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SEGMENT INFORMATION
 12 Months Ended
Sep. 30, 2025
SEGMENT INFORMATION  
SEGMENT INFORMATION

5.SEGMENT INFORMATION

Energy Services’ operations are managed by senior executives who report to the Company’s President and CEO (the “President”), the chief operating decision maker. The President uses operating income for each of Energy Services’ reportable segments and considers forecast to actual variances to assess performance and when making decisions about allocating capital and other resources.

Energy Services’ reportable segments are: Underground Infrastructure Construction, Industrial Construction, and Building Construction.

Underground Infrastructure Construction primarily includes new construction and maintenance work in the following areas: water and wastewater pipelines, natural gas distribution pipelines, natural gas transmission pipelines, natural gas stations and ancillary facilities, corrosion protection services, and horizontal drilling services.

Industrial Constructions primarily includes new construction and maintenance work in the following areas: electrical, mechanical, HVAC/R, controls, and fire protection services in automotive, chemical, power, and manufacturing facilities.

Building Construction primarily includes new construction and rehabilitation activities in the following areas: school projects, local and state building projects, and small bridge projects. Most services performed by the legal entity in this segment are subcontracted both to outside contractors and internally to other legal entities within the Company. Services subcontracted internally are eliminated from segmented reporting.

Energy Services’ segment results are derived from the types of services provided across its operating companies in each of its end-user markets. The Company’s business model allows multiple operating companies to serve the same or similar customers and to provide a range of services across end-user markets. Reportable segment information, including revenues and operating income by type of work, is gathered from each operating company. Classification of operating company revenues by type of work for segment reporting purposes can require judgment on the part of management. Segment operating expenses (excluding depreciation expense) primarily include cost of services, such as wages and benefits; subcontractor costs; materials; certain equipment rental and maintenance costs, and other direct and indirect project costs.

Separate measures of the Company’s assets and cash flows by reportable segment, including capital expenditures, are utilized by the President to evaluate segment performance since the Company’s fixed assets are not used on an interchangeable basis across its reportable segments.

Corporate and non-allocated costs include non-allocated corporate salaries, benefits and incentive compensation, acquisition and integration costs, non-cash stock-based compensation, investor relation expenses, and accounting review and audit fees.

The following tables show segment financial information for the periods presented. All revenues are from external customers.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Underground Infrastructure 

  ​ ​ ​

Industrial 

  ​ ​ ​

Building 

  ​ ​ ​

​

​

 

Year Ended September 30, 2025

​

Construction

​

Construction

​

Construction

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenues

​

$

222,966,841

​

$

138,935,139

​

$

49,099,393

​

$

411,001,373

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment direct operating expenses (excluding depreciation)

​

 

195,094,334

​

 

123,226,874

​

 

42,305,970

​

 

360,627,178

​

Direct depreciation expense

​

 

9,080,976

​

 

2,517,506

​

 

—

​

 

11,598,482

​

Segment gross profit

​

 

18,791,531

​

 

13,190,759

​

 

6,793,423

​

 

38,775,713

​

Segment gross profit percentage

​

 

8.4

%  

 

9.5

%  

 

13.8

%  

 

9.4

%

Selling, general, and administrative expenses

​

 

19,685,274

​

 

3,966,742

​

 

3,169,360

​

 

26,821,376

​

Indirect depreciation expense

​

 

—

​

 

—

​

 

357,763

​

 

357,763

​

Intangible asset amortization expenses

​

 

1,040,277

​

 

24,216

​

 

—

​

 

1,064,493

​

Segment indirect operating expenses

​

 

20,725,551

​

 

3,990,958

​

 

3,527,123

​

 

28,243,632

​

Segment income from operations

​

 

(1,934,020)

​

 

9,199,801

​

 

3,266,300

​

 

10,532,081

​

Segment operating margin percentage

​

 

(0.9)

%  

 

6.6

%  

 

6.7

%  

 

2.6

%

Corporate and non-allocated costs

​

 

  ​

​

 

  ​

​

 

  ​

​

 

6,310,429

​

Corprate depreciation expense

​

 

  ​

​

 

  ​

​

 

  ​

​

 

6,179

​

Total consolidated income from operations

​

 

  ​

​

 

  ​

​

 

  ​

​

$

4,215,473

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Underground Infrastructure 

  ​ ​ ​

Industrial 

  ​ ​ ​

Building 

  ​ ​ ​

​

​

 

