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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 March 31, 2026.

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 May 8, 2026, there were 18,659,679 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		27

Item 3. Quantitative and Qualitative Disclosures About Market Risk		49

Item 4. Controls and Procedures		49

Part II: Other Information

Item 1. Legal Proceedings		50

Item 1A. Risk Factors		50

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities		51

Item 5. Other Information		51

Item 6. Exhibits		52

Signatures		53

Table of Contents

Part 1. Financial Information

Item 1. Financial Statements (Unaudited):

Energy Services of America Corporation

Consolidated Balance Sheets

Unaudited


	March 31,		September 30,
	2026		2025
Assets
Current assets
Cash and cash equivalents	$	10,110,449	$	12,241,408
Accounts receivable-trade		60,372,358		76,570,064
Allowance for credit losses		(303,722)		(521,616)
Retainages receivable		18,601,638		16,049,557
Other receivables		1,241,166		1,103,687
Contract assets		26,773,714		34,455,011
Prepaid expenses and other		6,445,709		5,025,476
Total current assets		123,241,312		144,923,587

Property, plant and equipment, at cost		121,611,925		115,448,972
less accumulated depreciation		(67,435,755)		(61,981,005)
Total fixed assets		54,176,170		53,467,967

Right-of-use assets-operating leases		2,393,665		2,054,615
Intangible assets, net		4,204,738		4,895,083
Goodwill		9,865,804		9,865,804
Total assets	$	193,881,689	$	215,207,056

Liabilities and shareholders’ equity
Current liabilities
Current maturities of long-term debt	$	9,289,546	$	11,546,816
Current maturities of lines of credit and short-term borrowings		10,450,998		10,401,366
Current maturities of operating lease liabilities		1,213,982		1,061,021
Accounts payable		21,271,471		30,732,523
Accrued expenses and other current liabilities		16,152,668		15,918,593
Contract liabilities		29,474,281		28,318,765
Total current liabilities		87,852,946		97,979,084

Long-term debt, less current maturities		15,411,686		50,256,031
Long-term operating lease liabilities, less current maturities		1,171,456		982,621
Deferred tax liability		7,916,026		6,753,527
Total liabilities		112,352,114		155,971,263

Shareholders’ equity
Common stock, $.0001 par value
Authorized 50,000,000 shares, 18,659,679 shares issued (net of treasury shares) and 18,622,287 shares outstanding (excluding 37,392 shares from unvested stock awards) at March 31, 2026 and 16,748,702 shares issued (net of treasury shares) and 16,715,026 shares outstanding (excluding 33,676 unvested shares from restricted stock awards) at September 30, 2025		2,013		1,813
Treasury stock, 1,502,236 shares at March 31, 2026 and 1,396,120 shares at September 30, 2025		(154)		(143)
Additional paid in capital		82,880,372		62,450,414
Retained deficit		(1,352,656)		(3,216,291)
Total shareholders’ equity		81,529,575		59,235,793
Total liabilities and shareholders’ equity	$	193,881,689	$	215,207,056

The Accompanying Notes are an Integral Part of These Consolidated Financial Statements

Table of Contents

Energy Services of America Corporation

Consolidated Statements of Income

Unaudited


	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	March 31,		March 31,		March 31,		March 31,
	2026		2025		2026		2025
Revenue	$	93,173,442	$	76,679,151	$	207,285,642	$	177,325,265

Cost of revenue		82,941,106		76,601,291		183,059,514		166,983,823

Gross profit		10,232,336		77,860		24,226,128		10,341,442

Selling and administrative expenses		9,173,925		8,170,087		18,254,952		16,787,708
Income (loss) from operations		1,058,411		(8,092,227)		5,971,176		(6,446,266)

Other (expense) income
Other nonoperating expense		(94,224)		(20,616)		(196,865)		(68,878)
Interest expense		(621,835)		(875,770)		(1,611,686)		(1,359,488)
Gain on sale of equipment		69,993		(16,540)		88,749		179,242
		(646,066)		(912,926)		(1,719,802)		(1,249,124)

Income (loss) before income taxes		412,345		(9,005,153)		4,251,374		(7,695,390)

Income tax expense (benefit)		196,797		(2,206,735)		1,330,345		(1,750,705)

Net income (loss)	$	215,548	$	(6,798,418)	$	2,921,029	$	(5,944,685)

Weighted average shares outstanding-basic		17,526,126		16,716,809		17,110,381		16,630,245

