Energy Services of America Corporation reported a significant increase in financial performance for the second quarter of fiscal year 2026, with consolidated revenues reaching $93.2 million, up 21.5% from $76.7 million in the same period last year. For the six months ended March 31, 2026, revenues totaled $207.3 million, a 16.9% increase compared to $177.3 million for the prior year. The company achieved a gross profit of $10.2 million for the quarter, a substantial rise from just $77,860 in the previous year, while net income for the quarter was $215,548, compared to a net loss of $6.8 million in the same quarter of 2025.
The company's operational metrics showed notable improvements, with revenues from gas and petroleum transmission projects increasing by 224.7% to $11.0 million for the three months ended March 31, 2026. Additionally, revenues from gas and water distribution services rose by 15.6% to $31.3 million. The electrical, mechanical, and general construction services segment contributed the largest share of revenue, accounting for 54.6% of total revenues in the quarter. The company’s backlog also grew to $325.1 million as of March 31, 2026, compared to $259.7 million at the end of the previous fiscal year.
In terms of strategic developments, Energy Services completed an equity raise in February 2026, generating approximately $21.2 million in net proceeds. This capital is intended to support strategic growth initiatives and working capital needs. The company also reported a decrease in total liabilities to $112.4 million, down from $156.0 million at the end of the previous fiscal year, primarily due to significant repayments of long-term debt and a reduction in accounts payable.
Operationally, the company has seen a decrease in accounts receivable, which totaled $60.1 million at March 31, 2026, down from $76.0 million at the end of September 2025. This decline was attributed to the timing of cash collections and project billings. The company’s employee headcount remained stable, with a significant portion of its workforce being union members, which the company reports having a good relationship with.
Looking ahead, Energy Services anticipates continued growth in its core business areas, particularly in water and wastewater projects, as well as natural gas transmission and distribution. However, the company acknowledges that while it is experiencing increased project opportunities, there is no guarantee of securing all bids or that awarded projects will proceed as planned. The management remains optimistic about the future, supported by a strong backlog and ongoing bidding opportunities.
About Energy Services of America CORP
Energy Services of America Corporation is a contractor providing construction, repair, and maintenance services for natural gas pipelines, water distribution, electrical, mechanical, and civil projects across the mid-Atlantic and central U.S. regions. Serving utility, industrial, and government clients, it offers pipeline construction, electrical and mechanical installations, and civil contracting. The company emphasizes safety, union workforce management, and diversified industry expertise to deliver infrastructure solutions.
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