Energy Services of America CORP
For the period ended Dec 31, 2025. Filed Feb 9, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 9, 2026
ESOA$8.62+1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001410578-25-001673
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-09.
0001104659-26-012099
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 190 previous paragraphs and 209 current paragraphs.
85 unchanged; 80 reworded; 39 added; 22 removed; 3 previous and 5 current paragraphs rearranged.
Tables are not compared: 28 previous and 29 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (39)
Current report
The Company had consolidated operating revenues of $114.1 million for the three months ended December 31, 2025, of which 43.3% was attributable to electrical, mechanical, and general contract services, 21.1% to gas and petroleum transmission projects, and 35.6% to gas & water distributions services. The Company had consolidated operating revenues of $100.6 million for the three months ended December 31, 2024, of which 53.2% was attributable to electrical, mechanical, and general contract services, 23.5% to gas and petroleum transmission projects, and 23.3% to gas & water distributions services.
Current report
Nucor Steel West Virginia
Current report
WV American Water
Current report
The Securities and Exchange Commission (the “SEC”) maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding the Company. The Company makes available free of charge through its website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed with the SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934. These items are available as soon as reasonably practicable after we electronically file or furnish such material with the SEC. These materials are also available free of charge by written request to: Charles Crimmel, Chief Financial Officer and Corporate Secretary, Energy Services of America Corporation, 75 West 3 rd Ave., Huntington, West Virginia 25701.
Current report
Total revenues increased by $13.5 million to $114.1 million for the three months ended December 31, 2025, as compared to $100.6 million for the three months ended December 31, 2024. The increase was a result of $9.3 million and $5.7 million in increased work in the Gas & Water Distribution and Gas & Petroleum Transmission categories, respectively, partially offset by a $1.5 million decrease in Electrical, Mechanical, & General work for the three months ended December 31, 2025 as compared to the same period in 2024.
Current report
Gas & Petroleum Transmission revenues totaled $24.1 million for the three months ended December 31, 2025, a $5.7 million increase from $18.5 million for the three months ended December 31, 2024. The revenue increase was primarily due to two new transmission projects awarded in the first quarter of fiscal year 2026.
Current report
Electrical, Mechanical, & General construction services cost revenues totaled $44.5 million for the three months ended December 31, 2025, a $1.5 million decrease from $46.1 million for the three months ended December 31, 2024. The cost of revenues decrease was primarily related to a decrease in electrical services performed during the three months ended December 31, 2025, as compared to the same period in 2024.
Current report
Total gross profit increased by $3.7 million to $14.0 million for the three months ended December 31, 2025, as compared to $10.3 million for the three months ended December 31, 2024. The increase was primarily due to increased profit in all business lines, partially offset by increased unallocated shop expense during the first quarter of fiscal year 2026, as compared to the same period in the prior year.
Current report
Gas & Petroleum Transmission gross profit totaled $3.8 million for the three months ended December 31, 2025, a $2.9 million increase from $934,000 for the three months ended December 31, 2024. The gross profit increase for the three months ended December 31, 2025 was primarily due to two new transmission projects awarded in the first quarter of fiscal year 2026.
Current report
Electrical, Mechanical, & General construction services gross profit totaled $4.9 million for the three months ended December 31, 2025, a $30,000 increase from $4.8 million for the three months ended December 31, 2024. The gross profit increase was primarily related to increased profitability on work performed offsetting the $1.5 million decrease in revenue for the three months ended December 31, 2025 compared to the same period in 2024.
Current report
Selling and administrative expenses. Total selling and administrative expenses increased by $463,000 to $9.1 million for the three months ended December 31, 2025, as compared to $8.6 million for the same period in 2024. The increase was primarily related to increased selling and administrative expenses for the three months ended December 31, 2025 related to a fiscal year 2025 acquisition that only operated for one month during the three months ended December 31, 2024.
Current report
Other non-operating expense.* *Other non-operating expenses totaled $103,000 for the three months ended December 31, 2025, as compared to $48,000 in non-operating expense for the same period in 2024. The increase was primarily due to intangible asset amortization related to an acquisition closed on September 30, 2025.
Current report
Net income for the three months ended December 31, 2025, was $2.7 million, as compared to $854,000 for the same period in the prior year.
Current report
Segment Results
Current report
The following table sets forth segment revenues, segment income (loss) from operations and operating margins for the periods indicated, as well as the dollar and percentage change from the prior period:
Current report
Underground Infrastructure Construction
Current report
Revenues. The $16.4 million increase in revenues for the three months ended December 31, 2025 as compared to the same period in 2024 was primarily due to the Company’s focus on growing its natural gas and water distribution business lines. Additionally, two new natural gas transmission projects were started during the three months ended December 31, 2025.
Current report
Income from operations. The $3.5 million increase in income from operations for the three months ended December 31, 2025 as compared to the same period in 2024 was primarily due to an increased volume of work and profitability from gas transmission projects.
Current report
Industrial Construction
Current report
Revenues. The $1.7 million decrease in revenues for the three months ended December 31, 2025 as compared to the same period in 2024 was primarily due to a decrease in the amount of electrical work performed.
Current report
Income from operations. The $339,000 decrease in income from operations for the three months ended December 31, 2025 as compared to the same period in 2024 was primarily due to a slight decrease in gross profit resulting from less work performed and an increase in indirect operating expenses.
Current report
Building Construction
Current report
Revenues. The $1.2 million decrease in revenues for the three months ended December 31, 2025 as compared to the same period in 2024 was primarily due to working to complete projects under contract while bidding on projects with projected start dates in the Company’s third quarter of fiscal year 2026.