Year Ended September 30, 2024

​

Construction

​

Construction

​

Construction

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenues

​

$

189,104,106

​

$

104,054,034

​

$

58,718,721

​

$

351,876,861

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment direct operating expenses (excluding depreciation)

​

 

152,792,852

​

 

90,504,731

​

 

50,393,467

​

 

293,691,050

​

Direct depreciation expense

​

 

5,955,467

​

 

2,276,028

​

 

—

​

 

8,231,495

​

Segment gross profit

​

 

30,355,787

​

 

11,273,275

​

 

8,325,254

​

 

49,954,316

​

Segment gross profit percentage

​

 

16.1

%  

 

10.8

%  

 

14.2

%  

 

14.2

%

Selling, general, and administrative expenses

​

 

18,365,153

​

 

3,358,644

​

 

3,132,795

​

 

24,856,592

​

Indirect depreciation expense

​

 

—

​

 

—

​

 

303,278

​

 

303,278

​

Intangible asset amortization expenses

​

 

432,569

​

 

6,054

​

 

—

​

 

438,623

​

Segment indirect operating expenses

​

 

18,797,722

​

 

3,364,698

​

 

3,436,073

​

 

25,598,493

​

Segment income from operations

​

 

11,558,065

​

 

7,908,577

​

 

4,889,181

​

 

24,355,823

​

Segment operating margin percentage

​

 

6.1

%  

 

7.6

%  

 

8.3

%  

 

6.9

%

Corporate and non-allocated costs

​

 

  ​

​

 

  ​

​

 

  ​

​

 

4,515,950

​

Corprate depreciation expense

​

 

  ​

​

 

  ​

​

 

  ​

​

 

4,627

​

Total consolidated income from operations

​

 

  ​

​

 

  ​

​

 

  ​

​

$

19,835,246

​

​

​

The following tables show segment property, plant and equipment, at cost, less accumulated depreciation for the periods presented:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At September 30, 2025

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

​

​

Underground Infrastructure 

​

Industrial 

​

Building 

​

​

​

Property, plant and equipment, at cost, less accumulated depreciation

  ​ ​ ​

Construction

  ​ ​ ​

Construction

  ​ ​ ​

Construction

  ​ ​ ​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

Segments

​

$

38,062,083

​

$

14,206,055

​

$

1,161,970

​

$

53,430,108

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate

​

 

—

​

 

—

​

 

—

​

 

37,859

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

38,062,083

​

$

14,206,055

​

$

1,161,970

​

$

53,467,967

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At September 30, 2024

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

​

​

Underground Infrastructure 

​

Industrial 

​

Building 

​

​

​

Property, plant and equipment, at cost, less accumulated depreciation

  ​ ​ ​

Construction

  ​ ​ ​

Construction

  ​ ​ ​

Construction

  ​ ​ ​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

Segments

​

$

22,807,607

​

$

14,279,280

​

$

1,036,669

​

$

38,123,556

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate

​

 

—

​

 

—

​

 

—

​

 

12,158

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

22,807,607

​

$

14,279,280

​

$

1,036,669

​

$

38,135,714

​

The following tables show interim segment financial information for the fiscal year ended September 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Underground Infrastructure 

  ​ ​ ​

Industrial 

  ​ ​ ​

Building 

  ​ ​ ​

​

​

 

Three Months Ended December 31, 2023

​

Construction

​

Construction

​

Construction

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenues

​

$

52,107,145

​

$

22,637,486

​

$

15,418,556

​

$

90,163,187

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment direct operating expenses (excluding depreciation)

​

 

43,570,180

​

 

20,443,726

​

 

13,318,109

​

 

77,332,015

​

Direct depreciation expense

​

 

1,459,758

​

 

532,453

​

 

—

​

 

1,992,211

​

Segment gross profit

​

 

7,077,207

​

 

1,661,307

​

 

2,100,447

​

 

10,838,961

​

Segment gross profit percentage

​

 

13.6

%  

 

7.3

%  

 

13.6

%  

 

12.0

%

Selling, general, and administrative expenses

​

 

4,473,880

​

 

766,937

​

 

736,131

​

 

5,976,948

​

Indirect depreciation expense

​

 

—

​

 

—

​

 

75,111

​

 

75,111

​

Intangible asset amortization expenses

​

 

108,142

​

 

—

​

 

—

​

 

108,142

​

Segment indirect operating expenses

​

 

4,582,022

​

 

766,937

​

 

811,242

​

 

6,160,201

​

Segment income from operations

​

 

2,495,185

​

 

894,370

​

 

1,289,205

​

 

