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SEGMENT INFORMATION - Segment financial information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | --- | ---
Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2025 | Mar. 31, 2024 | Jun. 30, 2025 | Jun. 30, 2024 | Sep. 30, 2025 | Sep. 30, 2024
SEGMENT INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  |  |  |  |  |  |  |  |  |  | $ 411,001,373 | $ 351,876,861
Gross profit |  |  |  |  |  |  |  |  |  |  | 38,775,713 | 49,954,316
Selling, general, and administrative expenses |  |  |  |  |  |  |  |  |  |  | 34,560,240 | 30,119,070
Intangible asset amortization expenses |  |  |  |  |  |  |  |  |  |  | 1,064,493 | 438,623
Corporate depreciation expense |  |  |  |  |  |  |  |  |  |  | 11,962,424 | 8,539,400
Income from operations | $ 3,168,053 | $ (8,092,227) | $ 1,645,961 | $ 8,492,633 | $ (1,082,397) | $ 3,640,241 | $ (6,446,266) | $ 2,557,844 | $ (3,278,213) | $ 11,050,477 | 4,215,473 | 19,835,246
Operating Segments |  |  |  |  |  |  |  |  |  |  |  |
SEGMENT INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Revenue | 103,601,585 | 76,679,151 | 100,646,114 | 85,923,760 | 71,127,655 | 90,163,187 | 177,325,265 | 161,290,842 | 280,926,850 | 247,214,602 | 411,001,373 | 351,876,861
Segment direct operating expenses (excluding depreciation) | 88,583,618 | 73,670,167 | 87,898,210 | 68,537,010 | 62,851,878 | 77,332,015 | 161,568,377 | 140,183,893 | 250,151,995 | 208,720,903 | 360,627,178 | 293,691,050
Direct depreciation expense | 3,035,369 | 2,931,124 | 2,484,322 | 2,078,926 | 2,036,223 | 1,992,211 | 5,415,446 | 4,028,434 | 8,450,815 | 6,107,360 | 11,598,482 | 8,231,495
Gross profit | $ 11,982,598 | $ 77,860 | $ 10,263,582 | $ 15,307,824 | $ 6,239,554 | $ 10,838,961 | $ 10,341,442 | $ 17,078,515 | $ 22,324,040 | $ 32,386,339 | $ 38,775,713 | $ 49,954,316
Segment gross profit percentage | 11.60% | 0.10% | 10.20% | 17.80% | 8.80% | 12.00% | 5.80% | 10.60% | 7.90% | 13.10% | 9.40% | 14.20%
Selling, general, and administrative expenses | $ 7,274,677 | $ 6,556,611 | $ 6,524,653 | $ 5,735,316 | $ 6,139,860 | $ 5,976,948 | $ 13,081,264 | $ 12,116,808 | $ 20,355,941 | $ 17,852,124 | $ 26,821,376 | $ 24,856,592
Indirect depreciation expense | 90,429 | 84,953 | 82,486 | 76,194 | 76,089 | 75,111 | 167,439 | 151,200 | 257,868 | 227,394 | 357,763 | 303,278
Intangible asset amortization expenses | 192,974 | 141,476 | 124,809 | 108,142 | 108,142 | 108,142 | 266,285 | 216,284 | 459,259 | 324,426 | 1,064,493 | 438,623
Segment indirect operating expenses | $ 7,558,080 | $ 6,783,040 | $ 6,731,948 | $ 5,919,652 | $ 6,324,091 | $ 6,160,201 | $ 13,514,988 | $ 12,484,292 | $ 21,073,068 | $ 18,403,944 | $ 28,243,632 | $ 25,598,493
Segment operating margin percentage | 4.30% | (8.70%) | 3.50% | 10.90% | (0.10%) | 5.20% | (1.80%) | 2.80% | 0.40% | 5.70% | 2.60% | 6.90%
Income from operations | $ 4,424,518 | $ (6,705,180) | $ 3,531,634 | $ 9,388,172 | $ (84,537) | $ 4,678,760 | $ (3,173,546) | $ 4,594,223 | $ 1,250,972 | $ 13,982,395 | $ 10,532,081 | $ 24,355,823
