---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-010906"
form_type: "8-K"
ticker: "AGX"
cik: "0000100591"
company_name: "ARGAN INC"
filed_at: "2023-06-08T23:59:59+00:00"
generated_at: "2026-06-14T04:36:43.416317+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Argan Q1 FY2024 net income $2.1M ($0.16 EPS) down 72% YoY; gross margin 13.7% vs 19.7%

## Summary
- Revenue $103.7M (+3.4% YoY) but gross profit fell to $14.2M from $19.7M as project mix shifted.
- EBITDA dropped to $3.6M from $10.7M; net income $2.1M vs $7.5M in prior-year quarter.
- Backlog $806M, consistent with year-end; cash and liquid investments $316.9M; no debt.
- Repurchased 92,656 shares for $3.7M in Q1; total repurchases ~2.5M shares (~15% of outstanding).
- Guernsey Power Station (largest single-phase gas-fired project in U.S.) reached substantial completion.

## SEC filing metadata
- accession: 0001558370-23-010906
- form_type: 8-K
- ticker: AGX
- cik: 0000100591
- company_name: ARGAN INC
- filed_at: 2023-06-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/100591/000155837023010906/0001558370-23-010906-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/100591/000155837023010906/agx-20230608x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-010906
- JSON: https://secwatch.observer/filing/0001558370-23-010906.json
- Plain text: https://secwatch.observer/filing/0001558370-23-010906.txt

## Key facts
- Earnings Releases
  ARGAN INC reported the three months ended April 30, 2023 results: revenue $103,675, net income $2,109, EPS 0.16.
  - Period: the three months ended April 30, 2023
  - Revenue: $103,675
  - Net income: $2,109
  - EPS: 0.16
  - Result: reported results
  source text: Consolidated Financial Highlights ($ in thousands, except per share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, ​ ​ ​ For the Quarter Ended: 2023 2022 Change Revenues ​ $ 103,675 ​ $ 100,277 ​ $ 3,398 ​ Gross profit ​ 14,224 ​ 19,738 ​ (5,514) ​ Gross margin % ​ 13.7 % 19.7 % (6.0) % Net income ​ $ 2,109 ​ $ 7,485 ​ $ (5,376) ​ Diluted per share ​ 0.16 ​ 0.50 ​ (0.34) ​ EBITDA ​ ​ 3,649 ​ ​ 10,733 ​ ​ (7,084) ​ Cash dividends per share ​ 0.25 ​ 0.25 ​ —
  evidence_url: https://www.sec.gov/Archives/edgar/data/100591/000155837023010906/0001558370-23-010906-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.