4,678,760

​

Segment operating margin percentage

​

 

4.8

%  

 

4.0

%  

 

8.4

%  

 

5.2

%

Corporate and non-allocated costs

​

 

  ​

​

 

  ​

​

 

  ​

​

 

1,037,362

​

Corprate depreciation expense

​

 

  ​

​

 

  ​

​

 

  ​

​

 

1,157

​

Total consolidated income from operations

​

 

  ​

​

 

  ​

​

 

  ​

​

$

3,640,241

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Underground Infrastructure 

  ​ ​ ​

Industrial 

  ​ ​ ​

Building 

  ​ ​ ​

​

​

 

Three Months Ended March 31, 2024

​

Construction

​

Construction

​

Construction

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenues

​

$

34,330,863

​

$

24,473,527

​

$

12,323,265

​

$

71,127,655

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment direct operating expenses (excluding depreciation)

​

 

30,237,638

​

 

21,994,382

​

 

10,619,858

​

 

62,851,878

​

Direct depreciation expense

​

 

1,473,250

​

 

562,973

​

 

—

​

 

2,036,223

​

Segment gross profit

​

 

2,619,975

​

 

1,916,172

​

 

1,703,407

​

 

6,239,554

​

Segment gross profit percentage

​

 

7.6

%  

 

7.8

%  

 

13.8

%  

 

8.8

%

Selling, general, and administrative expenses

​

 

4,523,010

​

 

796,106

​

 

820,744

​

 

6,139,860

​

Indirect depreciation expense

​

 

—

​

 

—

​

 

76,089

​

 

76,089

​

Intangible asset amortization expenses

​

 

108,142

​

 

—

​

 

—

​

 

108,142

​

Segment indirect operating expenses

​

 

4,631,152

​

 

796,106

​

 

896,833

​

 

6,324,091

​

Segment (losss) income from operations

​

 

(2,011,177)

​

 

1,120,066

​

 

806,574

​

 

(84,537)

​

Segment operating margin percentage

​

 

(5.9)

%  

 

4.6

%  

 

6.5

%  

 

(0.1)

%

Corporate and non-allocated costs

​

 

  ​

​

 

  ​

​

 

  ​

​

 

996,703

​

Corprate depreciation expense

​

 

  ​

​

 

  ​

​

 

  ​

​

 

1,157

​

Total consolidated loss from operations

​

 

  ​

​

 

  ​

​

 

  ​

​

$

(1,082,397)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Underground Infrastructure 

  ​ ​ ​

Industrial 

  ​ ​ ​

Building 

  ​ ​ ​

​

​

 

Six Months Ended March 31, 2024

​

Construction

​

Construction

​

Construction

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenues

​

$

86,438,008

​

$

47,111,013

​

$

27,741,821

​

$

161,290,842

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment direct operating expenses (excluding depreciation)

​

 

73,807,818

​

 

42,438,108

​

 

23,937,967

​

 

140,183,893

​

Direct depreciation expense

​

 

2,933,008

​

 

1,095,426

​

 

—

​

 

4,028,434

​

Segment gross profit

​

 

9,697,182

​

 

3,577,479

​

 

3,803,854

​

 

17,078,515

​

Segment gross profit percentage

​

 

11.2

%  

 

7.6

%  

 

13.7

%  

 

10.6

%

Selling, general, and administrative expenses

​

 

8,996,890

​

 

1,563,043

​

 

1,556,875

​

 

12,116,808

​

Indirect depreciation expense

​

 

—

​

 

—

​

 

151,200

​

 

151,200

​

Intangible asset amortization expenses

​

 

216,284

​

 

—

​

 

—

​

 

216,284

​

Segment indirect operating expenses

​

 

9,213,174

​

 

1,563,043

​

 

1,708,075

​

 

12,484,292

​

Segment income from operations

​

 

484,008

​

 

2,014,436

​

 

2,095,779

​

 

4,594,223

​

Segment operating margin percentage

​

 

0.6

%  

 

4.3

%  

 

7.6

%  

 

2.8

%

Corporate and non-allocated costs

​

 

  ​

​

 

  ​

​

 

  ​

​

 

2,034,065

​

Corprate depreciation expense

​

 

  ​

​

 

  ​

​

 

  ​

​

 

2,314

​

Total consolidated income from operations

​

 

  ​

​

 

  ​

​

 

  ​

​

$

2,557,844

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Underground Infrastructure 

  ​ ​ ​

Industrial 

  ​ ​ ​

Building 

  ​ ​ ​

​

​

 