Weighted average shares-diluted		17,568,110		16,716,809		17,150,954		16,630,245

Earnings (loss) per share available to common shareholders	$	0.01	$	(0.41)	$	0.17	$	(0.36)

Earnings (loss) per share-diluted available to common shareholders	$	0.01	$	(0.41)	$	0.17	$	(0.36)

The Accompanying Notes are an Integral Part of These Consolidated Financial Statements

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Energy Services of America Corporation

Consolidated Statements of Cash Flows

Unaudited


	Six Months Ended		Six Months Ended
	March 31,		March 31,
	2026		2025
Cash flows from operating activities:
Net income (loss)	$	2,921,029	$	(5,944,685)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		6,724,766		5,586,230
Accreted interest on PPP loans		49,632		49,738
Gain on sale of equipment		(88,749)		(179,242)
Provision for deferred taxes		1,162,499		(1,839,881)
Vested restricted stock award compensation		58,680		32,758
Tax settlement on shares repurchased		(12,048)		—
Amortization of intangible assets		690,345		295,060
Accreted interest on note payable		3,900		25,000
Decrease in accounts receivable-trade		15,979,812		10,162,409
(Increase) decrease in retainage receivable		(2,552,081)		599,786
(Increase) decrease in other receivables		(137,479)		1,389,784
Decrease in contract assets		7,681,297		3,581,095
Increase in prepaid expenses and other		(1,420,233)		(1,020,822)
Decrease in accounts payable		(9,461,052)		(4,561,534)
Decrease in accrued expenses and other current liabilities		(320,788)		(3,497,456)
Increase in contract liabilities		1,155,516		5,311,068
Net cash provided by operating activities		22,435,046		9,989,308

Cash flows from investing activities:
Investment in property and equipment		(5,719,129)		(5,087,101)
Acquisition of Tribute Contracting & Consultants		—		(20,783,224)
Proceeds from sales of property and equipment		301,763		596,314
Net cash used in investing activities		(5,417,366)		(25,274,011)

Cash flows from financing activities:
Proceeds from long-term debt		—		16,000,000
Borrowings on lines of credit and short-term debt, net of (repayments)		(24,750,000)		1,250,000
Treasury stock purchased		(847,818)		—
Cash dividend on common stock		(498,725)		(501,164)
Proceeds from capital raise, net of discounts and fees		21,231,333		—
Principal payments on long-term debt		(14,283,429)		(4,463,936)
Net cash (used in) provided by financing activities		(19,148,639)		12,284,900

Decrease in cash and cash equivalents		(2,130,959)		(2,999,803)
Cash and cash equivalents beginning of period		12,241,408		12,926,036
Cash and cash equivalents end of period	$	10,110,449	$	9,926,233

Supplemental schedule of noncash investing and financing activities:
Purchases of property & equipment under financing agreements	$	1,927,914	$	201,538
Net operating lease right-of-use assets received in exchange for operating lease liabilities	$	936,611	$	506,305
Common dividends declared but not paid	$	558,669	$	501,504
Common stock issued in Tribute Contracting & Consultants acquisition	$	—	$	2,000,000

Supplemental disclosures of cash flows information:
Cash paid during the year for:
Interest	$	1,498,051	$	1,232,072
Income taxes	$	405,263	$	1,170,000

The Accompanying Notes are an Integral Part of These Consolidated Financial Statements

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Energy Services of America Corporation

Consolidated Statements of Changes in Shareholders’ Equity

For the three and six months ended March 31, 2026 and 2025


										Total
	Common Stock			Additional Paid		Retained		Treasury		Shareholders’
	Shares	Amount		in Capital		Deficit		Stock		Equity
Balance at September 30, 2025	16,748,702	$	1,813	$	62,450,414	$	(3,216,291)	$	(143)	$	59,235,793

Net income	—		—		—		2,705,481		—		2,705,481

Restricted stock awards issued	11,251		—		100,004		—		—		100,004

Unearned share-based compensation	—		—		(100,004)		—		—		(100,004)

Dividends on common stock ($0.03 per share on 16,624,181 shares)	—		—		—		(498,725)		—		(498,725)

Shares repurchased	(105,955)		—		(846,519)		—		(11)		(846,530)

Balance at December 31, 2025	16,653,998	$	1,813	$	61,603,895	$	(1,009,535)	$	(154)	$	60,596,019

