Energy Services of America CORP [ESOA] Filings

10-Q 1 esoa-20240630x10q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)



☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2024.

Commission File Number: 001-32998

Energy Services of America Corporation

(Exact Name of Registrant as Specified in Its Charter)


Delaware		20-4606266
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)


75 West 3^rd Ave., Huntington, West Virginia		25701
(Address of Principal Executive Office)		(Zip Code)

(304) 522-3868

(Registrant’s Telephone Number Including Area Code)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbols		Name of Each Exchange On Which Registered
Common Stock, Par Value $0.0001		ESOA		The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such requirements for the past 90 days. YES ☒ NO ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☒ NO ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, or an “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

As of August 9, 2024, there were 16,570,685 outstanding shares of the Registrant’s Common Stock.

Table of Contents


Part 1: Financial Information

Item 1. Financial Statements (Unaudited):

Consolidated Balance Sheets		2

Consolidated Statements of Income		3

Consolidated Statements of Cash Flows		4

Consolidated Statements of Changes in Shareholders’ Equity		5

Notes to Unaudited Consolidated Financial Statements		6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		20

Item 3. Quantitative and Qualitative Disclosures About Market Risk		37

Item 4. Controls and Procedures		37

Part II: Other Information

Item 1. Legal Proceedings		38

Item 1A. Risk Factors		38

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities		39

Item 5. Other Information		39

Item 6. Exhibits		40

Signatures		41

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Part 1. Financial Information

Item 1. Financial Statements (Unaudited):

Energy Services of America Corporation

Consolidated Balance Sheets

Unaudited


	June 30,		September 30,
	2024		2023
Assets
Current assets
Cash and cash equivalents	$	14,537,867	$	16,431,572
Accounts receivable-trade		50,173,780		51,219,958
Allowance for doubtful accounts		(51,063)		(51,063)
Retainages receivable		10,279,019		7,589,749
Other receivables		1,122,220		516,968
Contract assets		21,046,114		15,955,220
Prepaid expenses and other		4,245,892		3,520,178
Total current assets		101,353,829		95,182,582

Property, plant and equipment, at cost		90,554,178		84,329,349
less accumulated depreciation		(52,703,476)		(47,799,840)
Total property and equipment, net		37,850,702		36,529,509

Right-of-use assets-operating leases		2,497,162		3,326,405
Intangible assets, net		3,058,673		3,383,099
Goodwill		4,087,554		4,087,554
Total assets	$	148,847,920	$	142,509,149

Liabilities and shareholders’ equity
Current liabilities
Current maturities of long-term debt	$	7,177,071	$	6,107,277
Lines of credit and short-term borrowings		10,259,700		19,847,470
Current maturities of operating lease liabilities		1,114,734		1,075,815
Accounts payable		19,445,674		22,026,639
Accrued expenses and other current liabilities		12,021,416		13,103,944
Contract liabilities		17,944,618		17,743,001
Income tax payable		5,691,264		—
Total current liabilities		73,654,477		79,904,146

Long-term debt, less current maturities		14,502,286		18,870,529
Long-term operating lease liabilities, less current maturities		1,372,062		2,274,975
Deferred tax liability		7,282,967		6,870,510
Total liabilities		96,811,792		107,920,160

Shareholders’ equity
Common stock, $.0001 par value Authorized 50,000,000 shares, 17,896,016 issued and 16,570,685 outstanding at June 30, 2024 and 17,885,615 issued and 16,567,185 outstanding at September 30, 2023		1,790		1,789
Treasury stock, 1,325,331 shares at June 30, 2024 and 1,318,430 shares at September 30, 2023		(133)		(132)
Additional paid in capital		60,282,921		60,288,745
Retained deficit		(8,248,450)		(25,701,413)
Total shareholders’ equity		52,036,128		34,588,989
Total liabilities and shareholders’ equity	$	148,847,920	$	142,509,149

The Accompanying Notes are an Integral Part of These Financial Statements

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Energy Services of America Corporation

