SEGMENT INFORMATION

9 Months Ended

Jun. 30, 2026

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 Construction 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 interim segment financial information for the three and nine months ended and at June 30, 2026:

	Underground
	Infrastructure			Industrial			Building
Three Months Ended June 30, 2026	Construction			Construction			Construction			Total
Revenues	$	71,439,367		$	44,677,594		$	13,888,967		$	130,005,928
Segment direct operating expenses (excluding depreciation)		61,342,374			38,654,003			12,442,374			112,438,751
Direct depreciation expense		2,579,382			670,570			—			3,249,952
Segment gross profit		7,517,611			5,353,021			1,446,593			14,317,225
Segment gross profit percentage		10.5	%		12.0	%		10.4	%		11.0	%
Selling, general, and administrative expenses		5,513,469			1,160,147			960,531			7,634,147
Indirect depreciation expense		—			—			112,640			112,640
Intangible asset amortization expenses		311,547			54,720			—			366,267
Segment indirect operating expenses		5,825,016			1,214,867			1,073,171			8,113,054
Segment income from operations		1,692,595			4,138,154			373,422			6,204,171
Segment operating margin percentage		2.4	%		9.3	%		2.7	%		4.8	%
Corporate and non-allocated costs											1,567,530
Corporate depreciation expense											4,721
Total consolidated income from operations										$	4,631,920

	Underground
	Infrastructure			Industrial			Building
Nine Months Ended June 30, 2026	Construction			Construction			Construction			Total
Revenues	$	186,885,975		$	114,821,093		$	35,584,502		$	337,291,570
Segment direct operating expenses (excluding depreciation)		157,591,501			99,801,182			31,611,363			289,004,046
Direct depreciation expense		7,766,653			1,977,518			—			9,744,171
Segment gross profit		21,527,821			13,042,393			3,973,139			38,543,353
Segment gross profit percentage		11.5	%		11.4	%		11.2	%		11.4	%
Selling, general, and administrative expenses		15,449,819			3,295,886			3,062,012			21,807,717
Indirect depreciation expense		—			—			337,914			337,914
Intangible asset amortization expenses		898,002			164,160			—			1,062,162
Segment indirect operating expenses		16,347,821			3,460,046			3,399,926			23,207,793
Segment income from operations	$	5,180,000		$	9,582,347		$	573,213		$	15,335,560
Segment operating margin percentage		2.8	%		8.3	%		1.6	%		4.5	%
Corporate and non-allocated costs											4,722,470
Corporate depreciation expense											9,994
Total consolidated income from operations										$	10,603,096

At June 30, 2026
	Underground
	Infrastructure			Industrial	Building
Property, plant and equipment, at cost, less accumulated depreciation	Construction		Construction		Construction		Total
Segments	$	37,409,209	$	14,321,956	$	1,122,837	$	52,854,002
Corporate		—		—		—		90,407
Total	$	37,409,209	$	14,321,956	$	1,122,837	$	52,944,409

The following tables show interim segment financial information for the three and nine months ended and at June 30, 2025:

	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
Corporate 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
Corporate depreciation expense											4,762
Total loss from operations										$	(3,278,213)

At June 30, 2025
	Underground
	Infrastructure			Industrial	Building
Property, plant and equipment, at cost, less accumulated depreciation	Construction		Construction		Construction		Total
Segments	$	39,016,246	$	14,058,440	$	976,689	$	54,051,375
Corporate		—		—		—		39,276
Total	$	39,016,246	$	14,058,440	$	976,689	$	54,090,651