Net income	—		—		—		215,548		—		215,548

Restricted stock awards issued	8,343		—		75,000		—		—		75,000

Unearned share-based compensation	—		—		(75,000)		—		—		(75,000)

Shares repurchased as part of net settlement of restricted stock awards	(3,501)		—		(12,048)		—		—		(12,048)

Vested share compensation expense	—		—		58,680		—		—		58,680

Dividends on common stock ($0.03 per share on 18,622,287 shares)	—		—		—		(558,669)		—		(558,669)

Shares repurchased	(161)		—		(1,288)		—		—		(1,288)

Equity raise, net of fees and offering expenses	2,001,000		200		21,231,133		—		—		21,231,333

Balance at March 31, 2026	18,659,679	$	2,013	$	82,880,372	$	(1,352,656)	$	(154)	$	81,529,575

											Total
	Common Stock			Additional Paid		Retained		Treasury		Shareholders’
	Shares	Amount		in Capital		Deficit		Stock		Equity
Balance at September 30, 2024	16,570,685	$	1,790	$	60,282,921	$	(1,590,434)	$	(133)	$	58,694,144

Net income	—		—		—		853,733		—		853,733

Dividends on common stock ($0.03 per share on 16,705,457 shares)	—		—		—		(501,164)		—		(501,164)

Common shares issued as part of acquisition	134,772		13		1,999,987		—		—		2,000,000

Balance at December 31, 2024	16,705,457	$	1,803	$	62,282,908	$	(1,237,865)	$	(133)	$	61,046,713

Net loss	—		—		—		(6,798,418)		—		(6,798,418)

Dividends on common stock ($0.03 per share on 16,716,809 shares)	—		—		—		(501,504)		—		(501,504)

Vested restricted stock award	11,352		1		32,757		—		—		32,758

Balance at March 31, 2025	16,716,809	$	1,804	$	62,315,665	$	(8,537,787)	$	(133)	$	53,779,549

The Accompanying Notes are an Integral Part of These Consolidated 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.

Segments

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.

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, 2025, and 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2025. 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 six months ended March 31, 2026 and 2025 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, Tribute 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, Tribute, and C.J. Hughes and its subsidiaries.

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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, 2025, for a more detailed discussion of our significant accounting policies. There were no material changes to these significant accounting policies during the six months ended March 31, 2026.

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.

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. As of March 31, 2026, there have been no further requests or communications from the SBA relating to the PPP Loans.

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 as a 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

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●

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.

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. 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.

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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 six months ended and at March 31, 2026:


	Underground
	Infrastructure			Industrial			Building
Three Months Ended March 31, 2026	Construction			Construction			Construction			Total
Revenues	$	46,269,524		$	36,397,052		$	10,506,866		$	93,173,442
Segment direct operating expenses (excluding depreciation)		39,322,151			30,761,593			9,605,535			79,689,279
Direct depreciation expense		2,586,777			665,050			—			3,251,827
Segment gross profit		4,360,596			4,970,409			901,331			10,232,336
Segment gross profit percentage		9.4	%		13.7	%		8.6	%		11.0	%
Selling, general, and administrative expenses		5,153,550			1,031,731			1,085,811			7,271,092
Indirect depreciation expense		—			—			116,552			116,552
Intangible asset amortization expenses		229,683			54,720			—			284,403
Segment indirect operating expenses		5,383,233			1,086,451			1,202,363			7,672,047
Segment income from operations		(1,022,637)			3,883,958			(301,032)			2,560,289
Segment operating margin percentage		(2.2)	%		10.7	%		(2.9)	%		2.7	%
Corporate and non-allocated costs											1,498,199
Corporate depreciation expense											3,679
Total consolidated income from operations										$	1,058,411

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	Underground
	Infrastructure			Industrial			Building
Six Months Ended March 31, 2026	Construction			Construction			Construction			Total
Revenues	$	115,446,608		$	70,143,499		$	21,695,535		$	207,285,642
Segment direct operating expenses (excluding depreciation)		96,249,127			61,147,179			19,168,989			176,565,295
Direct depreciation expense		5,187,271			1,306,948			—			6,494,219
Segment gross profit		14,010,210			7,689,372			2,526,546			24,226,128
Segment gross profit percentage		12.1	%		11.0	%		11.6	%		11.7	%
Selling, general, and administrative expenses		9,950,564			2,135,677			2,101,481			14,187,722
Indirect depreciation expense		—			—			225,274			225,274
Intangible asset amortization expenses		580,905			109,440			—			690,345
Segment indirect operating expenses		10,531,469			2,245,117			2,326,755			15,103,341
Segment income from operations		3,478,741			5,444,255			199,791			9,122,787
Segment operating margin percentage		3.0	%		7.8	%		0.9	%		4.4	%
Corporate and non-allocated costs											3,146,338
Corporate depreciation expense											5,273
Total consolidated income from operations										$	5,971,176