Consolidated Statements of Income

Unaudited


	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	June 30,		June 30,		June 30,		June 30,
	2024		2023		2024		2023
Revenue	$	85,923,760	$	85,529,892	$	247,214,602	$	199,245,920

Cost of revenues		70,615,936		74,650,897		214,828,263		178,480,010

Gross profit		15,307,824		10,878,995		32,386,339		20,765,910

Selling and administrative expenses		6,815,191		5,283,617		21,335,862		16,487,502
Income from operations		8,492,633		5,595,378		11,050,477		4,278,408

Other income (expense)
Interest income		—		—		—		196
Other nonoperating expense		(27,446)		(72,338)		(33,935)		(163,525)
Income from lawsuit judgement		15,634,499		—		15,634,499		—
Interest expense		(546,960)		(639,888)		(1,771,560)		(1,713,862)
Gain on sale of equipment		571		30,136		292,166		47,073
		15,060,664		(682,090)		14,121,170		(1,830,118)

Income before income taxes		23,553,297		4,913,288		25,171,647		2,448,290

Income tax expense		6,039,670		1,497,742		6,724,653		767,970

Net income	$	17,513,627	$	3,415,546	$	18,446,994	$	1,680,320

Weighted average shares outstanding-basic		16,565,827		16,602,556		16,567,034		16,659,169

Weighted average shares-diluted		16,597,982		16,602,556		16,602,903		16,659,169

Earnings per share-basic	$	1.06	$	0.21	$	1.11	$	0.10

Earnings per share-diluted	$	1.06	$	0.21	$	1.11	$	0.10

The Accompanying Notes are an Integral Part of These Financial Statements

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Energy Services of America Corporation

Consolidated Statements of Cash Flows

Unaudited


	Nine Months Ended		Nine Months Ended
	June 30,		June 30,
	2024		2023
Cash flows from operating activities:
Net income	$	18,446,994	$	1,680,320

Adjustments to reconcile net income to net cash provided by operating activities:
Accreted interest on PPP loans		75,380		74,613
Depreciation expense		6,338,224		5,356,166
Gain on sale of equipment		(292,166)		(47,073)
Provision for deferred taxes		412,457		699,932
Amortization of intangible assets		324,426		401,221
Accreted interest on notes payable		53,977		31,200
Vested restricted stock award compensation expense		35,556		—
Decrease (increase) in accounts receivable		1,046,178		(9,369,616)
Increase in retainage receivable		(2,689,270)		(2,881,285)
Increase in other receivables		(605,252)		(556,165)
(Increase) decrease in contract assets		(5,090,894)		3,910,675
(Increase) decrease in prepaid expenses and other		(725,714)		2,907,881
Decrease in accounts payable		(2,580,965)		(1,480,418)
Increase (decrease) in accrued expenses and other current liabilities		4,573,985		(969,652)
Increase in contract liabilities		201,617		10,548,603
Net cash provided by operating activities		19,524,533		10,306,402

Cash flows from investing activities:
Investment in property and equipment		(6,666,139)		(8,498,746)
Proceeds from sales of property and equipment		995,324		546,672
Net cash used in investing activities		(5,670,815)		(7,952,074)

Cash flows from financing activities:
Dividends on common stock		(994,031)		(833,360)
Treasury stock purchased		(41,380)		(219,615)
Borrowings on lines of credit and short-term debt, net of (repayments)		(9,663,150)		1,197,792
Proceeds from long-term debt		—		3,100,000
Principal payments on long-term debt		(5,048,862)		(3,988,057)
Net cash used in financing activities		(15,747,423)		(743,240)
(Decrease) increase in cash and cash equivalents		(1,893,705)		1,611,088
Cash and cash equivalents beginning of period		16,431,572		7,427,474
Cash and cash equivalents end of period	$	14,537,867	$	9,038,562

Supplemental schedule of noncash investing and financing activities:
Purchases of property & equipment under financing agreements	$	1,696,436	$	892,735
Prepaid insurance premiums financed	$	—	$	3,811,644
Operating lease right-of-use asset disposals, net of acquisitions in exchange for operating liabilities	$	(36,667)	$	2,618,530

