[8-K] ARGAN INC Reports Material Event

Rhea-AI Filing Summary

Argan, Inc. announced that subsidiary Gemma Power Systems entered into an engineering, procurement and construction (EPC) contract and received a full notice to proceed for an approximately 860 MW natural gas‑fired power plant in the ERCOT market. The company stated the full contract value will be included in its project backlog for the quarter ended October 31, 2025.

This adds a large, multi‑year EPC project to Argan’s pipeline. While financial terms were not disclosed, including the full amount in backlog signals future revenue recognition tied to project milestones after the notice to proceed.

Insights

Infrastructure EPC analyst

Large ERCOT EPC win enters backlog; terms not disclosed.

Gemma Power Systems secured an EPC contract with full notice to proceed for an ~860 MW gas plant in ERCOT. NTP typically allows immediate project mobilization and milestone execution. The company states the full contract value will be reflected in project backlog for the quarter ended October 31, 2025.

Backlog inclusion indicates anticipated future revenues as milestones are achieved, but the filing does not provide pricing, margin, or duration. Actual financial impact will depend on execution, schedule adherence, and cost control common to large EPC engagements.

The ERCOT location suggests demand-driven project rationale, but revenue timing and profitability are not detailed here. Subsequent disclosures may quantify contract value and margin profile.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of Earliest Event Reported): November 6, 2025

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ARGAN, INC.

(Exact Name of Registrant as Specified in its Charter)

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Delaware		001-31756		13-1947195
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

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4075 Wilson Boulevard, Suite 440, Arlington, Virginia		22203
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (301) 315-0027

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Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company   ☐

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If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Title of Each Class:	​	Trading Symbol(s):	​	Name of Each Exchange on Which Registered:
Common Stock, $0.15 Par Value	​	AGX	​	New York Stock Exchange

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Item 8.01. Other Events.

Today, Argan, Inc. (“Argan” or the “Company”) reports that its wholly owned subsidiary Gemma Power Systems entered into an engineering, procurement and construction services contract and received the corresponding full notice to proceed with a customer for an approximately 860 MW natural gas-fired power plant located in the ERCOT market. The full amount of the contract value will be included in the Company’s project backlog for the quarter ended October 31, 2025.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				ARGAN, INC.
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Date: November 6, 2025				By:		/s/ Joshua S. Baugher
						Joshua S. Baugher
						Senior Vice President, Chief Financial Officer and Treasurer

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FAQ

What did Argan (AGX) announce in this 8-K?

Argan’s subsidiary Gemma Power Systems signed an EPC contract and received a full notice to proceed for an approximately 860 MW natural gas-fired power plant in ERCOT.

Which Argan subsidiary is involved in the project?

The project is being executed by Gemma Power Systems, a wholly owned subsidiary of Argan.

What is the size and type of the new project for AGX?

It is an approximately 860 MW natural gas-fired power plant located in the ERCOT market.

Has the project received a Notice to Proceed (NTP)?

Yes. Gemma Power Systems received the full notice to proceed from the customer.

How will this affect Argan’s backlog?

Argan stated the full contract value will be included in the company’s project backlog for the quarter ended October 31, 2025.

Did Argan disclose the contract value or duration?

The filing notes backlog inclusion but does not disclose contract value or schedule details.