At March 31, 2026
	Underground
	Infrastructure			Industrial	Building
Property, plant and equipment, at cost, less accumulated depreciation	Construction		Construction		Construction		Total
Segments	$	38,467,067	$	14,382,021	$	1,231,954	$	54,081,042
Corporate		—		—		—		95,128
Total	$	38,467,067	$	14,382,021	$	1,231,954	$	54,176,170

The following tables show interim segment financial information for the three and six months ended and at March 31, 2025:


	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
Corporate depreciation expense											2,188
Total consolidated (loss) income from operations										$	(8,092,227)

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	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
Corporate depreciation expense											3,345
Total consolidated (loss) income from operations										$	(6,446,266)


At March 31, 2025
	Underground
	Infrastructure			Industrial	Building
Property, plant and equipment, at cost, less accumulated depreciation	Construction		Construction		Construction		Total
Segments	$	36,867,738	$	14,406,528	$	1,006,618	$	52,280,884
Corporate		—		—		—		40,693
Total	$	36,867,738	$	14,406,528	$	1,006,618	$	52,321,577

6. 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 T&M. The following tables present our disaggregated revenue for the three and six months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
					Electrical,
	Gas & Water		Gas & Petroleum		Mechanical, &		Total revenue
	Distribution		Transmission		General		from contracts
Lump sum contracts	$	—	$	—	$	34,054,782	$	34,054,782
Unit price contracts		31,337,808		2,640,547		972,913		34,951,268
Cost plus and T&M contracts		—		8,382,045		15,785,347		24,167,392
Total revenue from contracts	$	31,337,808	$	11,022,592	$	50,813,042	$	93,173,442

Earned over time	$	10,528,750	$	2,640,547	$	39,470,809	$	52,640,106
Earned at point in time		20,809,058		8,382,045		11,342,233		40,533,336
Total revenue from contracts	$	31,337,808	$	11,022,592	$	50,813,042	$	93,173,442

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	Six Months Ended March 31, 2026
					Electrical,
	Gas & Water		Gas & Petroleum		Mechanical, &		Total revenue
	Distribution		Transmission		General		from contracts
Lump sum contracts	$	—	$	—	$	67,337,635	$	67,337,635
Unit price contracts		71,948,076		3,496,750		1,738,163		77,182,989
Cost plus and T&M contracts		—		31,652,066		31,112,952		62,765,018
Total revenue from contracts	$	71,948,076	$	35,148,816	$	100,188,750	$	207,285,642

Earned over time	$	33,206,006	$	3,496,750	$	75,141,720	$	111,844,476
Earned at point in time		38,742,070		31,652,066		25,047,030		95,441,166
Total revenue from contracts	$	71,948,076	$	35,148,816	$	100,188,750	$	207,285,642


	Three Months Ended March 31, 2025
					Electrical,
	Gas & Water		Gas & Petroleum		Mechanical, &		Total revenue
	Distribution		Transmission		General		from contracts
Lump sum contracts	$	—	$	—	$	34,195,376	$	34,195,376
Unit price contracts		27,101,115		3,116,781		970,926		31,188,822
Cost plus and T&M contracts		—		278,277		11,016,676		11,294,953
Total revenue from contracts	$	27,101,115	$	3,395,058	$	46,182,978	$	76,679,151

Earned over time	$	18,473,790	$	3,116,781	$	35,811,712	$	57,402,283
Earned at point in time		8,627,325		278,277		10,371,266		19,276,868
Total revenue from contracts	$	27,101,115	$	3,395,058	$	46,182,978	$	76,679,151


	Six Months Ended March 31, 2025
					Electrical,
	Gas &Water		Gas & Petroleum		Mechanical, &		Total revenue
	Distribution		Transmission		General		from contracts
Lump sum contracts	$	—	$	—	$	71,929,199	$	71,929,199
Unit price contracts		58,401,124		21,535,098		1,964,321		81,900,543
Cost plus and T&M contracts		—		316,177		23,179,346		23,495,523
Total revenue from contracts	$	58,401,124	$	21,851,275	$	97,072,866	$	177,325,265