Three Months Ended June 30, 2024

​

Construction

​

Construction

​

Construction

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenues

​

$

45,477,986

​

$

26,634,201

​

$

13,811,573

​

$

85,923,760

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment direct operating expenses (excluding depreciation)

​

 

34,784,050

​

 

21,887,962

​

 

11,864,998

​

 

68,537,010

​

Direct depreciation expense

​

 

1,494,558

​

 

584,368

​

 

-

​

 

2,078,926

​

Segment gross profit

​

 

9,199,378

​

 

4,161,871

​

 

1,946,575

​

 

15,307,824

​

Segment gross profit percentage

​

 

20.2

%  

 

15.6

%  

 

14.1

%  

 

17.8

%

Selling, general, and administrative expenses

​

 

4,090,563

​

 

862,948

​

 

781,805

​

 

5,735,316

​

Indirect depreciation expense

​

 

—

​

 

—

​

 

76,194

​

 

76,194

​

Intangible asset amortization expenses

​

 

108,142

​

 

—

​

 

—

​

 

108,142

​

Segment indirect operating expenses

​

 

4,198,705

​

 

862,948

​

 

857,999

​

 

5,919,652

​

Segment income from operations

​

 

5,000,673

​

 

3,298,923

​

 

1,088,576

​

 

9,388,172

​

Segment operating margin percentage

​

 

11.0

%  

 

12.4

%  

 

7.9

%  

 

10.9

%

Corporate and non-allocated costs

​

 

  ​

​

 

  ​

​

 

  ​

​

 

894,383

​

Corprate depreciation expense

​

 

  ​

​

 

  ​

​

 

  ​

​

 

1,156

​

Total consolidated income from operations

​

 

  ​

​

 

  ​

​

 

  ​

​

$

8,492,633

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Underground Infrastructure 

  ​ ​ ​

Industrial 

  ​ ​ ​

Building 

  ​ ​ ​

​

​

 

Nine months Ended June 30, 2024

​

Construction

​

Construction

​

Construction

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenues

​

$

131,915,994

​

$

73,745,214

​

$

41,553,394

​

$

247,214,602

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment direct operating expenses (excluding depreciation)

​

 

108,591,868

​

 

64,326,070

​

 

35,802,965

​

 

208,720,903

​

Direct depreciation expense

​

 

4,427,566

​

 

1,679,794

​

 

—

​

 

6,107,360

​

Segment gross profit

​

 

18,896,560

​

 

7,739,350

​

 

5,750,429

​

 

32,386,339

​

Segment gross profit percentage

​

 

14.3

%  

 

10.5

%  

 

13.8

%  

 

13.1

%

Selling, general, and administrative expenses

​

 

13,087,453

​

 

2,425,991

​

 

2,338,680

​

 

17,852,124

​

Indirect depreciation expense

​

 

—

​

 

—

​

 

227,394

​

 

227,394

​

Intangible asset amortization expenses

​

 

324,426

​

 

—

​

 

—

​

 

324,426

​

Segment indirect operating expenses

​

 

13,411,879

​

 

2,425,991

​

 

2,566,074

​

 

18,403,944

​

Segment income from operations

​

 

5,484,681

​

 

5,313,359

​

 

3,184,355

​

 

13,982,395

​

Segment operating margin percentage

​

 

4.2

%  

 

7.2

%  

 

7.7

%  

 

5.7

%

Corporate and non-allocated costs

​

 

  ​

​

 

  ​

​

 

  ​

​

 

2,928,448

​

Corprate depreciation expense

​

 

  ​

​

 

  ​

​

 

  ​

​

 

3,470

​

Total consolidated income from operations

​

 

  ​

​

 

  ​

​

 

  ​

​

$

11,050,477

​

​

​

The following tables show interim segment financial information for the fiscal year ended September 30, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Underground Infrastructure

  ​ ​ ​

Industrial

  ​ ​ ​

Building

  ​ ​ ​

​

​

 

Three Months Ended December 31, 2024

​

Construction

​

Construction

​

Construction

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenues

​

$

52,820,146

​

$

35,396,513

​

$

12,429,455

​

$

100,646,114

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment direct operating expenses (excluding depreciation)

​

 

45,045,769

​

 

31,870,920

​

 

10,981,521

​

 

87,898,210

​

Direct depreciation expense

​

 

1,842,414

​

 

641,908

​

 

—

​

 

2,484,322

​

Segment gross profit

​

 

5,931,963

​

 

2,883,685

​

 

