Argan is a holding company whose primary business is building power plants. Through its U.S. subsidiary Gemma Power Systems and Irish/U.K. subsidiary Atlantic Projects Company, Argan provides full-service engineering, procurement, and construction (EPC) services to power plant developers, including independent power producers and utilities. Customers hire Argan on a turnkey basis to design, procure equipment for, build, commission, and test power generation facilities. Gas-fired combined-cycle plants — large, complex, multi-year projects — are the core of the business, representing roughly 79% of backlog, though Argan also builds solar fields, wind farms, biofuel plants, and battery storage. Argan executes primarily on fixed-price, lump-sum EPC contracts, recognizing revenue as construction progresses over a project's life — typically three to four years for a combined-cycle plant. On fixed-price contracts, cost overruns reduce margin while beating estimates adds to profit, making execution the primary driver of profitability. The Power segment accounts for roughly 80% of revenues, with the remainder split between industrial construction services (piping, pressure vessels, and plant construction for industrial customers in the Southeast U.S.) and a small telecom infrastructure business. Argan operates with no debt, holds a large cash and investment balance, and is growing its workforce to support an expanding project pipeline driven by rising power demand from AI data centers, EV adoption, and aging gas-fired infrastructure reaching end of life.