Earned over time	$	37,960,995	$	21,535,098	$	74,493,813	$	133,989,906
Earned at point in time		20,440,129		316,177		22,579,053		43,335,359
Total revenue from contracts	$	58,401,124	$	21,851,275	$	97,072,866	$	177,325,265

The Company’s disaggregated revenue does vary slightly from the Company’s segment reporting due to combining the Industrial and Building Construction into Electrical, Mechanical, & and General, and one legal entity in the Underground Infrastructure Construction segment that performs services other than underground construction that are included in Electrical, Mechanical, & General. The volume of these services is not material to the Company’s segment reporting.

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7. CONTRACT BALANCES

The Company’s accounts receivable consists of amounts that have been billed to customers and collateral is generally not required. Most of the Company’s contracts have monthly billing terms; however, billing terms for some are based on project completion. Payment terms are generally within 30 to 45 days after invoices have been issued. The Company attempts to negotiate two-week billing terms and 15-day payment terms on larger projects. The timing of billings to customers may generate contract assets or contract liabilities.

During the three and six months ended March 31, 2026, we recognized revenue of $11.2 million and $25.9 million, respectively, that was included in the contract liability balance at September 30, 2025.

Accounts receivable-trade, net of allowance for credit losses, contract assets and contract liabilities consisted of the following:


	March 31, 2026		September 30, 2025		Change
Accounts receivable-trade, net of allowance for credit losses	$	60,068,636	$	76,048,448	$	(15,979,812)

Contract assets
Cost and estimated earnings in excess of billings	$	26,773,714	$	34,455,011	$	(7,681,297)

Contract liabilities
Billings in excess of cost and estimated earnings	$	29,474,281	$	28,318,765	$	1,155,516

8. PERFORMANCE OBLIGATIONS

For the three and six months ended March 31, 2026, there was no significant revenue recognized as a result of changes in contract transaction price related to performance obligations that were satisfied prior to September 30, 2025. Changes in contract transaction price can result from items such as executed or estimated change orders, and unresolved contract modifications and claims.

At March 31, 2026, the Company had $256.6 million in remaining unsatisfied performance obligations, in which revenue is expected to be recognized over the next twelve months.

9. UNCOMPLETED CONTRACTS

Costs, estimated earnings, and billings on uncompleted contracts as of March 31, 2026 and September 30, 2025, are summarized as follows:


	March 31, 2026		September 30, 2025
Costs incurred on contracts in progress	$	478,785,961	$	471,208,654
Estimated earnings, net of estimated losses		80,553,250		71,159,322
		559,339,211		542,367,976
Less billings to date		562,039,778		536,231,730
	$	(2,700,567)	$	6,136,246

Costs and estimated earnings in excess of billed on uncompleted contracts	$	26,773,714	$	34,455,011

Less billings in excess of costs and estimated earnings on uncompleted contracts		29,474,281		28,318,765

	$	(2,700,567)	$	6,136,246

The Company’s unaudited backlog at March 31, 2026 and September 30, 2025 was $325.1 million and $259.7 million, respectively.

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10. FAIR VALUE MEASUREMENTS

The fair value measurement guidance of the Financial Accounting Standards Board (“FASB”) ASC 820, Fair Measurement defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and specifies disclosures about fair value measurements.

Under the FASB’s authoritative guidance on fair value measurements, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement guidance of the FASB ASC establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

Level 1 — Quoted prices for identical assets and liabilities traded in active exchange markets, such as the New York Stock Exchange.

Level 2 — Observable inputs other than Level 1 include quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data. Level 2 also includes derivative contracts whose value is determined using a pricing model with observable market inputs or can be derived principally from or corroborated by observable market data.

Level 3 — Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for nonbinding single dealer quotes not corroborated by observable market data.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The carrying amount for borrowings under the Company’s revolving credit facility approximates fair value because of the variable market interest rate charged to the Company for these borrowings. The fair value of the Company’s long term fixed-rate debt was estimated using a discounted cash flow analysis and a yield rate that was estimated based on the borrowing rates currently available to the Company for bank loans with similar terms and maturities. The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $31.4 million at March 31, 2026 was $31.1 million. The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $43.8 million at September 30, 2025 was $42.8 million.

