[8-K] ARGAN INC Reports Material Event

Rhea-AI Filing Summary

Argan, Inc. announced that subsidiary Gemma Power Systems received full notice to proceed on an EPC contract for CPV’s Basin Ranch Energy Center in Ward County, Texas. The project is a 1,350 MW 2–1×1 combined-cycle power plant using GE 7HA.03 turbines, designed with an option to add carbon capture capability.

Construction is expected to begin this fall, with a scheduled completion in 2028. Argan stated that the full amount of the contract value will be included in its consolidated project backlog for the period ending October 31, 2025. This adds a sizable long-duration power project to Gemma’s pipeline, aligning with utility-scale gas generation and optional decarbonization features.

Insights

Industrial EPC analyst

Large EPC win enters backlog; multi‑year revenue visibility.

Gemma Power Systems obtained full notice to proceed on CPV’s Basin Ranch Energy Center EPC. The plant is 1,350 MW with GE 7HA.03 turbines and an option for carbon capture. NTP typically unlocks engineering, procurement, and mobilization activities, moving the project into execution phase.

The company states the full contract value will be included in the consolidated backlog for the period ending October 31, 2025, signaling multi‑year work through 2028. Actual financial impact will depend on project schedule, change orders, and performance milestones customary in EPC contracts.

Key items: construction start “this fall,” scheduled completion in 2028, and backlog recognition by October 31, 2025. Subsequent disclosures may detail contract value, margin profile, and cash collection timing.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

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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): October 30, 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”) issued a press release announcing that its wholly owned subsidiary, Gemma Power Systems, received full notice to proceed on an engineering, procurement and construction services contract with CPV Basin Ranch Holdings LLC, an affiliate of Competitive Power Ventures (“CPV”), the developer of the CPV Basin Ranch Energy Center located in Ward County, Texas. The 1,350 MW, 2–1×1 combined-cycle power plant featuring GE 7HA.03 turbines is being designed with the option to include a carbon capture capability. Construction is expected to begin this fall, with a current scheduled project completion date in 2028. The full amount of the contract value will be included in Argan’s consolidated project backlog for the period ending October 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 October 30, 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: October 30, 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?

Gemma Power Systems received full notice to proceed on an EPC contract for CPV’s Basin Ranch Energy Center in Texas.

What is the size and configuration of the CPV Basin Ranch project for AGX?

It is a 1,350 MW, 2–1×1 combined-cycle power plant featuring GE 7HA.03 turbines.

Does the project include carbon capture for AGX?

The plant is designed with the option to include a carbon capture capability.

When will construction start and finish for the AGX project?

Construction is expected to begin this fall, with a scheduled completion in 2028.

How will this affect Argan’s backlog (AGX)?

The full amount of the contract value will be included in Argan’s consolidated project backlog for the period ending October 31, 2025.

Who is the customer for AGX’s EPC contract?

CPV Basin Ranch Holdings LLC, an affiliate of Competitive Power Ventures (CPV).

Where is the AGX project located?

Ward County, Texas.