Argan Inc (AGX) 2026 Q3 法說會逐字稿

Good evening, ladies and gentlemen, and welcome to the Argan Inc. earnings release conference call for the third quarter of fiscal 2026 ended October 31, 2025. This call is being recorded. (Operator Instructions)

女士們、先生們，晚上好，歡迎參加 Argan Inc. 2026 財年第三季（截至 2025 年 10 月 31 日）收益發布電話會議。本次通話正在錄音。（操作說明）

Following management's remarks, the call will be open for questions. There is a slide presentation that accompanies today's remarks, which can be accessed via the webcast.

管理階層發言結束後，將開放提問環節。今天的演講配有幻燈片演示，可透過網路直播觀看。

At this time, it is my pleasure to turn the floor over to your host for today, Jennifer Belodeau of IMS Investor Relations. Please go ahead, ma'am.

現在，我很高興將發言權交給今天的主持人，IMS投資者關係部的Jennifer Belodeau。請便，女士。

Thank you. Good evening, and welcome to our conference call to discuss Argan's results for the third quarter ended October 31, 2025. On the call today, we have David Watson, Chief Executive Officer; and Joshua Baugher, Chief Financial Officer.

謝謝。晚上好，歡迎參加我們的電話會議，討論 Argan 截至 2025 年 10 月 31 日的第三季業績。今天參加電話會議的有執行長大衛·沃森和財務長約書亞·鮑格。

I will take a moment to read the Safe Harbor statement.

我將花點時間閱讀“安全港”聲明。

Statements made during this conference call and presented in the presentation that are not based on historical facts are forward-looking statements. Such statements include, but are not limited to, projections or statements of future goals and targets regarding the company's revenues and profits. These statements are subject to known and unknown factors and risks.

本次電話會議中以及簡報中提出的非基於歷史事實的陳述均為前瞻性陳述。此類聲明包括但不限於有關公司收入和利潤的未來目標和指標的預測或聲明。這些聲明受已知和未知因素及風險的影響。

The company's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements and some of the factors and risks that could cause or contribute to such material differences have been described in this afternoon's press release and in Argan's filings with the US Securities and Exchange Commission. These statements are based on information and understandings that are believed to be accurate as of today, and we do not undertake any duty to update such forward-looking statements.

本公司的實際業績、表現或成就可能與這些前瞻性聲明中明示或暗示的內容存在重大差異，而導致或促成此類重大差異的一些因素和風險已在今天下午的新聞稿和 Argan 向美國證券交易委員會提交的文件中進行了描述。這些聲明是基於我們認為截至今日準確的資訊和理解，我們不承擔更新此類前瞻性聲明的任何義務。

Earlier this afternoon, the company issued a press release announcing its third quarter fiscal 2026 financial results and filed its corresponding Form 10-Q report with the Securities and Exchange Commission.

今天下午早些時候，該公司發布新聞稿，宣布其 2026 財年第三季財務業績，並向美國證券交易委員會提交了相應的 10-Q 表格報告。

Okay. With that out of the way, I'll turn the call over to David Watson, CEO of Argan. Please go ahead, David.

好的。既然這件事已經解決了，我就把電話交給 Argan 的執行長 David Watson。請繼續，大衛。

Thanks, Jennifer, and thank you, everyone, for joining us today. I'll start by reviewing some highlights of our operations and activities and Josh Baugher, our CFO, and go over our financial results for the third quarter and nine months ended October 31, 2025. Then we'll open up the call for a brief Q&A.

謝謝珍妮弗，也謝謝各位今天蒞臨。首先，我將回顧我們營運和活動的一些亮點，以及我們的財務長 Josh Baugher，然後介紹我們截至 2025 年 10 月 31 日的第三季和前九個月的財務表現。接下來我們將進行一個簡短的問答環節。

We delivered a solid third quarter, highlighted by record backlog of approximately $3 billion. We added several new projects to our backlog during the third quarter, including the 1.4 gigawatt CPB Basin Ranch project and another 86-megawatt project also in Texas. Our current backlog represents over 6 gigawatts of new thermal and renewable power plants.

第三季業績穩健，其中積壓訂單金額創下約 30 億美元的紀錄。第三季度，我們新增了幾個項目到待辦事項清單中，其中包括 1.4 吉瓦的 CPB Basin Ranch 項目和另一個位於德克薩斯州的 86 兆瓦項目。我們目前的積壓項目相當於超過 6 吉瓦的新建火力發電廠和再生能源發電廠。

Demand for our capabilities has been steadily growing as the industry addresses the urgent need for new power resources to support the grid as the electrification of everything, the growth in AI and data centers in the onshore manufacturing pressure the current capacity of existing facilities. As we've mentioned, the current urgency in the demand environment is amplified by the aging and retirement of many natural gas-fired and coal plants.

隨著電氣化進程的推進、人工智慧和資料中心在陸上製造業的快速發展給現有設施的產能帶來壓力，產業迫切需要新的電力資源來支援電網，因此對我們能力的需求也在穩步增長。正如我們所提到的，當前需求環境的緊迫性因許多天然氣發電廠和燃煤電廠的老化和退役而加劇。

The strength of the opportunity pipeline we're seeing for our expertise and capabilities is providing excellent visibility looking out for the next several years. As we move through next year and into calendar 2027, we expect to continue to add a handful of projects. We are optimistic about our project cadence and expect to reach our capacity of approximately 10 to 12 jobs for the foreseeable future.

我們看到，憑藉我們的專業知識和能力，未來幾年將有非常強勁的發展機遇，前景十分光明。隨著我們進入明年並進入 2027 年，我們預計將繼續增加一些項目。我們對專案的進度持樂觀態度，預計在可預見的未來，我們的產能將達到每天約 10 到 12 個工作機會。

That said, as you know, on a quarter-over-quarter basis, our revenue and backlog performance can at times vary related to the timing of projects. While we do our best to sequence our projects, ultimately, the project start dates are determined by the developers and the timing of one project ending and another starting can sometimes be more staggered than we prefer.

也就是說，如您所知，按季度計算，我們的收入和積壓訂單表現有時會因專案進度而有所不同。雖然我們會盡力安排專案的先後順序，但最終專案的開始日期是由開發人員決定的，一個專案結束和另一個專案開始的時間有時可能會比我們希望的更加錯開。

You'll see that dynamic illustrated in our third-quarter revenue performance, which while strong at $251 million, decreased slightly as compared to revenue of $257 million in the third quarter of fiscal 2025. The decrease is primarily related to our completion of the LNG project in Louisiana and the near completion of Trumbull Energy Center, both of which generated significant revenues in the prior year period, coupled with limited revenues on several of our recently awarded projects in the current quarter.