All other current assets and liabilities are carried at net realizable value which approximates fair value because of their short duration to maturity.

11. EARNINGS PER SHARE

The amounts used to compute the earnings per share for the three and six months ended March 31, 2026 and 2025 are summarized below.


	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	March 31, 2026		March 31, 2025		March 31, 2026		March 31, 2025
Net income (loss)	$	215,548	$	(6,798,418)	$	2,921,029	$	(5,944,685)

Weighted average shares outstanding-basic		17,526,126		16,716,809		17,110,381		16,630,245

Weighted average shares outstanding-diluted		17,568,110		16,716,809		17,150,954		16,630,245

Earnings (loss) per share available to common shareholders	$	0.01	$	(0.41)	$	0.17	$	(0.36)

Earnings (loss) per share-diluted available to common shareholders	$	0.01	$	(0.41)	$	0.17	$	(0.36)

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12. INCOME TAXES

The components of income taxes are as follows:


	Three Months Ended				Six Months Ended
	March 31, 2026		March 31, 2025		March 31, 2026		March 31, 2025
Federal
Current	$	(45,145)	$	—	$	42,631	$	—
Deferred		179,669		(1,687,935)		929,877		(1,392,961)
Total		134,524		(1,687,935)		972,508		(1,392,961)

State
Current		57,888		11,317		125,214		89,175
Deferred		4,385		(530,117)		232,623		(446,919)
Total		62,273		(518,800)		357,837		(357,744)
Total income tax expense	$	196,797	$	(2,206,735)	$	1,330,345	$	(1,750,705)

The Company’s income tax expense and deferred tax assets and liabilities reflect management’s best estimate of current and future taxes to be paid. Significant judgments and estimates are required in the determination of the consolidated income tax expense. The Company’s provision for income taxes is computed by applying a federal rate of 21.0% and a blended state rate of approximately 5.0% to 6.0% to taxable income or loss after consideration of non-taxable and non-deductible items.

The effective income tax rate for the three months ended March 31, 2026 was 47.7%, as compared to 24.5%, for the same period in 2025. The effective income tax rate for the six months ended March 31, 2026 was 31.3%, as compared to 22.8%, for the same period in 2025. Effective income tax rates are estimates and may vary from period to period due to changes in the amount of taxable income and non-deductible expenses.

Major items that can affect the effective tax rate include amortization of goodwill and intangible assets and non-deductible amounts for per diem expenses.

The income tax effects of temporary differences giving rise to the deferred tax assets and liabilities are as follows:


	March 31, 2026		September 30, 2025
Deferred tax liabilities
Property and equipment	$	10,537,214	$	10,057,004
Other		1,454,053		1,483,362
Total deferred tax liabilities	$	11,991,267	$	11,540,366

Deferred income tax assets
Accruals & Other	$	2,691,302	$	3,215,102
Net operating loss carryforward-Federal		1,280,607		1,451,126
Net operating loss carryforward-States		807,260		824,539
Net operating loss valuation allowance-States		(703,928)		(703,928)
Total deferred tax assets	$	4,075,241	$	4,786,839

Total net deferred tax liabilities	$	7,916,026	$	6,753,527

Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, which will result in taxable or deductible amounts in the future. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.

The Company had $6.1 million and $6.9 million of federal net operating loss carryforwards at March 31, 2026 and September 30, 2025, respectively. The Company had $35.1 million and $41.9 million of state net operating loss carryforwards at March 31, 2026 and September 30, 2025, respectively. The state net operating loss carryforwards begin to expire in 2026.

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The Company does not believe that it has any unrecognized tax benefits included in its consolidated financial statements that require recognition. The Company has not had any settlements in the current period with taxing authorities, nor has it recognized tax benefits as a result of a lapse of the applicable statute of limitations. The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if applicable, in general and administrative expenses.

13. SHORT-TERM AND LONG-TERM DEBT

Operating Line of Credit

In July 2025, the Company renewed its $30.0 million line of credit with a maturity date of June 28, 2027. The interest rate on the line of credit is the “Wall Street Journal” Prime Rate (the index) with a floor of 4.99%.

