,590	55,175	45,590
Current liabilities	27,817	28,996	27,817	28,996
Goodwill	9,467	9,467	9,467	9,467
Total assets	71,787	63,074	71,787	63,074
Telecommunications Infrastructure Services | Operating Segments
Segment Reporting Information
Revenues	3,613	3,248	7,330	6,440
Cost of revenues	2,477	2,437	5,344	4,991
Gross profit	1,136	811	1,986	1,449
Selling, general and administrative expenses	669	727	1,279	1,430
Income (loss) from operations	467	84	707	19
Other income (loss), net	3	(3)	3	(3)
Income (loss) before income taxes	470	81	710	16
Depreciation	104	99	201	213
Property, plant and equipment additions	161	18	179	18
Current assets	4,405	4,273	4,405	4,273
Current liabilities	1,331	1,717	1,331	1,717
Goodwill	90	90	90	90
Total assets	$ 7,041	$ 7,264	$ 7,041	$ 7,264

SUPPLEMENTAL FINANCIAL STATEM_3

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Other Current Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
Income tax refunds receivable and prepaid income taxes	$ 18,288	$ 18,267
Raw materials inventory	8,214	9,985
Prepaid expenses	8,268	6,035
Other	14,101	4,972
Total other current assets	$ 48,871	$ 39,259

SUPPLEMENTAL FINANCIAL STATEM_4

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Accrued Expenses (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
Accrued project costs	$ 30,747	$ 49,135
Accrued compensation	18,015	21,206
Lease liabilities	3,696	2,726
Other	9,240	8,654
Total accrued expenses	$ 61,698	$ 81,721