您將從我們第三季的營收表現中看到這種動態，雖然收入強勁，達到 2.51 億美元，但與 2025 財年第三季的 2.57 億美元收入相比略有下降。下降的主要原因是我們在路易斯安那州完成了液化天然氣項目，以及特朗布爾能源中心即將完工，這兩個項目在上一年同期都產生了可觀的收入，再加上本季度我們最近中標的幾個項目的收入有限。

As many of you know, the early days of any project typically generate limited revenue which begins to ramp as we have more activity and more people on site. Sequentially, we were pleased to see revenue growth of 6% from $238 million in the second quarter of fiscal 2026.

正如你們許多人所知，任何專案的初期通常都會產生有限的收入，隨著專案活動的增加和現場人員的增多，收入才會開始成長。從上一季來看，我們很高興地看到營收成長了 6%，從 2026 財年第二季的 2.38 億美元成長到上一季的 2.38 億美元。

Along with delivering a solid revenue number, we achieved enhanced gross margin and strong profitability. Josh will go into the details of the quarter and first nine months in a moment. But in summary, we had improved gross margins of 18.7% compared to 17.2% in the third quarter of fiscal 2025, net income of $31 million or $2.17 per diluted share, EBITDA of $40 million (technical difficulty), record backlog of approximately $3 billion, which includes the two new projects I just mentioned, the approximately 1.4 gigawatt Basin Ranch project with CPV as well as the 816-megawatt facility.

在實現穩健的營收的同時，我們也提高了毛利率，並獲得了強勁的獲利能力。稍後，Josh 將詳細介紹本季和前九個月的情況。總而言之，我們的毛利率從 2025 財年第三季的 17.2% 提高到 18.7%，淨收入為 3100 萬美元，即每股攤薄收益 2.17 美元，EBITDA 為 4000 萬美元（技術困難），積壓訂單額創下約 30 億美元的 Basin Ranch 記錄專案（採用 CPV 技術）以及 816 兆瓦的設施。

Our balance sheet remains strong as we continue to generate significant cash flow. We have $727 million of cash and investments, net liquidity of $377 million and no debt at October 31, 2025.

由於我們持續產生可觀的現金流，我們的資產負債表依然穩健。截至 2025 年 10 月 31 日，我們擁有 7.27 億美元的現金和投資，淨流動資金為 3.77 億美元，且無債務。

Finally, we remain committed to returning capital to shareholders, and we're pleased to raise our quarterly dividend to $0.50 and or an annual run rate of $2, representing our third consecutive dividend increase in the past three years.

最後，我們仍然致力於向股東返還資本，我們很高興將季度股息提高到 0.50 美元，或年度股息為 2 美元，這是我們在過去三年中連續第三次提高股息。

Slides 4 and 5 present our three reportable business segments. In our Power Industry Services segment, we have the capability to build multiple types of power facilities, including efficient gas-fired power plants, solar energy fields, biomass facilities, and battery energy storage systems in the US, the UK and in Ireland.

第 4 頁和第 5 頁介紹了我們的三個可報告業務部門。在我們的電力產業服務部門，我們有能力在美國、英國和愛爾蘭建造多種類型的電力設施，包括高效能燃氣發電廠、太陽能發電場、生質能設施和電池儲能係統。

Power Industry Services revenues decreased 8% to $196 million in the third quarter as compared to $212 million for the third quarter of fiscal 2025. The revenue decline in the quarter was primarily related to timing as certain projects are nearing completion and other newer projects are in the early stages of on-site activity as discussed earlier. The segment represented 78% of third-quarter revenues and reported pretax book income of approximately $37 million.

與 2025 財年第三季的 2.12 億美元相比，電力產業服務收入在第三季下降了 8%，至 1.96 億美元。本季收入下降主要與時間安排有關，因為某些項目即將完工，而其他一些新項目則處於現場活動的早期階段，正如前面討論的那樣。該業務部門佔第三季營收的 78%，稅前帳面收入約為 3,700 萬美元。

Revenue increased to $49 million in our Industrial Construction Services segment, a 19% increase compared to revenue of $41 million in the third quarter of 2025. Industrial Construction Services contributed 20% consolidated revenues with pretax book income of approximately $5 million in the third quarter of 2026. This segment primarily provides solutions for industrial construction projects with a concentration in agriculture, petrochemical, pulp and paper, water, data centers and power and has seen solid demand for its capabilities closing the quarter with backlog of $159 million.

我們的工業建築服務部門營收增至 4,900 萬美元，比 2025 年第三季的 4,100 萬美元收入成長了 19%。2026 年第三季度，工業建設服務貢獻了 20% 的合併收入，稅前帳面收入約為 500 萬美元。該業務板塊主要為工業建設項目提供解決方案，重點領域包括農業、石化、紙漿和造紙、水務、資料中心和電力，其業務能力的需求強勁，本季末積壓訂單達 1.59 億美元。

Finally, revenue in our Telecommunications Infrastructure Services group grew 76% to $6.3 million in the third quarter of fiscal 2026 compared to $3.6 million in the third quarter of fiscal 2025 (technical difficulty) of third-quarter revenues. The Telecommunications segment provides outside construction services as well as inside the premises, wire and services, primarily for federal government locations and military installations requiring high-level security clearance as well as data centers.

最後，我們的電信基礎設施服務集團在 2026 財年第三季的營收成長了 76%，達到 630 萬美元，而 2025 財年第三季的營收為 360 萬美元（技術困難）。電信部門主要為聯邦政府機構、需要高級別安全許可的軍事設施以及資料中心提供外部建設服務以及內部佈線和服務。

We're excited about the growth we're seeing in this segment expect to drive continued year-over-year growth. There has been a great deal of industry and news coverage detailing the increase in energy demand across almost every sector of the economy as the electrification of everything continues to expand. We are in a unique and concerning environment where a substantial portion of the nation's natural gas infrastructure is reaching the end of its useful life at the same time, energy use (technical difficulty), the ability for AI data centers, complex manufacturing operations and EV charging to operate without interruption is contingent upon the 24/7 supply of reliable, high-quality energy that primarily comes from a combination of traditional gas-fired and renewable infrastructure.

我們對這一領域的成長感到興奮，並預計這將推動其持續實現同比增長。隨著電氣化進程的不斷推進，幾乎所有經濟部門的能源需求都在不斷增長，對此，產業和新聞媒體都進行了大量的報告。我們正處於一個獨特而令人擔憂的環境中，一方面，國家相當一部分天然氣基礎設施即將達到使用壽命的終點；另一方面，能源使用（技術難題）、人工智慧資料中心、複雜製造營運和電動車充電不間斷運作的能力，都取決於全天候可靠、高品質的能源供應，而這些能源主要來自傳統燃氣基礎設施和再生能源基礎設施的結合。

Argan, along with just a few others in our industry, has the capabilities to build the large complex combined cycle facilities necessary to power the electric economy. We are energized by the current demand environment and believe that our energy agnostic capabilities, long-standing customer and vendor relationships, proven track record of success and disciplined approach in the market opportunities in front of us positions us well for continued long-term growth and profitability.

