Argan

Backlog gives multi‑quarter visibility: RUPO of about 2.8 to 2.9 billion dollars with roughly 38 to 42 percent expected to turn to revenue over the next 12 months. However, EPC projects are episodic and can be delayed by financing, interconnection, permits, labor or equipment, so revenue and cash generation remain lumpy.

Segment concentration in Power (about 78 percent of Q1 FY27 revenue) adds cyclicality tied to gas‑fired awards. We view near‑term predictability as improved, long‑term as cyclical.