Supplemental disclosures of cash flows information:
Cash paid during the year for:
Interest	$	1,690,100	$	1,636,404
Income taxes	$	1,251,818	$	—

The Accompanying Notes are an Integral Part of These Financial Statements

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Energy Services of America Corporation

Consolidated Statements of Changes in Shareholders’ Equity

For the three and nine months ended June 30, 2024 and 2023


										Total
	Common Stock			Additional Paid		Retained		Treasury		Shareholders’
	Shares	Amount		in Capital		Deficit		Stock		Equity
Balance at September 30, 2023	16,567,185	$	1,789	$	60,288,745	$	(25,701,413)	$	(132)	$	34,588,989

Net income	—		—		—		2,042,195		—		2,042,195

Dividends on common stock ($0.06 per share on 16,567,185 shares)	—		—		—		(994,031)		—		(994,031)

Balance at December 31, 2023	16,567,185	$	1,789	$	60,288,745	$	(24,653,249)	$	(132)	$	35,637,153

Net loss	—		—		—		(1,108,828)		—		(1,108,828)

Vested restricted stock award	10,401		1		35,555		—		—		35,556

Balance at March 31, 2024	16,577,586		1,790		60,324,300		(25,762,077)		(132)		34,563,881

Net income	—		—		—		17,513,627		—		17,513,627

Treasury stock purchased by company	(6,901)		—		(41,379)		—		(1)		(41,380)

Balance at June 30, 2024	16,570,685	$	1,790	$	60,282,921	$	(8,248,450)	$	(133)	$	52,036,128


										Total
	Common Stock			Additional Paid		Retained		Treasury		Shareholders’
	Shares	Amount		in Capital		Deficit		Stock		Equity
Balance at September 30, 2022	16,667,185	$	1,789	$	60,508,350	$	(32,269,473)	$	(122)	$	28,240,544

Net income	—		—		—		138,374		—		138,374

Balance at December 31, 2022	16,667,185	$	1,789	$	60,508,350	$	(32,131,099)	$	(122)	$	28,378,918

Net loss	—		—		—		(1,873,600)		—		(1,873,600)

Dividends on common stock ($0.05 per share on 16,667,185 shares)	—		—		—		(833,360)		—		(833,360)

Treasury stock purchased by company	(32,181)		—		(71,652)		—		(3)		(71,655)

Balance at March 31, 2023	16,635,004	$	1,789	$	60,436,698	$	(34,838,059)	$	(125)	$	25,600,303

Net income	—		—		—		3,415,546		—		3,415,546

Treasury stock purchased by company	(67,819)		—		(147,953)		—		(7)		(147,960)

Balance at June 30, 2023	16,567,185	$	1,789	$	60,288,745	$	(31,422,513)	$	(132)	$	28,867,889

The Accompanying Notes are an Integral Part of These Financial Statements

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ENERGY SERVICES OF AMERICA CORPORATION

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. BUSINESS AND ORGANIZATION

Energy Services of America Corporation (“Energy Services” or the “Company”), formed in 2006, is a contractor and service company that operates primarily in the mid-Atlantic and central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. For the gas industry, the Company is primarily engaged in the construction, replacement and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. Energy Services is involved in the construction of both interstate and intrastate pipelines, with an emphasis on the latter. For the oil industry, the Company provides a variety of services relating to pipeline, storage facilities and plant work. For the power, chemical, and automotive industries, the Company provides a full range of electrical and mechanical installations and repairs including substation and switchyard services, site preparation, equipment setting, pipe fabrication and installation, packaged buildings, transformers, and other ancillary work with regards thereto. Energy Services’ other pipeline services include corrosion protection services, horizontal drilling services, liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction. The Company has also added the ability to install broadband and solar electric systems and perform civil and general contracting services.

C.J. Hughes Construction Company, Inc. (“C.J. Hughes”), a wholly owned subsidiary of the Company, is a general contractor primarily engaged in pipeline construction for utility companies. Contractors Rental Corporation (“Contractors Rental”), a wholly owned subsidiary of C.J. Hughes, provides union building trade employees for projects managed by C.J. Hughes.