Argan 和我們行業中其他少數幾家公司一樣，有能力建造大型複雜的聯合循環設施，為電力經濟提供動力。我們對當前的需求環境充滿信心，並相信我們不受能源限制的能力、與客戶和供應商的長期合作關係、已證明的成功記錄以及在當前市場機會中採取的嚴謹態度，使我們能夠持續實現長期增長和盈利。

Slide 7 illustrates the strength of our project backlog which is comprised of approximately 79% natural gas projects and 16% renewable. As I just mentioned, we believe grid reliability going forward will benefit from a combination of natural gas and renewable energy resources. And as you can see from this portion of our backlog that the demand for new natural gas facilities is significant and growing.

幻燈片 7 展示了我們項目儲備的實力，其中約 79% 為天然氣項目，16% 為再生能源項目。正如我剛才提到的，我們認為，未來電網的可靠性將受益於天然氣和再生能源的結合。從我們積壓訂單的這一部分可以看出，對新建天然氣設施的需求量很大，而且還在持續增加中。

We will continue to maintain our presence in the renewable space, but we expect gas-fired and other thermal power facilities to represent the substantial portion of our backlog in the near and midterm.

我們將繼續保持在再生能源領域的業務，但我們預計在近期和中期內，燃氣發電和其他火力發電設施將占我們積壓訂單的很大一部分。

As I mentioned a moment ago, Argan is one of only a few companies who have the capability to successfully execute the complex combined cycle projects and make up a significant portion of the projects currently coming to market (technical difficulty) and a proven track record of success for our customers by employing a disciplined approach to pursuing and winning the right projects with the right partners in the right geographies.

正如我剛才提到的，Argan 是少數幾家有能力成功執行複雜的聯合循環項目的公司之一，並且佔據了目前市場上相當大一部分項目（技術難度高），我們通過採用嚴謹的方法，在合適的地區與合適的合作夥伴一起追求和贏得合適的項目，為客戶取得了成功，並擁有良好的業績記錄。

We're excited about the market landscape and the demand we're seeing for our expertise and services.

我們對市場狀況以及對我們的專業知識和服務的需求感到興奮。

Turning to slide 8. Our consolidated project backlog at October 31, 2025, was a record at approximately $3 billion, reflecting the strength of our offerings at all three operating segments. Our current backlog includes fully committed projects in both the power industry services, in Industrial Construction Services segments as well as in our Telecom segment. We're pleased with the demand we're seeing across all segments.

翻到第8張幻燈片。截至 2025 年 10 月 31 日，我們的合併項目積壓量創下約 30 億美元的紀錄，反映了我們所有三個營運部門的實力。我們目前的積壓訂單包括電力產業服務、工業建設服務以及電信領域的已完全承諾的項目。我們對各個細分市場的需求都感到滿意。

Slide 9 highlights select major projects currently underway or recently awarded. Our Trumbull project, a 950-megawatt natural gas-fired plant in Ohio is nearing completion with first fire achieved at both units of the facility in late summer. The project is currently in the later stages of commissioning activity. Construction began on our 1.2-gigawatt ultra efficient combined cycle natural gas fire plant for SLEC in Texas. And during the quarter, we added two additional gas-fired projects in Texas, CPV Basin Ranch an approximately 1.4 gigawatt (technical difficulty).

第 9 張投影片重點介紹了目前正在進行或最近授予的部分主要項目。我們在俄亥俄州的特朗布爾計畫是一座 950 兆瓦的天然氣發電廠，目前已接近完工，該設施的兩個機組已於夏末實現了首次點火。該專案目前已進入調試工作的後期階段。我們在德州為SLEC建造的1.2吉瓦超高效能聯合循環天然氣火力發電廠已開始動工。本季度，我們在德州新增了兩個燃氣發電項目，分別是裝置容量約1.4吉瓦的CPV Basin Ranch項目。（技術難題）

During the third quarter, we continue to make progress on an approximately 700-megawatt combined cycle natural gas-fired power plant located in the US as well as meaningfully advancing several renewable projects as we took advantage of cooperative summer and fall weather.

第三季度，我們繼續推動位於美國的一座裝置容量約為 700 兆瓦的聯合循環天然氣發電廠項目，同時利用夏季和秋季的有利天氣，在多個可再生能源項目上取得了實質進展。

Additionally, we are progressing on the Tarbert next-generation power station, a 300-megawatt biofuel plant for SSE Thermal and the 170-megawatt thermal facility, both located in Ireland. I'd like to take a minute to point out that both the Ireland projects are categorized as renewal because they are biofuel, but the construction cadence and profile is more consistent than gas build than a renewable build.

此外，我們正在推動位於愛爾蘭的 Tarbert 下一代發電廠、SSE Thermal 的 300 兆瓦生物燃料發電廠和 170 兆瓦火力發電廠的建設。我想花點時間指出，愛爾蘭的這兩個項目都被歸類為再生能源項目，因為它們是生物燃料項目，但它們的建設節奏和規模比天然氣項目更穩定，而不是再生能源項目更穩定。

Finally, you'll see two separate water treatment plant projects being performed by our Industrial Construction Services segment as well as a new recycling and water treatment plant that we are building in Alabama. As we move through the final quarter of fiscal 2026, we remain focused on executing the important and diverse projects in our project backlog.

最後，您將看到我們工業建設服務部門正在執行的兩個獨立的水處理廠項目，以及我們在阿拉巴馬州正在建造的一座新的回收和水處理廠。隨著我們進入 2026 財年的最後一個季度，我們將繼續專注於執行專案積壓清單中重要且多樣化的專案。

With that, I'll turn the call over to Josh Baugher to take us through the third-quarter financials. Go ahead, Josh.

接下來，我將把電話交給喬許·鮑格，讓他為我們介紹第三季的財務狀況。請繼續，喬希。

Thanks, David, and good evening, everyone.

謝謝你，大衛，大家晚上好。

On slide 10, we present our consolidated statement of earnings for the third quarter and nine months ended October 31, 2025. Third-quarter revenues decreased 2% to $251.2 million, primarily due to the timing of certain projects in our Power Industry Services segment. The revenue decline compared to last year's third quarter was related to decreased activity at Trumbull Energy Center, which is near completion, the Louisiana LNG facility, which was completed earlier this year, and the Midwest solar and battery projects.

在第 10 張投影片中，我們展示了截至 2025 年 10 月 31 日的第三季和前九個月的合併損益表。第三季營收下降 2% 至 2.512 億美元，主要是由於我們電力業服務部門某些項目的進度安排所致。與去年第三季相比，收入下降的原因是特朗布爾能源中心（即將完工）、路易斯安那液化天然氣設施（今年稍早完工）以及中西部太陽能和電池項目的活動減少。

Additionally, certain recently awarded projects are progressing through early construction stages, while last year's third quarter included peak execution activity at several large projects. Sequentially, consolidated revenue increased 6% as compared to the second quarter of fiscal 2026.