Current report
Income from operations. The $83,000 decrease in income from operations for the three months ended December 31, 2025 as compared to the same period in 2024 was primarily due to the decreased volume of work completed in the Company’s first quarter of fiscal year 2026.
Current report
Corporate and Non-Allocated Costs
Current report
The $236,000 decrease in Corporate and Non-Allocated Costs for the three months ended December 31, 2025 as compared to the same period in 2024 was primarily due to decreased indirect operating costs.
Current report
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 and General. The volume of these services is not material to the Company’s segment reporting.
Current report
Retainage receivable totaled $18.3 million at December 31, 2025, an increase of $2.2 million from the prior fiscal year end balance of $16.0 million. The increase was primarily due to the timing of retention billings and increased work in the three months ended December 31, 2025 as compared to the same period in the prior fiscal year.
Current report
Other receivables totaled $1.2 million at December 31, 2025, an increase of $138,000 from the prior fiscal year end balance of $1.1 million. The increase was primarily due to an expected refund on insurance premiums paid.
Current report
Goodwill totaled $9.9 million at December 31, 2025, unchanged from the prior fiscal year end balance.
Current report
Shareholders’ equity was $60.6 million at December 31, 2025, an increase of $1.4 million from the prior fiscal year end balance of $59.2 million. The increase was primarily due to net income of $2.7 million for the three months ended December 31, 2025, partially offset by $847,000 in repurchases of the Company’s common stock and a $499,000 declared quarterly dividend that was paid on January 2, 2026.
Current report
On September 30, 2025, the Company entered into a $500,000 sellers’ note agreement with Joe and Cathy Rigney for the remaining purchase price of Rigney Digital Systems Ltd. For the purchase price allocation, the $500,000 note had a fair carrying value of $461,000. As part of the $4.6 million acquisition price, the Company paid $3.0 million in cash in addition to the note and issued $1.0 million in common shares of the Company’s stock. The unsecured five-year term note requires a $500,000 payment at the end of the
Current report
The Company has a right-of-use operating lease acquired on December 1, 2025. This lease, for the Columbus, Ohio facility, had a net present value of $255,000 at inception and a carrying value of $250,000 at December 31, 2025. The 6.75% interest rate on the operating lease is based on the Company’s incremental borrowing rate at inception.
Current report
New Accounting Pronouncements
Current report
In November 2024, the FASB issued an update that requires incremental disclosures about specific expense categories. Entities are required to disclose in the notes to financial statements the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization and selling expenses included in each relevant expense caption of the statements of operations. The standard also requires disclosure of the amount, and a qualitative description of, other items remaining in relevant expense captions that are not separately disaggregated. This update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption and both prospective and retrospective application are permitted. The Company is currently assessing the effect of this update.
Current report
In December 2023, the FASB issued an update that expands disclosures for tax rate reconciliation tables, primarily by requiring disaggregation of income taxes paid by jurisdiction, as well as greater disaggregation within the rate reconciliation. This update is effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025. Early adoption and retrospective application are permitted. The Company is currently assessing the effect of this update.
Current report
The Company is receiving significant bid opportunities for water and wastewater projects, natural gas transmission and distribution projects and electrical, mechanical, and general construction projects. The Company’s unaudited backlog at December 31, 2025, was $301.4 million, as compared to $260.2 million and $259.7 million at December 31, 2024, and September 30, 2025, respectively.
Current report
The $9.3 million and $5.7 million revenue increases, respectively, for Gas & Water Distribution and Gas & Petroleum Transmission projects for the three months ended December 31, 2025, as compared to the same period in 2024, aligns with the opportunities the Company is seeing for fiscal year 2026. Backlog for these categories was projected to be $161.7 million at December 31, 2025.
Current report
Electrical, Mechanical, & General revenue decreased by $1.5 million for the three months ended December 31, 2025, as compared to the same period in 2024. However, the Company projects a $139.7 million backlog in this category and continues to see bidding opportunities for large construction projects in fiscal year 2026.
Removed paragraphs (22)
Previous report
West Virginia American Water
Previous report
Total revenues increased by $17.7 million to $103.6 million for the three months ended June 30, 2025, as compared to $85.9 million for the three months ended June 30, 2024. The increase was a result of a $16.0 million increase in Gas & Water Distribution and a $3.5 million increase in Electrical, Mechanical, & General construction services, partially offset by a $1.8 million decrease in Gas & Petroleum Transmission work for the three months ended June 30, 2025 as compared to the same period in 2024.
Previous report
Total revenues increased by $33.7 million to $280.9 million for the nine months ended June 30, 2025, as compared to $247.2 million for the nine months ended June 30, 2024. The increase was a result of a $43.1 million increase in Gas & Water Distribution and a $8.9 million increase in Electrical, Mechanical, & General construction services, partially offset by an $18.3 million decrease in Gas & Petroleum Transmission work for the nine months ended June 30, 2025 as compared to the same period in 2024.
Previous report
Gas & Petroleum Transmission revenues totaled $15.3 million for the three months ended June 30, 2025, a $1.8 million decrease from $17.1 million for the three months ended June 30, 2024. Gas & Petroleum Transmission revenues totaled $37.2 million for the nine months ended June 30, 2025, an $18.3 million decrease from $55.5 million for the nine months ended June 30, 2024. The revenue decreases were primarily due to more transmission work being completed by the end of fiscal year 2024 and not extending into the first half of fiscal year 2025. Additionally, bid opportunities and project awards on transmission work were received later compared to previous fiscal years.