1,447,934

​

 

10,263,582

​

Segment gross profit percentage

​

 

11.2

%  

 

8.1

%  

 

11.6

%  

 

10.2

%

Selling, general, and administrative expenses

​

 

4,759,449

​

 

983,393

​

 

781,811

​

 

6,524,653

​

Indirect depreciation expense

​

 

—

​

 

—

​

 

82,486

​

 

82,486

​

Intangible asset amortization expenses

​

 

124,809

​

 

—

​

 

—

​

 

124,809

​

Segment indirect operating expenses

​

 

4,884,258

​

 

983,393

​

 

864,297

​

 

6,731,948

​

Segment income from operations

​

 

1,047,705

​

 

1,900,292

​

 

583,637

​

 

3,531,634

​

Segment operating margin percentage

​

 

2.0

%  

 

5.4

%  

 

4.7

%  

 

3.5

%

Corporate and non-allocated costs

​

 

  ​

​

 

  ​

​

 

  ​

​

 

1,884,516

​

Corprate depreciation expense

​

 

  ​

​

 

  ​

​

 

  ​

​

 

1,157

​

Total consolidated income from operations

​

 

  ​

​

 

  ​

​

 

  ​

​

$

1,645,961

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Underground Infrastructure

  ​ ​ ​

Industrial

  ​ ​ ​

Building

  ​ ​ ​

​

​

 

Three Months Ended March 31, 2025

​

Construction

​

Construction

​

Construction

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenues

​

$

32,544,499

​

$

32,694,332

​

$

11,440,320

​

$

76,679,151

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment direct operating expenses (excluding depreciation)

​

 

34,472,373

​

 

29,345,599

​

 

9,852,195

​

 

73,670,167

​

Direct depreciation expense

​

 

2,299,065

​

 

632,059

​

 

—

​

 

2,931,124

​

Segment gross (loss) profit

​

 

(4,226,939)

​

 

2,716,674

​

 

1,588,125

​

 

77,860

​

Segment gross profit percentage

​

 

(13.0)

%  

 

8.3

%  

 

13.9

%  

 

0.1

%

Selling, general, and administrative expenses

​

 

4,780,036

​

 

980,765

​

 

795,810

​

 

6,556,611

​

Indirect depreciation expense

​

 

—

​

 

—

​

 

84,953

​

 

84,953

​

Intangible asset amortization expenses

​

 

141,476

​

 

—

​

 

—

​

 

141,476

​

Segment indirect operating expenses

​

 

4,921,512

​

 

980,765

​

 

880,763

​

 

6,783,040

​

Segment (loss) income from operations

​

 

(9,148,451)

​

 

1,735,909

​

 

707,362

​

 

(6,705,180)

​

Segment operating margin percentage

​

 

(28.1)

%  

 

5.3

%  

 

6.2

%  

 

(8.7)

%

Corporate and non-allocated costs

​

​

​

​

 

  ​

​

 

  ​

​

 

1,384,859

​

Corprate depreciation expense

​

​

​

​

 

  ​

​

 

  ​

​

 

2,188

​

Total consolidated loss from operations

​

​

​

​

 

  ​

​

 

  ​

​

$

(8,092,227)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Underground Infrastructure

  ​ ​ ​

Industrial

  ​ ​ ​

Building

  ​ ​ ​

​

​

 

Six Months Ended March 31, 2025

​

Construction

​

Construction

​

Construction

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenues

​

$

85,364,645

​

$

68,090,845

​

$

23,869,775

​

$

177,325,265

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment direct operating expenses (excluding depreciation)

​

 

79,518,142

​

 

61,216,519

​

 

20,833,716

​

 

161,568,377

​

Direct depreciation expense

​

 

4,141,479

​

 

1,273,967

​

 

—

​

 

5,415,446

​

Segment gross profit

​

 

1,705,024

​

 

5,600,359

​

 

3,036,059

​

 

10,341,442

​

Segment gross profit percentage

​

 

2.0

%  

 

8.2

%  

 

12.7

%  

 

5.8

%

Selling, general, and administrative expenses

​

 

9,539,485

​

 

1,964,158

​

 

1,577,621

​

 

13,081,264

​

Indirect depreciation expense

​

 

—

​

 

—

​

 

167,439

​

 

167,439

​

Intangible asset amortization expenses

​

 

266,285

​

 

—

​

 

—

​

 

266,285

​

Segment indirect operating expenses

​

 

9,805,770

​

 

1,964,158

​

 

1,745,060

​

 