此外，一些近期中標的項目正在進入早期建設階段，而去年第三季度則包括幾個大型項目的執行高峰期。與 2026 財年第二季相比，合併營收季增 6%。

For our recently ended third quarter, Argan reported consolidated gross profit of approximately $46.9 million or a gross margin of 18.7%. Consolidated gross profit for the comparative quarter last fiscal year was $44.3 million, representing a gross margin of 17.2%. The increased gross profit and improved gross margin for the recently ended quarter was primarily due to the improved gross profit margins for the Power Industry Services segment (technical difficulty).

在最近結束的第三季度，Argan公佈的合併毛利約為4,690萬美元，毛利率為18.7%。上一財年同期合併毛利為 4,430 萬美元，毛利率為 17.2%。近期季度毛利成長和毛利率提高主要歸功於電力業服務業務部門毛利率的提升。（技術難題）

Gross margins for Power Industry Services, our Industrial Construction Services and our Telecommunications Infrastructure Services segment were 19.8%, 13.9%, and 21.2%, respectively, for the third quarter of fiscal 2026 as compared to 18.3%, 11.1%, and 26.1%, respectively, for the third quarter of fiscal 2025.

2026 財年第三季度，電力產業服務、工業建設服務和電信基礎設施服務部門的毛利率分別為 19.8%、13.9% 和 21.2%，而 2025 財年第三季的毛利率分別為 18.3%、11.1% 和 26.1%。

Selling, general and administrative expenses of $14.3 million for the third quarter of fiscal 2026 increased slightly as compared to SG&A of $14 million for the comparable prior year period.

2026 財年第三季的銷售、一般及行政費用為 1,430 萬美元，與去年同期 1,400 萬美元的銷售、一般及行政費用相比略有增加。

Other income net for the three months ended October 31, 2025, was $7.1 million, which primarily reflected investment income earned during the period.

截至 2025 年 10 月 31 日止三個月的其他淨收入為 710 萬美元，主要反映了該期間獲得的投資收益。

During the quarter ended October 31, 2025, the company recorded a provision for income taxes of $9 million on pretax book income of $39.7 million. reflecting an effective tax rate of 22.6%. For the comparable period last year, Argan recorded a provision of income taxes of $9 million on pretax book income of $37 million, which represented an effective tax rate of 24.3%.

截至 2025 年 10 月 31 日的季度，該公司在稅前帳面利潤 3,970 萬美元中提列了 900 萬美元的所得稅準備金，實際稅率為 22.6%。去年同期，Argan 在稅前帳面收入 3,700 萬美元中提列了 900 萬美元的所得稅準備金，實際稅率為 24.3%。

Net income for the third quarter of fiscal 2026 was $30.7 million or $2.17 per diluted share compared to $28 million or $2.17 per diluted share for last year's comparable quarter. EBITDA, earnings before interest, taxes, depreciation and amortization for the quarter ended October 31, 2025, increased to $40.3 million, compared to $37.5 million for the same period of last year. EBITDA as a percent of revenue increased to 16% for the third quarter of this fiscal year compared to 14.6% for the third quarter of last fiscal year.

2026 財年第三季淨收入為 3,070 萬美元，即每股攤薄收益 2.17 美元，而去年同期淨收入為 2,800 萬美元，即每股攤薄收益 2.17 美元。截至 2025 年 10 月 31 日的季度，息稅折舊攤提前利潤 (EBITDA) 增至 4,030 萬美元，而去年同期為 3,750 萬美元。本財年第三季 EBITDA 佔營收的百分比增至 16%，而上財年第三季為 14.6%。

Looking at our year-to-date performance, revenues for the first nine months of fiscal 2026 increased by 6% to $682.6 million as compared to revenues of $641.7 million for the prior year period. Our consolidated gross margin of 18.8% for the first nine months of fiscal 2026 increased as compared to gross margin of 14.6% for the first nine months of fiscal 2025, primarily due to the same reasons described for the quarter.

從年初至今的業績來看，2026 財年前九個月的營收成長了 6%，達到 6.826 億美元，而去年同期營收為 6.417 億美元。2026 財年前九個月的綜合毛利率為 18.8%，高於 2025 財年前九個月的 14.6%，主要原因是與本季所述相同的因素。

SG&A expenses increased to $41 million for the first nine months of fiscal 2026 as compared to $37.8 million for the first nine months of fiscal 2025, but remain consistent as a percentage of revenues. Net income for the first nine months of the fiscal year was $88.6 million or $6.27 per diluted share compared to $54.1 million (technical difficulty). EBITDA was $106.8 million for the first nine months of fiscal 2026 compared with EBITDA of $74.2 million for the first nine months of fiscal 2025.

2026 財年前九個月的銷售、一般及行政費用增至 4,100 萬美元，而 2025 財年前九個月為 3,780 萬美元，但佔收入的百分比保持不變。本財年前九個月的淨利為8,860萬美元，即每股攤薄收益6.27美元，去年同期為5,410萬美元。（技術難題）2026 財年前九個月的 EBITDA 為 1.068 億美元，而 2025 財年前九個月的 EBITDA 為 7,420 萬美元。

(technical difficulty)

（技術難題）

Thanks, Josh. With strong cash flow, we further strengthened our balance sheet during the third quarter. At October 31, 2025, we had approximately $727 million in cash, cash equivalents and investments, generating meaningful investment yields. Our net liquidity was $377 million, and we had no debt.

謝謝你，喬希。憑藉著強勁的現金流，我們在第三季進一步加強了資產負債表。截至 2025 年 10 月 31 日，我們擁有約 7.27 億美元的現金、現金等價物和投資，產生了可觀的投資收益。我們的淨流動資金為 3.77 億美元，而且我們沒有債務。

The strength of our balance sheet is a competitive advantage as it supports our increasing operations, expands bonding capacity, and provides customers a reliable and bankable EPC partner.

我們雄厚的資產負債表是一項競爭優勢，因為它支持我們不斷成長的業務，擴大擔保能力，並為客戶提供可靠且值得信賴的EPC合作夥伴。

Stockholders' equity was $420 million at October 31, 2025. The liquidity bridge demonstrates that our business model ordinarily requires a low level of capital expenditures. Our net liquidity of $377 million at October 31, 2025, has increased $76 million compared with net liquidity of $301 million at January 31, 2025.

