In its Q1 2026 filing, Argan reports a significant backlog exceeding $2.7 billion alongside an EBITDA margin increase to 21.4%, driven largely by its Power segment focused on natural gas-fired and renewable EPC projects across the U.S., Ireland, and the U.K. The company’s holding structure enables operational agility across its three segments—Power, Industrial, and Teledata. Increasing retirements of conventional power plants in the U.S. underpin demand for dispatchable, reliable power infrastructure—a core focus of Argan’s business. Despite labor and supply chain headwinds, Argan’s strategic positioning and backlog provide a strong foundation for growth, supported by prudent liquidity management and a credit facility in place.