Operating Segments | Underground Infrastructure Construction |  |  |  |  |  |  |  |  |  |  |  |
SEGMENT INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Revenue | 55,384,307 | 32,544,499 | 52,820,146 | 45,477,986 | 34,330,863 | 52,107,145 | 85,364,645 | 86,438,008 | 140,748,952 | 131,915,994 | 222,966,841 | 189,104,106
Segment direct operating expenses (excluding depreciation) | 45,879,667 | 34,472,373 | 45,045,769 | 34,784,050 | 30,237,638 | 43,570,180 | 79,518,142 | 73,807,818 | 125,397,809 | 108,591,868 | 195,094,334 | 152,792,852
Direct depreciation expense | 2,410,049 | 2,299,065 | 1,842,414 | 1,494,558 | 1,473,250 | 1,459,758 | 4,141,479 | 2,933,008 | 6,551,528 | 4,427,566 | 9,080,976 | 5,955,467
Gross profit | $ 7,094,591 | $ (4,226,939) | $ 5,931,963 | $ 9,199,378 | $ 2,619,975 | $ 7,077,207 | $ 1,705,024 | $ 9,697,182 | $ 8,799,615 | $ 18,896,560 | $ 18,791,531 | $ 30,355,787
Segment gross profit percentage | 12.80% | (13.00%) | 11.20% | 20.20% | 7.60% | 13.60% | 2.00% | 11.20% | 6.30% | 14.30% | 8.40% | 16.10%
Selling, general, and administrative expenses | $ 5,530,973 | $ 4,780,036 | $ 4,759,449 | $ 4,090,563 | $ 4,523,010 | $ 4,473,880 | $ 9,539,485 | $ 8,996,890 | $ 15,070,458 | $ 13,087,453 | $ 19,685,274 | $ 18,365,153
Intangible asset amortization expenses | 174,812 | 141,476 | 124,809 | 108,142 | 108,142 | 108,142 | 266,285 | 216,284 | 441,097 | 324,426 | 1,040,277 | 432,569
Segment indirect operating expenses | $ 5,705,785 | $ 4,921,512 | $ 4,884,258 | $ 4,198,705 | $ 4,631,152 | $ 4,582,022 | $ 9,805,770 | $ 9,213,174 | $ 15,511,555 | $ 13,411,879 | $ 20,725,551 | $ 18,797,722
Segment operating margin percentage | 2.50% | (28.10%) | 2.00% | 11.00% | (5.90%) | 4.80% | (9.50%) | 0.60% | (4.80%) | 4.20% | (0.90%) | 6.10%
Income from operations | $ 1,388,806 | $ (9,148,451) | $ 1,047,705 | $ 5,000,673 | $ (2,011,177) | $ 2,495,185 | $ (8,100,746) | $ 484,008 | $ (6,711,940) | $ 5,484,681 | $ (1,934,020) | $ 11,558,065
Operating Segments | Industrial Construction |  |  |  |  |  |  |  |  |  |  |  |
SEGMENT INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Revenue | 35,044,725 | 32,694,332 | 35,396,513 | 26,634,201 | 24,473,527 | 22,637,486 | 68,090,845 | 47,111,013 | 103,135,570 | 73,745,214 | 138,935,139 | 104,054,034
Segment direct operating expenses (excluding depreciation) | 31,393,379 | 29,345,599 | 31,870,920 | 21,887,962 | 21,994,382 | 20,443,726 | 61,216,519 | 42,438,108 | 92,609,898 | 64,326,070 | 123,226,874 | 90,504,731
Direct depreciation expense | 625,320 | 632,059 | 641,908 | 584,368 | 562,973 | 532,453 | 1,273,967 | 1,095,426 | 1,899,287 | 1,679,794 | 2,517,506 | 2,276,028
Gross profit | $ 3,026,026 | $ 2,716,674 | $ 2,883,685 | $ 4,161,871 | $ 1,916,172 | $ 1,661,307 | $ 5,600,359 | $ 3,577,479 | $ 8,626,385 | $ 7,739,350 | $ 13,190,759 | $ 11,273,275
Segment gross profit percentage | 8.60% | 8.30% | 8.10% | 15.60% | 7.80% | 7.30% | 8.20% | 7.60% | 8.40% | 10.50% | 9.50% | 10.80%