截至 2025 年 10 月 31 日，股東權益為 4.2 億美元。流動性橋樑表明，我們的商業模式通常只需要較低的資本支出。截至 2025 年 10 月 31 日，我們的淨流動資金為 3.77 億美元，比 2025 年 1 月 31 日的淨流動資金 3.01 億美元增加了 7,600 萬美元。

During the first nine months of fiscal 2026, we have returned $32 million of capital to our shareholders. We have a disciplined capital allocation strategy, which focuses on our core commitments. First, we invest in our people to ensure we are appropriately prepared to staff and execute our projects. Second, the company pays a quarterly dividend which we increased 33% to $0.50 per common share in September 2025, creating an annual dividend run rate of $2 per share.

在 2026 財年的前九個月，我們已向股東返還了 3,200 萬美元的資本。我們擁有嚴謹的資本配置策略，專注於我們的核心承諾。首先，我們投資於員工，以確保我們有足夠的人員來執行我們的專案。其次，該公司按季度派發股息，我們在 2025 年 9 月將其提高了 33%，達到每股普通股 0.50 美元，從而實現了每股 2 美元的年度股息運行率。

Of note, that increase came just a year after we raised our dividend to $0.375 per share in September 2024 and represents our third consecutive year of raising our quarterly dividend, reflecting the strength of our business (technical difficulty).

值得注意的是，此次股息成長距離我們2024年9月將每股股息提高至0.375美元僅一年之隔，也是我們連續第三年提高季度股息，這反映了我們業務的強勁表現。（技術難題）

Since November 2021, when we began our share buyback program, we have returned a total of approximately $109.6 million to shareholders. Additionally, in April 2025, our Board increased the authorization of the share repurchase program to $150 million.

自 2021 年 11 月我們啟動股票回購計畫以來，我們已向股東返還了約 1.096 億美元。此外，2025 年 4 月，我們的董事會將股票回購計畫的授權額度提高至 1.5 億美元。

And finally, we will continue to evaluate and consider M&A opportunities that could be additive or complementary to our current capabilities or enhance our geographic footprint. Our company is dedicated to driving long-term value creation for shareholders. Our backlog and pipeline are stronger than they have ever been. And since 2008, we have increased our tangible book value (technical difficulty).

最後，我們將繼續評估和考慮能夠增強或補充我們現有能力或擴大我們地理覆蓋範圍的併購機會。我們公司致力於為股東創造長期價值。我們的積壓訂單和項目儲備比以往任何時候都更加充足。自2008年以來，我們的有形帳面價值有所成長。（技術難題）

As I mentioned at the start of the call, the unprecedented growth in power consumption, coupled with the replacement cycle for natural gas facilities that have reached or are near the end of their useful life are driving significant demand for Argan construction capabilities and expertise. We are one of only a few companies who have a proven success rate building both complex combined cycle natural gas facilities and renewable energy resources (technical difficulty), on-budget completion is unmatched among our competitors.

正如我在電話會議開始時提到的，電力消耗的空前增長，加上天然氣設施已達到或接近使用壽命終點的更換週期，正在推動對 Argan 建設能力和專業知識的巨大需求。我們是少數幾家在建造複雜的聯合循環天然氣設施和可再生能源設施方面擁有成功率（技術難度高）的公司之一，在預算內完成項目的能力在競爭對手中是無與倫比的。

The build-out of large gas-fired plants is necessary for the continuation of the 24/7 reliability of the power grid and Argan is uniquely positioned to expand our role as a market leader in the construction of energy infrastructure.

大型燃氣發電廠的建設對於維持電網全天候可靠運作至關重要，而 Argan 憑藉其獨特的優勢，能夠擴大其在能源基礎設施建設領域作為市場領導者的地位。

To close, we remain focused on our long-term growth strategy, leverage our core competencies to capitalize on existing and emerging market opportunities, maintain disciplined risk management with the goal of improving our project management effectiveness and minimizing costly project overruns, strengthen our position as a partner of choice in the construction of power generation facilities that power the electric economy and maintain grid reliability.

最後，我們將繼續專注於長期成長策略，利用我們的核心競爭力來把握現有和新興的市場機遇，保持嚴格的風險管理，以提高專案管理效率並最大限度地減少代價高昂的專案超支，鞏固我們作為電力經濟動力和電網可靠性建設領域首選合作夥伴的地位。

And last but not least, drive organic growth while also being alert for acquisition opportunities that make sense for our business through thoughtful capital allocation. We are energized by the strong opportunity pipeline and the demand for our expertise and capabilities. The power industry has a significant need for large, combined cycle natural gas plants to support an already strained grid as the demand for energy increases and Argan is one of only a few providers with the ability to build these facilities.

最後但同樣重要的是，在推動自身業務成長的同時，也要透過合理的資本配置，尋找對我們業務有意義的收購機會。強勁的發展機會和市場對我們專業知識和能力的需求讓我們倍感振奮。隨著能源需求的成長，電力產業對大型聯合循環天然氣發電廠的需求量很大，以支持已經不堪重負的電網，而 Argan 是少數幾家有能力建造這些設施的供應商之一。

(technical difficulty) and into fiscal 2027, we remain committed to our disciplined approach to capitalizing on the strong demand we are seeing for our services with a focus on pursuing the right projects with the right partners in the right geographies. We remain optimistic about our growth opportunities and our prospects for adding projects to our backlog in this high demand environment over the coming years.

（技術難題）到 2027 財年，我們將繼續秉持嚴謹的態度，充分利用市場對我們服務的強勁需求，專注於在合適的地區與合適的合作夥伴開展合適的項目。我們對未來的成長機會以及在當前高需求環境下增加專案儲備的前景仍然保持樂觀。

I'd like to thank our entire team for their hard work and dedication to operational excellence. They are the engine behind our company's growth and success. Likewise, I thank our shareholders for their continued support.

我要感謝我們整個團隊的辛勤工作和對卓越營運的奉獻精神。他們是我們公司發展和成功的引擎。同樣，我也感謝各位股東的持續支持。

With that, operator, let's open it up for questions.

操作員，那麼，我們開始接受提問吧。

(Operator Instructions) Chris Moore, CJS Securities.

（操作員說明）克里斯·摩爾，CJS證券。

Congrats on a solid quarter. It looks like you're set up exceptionally well for next year and fiscal '28. Maybe just trying to get a better sense in terms of margins moving forward. Obviously, another good quarter for gross margins move around a little bit depending on mix and where you are with certain projects. I guess maybe just we'll start on (technical difficulty), pricing on those, is it much different today than it was, say, two to three years ago?

恭喜你們本季業績出色。看來你們為明年和 2028 財年做好了非常充分的準備。或許只是想更了解未來的利潤率。顯然，毛利率又是一個不錯的季度，但具體波動幅度會取決於產品組合以及某些項目的進度。我想我們或許可以先從（技術難題）入手，談談這些產品的定價，現在的價格和兩三年前相比有很大的不同嗎？

We haven't disclosed our pricing on our gas projects, but our pricing model remains the same as it always has taken into account today's market, inflation, labor and other various risks into consideration. As you know, there's really no one size fits all on pricing approach here at scope, complexity, whether it's a combined cycle or simple risks that are taken and other factors can be very different from contract to contract.

