HUNTINGTON, W.Va., May 11, 2026 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (NASDAQ:ESOA), today announced its results for its second quarter ended March 31, 2026.
Second Quarter Highlights (1)
Revenue of $93.2 million versus $ 76.7 million
Gross profit of $10.2 million versus $78,000
Gross margin of 11.0% compared to 0.1%
Net income of $216,000, or $0.01 per diluted share, compared to net loss of $6.8 million, or ($0.41) per share.
Adjusted EBITDA of $4.7 million compared to ($4.9 million)
Completed 2,001,000 share equity offering, generating net proceeds of $21.2 million
(1) All comparisons are versus the comparable prior year period, unless otherwise stated.
"The momentum from our strong start to fiscal 2026 carried into the second quarter, resulting in our first profitable fiscal second quarter in 17 years as an operating company," said Doug Reynolds, President of Energy Services. "The quarter benefited from the combination of continued demand across all of our business segments and more favorable weather versus the prior year, which allowed many projects this year to begin on time or ahead of schedule."
"Revenue from our Gas & Petroleum Distribution more than doubled from the prior-year quarter thanks to new projects awarded in the first quarter and increased activity levels drove double-digit revenue growth for our Gas & Water Distribution and Electrical, Mechanical and General segments. Our backlog increased more than $23 million sequentially, keeping us well-positioned as we enter the seasonally stronger quarters," Mr. Reynolds concluded.
Second Quarter Fiscal 2026 Financial ResultsTotal revenues for the period were $93.2 million, compared to $76.7 million in the second quarter of fiscal 2025. The increase was primarily driven by increased work across all segments, particularly Gas & Petroleum Transmission.
Gross profit was $10.2 million, compared to $78,000 in the prior-year quarter. Gross margin was 11.0% of revenues, compared to 0.1% of revenues in the second quarter of fiscal 2025. The increase is related to greater fixed cost leverage from the increased revenue base and more favorable sales mix.
Selling and administrative expenses were $9.2 million, compared to $8.2 million in the prior-year quarter. The increase is primarily related to higher labor expenses related to the Company's growth.
Net income was $216,000, or $0.01 per diluted share, compared to a net loss of $6.8 million or ($0.41) per share in the second quarter of fiscal 2025.
Backlog as of March 31, 2026 was $325.1 million, compared to $301.7 million on December 31, 2025 and $280.7 million as of March 31, 2025.
Below is a comparison of the Company's operating results for the three and six months ended March 31, 2026 and 2025 (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 revenues
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