Nitro Construction Services, Inc. (“NCS”), a wholly owned subsidiary of C.J. Hughes, provides electrical, mechanical, HVAC/R, and fire protection services to customers primarily in the automotive, chemical, and power industries. Revolt Energy, LLC (“Revolt”), a wholly owned subsidiary of NCS, performs residential solar installation projects. Nitro Electric Company, LLC (“Nitro Electric”), a wholly owned subsidiary of NCS, performs industrial electrical work and has a satellite office registered in Michigan. Pinnacle Technical Solutions, Inc. (“Pinnacle”), a wholly owned subsidiary of NCS, operates as a data storage facility within Nitro’s office building. Pinnacle is supported by NCS and has no employees of its own. NCS and its subsidiaries will collectively be referred to “Nitro”.

All C.J. Hughes, Nitro, and Contractors Rental construction personnel are union members of various related construction trade unions and are subject to collective bargaining agreements that expire at varying time intervals.

West Virginia Pipeline, Inc. (“West Virginia Pipeline” or “WVP”), a wholly owned subsidiary of Energy Services, operates as a gas and water distribution contractor primarily in southern West Virginia. The employees of West Virginia Pipeline are non-union and are managed independently of the Company’s union subsidiaries.

SQP Construction Group, Inc. (“SQP”), a wholly owned subsidiary of Energy Services, operates as a general contractor primarily in West Virginia. SQP engages in the construction and renovation of buildings and other civil construction projects for state and local government agencies and commercial customers. As a general contractor, SQP manages the overall construction project and subcontracts most of the work. The employees of SQP are non-union and are managed independently of the Company’s union subsidiaries.

Tri-State Paving & Sealcoating, Inc. (“TSP” or “Tri-State Paving”), a wholly owned subsidiary of Energy Services, completed the acquisition of substantially all the assets of Tri-State Paving & Sealcoating, LLC (“Tri-State Paving, LLC”) on April 29, 2022. Tri-State Paving provides utility paving services to water distribution customers in the Charleston, West Virginia, Lexington, Kentucky, and Chattanooga, Tennessee markets. The employees of TSP are non-union and are managed independently of the Company’s union subsidiaries.

Ryan Construction Services Inc. (“Ryan Construction” or “RCS”), a wholly owned subsidiary of Energy Services, formed in August 2022 in connection with the acquisition of substantially all the assets of Ryan Environmental, LLC and Ryan Environmental Transport, LLC (collectively “Ryan Environmental”), provides directional drilling services for broadband service providers along with offering natural gas distribution services, cathodic protection and corrosion prevention services, and civil construction services. Ryan Construction operates primarily in West Virginia and Pennsylvania. The employees of RCS are non-union and are managed independently of the Company’s union subsidiaries.

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Interim Financial Statements

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the Company’s audited consolidated financial statements and footnotes thereto for the years ended September 30, 2023, and 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on January 16, 2024. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted pursuant to the interim financial reporting rules and regulations of the SEC. The financial statements reflect all adjustments (consisting primarily of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and results of operations. The operating results for the three and nine months ended June 30, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year or any other interim period.

Principles of Consolidation

The consolidated financial statements of Energy Services include the accounts of Energy Services, its wholly owned subsidiaries West Virginia Pipeline, SQP, Ryan Construction, Tri-State Paving and C.J. Hughes and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services, West Virginia Pipeline, SQP, Ryan Construction, Tri-State Paving and C.J. Hughes and its subsidiaries.

Use of Estimates and Assumptions

The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and loss during the reporting period. Actual results could differ materially from those estimates.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Please refer to Note 2 “Summary of Significant Accounting Policies” of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended September 30, 2023, for a more detailed discussion of our significant accounting policies. There were no material changes to these significant accounting policies during the three and nine months ended June 30, 2024.