我們尚未公開天然氣項目的定價，但我們的定價模式與以往一樣，已將當前的市場、通貨膨脹、勞動力和其他各種風險納入考量。如您所知，定價方法並沒有統一的標準，因為範圍、複雜性、是組合週期還是簡單的風險以及其他因素都可能因合約而異。

So we're thrilled with our $3 billion in backlog, and we're also really pleased with what we've been able to do with our gas business. And obviously, our margin profile over the past three quarters has been good, and we're looking to continue that run.

因此，我們對30億美元的積壓訂單感到非常興奮，同時也對我們在天然氣業務方面的成就感到非常滿意。顯然，過去三個季度我們的利潤率表現良好，我們希望繼續保持這一勢頭。

Got it. I appreciate that. Maybe I'll ask it a little differently. Just in terms of a (technical difficulty). Is that 18% range? Is that a reasonable target for fiscal '27 and '28? Or just any thoughts around that?

知道了。我很感激。或許我會換個方式問。僅就…而言（技術難題）那是18%的範圍嗎？對於 2027 和 2028 財政年度來說，這是一個合理的目標嗎？或者大家對此有什麼想法？

Yes. You know that we remain intentionally conservative with our directional guidance on margins and we gave, I think, earlier this year, kind of that 16%-plus benchmark. And clearly, over the year to date, we're at 18.8%. So we've exceeded that, and we're proud that we've been able to execute to do that.

是的。你知道，我們在利潤率方向指引方面一直保持謹慎態度，而且我認為，我們在今年早些時候給出了 16% 以上的基準。顯然，今年迄今為止，我們的成長率為 18.8%。所以我們已經超額完成了目標，我們為能夠做到這一點而感到自豪。

And so given all these recent awards and the changing overall mix of projects, contract types, (technical difficulty), I think, it's a little too early to tell where fiscal year '27 gross margins will go. But I mean, we really remain excited about the opportunities in front of us and look to continue to impress.

因此，鑑於最近獲得的這些獎項以及項目、合約類型（技術難度）的整體組合的變化，我認為現在判斷 2027 財年的毛利率走向還為時過早。但我的意思是，我們仍然對擺在我們面前的機會感到興奮，並期待繼續給人留下深刻印象。

Fair enough. Maybe just one last one. Just obviously, you can have multiple significant natural gas projects running at the same time in calendar '26 and beyond. Can you talk a little bit about the required manpower challenges there? Are there specific skill sets that are exceptional, which needs to be shared across the different projects?

很公平。或許就最後一個吧。很顯然，在 2026 年及以後，您可以同時開展多個重要的天然氣專案。您能談談那裡的人力需求方面面臨的挑戰嗎？是否存在一些特殊的、需要在不同專案中共享的技能？

There are. I mean, procurement, engineering, there's a number commissioning. There's a number of skill sets that you allocate to multiple jobs at any given time. Labor is always a challenge. It's been so for years, and there's no change there as in the past. And we're always keeping a close eye on that. But I think you're kind of driving that what's our project capacity, Chris, in last quarter.

有。我的意思是，採購、工程、調試等等，還有很多環節。在任何特定時間，你都可以將多種技能分配給多個工作。勞動力始終是一項挑戰。多年來一直如此，而且情況與過去一樣沒有任何改變。我們一直密切關注著這一點。但我認為你某種程度上是在推動我們上個季度的專案能力達到什麼水平，克里斯。

I kind of given that range of $10 million to $12 million, and we're going to remain consistent with that guidance. As our teams employees grow with training and experience, we'll strive to grow that capacity in the future. And as you know, we've intentionally been adding headcount. We're at our largest head count in the history to be able to take on this bulge work and a lot of this work for the foreseeable future.

我給出的範圍大概是 1000 萬美元到 1200 萬美元，我們將繼續堅持這一預期。隨著我們團隊員工透過培訓和經驗的累積而不斷成長，我們將努力在未來提升這項能力。如您所知，我們一直在有意識地增加員工人數。為了應對這項龐大的工作量以及在可預見的未來能夠完成的大量工作，我們目前擁有歷史上最多的人員。

Rob Brown, Lake Street Capital Markets.

羅布布朗，湖街資本市場。

Congratulations on all the progress. Just in terms of the pipeline and maybe the cadence of the pipeline after having a couple of large projects kind of awarded here. Do you expect kind of a similar rate in '26? Or is there a bit of a pause? Or do you sort of -- what's the cadence of activity you expect here in the next 6 to 12 months?

祝賀你們取得的所有進展。就專案流程而言，或許在幾個大型專案獲得批准後，專案流程的節奏也會有所不同。你預計2026年的利率也會大致相同嗎？或是中間會有一段停頓？或者，您大致了解一下——您預計未來 6 到 12 個月內這裡的活動節奏是怎樣的？

Well, we're catching our breath, Rob. As you know, we've historically been pretty conservative about predicting where our backlog can go, and we're going to stick to that approach. But we've successfully added 4.6 gigawatts or six major power jobs to our backlog over the past 12 months. And so we've got a lot of work to do in front of us.

好了，羅布，我們正在喘口氣。如您所知，我們歷來積壓訂單的預測都相當保守，我們將繼續堅持這種做法。但在過去 12 個月裡，我們成功地為我們的待辦事項清單增加了 4.6 吉瓦，相當於 6 個大型電力項目。所以，我們面前還有很多工作要做。

And so as we balance that capacity, our capacity in the new work, we ultimately do expect to add a handful of jobs over the next 12 to 24 months, but it's difficult to predict when we will be able to add those jobs, especially since, as you know, we don't control when the new jobs start.

因此，在平衡現有產能和新工作產能的過程中，我們最終預計在未來 12 至 24 個月內增加一些就業崗位，但很難預測何時能夠增加這些崗位，尤其是因為，正如您所知，我們無法控制何時開始新工作。

We're constantly evaluating projects that meet the right time, conditions, and best fit for our organization. And we frankly have a significant number of inbound requests for our service at any given time. So I can't really give you a precise guidance as to the time of new jobs. The reality is, our next job could be next quarter or a year from now.

我們會不斷評估那些符合時機、條件，最適合我們組織的專案。坦白說，我們任何時候都會收到大量關於我們服務的請求。所以，我無法就新工作的具體時間給予準確的指導。事實上，我們的下一份工作可能要等到下個季度，也可能要等到一年以後。

And as you know, backlog performance can vary quarter to quarter. But at the end of the day, we're excited with our $3 billion in backlog, and we're excited about adding future jobs over the next couple of years.

