[8-K] Argan, Inc Reports Material Event

Rhea-AI Filing Summary

On 28 July 2025, Argan, Inc. (NYSE: AGX) filed an Item 8.01 Form 8-K announcing that its wholly owned subsidiary, Atlantic Projects Company, has signed an engineering, procurement and construction (EPC) contract with SSE Thermal for the Platin Power Station in County Meath, Ireland. The plant will employ three Siemens Energy SGT-800 turbines operating in open-cycle mode and is designed to deliver approximately 170 MW of peaking capacity to the Irish grid during demand spikes. Target completion is in 2028.

The filing states that the entire contract value will be added to Argan’s consolidated project backlog for the period ending 31 July 2025, but the dollar amount was not disclosed. No additional financial guidance, funding details or regulatory contingencies were provided. The disclosure does not amend any prior financial statements.

While the contract enhances multi-year revenue visibility, investors lack information on margin potential, payment schedule or risk-sharing terms, making it difficult to gauge precise earnings impact.

Positive

• Backlog Expansion: Entire contract value will be booked in Q2 FY25 backlog, strengthening forward revenue pipeline through 2028.
• Blue-chip Counterparty: Agreement with SSE Thermal, part of SSE plc, lowers credit risk on receivables.

Negative

• Undisclosed Contract Value: Lack of dollar figure prevents assessment of materiality and margin contribution.
• Long Execution Timeline: Project runs to 2028, exposing Argan to multi-year cost inflation and scheduling risk.

Insights

Industrial EPC Analyst

TL;DR — New Irish EPC win lengthens backlog, positive for revenue visibility; financial magnitude still unknown.

The contract with SSE Thermal reinforces Argan’s niche in gas-fired peaking plants and pushes confirmed work out to 2028, supporting utilisation at Atlantic Projects Company. Incorporation of the full value into the July-quarter backlog should show a step-change when the company next reports, signalling stronger forward revenue coverage. However, without disclosure of contract size, margin structure or escalation clauses, investors cannot yet assess earnings accretion or risk exposure. Execution spans three years, introducing schedule and cost-inflation risk, but Argan’s history with Siemens SGT-800 turbines mitigates technical uncertainty. Overall impact skews positive due to pipeline expansion.

Portfolio Manager

TL;DR — Adds multi-year visibility; lack of dollar figure limits immediate valuation impact.

Backlog growth typically supports AGX’s valuation given its project-driven revenue model. A multi-turbine EPC award from an investment-grade counterparty like SSE plc is credit-enhancing and suggests stable cash-flow conversion once milestones commence. Yet, because management omitted the contract value, analysts cannot adjust revenue forecasts or margin assumptions. Until the next earnings call provides detail, the share price reaction may be muted. I classify this as impactful but magnitude uncertain.

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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): July 28, 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”) issued a press release announcing that its wholly owned subsidiary, Atlantic Projects Company (“APC”), entered into an engineering, procurement and construction services contract for the Platin Power Station with SSE Thermal, part of the integrated energy group SSE plc. The project, located in County Meath, Ireland, will consist of three Siemens Energy SGT-800 turbines operating in open cycle mode with supporting balance of plant equipment. The project will provide approximately 170 MW of generation capacity to the grid during periods of high demand and supply shortfalls from renewable sources. Planned completion is expected in 2028. The full amount of the contract value will be included in Argan’s consolidated project backlog for the period ending July 31, 2025.

A copy of Argan’s press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits

Exhibit No.		Description
99.1		Press Release issued by Argan on July 28, 2025
104	​	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

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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: July 28, 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 its July 28, 2025 Form 8-K?

Argan said subsidiary Atlantic Projects Company signed an EPC contract with SSE Thermal for the 170 MW Platin Power Station in Ireland.

How much power will the Platin Power Station add to the grid?

The plant is expected to provide approximately 170 MW of generation capacity during peak demand periods.

When will the Platin project be completed?

Planned completion is targeted for 2028, subject to project execution progress.

Will the contract affect Argan’s backlog?

Yes. The full, though undisclosed, contract value will be added to Argan’s consolidated backlog for the period ending July 31, 2025.

Did Argan disclose the financial value or margins of the contract?

No. The Form 8-K does not state the dollar amount or margin structure of the EPC agreement.