3. ACCOUNTING FOR PAYCHECK PROTECTION PROGRAM LOANS

Due to the economic uncertainties created by COVID-19 and limited operating funds available, the Company applied for loans under the Paycheck Protection Program (“PPP”). On April 15, 2020, the Company and its subsidiaries, C.J. Hughes, Contractors Rental and Nitro, entered into separate PPP notes effective April 7, 2020, with United Bank as its lender (the “Lender”) in an aggregate principal amount of $13.1 million pursuant to the PPP (collectively, the (“PPP Loans”). In a special meeting held on April 27, 2020, the Board of Directors of the Company unanimously voted to return $3.3 million of the PPP Loans after discussing the financing needs of the Company and subsidiaries. That left the Company and subsidiaries with $9.8 million in PPP Loans to fund operations. During fiscal year 2021, the Company received notice that the SBA had granted forgiveness of the $9.8 million of PPP Loans and the SBA repaid the Lender in full. The forgiveness was recorded as other income for the fiscal year ended September 30, 2021.

During April 2023, management received notification from the SBA that one of the Company’s forgiveness applications related to the PPP Loans was under review. As part of the review, the SBA requested additional payroll information. Additionally, the SBA requested information regarding the ability of the Company’s affiliates to meet SBA size standards and/or PPP corporate maximum limits. The requested information was subsequently provided to the SBA through the Lender. The Company recognizes that there is a possibility that the SBA could reverse its previous determination on the forgiveness of the PPP Loans. As a result of this uncertainty, the Company restated the previously issued audited financial statements of the Company for the fiscal years 2022 and 2021. The Company has recorded a short-term borrowing due to the SBA inquiry for the full $9.8 million, plus accrued interest for all periods presented.

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During July 2023, management received notification from the SBA that two additional forgiveness applications related to the PPP Loans were under review. As part of the review, the SBA requested information regarding the ability of the Company’s affiliates to meet SBA size standards and/or PPP corporate maximum limits. The requested information was subsequently provided to the SBA through the Lender.

Borrowers must retain PPP documentation for at least six years after the date the loan is forgiven or paid in full, and the SBA and SBA Inspector General must be granted these files upon request. The SBA could revisit its forgiveness decision and determine that the Company does not qualify in whole or in part for loan forgiveness and demand repayment of the loans. In addition, it is unknown what type of penalties could be assessed against the Company if the SBA disagrees with the Company’s certification. Any penalties in addition to the potential repayment of the PPP Loans could negatively impact the Company’s business, financial condition and results of operations and prospects.

4. REVENUE RECOGNITION

Our revenue is primarily derived from construction contracts that can span several quarters. We recognize revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606” or “Topic 606”) which provides for a five-step model for recognizing revenue from contracts with customers as follows:

●

Identify the contract

●

Identify performance obligations

●

Determine the transaction price

●

Allocate the transaction price

●

Recognize revenue

The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our estimates of the cost to complete each project. We believe our experience allows us to create materially reliable estimates. There are a number of factors that can contribute to changes in estimates of contract cost and profitability. The most significant of these include:

●

the completeness and accuracy of the original bid;

●

costs associated with scope changes;

●

changes in costs of labor and/or materials;

●

extended overhead and other costs due to owner, weather and other delays;

●

subcontractor performance issues;

●

changes in productivity expectations;

●

site conditions that differ from those assumed in the original bid;

●

changes from original design on design-build projects;

●

the availability and skill level of workers in the geographic location of the project;

●

a change in the availability and proximity of equipment and materials;

●

our ability to fully and promptly recover on affirmative claims and back charges for additional contract costs; and

●

the customer’s ability to properly administer the contract.

The foregoing factors, as well as the stage of completion of contracts in process and the mix of contracts at different margins may cause fluctuations in gross profit from period to period. Significant changes in cost estimates, particularly in our larger, more complex projects, could have a significant effect on our profitability.