Previous report
Electrical, Mechanical, & General construction services cost of revenues totaled $44.4 million for the three months ended June 30, 2025, a $4.2 million increase from $40.2 million for the three months ended June 30, 2024. Electrical, Mechanical, & General construction services cost of revenues totaled $132.9 million for the nine months ended June 30, 2025, a $9.3 million increase from $123.7 million for the nine months ended June 30, 2024. The cost of revenues increases for the three and nine months ended June 30, 2025 were primarily related to an increase in services performed, as compared to the same periods in the prior year.
Previous report
Gas & Petroleum Transmission cost of revenues totaled $36.3 million for the nine months ended June 30, 2025, a $10.9 million decrease from $47.2 million for the nine months ended June 30, 2024. The decrease in cost of revenues was primarily due to more transmission work being completed by the end of fiscal year 2024 and not extending into the first half of fiscal year 2025 and bid opportunities and project awards on transmission work being received later compared to previous fiscal years.
Previous report
Total gross profit decreased by $3.3 million to $12.0 million for the three months ended June 30, 2025, as compared to $15.3 million for the three months ended June 30, 2024. Total gross profit decreased by $10.1 million to $22.3 million for the nine months ended June 30, 2025, as compared to $32.4 million for the nine months ended June 30, 2024. The decreases in gross profit were primarily related to less efficient performance during the three and nine months ended June 30, 2025, as compared to the same periods in the prior year. The Company was significantly impacted by inclement weather during the second quarter of fiscal year 2025 and Gas & Petroleum Transmission work starting later in fiscal year 2025 as compared to the prior fiscal year.
Previous report
Gas & Water Distribution gross profit totaled $10.9 million for the nine months ended June 30, 2025, a $1.9 million decrease from $12.8 million for the nine months ended June 30, 2024. The decrease in gross profit was primarily due to less efficient production during the nine months ended June 30, 2025 and significantly more inclement weather during the second quarter of fiscal year 2025, as compared to the same periods in the prior fiscal year.
Previous report
Electrical, Mechanical, & General construction services gross profit totaled $5.3 million for the three months ended June 30, 2025, a $754,000 decrease from $6.0 million for the three months ended June 30, 2024. Electrical, Mechanical, & General construction services gross profit totaled $13.9 million for the nine months ended June 30, 2025, a $338,000 decrease from $14.2 million for the nine months ended June 30, 2024. The decreases in gross profit were primarily related to a large electrical project nearing completion during the three months ended June 30, 2024 which was more profitable than expected while profit margins during the three and nine months ended June 30, 2025 have been in line with expected profit margins over a larger volume of revenue.
Previous report
Gas & Petroleum Transmission gross profit totaled $1.1 million for the three months ended June 30, 2025, a $3.5 million decrease from a gross profit of $4.6 million for the three months ended June 30, 2024. Gas & Petroleum Transmission gross profit totaled $852,000 for the nine months ended June 30, 2025, a $7.4 million decrease from a gross profit of $8.2 million for the nine months ended June 30, 2024. The decreases in gross profit were primarily due to a lower volume of transmission work being performed during the three and nine months ended June 30, 2025, as compared to the same periods in the prior year. Transmission work under contract was significantly impacted by inclement weather during the second quarter of fiscal year 2025. Additionally, new transmission work was sent out for bid and awarded later as compared to previous fiscal years.
Previous report
Selling and administrative expenses. Total selling and administrative expenses increased by $2.0 million to $8.8 million for the three months ended June 30, 2025, as compared to $6.8 million for the same period in the prior year. Total selling and administrative expenses increased by $4.3 million to $25.6 million for the nine months ended June 30, 2025, as compared to $21.3 million for the same period in the prior year. The increases were primarily related to additional personnel hired to secure and manage work for expected growth and increased consulting and audit fees due to becoming an accelerated filer which requires a separate internal controls audit. The Company’s latest acquisition, Tribute, also accounted for $600,000 and $1.2 million of the increase, respectively, for the three and nine months ended June 30, 2025, as compared to the same periods in the prior year.
Previous report
Other non-operating expense.* *Other non-operating expenses totaled $36,000 for the three months ended June 30, 2025, as compared to $27,000 for the same period in the prior year. Other non-operating expenses totaled $105,000 for the nine months ended June 30, 2025, as compared to $34,000 for the same period in the prior year. The increase for the nine months ended June 30, 2025, as compared to the same period in the prior year, was primarily related to a minor legal settlement received during the first quarter of fiscal year 2024 that recouped employee benefit costs expended in a prior period.
Previous report
Income from lawsuit judgement. During the three and nine months ended June 30, 2024, the Company received and recognized $15.6 million from a previously disclosed lawsuit judgement. No such event occurred during the three and nine months ended June 30, 2025.
Previous report
Net income for the three months ended June 30, 2025, was $1.5 million, as compared to $17.5 million for the same period in the prior year. Net (loss) income for the nine months ended June 30, 2025, was ($4.4 million), as compared to $18.4 million for the same period in the prior year.
Previous report
Retainage receivable totaled $16.3 million at June 30, 2025, an increase of $4.6 million from the prior fiscal year end balance of $11.7 million. The increase was primarily due to the timing of retention collections and project invoicing since September 30, 2024.
Previous report
Goodwill totaled $7.4 million at June 30, 2025, an increase of $3.3 million from the prior fiscal year end balance of $4.1 million. The increase was due to the acquisition of Tribute.
Previous report
Other receivables totaled $1.1 million at June 30, 2025, an increase of $47,000 from the prior fiscal year end balance of $1.0 million.