13,514,988

​

Segment (loss) income from operations

​

 

(8,100,746)

​

 

3,636,201

​

 

1,290,999

​

 

(3,173,546)

​

Segment operating margin percentage

​

 

(9.5)

%  

 

5.3

%  

 

5.4

%  

 

(1.8)

%

Corporate and non-allocated costs

​

​

​

​

 

  ​

​

 

  ​

​

 

3,269,375

​

Corprate depreciation expense

​

​

​

​

 

  ​

​

 

  ​

​

 

3,345

​

Total consolidated loss from operations

​

​

​

​

 

  ​

​

 

  ​

​

$

(6,446,266)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Underground Infrastructure

  ​ ​ ​

Industrial

  ​ ​ ​

Building

  ​ ​ ​

​

​

 

Three Months Ended June 30, 2025

​

Construction

​

Construction

​

Construction

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenues

​

$

55,384,307

​

$

35,044,725

​

$

13,172,553

​

$

103,601,585

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment direct operating expenses (excluding depreciation)

​

 

45,879,667

​

 

31,393,379

​

 

11,310,572

​

 

88,583,618

​

Direct depreciation expense

​

 

2,410,049

​

 

625,320

​

 

—

​

 

3,035,369

​

Segment gross profit

​

 

7,094,591

​

 

3,026,026

​

 

1,861,981

​

 

11,982,598

​

Segment gross profit percentage

​

 

12.8

%  

 

8.6

%  

 

14.1

%  

 

11.6

%

Selling, general, and administrative expenses

​

 

5,530,973

​

 

1,029,731

​

 

713,973

​

 

7,274,677

​

Indirect depreciation expense

​

 

—

​

 

—

​

 

90,429

​

 

90,429

​

Intangible asset amortization expenses

​

 

174,812

​

 

18,162

​

 

—

​

 

192,974

​

Segment indirect operating expenses

​

 

5,705,785

​

 

1,047,893

​

 

804,402

​

 

7,558,080

​

Segment income from operations

​

 

1,388,806

​

 

1,978,133

​

 

1,057,579

​

 

4,424,518

​

Segment operating margin percentage

​

 

2.5

%  

 

5.6

%  

 

8.0

%  

 

4.3

%

Corporate and non-allocated costs

​

​

​

​

 

  ​

​

 

  ​

​

 

1,255,048

​

Corprate depreciation expense

​

​

​

​

 

  ​

​

 

  ​

​

 

1,417

​

Total consolidated income from operations

​

​

​

​

 

  ​

​

 

  ​

​

$

3,168,053

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Underground Infrastructure

  ​ ​ ​

Industrial

  ​ ​ ​

Building

  ​ ​ ​

​

​

 

Nine Months Ended June 30, 2025

​

Construction

​

Construction

​

Construction

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenues

​

$

140,748,952

​

$

103,135,570

​

$

37,042,328

​

$

280,926,850

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Segment direct operating expenses (excluding depreciation)

​

 

125,397,809

​

 

92,609,898

​

 

32,144,288

​

 

250,151,995

​

Direct depreciation expense

​

 

6,551,528

​

 

1,899,287

​

 

—

​

 

8,450,815

​

Segment gross profit

​

 

8,799,615

​

 

8,626,385

​

 

4,898,040

​

 

22,324,040

​

Segment gross profit percentage

​

 

6.3

%  

 

8.4

%  

 

13.2

%  

 

7.9

%

Selling, general, and administrative expenses

​

 

15,070,458

​

 

2,993,889

​

 

2,291,594

​

 

20,355,941

​

Indirect depreciation expense

​

 

—

​

 

—

​

 

257,868

​

 

257,868

​

Intangible asset amortization expenses

​

 

441,097

​

 

18,162

​

 

—

​

 

459,259

​

Segment indirect operating expenses

​

 

15,511,555

​

 

3,012,051

​

 

2,549,462

​

 

21,073,068

​

Segment (loss) income from operations

​

 

(6,711,940)

​

 

5,614,334

​

 

2,348,578

​

 

1,250,972

​

Segment operating margin percentage

​

 

(4.8)

%  

 

5.4

%  

 

6.3

%  

 

0.4

%

Corporate and non-allocated costs

​

​

​

​

 

  ​

​

 

  ​

​

 

4,524,423

​

Corprate depreciation expense

​

​

​

​

 

  ​

​

 

  ​

​

 

4,762

​

Total loss from operations

​

​

​

​

 

  ​

​

 

  ​

​

$

(3,278,213)

​

​