Argan, Inc. (NYSE: AGX) has reported record quarterly revenue of $291 million for its first quarter of fiscal year 2027, ended April 30, 2026.
The results represent a 50.2% increase from consolidated revenues of $193.7 million recorded during the comparable prior-year quarter.
President and Chief Executive Officer David Watson said all three operating segments achieved significant revenue growth compared to the first quarter of fiscal 2026.
Watson stated, “We delivered a strong start to fiscal 2027 with record revenue of $291 million, gross margin of 21%, diluted earnings per share of $3.24, and adjusted EBITDA of $56.4 million.”
Consolidated gross profit for the quarter reached $61.1 million, or 21.0% of revenues, up from $36.9 million, or 19.0%, in the prior-year quarter.
The gross margin improvement was driven by a shift in project mix, strong execution, and the early completion of the final Midwest Solar and Battery Project.
Net income for the quarter came in at $46.1 million, or $3.24 per diluted share, compared to $22.6 million, or $1.60 per diluted share, in last year’s first quarter.
Adjusted EBITDA rose to $56.4 million from $31.5 million in the same quarter last year, while the company’s total cash, equivalents, and investments grew to $973.6 million as of April 30, 2026.
Watson noted that demand for energy infrastructure continues to accelerate, saying, “The electrification of everything, the onshoring of domestic manufacturing, and the proliferation of data centers continue to create an urgent need for additional energy infrastructure.”
The company’s industrial segment is also benefiting from rising demand, highlighted by a data center contract awarded in November 2025 for the fabrication of pressure vessels.
To support that project and expand its capacity, Argan has begun construction on a new fabrication facility in North Carolina, expected to be completed in the third quarter of fiscal 2027.
Watson added that “gas-fired plants remain the ideal solution for delivering the reliable, uninterrupted power needed, and only a limited number of firms are able to successfully execute these complex projects.”
Consolidated project backlog stood at approximately $2.8 billion as of April 30, 2026, compared to approximately $2.9 billion at January 31, 2026.
Balance sheet net liquidity was $421.4 million at April 30, 2026, with the company carrying no debt, reinforcing its financial flexibility heading into the remainder of the fiscal year.
Selling, general and administrative expenses were $15.7 million for the quarter ended April 30, 2026, representing 5.4% of consolidated revenues, down from 6.5% in the prior-year period.
Argan will host an investor conference call and webcast on June 4, 2026, at 5:00 p.m. ET to discuss the results in further detail.