Selling, general, and administrative expenses | $ 1,029,731 | $ 980,765 | $ 983,393 | $ 862,948 | $ 796,106 | $ 766,937 | $ 1,964,158 | $ 1,563,043 | $ 2,993,889 | $ 2,425,991 | $ 3,966,742 | $ 3,358,644
Intangible asset amortization expenses | 18,162 |  |  |  |  |  |  |  | 18,162 |  | 24,216 | 6,054
Segment indirect operating expenses | $ 1,047,893 | $ 980,765 | $ 983,393 | $ 862,948 | $ 796,106 | $ 766,937 | $ 1,964,158 | $ 1,563,043 | $ 3,012,051 | $ 2,425,991 | $ 3,990,958 | $ 3,364,698
Segment operating margin percentage | 5.60% | 5.30% | 5.40% | 12.40% | 4.60% | 4.00% | 5.30% | 4.30% | 5.40% | 7.20% | 6.60% | 7.60%
Income from operations | $ 1,978,133 | $ 1,735,909 | $ 1,900,292 | $ 3,298,923 | $ 1,120,066 | $ 894,370 | $ 3,636,201 | $ 2,014,436 | $ 5,614,334 | $ 5,313,359 | $ 9,199,801 | $ 7,908,577
Operating Segments | Building Construction |  |  |  |  |  |  |  |  |  |  |  |
SEGMENT INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Revenue | 13,172,553 | 11,440,320 | 12,429,455 | 13,811,573 | 12,323,265 | 15,418,556 | 23,869,775 | 27,741,821 | 37,042,328 | 41,553,394 | 49,099,393 | 58,718,721
Segment direct operating expenses (excluding depreciation) | 11,310,572 | 9,852,195 | 10,981,521 | 11,864,998 | 10,619,858 | 13,318,109 | 20,833,716 | 23,937,967 | 32,144,288 | 35,802,965 | 42,305,970 | 50,393,467
Gross profit | $ 1,861,981 | $ 1,588,125 | $ 1,447,934 | $ 1,946,575 | $ 1,703,407 | $ 2,100,447 | $ 3,036,059 | $ 3,803,854 | $ 4,898,040 | $ 5,750,429 | $ 6,793,423 | $ 8,325,254
Segment gross profit percentage | 14.10% | 13.90% | 11.60% | 14.10% | 13.80% | 13.60% | 12.70% | 13.70% | 13.20% | 13.80% | 13.80% | 14.20%
Selling, general, and administrative expenses | $ 713,973 | $ 795,810 | $ 781,811 | $ 781,805 | $ 820,744 | $ 736,131 | $ 1,577,621 | $ 1,556,875 | $ 2,291,594 | $ 2,338,680 | $ 3,169,360 | $ 3,132,795
Indirect depreciation expense | 90,429 | 84,953 | 82,486 | 76,194 | 76,089 | 75,111 | 167,439 | 151,200 | 257,868 | 227,394 | 357,763 | 303,278
Segment indirect operating expenses | $ 804,402 | $ 880,763 | $ 864,297 | $ 857,999 | $ 896,833 | $ 811,242 | $ 1,745,060 | $ 1,708,075 | $ 2,549,462 | $ 2,566,074 | $ 3,527,123 | $ 3,436,073
Segment operating margin percentage | 8.00% | 6.20% | 4.70% | 7.90% | 6.50% | 8.40% | 5.40% | 7.60% | 6.30% | 7.70% | 6.70% | 8.30%
Income from operations | $ 1,057,579 | $ 707,362 | $ 583,637 | $ 1,088,576 | $ 806,574 | $ 1,289,205 | $ 1,290,999 | $ 2,095,779 | $ 2,348,578 | $ 3,184,355 | $ 3,266,300 | $ 4,889,181
Corporate |  |  |  |  |  |  |  |  |  |  |  |
SEGMENT INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Corporate and non-allocated costs | 1,255,048 | 1,384,859 | 1,884,516 | 894,383 | 996,703 | 1,037,362 | 3,269,375 | 2,034,065 | 4,524,423 | 2,928,448 | 6,310,429 | 4,515,950
Corporate depreciation expense | $ 1,417 | $ 2,188 | $ 1,157 | $ 1,156 | $ 1,157 | $ 1,157 | $ 3,345 | $ 2,314 | $ 4,762 | $ 3,470 | $ 6,179 | $ 4,627

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