Previous report
Shareholders’ equity was $54.5 million at June 30, 2025, a decrease of $4.2 million from the prior fiscal year end balance of $58.7 million. The decrease was primarily due to net loss of ($3.9 million) for the nine months ended June 30, 2025 and $1.0 million in quarterly dividends paid and $502,000 in accrued quarterly dividends that were paid on July 15, 2025 and common share repurchases of $844,000, partially offset by $2.0 million in common stock issued as part of the Tribute acquisition.
Previous report
The Company leases office and shop space for Ryan Construction’s headquarters in Bridgeport, West Virginia. The Company renewed the lease for one year effective October 1, 2024 through September 30, 2025. The Company has only committed to a one-year renewal and is evaluating the intent to renew for additional periods.
Previous report
Subsequent to the April 29, 2022 acquisition of Tri-State Paving, the Company entered into an operating lease for facilities in Hurricane, West Virginia with Corns Enterprises. This thirty-six-month lease is treated as a right to use asset and has payments of $7,000 per month. The total net present value at inception was $236,000 with a carrying value of $7,000 at June 30, 2025. The Company intends to sign a one-year renewal and is evaluating the intent to renew for additional periods. David Corns retired as president of Tri-State Paving & Sealcoating, Inc. in May 2025.
Previous report
The Company received significant bid opportunities for water and wastewater projects and electrical, mechanical, and general construction projects during the first nine months of fiscal year 2025. At June 30, 2025, the Company had an unaudited backlog of $133.0 million in electrical, mechanical, and general construction projects and $125.0 million in water projects.
Previous report
A significant amount of natural gas bid opportunities and project awards are occurring later than previous years. The Company has started to see increased bid opportunities for natural gas projects during the Company’s third fiscal quarter. The Company had an unaudited backlog of $30.0 million in transmission projects at June 30, 2025.
Reworded paragraphs (80)
Previous wording
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 perform civil and general contracting services.
Current wording
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 perform horizontal directional drilling, civil, and general contracting services.
Previous wording
Nitro Construction Services, Inc. (“NCS”), a wholly owned subsidiary of C.J. Hughes, provides electrical, mechanical, HVAC/R, and fire protection services to customers primarily in the automotive, chemical, and power industries. Nitro Electric Company, LLC (“Nitro Electric”), a wholly owned subsidiary of NCS, performs industrial electrical work and has a satellite office registered in Michigan. Pinnacle Technical Solutions, Inc. (“Pinnacle”), a wholly owned subsidiary of NCS, operates as a data storage facility within Nitro’s office building. Pinnacle is supported by NCS and has no employees of its own. NCS and its subsidiaries will collectively be referred to “Nitro”. Revolt Energy, LLC (“Revolt”), formerly a wholly owned subsidiary of NCS, that performed residential solar installations projects, was sold for a nominal consideration on March 1, 2025 in a transaction that was not material to the Company’s Consolidated Financial Statements.
Current wording
Nitro Construction Services, Inc. (“NCS”), a wholly owned subsidiary of C.J. Hughes, provides electrical, mechanical, HVAC/R, and fire protection services to customers primarily in the automotive, chemical, and power industries. Nitro Electric Company, LLC (“Nitro Electric”), a wholly owned subsidiary of NCS, performs industrial electrical work and has a satellite office registered in Michigan. Pinnacle Technical Solutions, Inc. (“Pinnacle”), a wholly owned subsidiary of NCS, operates as a data storage facility within Nitro’s office building. Pinnacle is supported by NCS and has no employees of its own. NCS and its subsidiaries will collectively be referred to “Nitro”. Revolt Energy, LLC (“Revolt”), formerly a wholly owned subsidiary of NCS, that performed residential solar installations projects, was sold for a nominal consideration on March 1, 2025 in a transaction that was not material to the Company’s Consolidated Financial Statements. On September 30, 2025, Nitro completed the asset acquisition of Rigney Digital System Ltd. (“Rigney”), an HVAC/R controls company located in Hurricane, WV, which operates as a division of Nitro.
Previous wording
Tri-State Paving & Sealcoating, Inc. (“TSP” or “Tri-State Paving”), a wholly owned subsidiary of Energy Services, completed the acquisition of substantially all the assets of Tri-State Paving & Sealcoating, LLC (“Tri-State Paving, LLC”) on April 29, 2022. Tri-State Paving provides utility paving services to water distribution customers in the Charleston, West Virginia, Lexington, Kentucky, and Chattanooga, Tennessee markets. The employees of TSP are non-union and are managed independently of the Company’s union subsidiaries.
Current wording
Tri-State Paving & Sealcoating, Inc. (“TSP” or “Tri-State Paving”), a wholly owned subsidiary of Energy Services, provides utility paving services to water distribution customers in the Charleston, West Virginia, Lexington, Kentucky, and Chattanooga, Tennessee markets. The employees of TSP are non-union and are managed independently of the Company’s union subsidiaries.
Previous wording
Ryan Construction Services Inc. (“Ryan Construction” or “RCS”), a wholly owned subsidiary of Energy Services, provides directional drilling services for broadband service providers along with offering natural gas distribution services, cathodic protection and corrosion prevention services, and civil construction services. Ryan Construction operates primarily in West Virginia, Tennessee, and Pennsylvania. The employees of RCS are non-union and are managed independently of the Company’s union subsidiaries.
Current wording
Ryan Construction Services Inc. (“Ryan Construction” or “RCS”), a wholly owned subsidiary of Energy Services, provides directional drilling services for broadband service providers along with offering natural gas distribution services, cathodic protection and corrosion prevention services, and civil construction services. Ryan Construction operates primarily in West Virginia and Pennsylvania. The employees of RCS are non-union and are managed independently of the Company’s union subsidiaries.