The line of credit is limited to a borrowing base calculation as summarized below:


	March 31, 2026			September 30, 2025
Eligible borrowing base	$	18,196,189		$	27,657,997

Borrowings on line of credit		—			24,750,000

Line of credit balance available	$	18,196,189		$	2,907,997

Interest rate		6.75	%		7.50	%

The Company did not have any line of credit borrowings at March 31, 2026. The Company’s $24.8 million line of credit borrowings are recorded as a long-term debt as of September 30, 2025.

The financial covenants required by the Company’s lender are below:

●

Minimum tangible net worth of $28.0 million,

●

Minimum traditional debt service coverage of 1.50x on a rolling twelve- month basis,

●

Minimum current ratio of 1.20x,

●

Maximum debt to tangible net worth ratio (“TNW”) of 2.75x,

●

Each ratio and covenant shall be determined, tested, and measured as of each calendar quarter beginning June 30, 2023,

●

The Company shall maintain a ratio of Maximum Senior Funded Debt (“SFD”) to Earnings before Interest, Taxes, Depreciation and Amortization (“EBDITA”) equal to or less than 3.5:1. SFD shall mean any funded debt or lease of the Company, other than subordinated debt. The covenant shall be tested quarterly, at the end of each fiscal quarter, with EBITDA based on the preceding four quarters.

The Company’s lender has agreed to omit the effect of the PPP loan restatement from the Company’s covenant compliance calculations while a final decision on PPP loan forgiveness remains in question. The Company was in compliance with all covenants at March 31, 2026. The Company is projected to meet all covenant requirements for the next twelve months.

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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 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 its Lender in an aggregate principal amount of $13.1 million pursuant to 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 fiscal 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.

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.

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A summary of short-term and long-term debt as of March 31, 2026 and September 30, 2025 is as follows:


	March 31, 2026		September 30, 2025
Line of credit payable to bank, monthly interest at 6.75%, final payment due by June 28, 2027, guaranteed by certain directors of the Company.	$	—	$	24,750,000

Equipment line of credit with a total of $9.3 million with payments of $202,809 due in monthly installments, including fixed interest at 7.25% and final payment due February 2028, secured by equipment, guaranteed by certain directors of the Company.		4,860,476		5,878,041

Paycheck Protection Program loans from Small Business Administration, 1.0% simple interest, initially forgiven in the fiscal year ended September 30, 2021. Final forgiveness decision has not been determined.		10,450,998		10,401,366

Term note payable to United Bank, WV Pipeline acquisition, due in monthly installments of $64,853, including fixed interest at 4.25%, final payment due by March 25, 2026, secured by receivables and equipment, guaranteed by certain directors of the Company.		—		390,328

Notes payable to finance companies, due in monthly installments totaling $281,000 at March 31, 2026 and $244,000 at September 30, 2025, including interest ranging from 0.00% to 6.0%, final payments due April 2026 through February 2030, secured by equipment.		5,855,044		5,415,401

Notes payable to United Bank, Tribute acquisition finance, due in monthly installments totaling $272,016, including fixed interest at 6.9%, final payment due December 2030 secured by receivables and equipment, guaranteed by certain directors of the Company.		8,237,000		14,164,413

Notes payable to bank, due in monthly installments totaling $7,848, including interest at 4.82%, final payment due November 2034 secured by building and property.		682,624		710,466

Notes payable to bank, due in monthly installments totaling $59,932, including fixed interest at 6.0%, final payment due October 2027 secured by receivables and equipment, guaranteed by certain directors of the Company.		—		1,411,890

Equipment line of credit with a total of $5.0 million borrowings available, including fixed interest at 8.5% for purchases made in the first twelve months. After twelve months the borrowings will be converted to a forty-eight month term note agreement with a fixed interest rate equal to the “U.S. Treasury Rate” plus 2.75% per annum. Final payment due August 2029. The agreement is guaranteed by certain directors of the Company.		4,351,188		4,910,097

Unsecured notes payable to Joe and Cathy Rigney, five-year agreement for monthly fixed interest at 5.0% of sellers’ notes, with $500,000 due September 30, 2030. $462,950,000 fair value at September 30, 2025.		464,900		461,000

Notes payable to David Bolton and Daniel Bolton, due in annual installments totaling $500,000, including interest at 3.25%, final payment due December 31, 2025, unsecured.		—		500,000

Note payable to United Bank, Tri-State Paving acquisition, due in monthly installments of $129,910, including fixed interest at 4.50%, final payment due by June 1, 2027, secured by receivables and equipment, guaranteed by certain directors of the Company.		—		2,961,211

