SEGMENT INFORMATION (Tables)

6 Months Ended

Mar. 31, 2026

SEGMENT INFORMATION

Schedule of segment financial information


		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


		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


		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)


		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