如您所知，積壓訂單的績效可能會因季度而異。但歸根究底，我們對目前30億美元的積壓訂單感到興奮，並且對未來幾年新增就業機會感到興奮。

Okay. Okay. Great. And then have you seen sort of changes in the competitive environment? I know on your script, you talked about one of the few that can kind of do these large jobs. But what's sort of the competitive environment changes here with all the demand?

好的。好的。偉大的。那麼，您是否觀察到競爭環境發生了一些變化？我知道在你的劇本裡，你提到少數幾個能夠完成這些大型專案的人之一。但隨著需求的成長，這裡的競爭環境又會發生什麼樣的變化呢？

Yes. As you know, after the gas that 2015, 2018 time period, just a little bit going back in history here, we had a lot of competition that left the field strategically. And today, for the larger complex combined cycle projects, there's really only a handful of us that are able to compete to do those.

是的。如你所知，在 2015 年、2018 年那段時間的天然氣熱潮之後，稍微回顧一下歷史，我們有很多競爭對手出於戰略考慮退出了該領域。而如今，對於規模更大、結構更複雜的聯合循環項目，真正能夠參與競爭的公司寥寥無幾。

And there are more folks competing for simple cycle also known as peakers, and we expect to see more folks enter the market over time. But the reality is there is enough work right now for everybody and we focus on getting the right jobs with the right contract and customer as we build out our portfolio of projects.

而且，越來越多的人開始爭奪簡單週期（也稱為峰值週期）產品，我們預計隨著時間的推移，將有更多人進入該市場。但現實情況是，目前工作機會充足，每個人都能找到合適的工作，我們專注於透過合適的合約和客戶來拓展我們的專案組合。

Michael Fairbanks, JPMorgan.

麥可費爾班克斯，摩根大通。

I got another question on labor. So David, you talked about 10 to 12 teams. I guess I'm curious to hear if you expect to be at that level in fiscal '27?

我還有一個關於勞動的問題。所以大衛，你剛才提到了10到12支球隊。我很想知道您是否預計在 2027 財年能達到那個水準？

And then also, just like within that, how many teams could you potentially have working on a CCGT project at one time? And then also just curious to hear, like how hard is it to expand that team count further?

此外，同樣地，CCGT 專案最多可以同時有多少團隊在工作？另外，我也很好奇，進一步擴大團隊規模有多難？

All good questions. And as you know, this is not an easy business that we're in. I mean, do the math, we're currently working on around seven gas/biofuel projects and a couple of renewable projects. So simply looking at that, there's a little capacity with a little additional capacity to add another gas or renewable. And also the Trumbull job is kind of getting close to the end of its completion stage, which could free up some more opportunity for us.

都是很好的問題。正如你所知，我們所處的這個行業並不容易。我的意思是，算賬，我們目前正在進行大約七個天然氣/生物燃料項目和幾個可再生能源項目。所以簡單來看，這裡還有一些產能，但還可以增加一些額外的產能來添加另一種天然氣或再生能源。此外，特朗布爾計畫也接近完工階段，這可能會為我們帶來更多機會。

So again, that 10 to 12 capacity, we do have capacity to add to that, and that is our intent over the next 12-plus months. So I guess that answers part of your question. There's also a number of ways for us to deploy our talent, where we're able to potentially optimize certain leaders over multiple jobs versus just one.

所以，我們目前擁有 10 到 12 個產能，而且我們有能力增加產能，這也是我們未來 12 個月以上的計畫。所以我想這回答了你問題的一部分。我們還可以透過多種方式部署我們的人才，從而有可能優化某些領導者在多個職位上的表現，而不是僅僅在一個職位上。

And so we're being very accretive in being able to stretch our capabilities to take on the right projects and be able to meet our customers' needs. So there's a lot of thought and strategic decisions that are made around that. And again, always focused on growing our teams, growing assistant project managers, assistant engineers, et cetera, so that we can seed -- put the seeds in place for future expansion of capacity.

因此，我們正在不斷提升自身能力，以承接合適的項目，並滿足客戶的需求。因此，圍繞這一點需要進行大量的思考和戰略決策。而且，我們始終專注於發展我們的團隊，培養助理專案經理、助理工程師等等，以便我們能夠播下種子——為未來產能的擴張奠定基礎。

Great. And then just as a follow-up, you talked about being selective on new projects. I guess I'm curious, like what kinds of projects and customers are you looking for -- and has there been any notable shift in your conversations around contract structure or terms or the risks that you're taking?

偉大的。然後，作為後續補充，你談到了新項目的選擇。我很好奇，你們在尋找什麼樣的專案和客戶？在合約結構、條款或你們所承擔的風險方面，你們的討論是否有任何明顯的轉變？

Sure. We have always remained a flexible partner with current customers and future customers at the end of the day. When it comes to contract terms, you just got to ensure that you're getting paid for the risk that you take on, and if you're able to enter into an agreement that meets both your needs as the EPC as well as the customers' needs and for that customer to be able to get financing or whatever else they have to do to be able to get that project to go.

當然。我們始終保持著與現有客戶和潛在客戶靈活的合作關係。就合約條款而言，你只需要確保你承擔的風險得到相應的報酬，並且如果你能夠達成一項既滿足你作為EPC承包商的需求，又滿足客戶需求的協議，並且讓客戶能夠獲得融資或他們為了推進項目所需的其他任何條件，那就更好了。

So as it relates to terms, they're all negotiable. And there's really no standard set of terms that exist. No one size fits all.

所以，就條款而言，一切都是可以協商的。而且實際上並沒有一套標準的術語。沒有一種方案適合所有人。

As it relates to our type of customers, obviously, we're looking to build out our portfolio of projects. We do find that with repeat customers, they know how we work and we know how they work. And so there is a natural cadence, which, in my mind, does reduce the risk on that type of project, but we're also very excited about the new customers or potential customers that we're talking to.

就我們的客戶類型而言，顯然，我們希望拓展我們的專案組合。我們發現，對於回頭客來說，他們了解我們的工作方式，我們也了解他們的工作方式。因此，專案自然而然地發展，在我看來，這確實降低了這類專案的風險，但我們也對正在洽談的新客戶或潛在客戶感到非常興奮。

And we work both with IPPs and utilities. And so I would say we're not (technical difficulty).

我們既與獨立發電商合作，也與公用事業公司合作。所以我覺得我們不是。（技術難題）

Ati Modak, Goldman Sachs.

阿蒂·莫達克，高盛。

David, I think on the handful of opportunities that you mentioned into calendar '27, I'm curious what the size ranges are? Are the projects getting larger on average? Is it going to be similar? Any color you can provide there would be helpful.

David，關於你提到的 2027 年曆上的幾個機會，我很好奇它們的規模範圍是多少？專案平均規模是否越來越大？情況會類似嗎？您提供的任何顏色資訊都將有所幫助。

Sure. I mean, it's interesting if you kind of do the math, there are five US jobs right now, they average over 1 gigawatt each. So that is very sizable. And as you know, in the past, we've worked on the job that was almost 1.9 gigawatts, the Guernsey job in Ohio. So we don't have any size limitations as to what we're looking to consider.

