CUSTOMER CONCENTRATIONS

9 Months Ended

Oct. 31, 2024

CUSTOMER CONCENTRATIONS

CUSTOMER CONCENTRATIONS

NOTE 14 – CUSTOMER CONCENTRATIONS

The majority of the Company’s consolidated revenues relate to performance by the power industry services segment. The following schedule presents the percentage of consolidated revenues for each reportable business segment for the three and nine months ended October 31, 2024:

	Three Months Ended October 31,						Nine Months Ended October 31,
	2024			2023			2024			2023
Power industry services		82.5	%		74.1	%		77.3	%		72.6	%
Industrial construction services		16.1			23.5			21.0			24.8
Telecommunications infrastructure services		1.4			2.4			1.7			2.6

The Company’s most significant customer relationships for the three months ended October 31, 2024 included four power industry services customers, which accounted for 29%, 15%, 13% and 11% of consolidated revenues. The Company’s most significant customer relationships for the three months ended October 31, 2023 included three power industry services customers, which accounted for 23%, 20% and 17% of consolidated revenues. The Company’s most significant customer relationships for the nine months ended October 31, 2024 included two power industry services customers, which accounted for 28% and 12% of consolidated revenues. The Company’s most significant customer relationships for the nine months ended October 31, 2023 included three power industry services customers, which accounted for 19%, 17% and 14% of consolidated revenues. 

The accounts receivable balances from four major customers represented 18%, 18%, 17% and 12% of the corresponding consolidated balance as of October 31, 2024. Accounts receivable balances from three major customers represented 16%, 14% and 14% of the corresponding consolidated balance as of January 31, 2024.

The contract asset balances associated with four major customers represented 17%, 17%, 14% and 14% of the corresponding consolidated balance as of October 31, 2024. The contract asset balances associated with two major customers represented 39% and 32% of the corresponding consolidated balance as of January 31, 2024.