Previous wording
Tribute Contracting & Consultants, Inc. (“Tribute” or “TCC”), a wholly owned subsidiary of Energy Services, was formed in October 2024 in connection with the acquisition of substantially all the assets of Tribute Contracting & Consultants, LLC (“Tribute LLC”). The acquisition of Tribute LLC closed on December 2, 2024. Tribute constructs water distribution and wastewater systems primarily for public municipalities in West Virginia, Ohio, and Kentucky. The employees of TCC are non-union and are managed independently of the Company’s union subsidiaries.
Current wording
Tribute Contracting & Consultants, Inc. (“Tribute” or “TCC”), a wholly owned subsidiary of Energy Services, was formed in October 2024 in connection with the acquisition of substantially all the assets of Tribute Contracting & Consultants, LLC (“Tribute LLC”). Tribute constructs water distribution and wastewater systems primarily for public municipalities in West Virginia, Ohio, and Kentucky. The employees of TCC are non-union and are managed independently of the Company’s union subsidiaries.
Previous wording
The Company’s website address is www.energyservicesofamerica.com.
Current wording
The Company’s website address is www.energyservicesofamerica.com. Information on our website is not part of this Quarterly Report on Form 10-Q unless otherwise stated.
Previous wording
Three and Nine Months Ended June 30, 2025 and 2024 Overview
Current wording
Three months ended December 31, 2025 and 2024 Overview
Previous wording
The following is an overview of results from operations for the three and nine months ended June 30, 2025 and 2024:
Current wording
The following is an overview of results from operations for the three months ended December 31, 2025 and 2024:
Previous wording
Results of Operations for the Three and Nine Months Ended June 30, 2025 Compared to the Three and Nine Months Ended June 30, 2024
Current wording
Results of Operations for the Three Months Ended December 31, 2025 Compared to the Three Months Ended December 31, 2024
Previous wording
Revenues. A table comparing the Company’s revenues for the three and nine months ended June 30, 2025 compared to the three and nine months ended June 30, 2024 is below:
Current wording
Revenues. A table comparing the Company’s revenues for the three months ended December 31, 2025 compared to the three months ended December 31, 2024 is below:
Previous wording
Gas & Water Distribution revenues totaled $38.6 million for the three months ended June 30, 2025, a $16.0 million increase from $22.5 million for the three months ended June 30, 2024. Gas & Water Distribution revenues totaled $97.0 million for the nine months ended June 30, 2025, a $43.1 million increase from $53.9 million for the nine months ended June 30, 2024. The revenue increases were primarily related to increased water distribution services performed during the three and nine months ended June 30, 2025, as compared to the same periods in 2024.
Current wording
Gas & Water Distribution revenues totaled $40.6 million for the three months ended December 31, 2025, a $9.3 million increase from $31.3 million for the three months ended December 31, 2024. The revenue increase was primarily related to increased water distribution services performed during the three months ended December 31, 2025, as compared to the same period in 2024.
Previous wording
Electrical, Mechanical, & General construction services revenues totaled $49.7 million for the three months ended June 30, 2025, a $3.5 million increase from $46.2 million for the three months ended June 30, 2024. Electrical, Mechanical, & General construction services revenues totaled $146.8 million for the nine months ended June 30, 2025, a $8.9 million increase from $137.9 million for the nine months ended June 30, 2024. The revenue increases were primarily related to an increase in electrical & mechanical services performed during the three and nine months ended June 30, 2025, as compared to the same periods in the prior year.
Current wording
Electrical, Mechanical, & General construction services revenues totaled $49.4 million for the three months ended December 31, 2025, a $1.5 million decrease from $50.9 million for the three months ended December 31, 2024. The revenue decrease was primarily related to a decrease in electrical services performed during the three months ended December 31, 2025, as compared to the same period in 2024.
Previous wording
*Cost of Revenues.*A table comparing the Company’s costs of revenues for the three and nine months ended June 30, 2025, compared to the three and nine months ended June 30, 2024, is below:
Current wording
*Cost of Revenues.*A table comparing the Company’s costs of revenues for the three months ended December 31, 2025, compared to the three months ended December 31, 2024, is below:
Previous wording
Total cost of revenues increased by $21.0 million to $91.6 million for the three months ended June 30, 2025, as compared to $70.6 million for the three months ended June 30, 2024. Total cost of revenues increased by $43.8 million to $258.6 million for the nine months ended June 30, 2025, as compared to $214.8 million for the nine months ended June 30, 2024. The cost of revenues increased primarily as the result of increased work in the Gas & Water Distribution and Electrical, Mechanical, & General business categories and, additionally, due to less efficient work across all models of business.
Current wording
Total cost of revenues increased by $9.7 million to $100.1 million for the three months ended December 31, 2025, as compared to $90.4 million for the three months ended December 31, 2024. The cost of revenues increase was the result of increased work in the Gas & Water Distribution and Gas & Petroleum Transmission business categories, partially offset by a decrease in Electrical, Mechanical, & General work.
Previous wording
Gas & Water Distribution cost of revenues totaled $31.9 million for the three months ended June 30, 2025, a $15.7 million increase from $16.1 million for the three months ended June 30, 2024. Gas & Water Distribution cost of revenues totaled $86.0 million for the nine months ended June 30, 2025, a $44.9 million increase from $41.1 million for the nine months ended June 30, 2024. The cost of revenues increase was primarily related to increased water distribution services performed during the three and nine months ended June 30, 2025, as compared to the same periods in 2024. Additionally, the second quarter of fiscal year 2025 was heavily impacted by inclement weather that resulted in a significant amount of lost workdays and lower productivity on projects.