當然。我的意思是，如果你稍微算一下，你會發現這很有趣。目前美國有五個這樣的工作崗位，平均每個崗位的發電量都超過 1 吉瓦。所以這相當可觀。如您所知，過去我們曾參與過一個規模接近 1.9 吉瓦的項目，即俄亥俄州的格恩西島項目。因此，我們對考慮的事物沒有任何尺寸限制。

I think there's opportunities that are even greater than that size. And then there's opportunities that are on the lower end. Again, it's about meeting the right place in our cadence of jobs that works for us and fits in our schedule. And so I think there is a tendency for us to do larger jobs, and we continue to -- and I think that's a bit of a sweet spot for us, but that doesn't mean any other job is off the table for us.

我認為還有比這更大的機會。此外，還有一些機會，但門檻較低。再次強調，關鍵在於找到適合我們工作節奏和時間安排的合適位置。所以我覺得我們傾向於承接更大的項目，而且我們也一直在這樣做——我認為這對我們來說是一個比較理想的領域，但這並不意味著其他任何項目對我們來說都不在考慮範圍內。

That's helpful, David. And then on the opportunities from private players or hyperscalers for dedicated CCGT plants, are you seeing anything? What's your outlook there? And what's your competitive position for something like that where it's a nontraditional customer, but we're starting to hear conversations around that. Any thoughts you can provide?

那很有幫助，大衛。那麼，對於私人投資者或超大規模開發商在專用 CCGT 電廠方面的機會，您看到了什麼？你對那裡的情況有什麼看法？那麼，對於這種非傳統客戶群，你的競爭地位是什麼？我們已經開始聽到一些相關的討論。您有什麼想法嗎？

Well, we're always being asked to participate in behind-the-meter type projects. And again, we're always evaluating each opportunity to see what works best for us and what can potentially work with that potential customer. Again, it comes down to the right job, the right contract, the right price, et cetera.

我們總是被邀請參與一些用戶表後類型的專案。而且，我們始終都在評估每一個機會，看看什麼對我們最有利，以及什麼有可能與潛在客戶合作。歸根究底，還是要看工作是否合適、合約是否合適、價格是否合適等等。

And I think if you look at our history, we've worked with all different types of project owners and developers. And so having that flexibility and we are a lean team that has shown an ability to be flexible, that bodes well for those types of opportunities as well.

我認為，如果你回顧我們的歷史，你會發現我們曾與各種類型的專案業主和開發商合作過。因此，我們擁有這種靈活性，而且我們是一支精幹的團隊，已經展現出靈活應變的能力，這對我們抓住這類機會來說也是個好兆頭。

Austin Wang, GLJ Research.

奧斯汀王，GLJ 研究公司。

Maybe if we could just kind of break apart the quarter's bookings qualitatively. I know you can't disclose too much here, but maybe it would be great to kind of understand some of the puts and takes that kind of define this tranche of bookings?

或許我們可以對本季的預訂情況進行定性分析。我知道你不能在這裡透露太多，但或許了解這批預訂背後的一些交易和收益情況會很有幫助？

And then I have one more question before I'm happy to turn it back.

在把它退回去之前，我還有一個問題。

Austin, great to hear from you. And I assume you're specifically asking about the CPV Basin Ranch opportunity as well as the 860-megawatt Texas project. Again, two projects that we're excited about when it comes to puts and takes. (technical difficulty) as I've stated before, you look at the risk that you take on, are you wrapping the job? Are you not wrapping the job? How much of the equipment are you buying versus the customer?

奧斯汀，很高興收到你的來信。我猜您具體詢問的是 CPV Basin Ranch 的機會以及 860 兆瓦的德克薩斯州專案。再說一遍，就投入和回報而言，我們有兩個項目都讓我們感到興奮。 （技術難題）正如我之前所說，你要考慮你所承擔的風險，你是否能完成這項工作？你還沒完成這項工作嗎？您購買的設備數量與客戶購買的設備數量相比如何？

So it's really difficult to, again, have that one-size-fits-all pricing on a per KW basis for any particular type of job, not knowing the details of the contract and what's in there. So we're really excited about how we have historically performed and how we have historically priced our projects, and we're looking forward to generating two additional successful projects here.

因此，在不了解合約細節和具體內容的情況下，很難針對任何特定類型的工作，以每千瓦時制定統一的價格。因此，我們對公司以往的業績和專案定價感到非常興奮，並期待在這裡再推出兩個成功的專案。

No, that's great. Maybe if we could just get your thoughts on the opportunity set broader broadly for gas gen like geographically, where are you seeing the most smoke here? Because obviously, this plate of Texas projects has been really exciting. But -- (technical difficulty)

不，那太好了。或許我們可以聽聽您對天然氣發電更廣泛的機會的看法，例如從地理上看，您認為哪裡最有發展潛力？很顯然，這一系列德克薩斯州的項目真的令人興奮。但——（技術難題）

Sure. I mean, clearly, we've added a number of jobs in Texas, and we're very excited about working in that state. But historically, we've worked everywhere. And as you know, Austin, we spent a fair amount of time in the PJM finish up on the job in Ohio. We've built several jobs in Ohio, several jobs in Pennsylvania.

當然。我的意思是，很顯然，我們在德克薩斯州增加了許多工作崗位，我們對在該州開展工作感到非常興奮。但從歷史上看，我們曾在世界各地開展過業務。如你所知，奧斯汀，我們在 PJM 花了相當長的時間來完成俄亥俄州的工作。我們在俄亥俄州創造了幾個就業崗位，在賓州也創造了幾個就業機會。

Yes, there are opportunities in West Virginia and throughout the PJM. And I think PJM is in the middle of an auction right now. So they are demonstrating in the last couple anyways, some improved pricing and thus potentially encouraging further development of gas plants, and that's a region we're very familiar with and would be very, very pleased to continue working in.

是的，西維吉尼亞州和整個PJM地區都有很多機會。我覺得PJM現在正在進行拍賣。所以，無論如何，他們在最近幾次試驗中都展現出了一些改進的定價，從而有可能鼓勵天然氣發電廠的進一步發展，而我們非常熟悉這個地區，並且非常非常樂意繼續在那裡工作。

And that does conclude our Q&A session for today. I would now like to hand the call back to David Watson for closing remarks.

今天的問答環節到此結束。現在我謹將電話交還給大衛·沃森，請他作總結發言。

Thank you all for participating in today's call. We look forward to speaking with you again when we report fourth quarter and year-end fiscal 2026 results. Have a great evening, everyone.

感謝各位參加今天的電話會議。我們期待在公佈 2026 財年第四季和全年業績時再次與您交流。祝大家晚上愉快。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。