Argan Inc delivered a standout second quarter of fiscal 2026, underscored by strong execution in its Power Industry Services segment and a return to robust profitability amid a highly active project backlog. Consolidated revenue rose 5% year over year to $237.7 million (reported as $238 million in commentary), with a notable sequential uptick of approximately 23% versus the prior quarter. The company posted a record net income of $35.3 million ($2.50 per diluted share) and EBITDA of $36.3 million (EBITDA margin of 15.2%), alongside an 18.6% gross margin, up from 13.7% in the prior-year period. The quarterly results were supported by a blockbuster backlog of about $2.0 billion, with backlog composition heavily skewed toward natural gas (approximately 61%) and renewable (29%). This backlog quality supports visibility into multi-year project execution across the three reportable segments: Power Industry Services, Industrial Fabrication and Field Services (Industrial Construction Services), and Telecommunications Infrastructure Services. Argan closes the quarter with a debt-free balance sheet, approximately $572 million of cash and investments, and net liquidity of $344 million, while returning capital to shareholders via a 37.5 cent quarterly dividend and ongoing stock repurchases. Management also highlighted a favorable long-term demand backdrop from electrification, AI data-center growth, and the aging natural gas infrastructure, positioning Argan to benefit from a sustained build-out of energy infrastructure. The guidance is intentionally non-GAAP and lumpy given project-based economics, but management signaled expectations for continued backlog growth and stronger execution in H2, with capacity to handle roughly 10–12 power projects concurrently. Key near-term milestones include progress on the Trumbull 950 MW natural gas-fired plant (first fire achieved in Q2, second unit in August) and ongoing development of Ireland’s 170–300 MW facilities and related data-center/vessel fabrication programs.