Our contract assets include cost and estimated earnings in excess of billings that represent amounts earned and reimbursable under contracts, including claim recovery estimates, but have a conditional right for billing and payment such as achievement of milestones or completion of the project. With the exception of customer affirmative claims, generally, such unbilled amounts will become billable according to the contract terms and generally will be billed and collected over the next three months. Settlement with the customer of outstanding affirmative claims is dependent on the claims resolution process and could extend beyond one year. Based on our historical experience, we generally consider the collection risk related to billable amounts to be low. When events or conditions indicate that it is probable that the amounts outstanding become unbillable, the transaction price and associated contract asset is reduced.

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Our contract liabilities consist of provisions for losses and billings in excess of costs and estimated earnings. Provisions for losses, if incurred, are recognized in the consolidated statements of income at the uncompleted performance obligation level for the amount of total estimated losses in the period that evidence indicates that the estimated total cost of a performance obligation exceeds its estimated total revenue. Billings in excess of costs and estimated earnings are billings to customers on contracts in advance of work performed, including advance payments negotiated as a contract condition. Generally, unearned project-related costs will be earned over the next twelve months.

5. DISAGGREGATION OF REVENUE

The Company disaggregates revenue based on the following lines of service: (1) Gas & Water Distribution, (2) Gas & Petroleum Transmission, and (3) Electrical, Mechanical, & General services and construction. Our contract types are: Lump Sum, Unit Price, Cost Plus and Time and Materials (“T&M”). The following tables present our disaggregated revenue for the three and nine months ended June 30, 2024 and 2023:


	Three Months Ended June 30, 2024
					Electrical,
	Gas & Water		Gas & Petroleum		Mechanical, &		Total revenue
	Distribution		Transmission		General		from contracts
Lump sum contracts	$	—	$	—	$	30,678,722	$	30,678,722
Unit price contracts		22,536,366		16,687,458		579,567		39,803,391
Cost plus and T&M contracts		—		451,348		14,990,299		15,441,647
Total revenue from contracts	$	22,536,366	$	17,138,806	$	46,248,588	$	85,923,760

Earned over time	$	605,362	$	16,687,458	$	32,717,660	$	50,010,480
Earned at point in time		21,931,004		451,348		13,530,928		35,913,280
Total revenue from contracts	$	22,536,366	$	17,138,806	$	46,248,588	$	85,923,760


	Nine Months Ended June 30, 2024
					Electrical,
	Gas &Water		Gas & Petroleum		Mechanical, &		Total revenue
	Distribution		Transmission		General		from contracts
Lump sum contracts	$	—	$	—	$	86,311,693	$	86,311,693
Unit price contracts		53,892,952		53,580,598		3,290,437		110,763,987
Cost plus and T&M contracts		—		1,884,529		48,254,393		50,138,922
Total revenue from contracts	$	53,892,952	$	55,465,127	$	137,856,523	$	247,214,602

Earned over time	$	10,746,633	$	53,580,598	$	95,859,496	$	160,186,727
Earned at point in time		43,146,319		1,884,529		41,997,027		87,027,875
Total revenue from contracts	$	53,892,952	$	55,465,127	$	137,856,523	$	247,214,602


	Three Months Ended June 30, 2023
					Electrical,
	Gas & Water		Gas & Petroleum		Mechanical, &		Total revenue
	Distribution		Transmission		General		from contracts
Lump sum contracts	$	—	$	—	$	29,132,537	$	29,132,537
Unit price contracts		17,906,005		28,488,329		1,568,962		47,963,296
Cost plus and T&M contracts		—		—		8,434,059		8,434,059
Total revenue from contracts	$	17,906,005	$	28,488,329	$	39,135,558	$	85,529,892

Earned over time	$	7,738,419	$	28,488,329	$	35,991,934	$	72,218,682
Earned at point in time		10,167,586		—		3,143,624		13,311,210
Total revenue from contracts	$	17,906,005	$	28,488,329	$	39,135,558	$	85,529,892

Table of Contents


	Nine Months Ended June 30, 2023
					Electrical,
	Gas & Water		Gas & Petroleum		Mechanical, &		Total revenue
	Distribution		Transmission		General		from contracts
Lump sum contracts	$	—	$	—	$	68,633,633	$	68,633,633
Unit price contracts