Current wording
Gas & Water Distribution cost of revenues totaled $34.1 million for the three months ended December 31, 2025, a $8.0 million increase from $26.1 million for the three months ended December 31, 2024. The cost of revenues increase was primarily related to increased water distribution services performed during the three months ended December 31, 2025, as compared to the same period in 2024.
Previous wording
Gas & Petroleum Transmission cost of revenues totaled $14.2 million for the three months ended June 30, 2025, a $1.7 million increase from $12.5 million for the three months ended June 30, 2024. The increase in cost of revenues was primarily due to less efficient production on work performed and less work to cover fixed project management costs for the three months ended June 30, 2025, as compared to the same period in the prior year.
Current wording
Gas & Petroleum Transmission cost of revenues totaled $20.3 million for the three months ended December 31, 2025, a $2.8 million increase from $17.5 million for the three months ended December 31, 2024. The cost of revenues increase for the three months ended December 31, 2025 was primarily due to two new transmission projects awarded in the first quarter of fiscal year 2026.
Previous wording
Unallocated shop expenses totaled $1.1 million for the three months ended June 30, 2025, a $600,000 decrease from $1.7 million for the three months ended June 30, 2024. Unallocated shop expenses totaled $3.3 million for the nine months ended June 30, 2025, a $500,000 increase from $2.8 million for the nine months ended June 30, 2024. The variances in unallocated shop expenses were primarily due to changes in the amount of internal equipment charged to projects and small tool purchases which are allocated to projects over time based on a percentage of labor costs during the three and nine months ended June 30, 2025, as compared to the same periods in the prior year.
Current wording
Unallocated shop expenses totaled $1.2 million for the three months ended December 31, 2025, a $570,000 increase from $674,000 for the three months ended December 31, 2024. The increase in unallocated shop expenses was primarily due to an increase in depreciation, insurance, and equipment repair costs without an offsetting increase to internal equipment charged to projects for the three months ended December 31, 2025, as compared to the same period in the prior year.
Previous wording
Gross Profit (Loss).* *A table comparing the Company’s gross profit for the three and nine months ended June 30, 2025, compared to the three and nine months ended June 30, 2024, is below:
Current wording
Gross Profit (Loss).* *A table comparing the Company’s gross profit for the three months ended December 31, 2025, compared to the three months ended December 31, 2024, is below:
Previous wording
Gas & Water Distribution gross profit totaled $6.7 million for the three months ended June 30, 2025, a $284,000 increase from a $6.4 million gross profit for the three months ended June 30, 2024. The increase in gross profit was primarily due to an increase in water work performed; however, gross profit decreased as a percentage of revenue.
Current wording
Gas & Water Distribution gross profit totaled $6.5 million for the three months ended December 31, 2025, a $1.4 million increase from $5.2 million for the three months ended December 31, 2024. The gross profit increase was primarily related to increased water distribution services performed during the three months ended December 31, 2025, as compared to the same period in 2024.
Previous wording
Gross loss attributable to unallocated shop expenses totaled ($1.1 million) for the three months ended June 30, 2025, a $610,000 decrease from ($1.7 million) for the three months ended June 30, 2024. Gross loss attributable to unallocated shop expenses totaled ($3.3 million) for the nine months ended June 30, 2025, a $509,000 increase from ($2.8 million) for the nine months ended June 30, 2024. The variances in unallocated shop expenses were primarily due to changes in the amount of internal equipment charged to projects and small tool purchases which are allocated to projects over time based on a percentage of labor costs during the three and nine months ended June 30, 2025, as compared to the same periods in the prior year.
Current wording
Gross loss attributable to unallocated shop expenses totaled ($1.2 million) for the three months ended December 31, 2025, a $570,000 increase from ($674,000) for the three months ended December 31, 2024. The increase in gross loss related to unallocated shop expenses was primarily due to an increase in depreciation, insurance, and equipment repair costs without an offsetting increase to internal equipment charged to projects for the three months ended December 31, 2025, as compared to the same period in the prior year.
Previous wording
Interest expense. Interest expense totaled $781,000 for the three months ended June 30, 2025, an increase of $234,000 from $547,000 for the same period in the prior year. Interest expense totaled $2.1 million for the nine months ended June 30, 2025, an increase of $369,000 from $1.8 million for the same period in the prior year. The increases were primarily related to financing the acquisition of Tribute.
Current wording
Interest expense. Interest expense totaled $990,000 for the three months ended December 31, 2025, an increase of $506,000 from $484,000 for the same period in 2024. The increase was primarily due to increased interest expense related to line of credit borrowings during the three months ended December 31, 2025, as compared to same period in the prior fiscal year.
Previous wording
(Loss) gain on sale of equipment. Loss on sale of equipment totaled ($128,000) for the three months ended June 30, 2025, compared to a gain on sale of $1,000 for the same period in the prior year. Gain on sale of equipment totaled $51,000 for the nine months ended June 30, 2025, a decrease of $242,000 from $292,000 for the same period in the prior year. The Company sold certain underutilized or non-working pieces of equipment during the first quarter of fiscal year 2024, with no comparable sale occurring during the same period in 2025.
Current wording
Gain on sale of equipment. Gain on sale of equipment totaled $19,000 for the three months ended December 31, 2025, a decrease of $177,000 from $196,000 for the same period in the prior year. The Company sold certain underutilized or non-working pieces of equipment during the three months ended December 31, 2024, with no comparable sale occurring during the three months ended December 31, 2025.
Previous wording
Net income (loss).* *Income before income taxes was $2.2 million for the three months ended June 30, 2025, as compared to $23.6 million for the same period in the prior year. Loss before income taxes was ($5.5 million) for the nine months ended June 30, 2025, as compared to a net income of $25.2 million for the same period in the prior year. The decreases were primarily related to the items mentioned above.
