Argan Q1 FY2026 revenue up 23% to $193.7M, EPS $1.60, record backlog $1.9B

ARGAN INC

2026-Q1 EPS reported $1.60 vs consensus $2.00 ▼ miss (-19.9%)

Revenue $193.7M (+23% YoY); net income $22.6M, diluted EPS $1.60 vs $0.58 prior year.
Gross margin expanded to 19.0% from 11.4% (prior year included overseas project loss).
EBITDA $30.3M vs $11.9M; cash & investments $546.5M, no debt.
Record backlog $1.9B (up $495M from Jan 31); received full NTP for Sandow Lakes 1.2 GW gas plant.
Quarterly dividend raised to $0.375/share from $0.300 (25% increase); share repurchases $8.4M in quarter.

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