Notes payable to Corns Enterprises, $1,000,000 with fair value of $936,000, due in annual installments totaling $250,000, including interest at 3.50%, final payment due April 29, 2026, unsecured.		250,000		250,000

Total debt	$	35,152,230	$	72,204,213

Less current maturities		19,740,544		21,948,182

Total long-term debt	$	15,411,686	$	50,256,031

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14. ACQUISITIONS

Energy Services accounts for business combinations under the acquisition method in accordance with ASC Topic 805 “Business Combinations”. Accordingly, for the transaction, the purchase price is allocated to the fair value of the assets acquired and liabilities assumed as of the date of the acquisition. In conjunction with ASC 805, upon receipt of final fair value estimates during the measurement period, which must be within one year of the acquisition date, Energy Services records any adjustments to the preliminary fair value estimates in the reporting period in which the adjustments are determined.

On December 2, 2024, the Company completed the acquisition of substantially all the physical assets of Tribute Contracting & Consultants, LLC (“Tribute LLC”), an Ohio corporation located in South Point, Ohio for $21.2 million cash and $2.0 million in the Company’s common stock. ASC 805-10-50-2 requires public companies that present comparative financial statements to present pro forma financial statements as though the business combination that occurred during the current fiscal year had occurred as of the beginning of the comparable prior annual reporting period. As allowed under ASC 805-10-50-2, the Company finds this information impracticable to provide for the periods presented due to the lack of availability of meaningful financial statements of the acquired companies that comply with U.S. GAAP.

The Tribute LLC acquisition purchase price is allocated in the table below:


Considerations
Cash	$	21,158,981
Common stock issued		2,000,000
Total consideration		23,158,981
Assets acquired
Property and equipment		15,034,900
Accounts Receivable and Retainages acquired from seller		8,360,373
Contract assets acquired from seller		1,715,984
Receivable for cash due to buyer		1,708,846
Intangible assets		1,930,000
Total assets acquired		28,750,103
Liabilities assumed
Accounts payable assumed		(3,476,871)
Long-term debt assumed		(3,789,962)
Contract liabilities assumed		(681,013)
Total liabilities assumed		(7,947,846)
Net assets acquired		20,802,257
Goodwill recognized	$	2,356,724

On September 30, 2025, the Company completed the acquisition of substantially all the physical assets of Rigney Digital Systems Ltd. (“Rigney Digital”), a West Virginia corporation located in Hurricane, West Virginia for $3.0 million cash, $1.0 million in the Company’s common stock, and a five-year $500,000 sellers’ note. ASC 805-10-50-2 requires public companies that present comparative financial statements to present pro forma financial statements as though the business combination that occurred during the current fiscal year had occurred as of the beginning of the comparable prior annual reporting period. As allowed under ASC 805-10-50-2, the Company finds this information impracticable to provide for the periods presented due to the lack of availability of meaningful financial statements of the acquired companies that comply with U.S. GAAP.

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The Rigney Digital acquisition purchase price is allocated in the table below:


Considerations
Cash	$	3,000,000
Common stock issued		1,000,000
Sellers’ note		500,000
Total consideration		4,500,000
Assets acquired
Property and equipment		130,865
Accounts Receivable acquired from seller		84,194
Intangible assets		964,000
Total assets acquired		1,179,059
Liabilities assumed
Long-term debt assumed		(100,585)
Total liabilities assumed		(100,585)
Net assets acquired		1,078,474
Goodwill recognized	$	3,421,526

15. GOODWILL AND INTANGIBLE ASSETS

The Company follows the guidance of ASC Topic 350, Intangibles-Goodwill and Other, which requires a company to record an impairment charge based on the excess of a reporting unit’s carrying amount of goodwill over its fair value. Under the current guidance, companies can first choose to assess any impairment based on qualitative factors (Step 0). If a company fails this test or decides to bypass this step, it must proceed with a quantitative assessment of goodwill impairment. The Company did not have a goodwill impairment at March 31, 2026 or September 30, 2025.

A table of the Company’s goodwill as of March 31, 2026 and September 30, 2025 is below:



	March 31, 2026		September 30, 2025
Beginning balance	$	9,865,804	$	4,087,554
Acquired		—		5,778,250
Ending balance	$	9,865,804	$	9,865,804

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A table of the Company’s intangible assets subject to amortization at March 31, 2026 and September 30, 2025 is below:

Energy Services of America CORP 10-Q