Current wording
Net income. Income before income taxes was $3.8 million for the three months ended December 31, 2025, as compared to $1.3 million for the same period in the prior year. The increase was primarily related to the items mentioned above.
Previous wording
Income tax expense (benefit) for the three months ended June 30, 2025, was $683,000 compared to $6.0 million for the same period in the prior year. Income tax (benefit) expense for the nine months ended June 30, 2025, was ($1.1 million) compared to $6.7 million for the same period in the prior year. The decrease in income tax expense and the increase in income tax benefit for the three and nine months ended June 30, 2025, respectively, as compared to the same periods in the prior year were due to a decrease in taxable income during the three and nine months ended June 30, 2025, as compared to the same periods in the prior year.
Current wording
Income tax expense for the three months ended December 31, 2025, was $1.1 million compared to $455,000 for the same period in the prior year. The increase in income tax expense was due to an increase in taxable income during the three months ended December 31, 2025, as compared to the same period in the prior year.
Previous wording
The Company had total assets of $189.1 million at June 30, 2025, an increase of $30.9 million from the prior fiscal year end balance of $158.2 million.
Current wording
The Company had total assets of $201.0 million at December 31, 2025, a decrease of $14.2 million from the prior fiscal year end balance of $215.2 million.
Previous wording
Contract assets totaled $26.7 million at June 30, 2025, an increase of $2.1 million from the prior fiscal year end balance of $24.6 million. The increase was due to a difference in the timing of project billings at June 30, 2025, compared to September 30, 2024.
Current wording
Contract assets totaled $23.3 million at December 31, 2025, a decrease of $11.1 million from the prior fiscal year end balance of $34.5 million. The decrease was due to a difference in the timing of project billings at December 31, 2025, compared to September 30, 2025.
Previous wording
Accounts receivable, net of allowance for doubtful accounts, totaled $57.7 million at June 30, 2025, an increase of $1.6 million from the prior fiscal year end balance of $56.1 million. The increase was primarily due to the timing of cash collections and project invoicing since September 30, 2024.
Current wording
Accounts receivable, net of allowance for doubtful accounts, totaled $69.1 million at December 31, 2025, a decrease of $7.5 million from the prior fiscal year end balance of $76.6 million. The decrease was primarily due to the timing of cash collections and project invoicing since September 30, 2025.
Previous wording
Prepaid expenses and other totaled $4.6 million at June 30, 2025, an increase of $474,000 from the prior fiscal year end balance of $4.1 million. The increase was primarily due to prepaid insurance payments, partially offset by insurance expensed during the nine months ended June 30, 2025.
Current wording
Prepaid expenses and other totaled $3.6 million at December 31, 2025, a decrease of $1.4 million from the prior fiscal year end balance of $5.0 million. The decrease was primarily due to a decrease in prepaid insurance that was expensed during the three months ended December 31, 2025.
Previous wording
The Company had net property, plant and equipment of $54.1 million at June 30, 2025, an increase of $16.0 million from the prior fiscal year end balance of $38.1 million. The increase was due to $14.9 million in asset additions related to the Tribute acquisition, $10.4 million in other asset additions, partially offset by $8.7 million in depreciation and net equipment disposals of $674,000.
Current wording
The Company had net property, plant and equipment of $52.9 million at December 31, 2025, a decrease of $592,000 from the prior fiscal year end balance of $53.5 million. The decrease was due to $3.4 million in depreciation expense, and $91,000 in net equipment disposals, partially offset by 2.9 million in equipment acquisitions.
Previous wording
Intangible assets, net totaled $3.6 million at June 30, 2025, an increase of $541,000 from the prior fiscal year end balance of $3.1 million. The increase was primarily due to intangible assets acquired as part of the Tribute acquisition, partially offset by the amortization of intangible assets during the nine months ended June 30, 2025.
Current wording
Intangible assets, net totaled $4.5 million at December 31, 2025, a decrease of $406,000 from the prior fiscal year end balance of $4.9 million. The decrease was primarily due to the amortization of intangible assets during the three months ended December 31, 2025.
Previous wording
Right-of-use assets totaled $2.4 million at June 30, 2025, a decrease of $153,000 from the prior fiscal year end balance of $2.5 million. The decrease was primarily due to the amortization of operating leases, partially offset by an increase in leased vehicles during the nine months ended June 30, 2025.
Current wording
Right-of-use assets totaled $2.0 million at December 31, 2025, a decrease of $44,000 from the prior fiscal year end balance of $2.1 million. The decrease was primarily due to the amortization of operating leases during the three months ended December 31, 2025, partially offset by the addition of one new right-of-use asset resulting from a new operating lease.
Previous wording
Cash and cash equivalents totaled $15.3 million at June 30, 2025, an increase of $2.4 million from the prior fiscal year end balance of $12.9 million. The increase was primarily due to a net $13.4 million provided by operating activities, and a net $18.2 million provided by financing activities, partially offset by a $20.8 million investment in the acquisition of Tribute and a net $8.4 million investment in equipment, less proceeds from the sale of equipment.
Current wording
Cash and cash equivalents totaled $16.7 million at December 31, 2025, an increase of $4.4 million from the prior fiscal year end balance of $12.2 million. The increase was primarily due to a net $18.8 million provided by operating activities, partially offset by a net $12.5 million used in financing activities, and by a $1.9 million net investment in equipment.
Previous wording
The Company had total liabilities of $134.6 million at June 30, 2025, an increase of $35.0 million from the prior fiscal year end balance of $99.6 million.
