Argan (AGX) Investor presentation summary

Investment highlights

• Record Q1 FY27 revenue of $291M, up 50% year over year, with a gross margin of 21.0%.

• Earnings per diluted share rose to $3.24 in Q1, an increase of $1.64 year over year.

• Adjusted EBITDA reached $56.4M, representing 19.4% of revenue.

• Project backlog stood at $2.8B at the end of Q1 FY27.

• Cash and investments totaled $974M with net liquidity of $421M and no debt.

Business segments and growth drivers

• Power segment contributed 78% of Q1 FY27 revenues, driven by electrification and infrastructure replacement.

• Industrial segment accounted for 20%, benefiting from onshoring and diverse end markets.

• Teledata segment made up 2%, with growth from increased demand for communications infrastructure.

Backlog and project pipeline

• Backlog as of April 30, 2026, was $2.8B, fully committed and actively being worked on.

• 79% of backlog is natural gas projects, 13% renewable, and 8% industrial.

• Major projects include large-scale power plants in Texas, a 405 MW solar project in Illinois, and biofuel plants in Ireland.