Argan Inc (AGX) posted a strong start to fiscal 2026 with consolidated revenue of $193.7 million, up 23% year over year, and a gross margin of 19%, led by momentum in the Power Industry Services segment. Net income reached approximately $22.6 million ($1.60 per diluted share), and EBITDA was $30.3 million (15.6% of revenue). The quarter featured a record backlog of $1.9 billion and a materially strengthened balance sheet: roughly $546.5 million in cash and investments, net liquidity of $315 million, and no debt. The mix shift toward higher-margin power projects, ongoing project execution, and appetite for large gas-fired and renewable facilities underpin the favorable earnings trajectory. Argan also signaled an active capital-allocation stance, including a quarterly dividend of $0.375, a roughly $12.9 million buyback (100k shares), and an expanded buyback authorization to $150 million. Management expressed confidence in a multi-year, high-demand energy-infrastructure cycle driven by aging gas infrastructure, AI data-center growth, and EV charging, with a backlog outlook that could push meaningfully above $2 billion by year-end. The company’s strategy remains anchored in leveraging its gas-fired and renewable capabilities, expanding capacity through selective M&A, and sustaining disciplined financial management to fund growth without debt.