Current wording
The Company had total liabilities of $140.4 million at December 31, 2025, a decrease of $15.6 million from the prior fiscal year end balance of $156.0 million.
Previous wording
The aggregate balance of current maturities of long-term debt and long-term debt totaled $48.7 million at June 30, 2025, an increase of $25.2 million from the prior fiscal year-end balance of $23.6 million. The increase was primarily due to $16.0 million related to financing the acquisition of Tribute and assumption of $3.8 million of Tribute equipment debt, $5.0 million in additional equipment financing and $7.1 million in line of credit borrowings, partially offset by $6.8 million in long-term debt payments.
Current wording
The aggregate balance of current maturities of long-term debt and long-term debt totaled $51.5 million at December 31, 2025, a decrease of $10.3 million from the prior fiscal year-end balance of $61.8 million. The decrease was primarily due to $3.4 million in principal payments on long-term debt and $7.8 million in repayments on the operating line of credit, partially offset by $840,000 in new equipment financing.
Previous wording
Accounts payable totaled $24.4 million at June 30, 2025, an increase of $679,000 from the prior fiscal year end balance of $23.7 million. The increase was due to the timing of accounts payable payments as compared to September 30, 2024.
Current wording
Accounts payable totaled $24.3 million at December 31, 2025, a decrease of $6.4 million from the prior fiscal year end balance of $30.7 million. The decrease was due to the timing of accounts payable payments as compared to September 30, 2025.
Previous wording
Accrued expenses and other current liabilities totaled $15.9 million at June 30, 2025, an increase of $2.1 million from the prior fiscal year end balance of $13.9 million. The increase was due to the timing of accrued expense payments, as compared to September 30, 2024.
Current wording
Accrued expenses and other current liabilities totaled $13.2 million at December 31, 2025, a decrease of $2.7 million from the prior fiscal year end balance of $15.9 million. The decrease was due to the timing of accrued expense payments, as compared to September 30, 2025.
Previous wording
Contract liabilities totaled $27.7 million at June 30, 2025, an increase of $10.7 million from the prior fiscal year end balance of $17.0 million. The increase was due to a difference in the timing of project billings at June 30, 2025, as compared to September 30, 2024.
Current wording
Contract liabilities totaled $31.0 million at December 31, 2025, an increase of $2.7 million from the prior fiscal year end balance of $28.3 million. The increase was due to a difference in the timing of project billings at December 31, 2025, as compared to September 30, 2025.
Previous wording
Current and long-term operating lease liabilities totaled $2.4 million at June 30, 2025, a decrease of $152,000 from the prior fiscal year end balance. The decrease was primarily due to payments made during the nine months ended June 30, 2025, partially offset by an increase in leased vehicles.
Current wording
Current and long-term operating lease liabilities totaled $2.0 million at December 31, 2025, a decrease of $44,000 from the prior fiscal year end balance. The decrease was primarily due to lease payments made during the three months ended December 31, 2025, partially offset by the addition of one new operating lease.
Previous wording
Income tax payable totaled $413,000 at June 30, 2025, a decrease of $1.8 million from the prior fiscal year end balance of $2.2 million. The decrease was primarily related to income tax payments made during the first nine months of fiscal year 2025 and a taxable loss generated during the nine months ended June 30, 2025.
Current wording
Income tax payable totaled $168,000 at December 31, 2025, an increase of $168,000 from the prior fiscal year end balance. The increase was primarily related to the taxable income generated during the three months ended December 31, 2025.
Previous wording
Lines of credit and short-term borrowings totaled $10.4 million at June 30, 2025, an increase of $75,000 from the prior fiscal year end balance. The increase was due to interest accrued on PPP Loans. Refer to Note 3 “Accounting for PPP Loans” in the accompanying consolidated financial statements for additional details.
Current wording
Lines of credit and short-term borrowings totaled $10.4 million at December 31, 2025, an increase of $16,000 from the prior fiscal year end balance. The increase was due to interest accrued on PPP Loans. Refer to Note 3 “Accounting for PPP Loans” in the accompanying consolidated financial statements for additional details.
Showing the first 40 of 80 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
adjusted to a constant maturity of three years as published by the Federal Reserve weekly. As of December 31, 2025, the Company had made principal payments of $503,000. The loan is collateralized by the building purchased under this agreement. The note is currently held by Peoples Bank, Inc.
Current report — wording carried from elsewhere
term with monthly interest paid at a fixed interest rate of 5.0% on the $3.0 million sellers’ note, which equates to 7.05% on the carrying value of the note.
Current report — wording carried from elsewhere
to perform under a contract or to pay subcontractors and vendors, the customer may demand that the insurer make payments or provide services under the bond. The Company must reimburse the insurer for any expenses or outlays it is required to make.
Current report — wording carried from elsewhere
Other than described above, at December 31, 2025, the Company was not involved in any legal proceedings other than in the ordinary course of business. The Company is a party from time to time to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach
Current report — wording carried from elsewhere
The discussion and analysis of the Company’s financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
In July 2025, the Company renewed its $30.0 million line of credit effective June 28, 2025 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 outstanding balance on the operating line of credit at June 30, 2025 was $11.6 million with an interest rate of 7.5%.
Previous report — wording carried elsewhere
Under certain circumstances such as foreclosure, the Company may take title to the underlying assets in lieu of cash in settlement of receivables.
Previous report — wording carried elsewhere
the principal balance remaining and shall be at the stated rate of 3.5% per year. The Company has made $750,000 in principal payments on this note as of June 30, 2025. David Corns retired as president of Tri-State Paving & Sealcoating, Inc. in May 2025.