5 unchanged sentences
Our operating results may vary significantly from quarter to quarter.
−Removed: We typically experience lower volumes and lower margins during the winter months due to lower demand for our pipeline services and more difficult operating conditions.
+Added: We typically experience lower volumes and lower margins during the winter months due to lower demand for our construction services and more difficult operating conditions.
Also, other items that can materially affect our quarterly results include:
15 unchanged sentences
Future acquisitions could disrupt the Company’s business and adversely affect our results of operations, financial condition and cash flows.
−Removed: On December 2, 2024, the Company completed the acquisition of the assets of Tribute Contracting & Consultants, LLC.
+Added: On September 30, 2025, the Company acquired the assets of Rigney Digital Systems Ltd.
+Added: and on December 2, 2024, the Company acquired the assets of Tribute Contracting & Consultants, LLC.
In fiscal 2022, the Company completed the acquisitions of Tri-State Paving and Ryan Construction.
45 unchanged sentences
The Company uses compartmentalized network drive access to mitigate ransomware damage and performs daily encrypted backups to secure offsite locations including a disaster recovery site.
−Removed: Although we take protective measures and believe that we have not experienced any of the data breaches described above, the security of our computer systems, software, and networks may be vulnerable to breaches, unauthorized access, misuse, computer viruses, or other malicious code and cyber-attacks that could have an impact on information security.
+Added: Although we take protective measures and believe that we have not experienced any data breaches described above, the security of our computer systems, software, and networks may be vulnerable to breaches, unauthorized access, misuse, computer viruses, or other malicious code and cyber-attacks that could have an impact on information security.
Because the techniques used to cause security breaches change frequently, we may be unable to proactively address these techniques or to implement adequate preventative measures.
1 unchanged sentence
Inflation risk is the risk that the value of assets or income will be worth less in the future as inflation decreases the value of money.
−Removed: Over the last several years, there have been market indicators of a pronounced rise in inflation and the Federal Reserve has raised certain benchmark interest rates to combat inflation.
+Added: Over the last several years, there have been market indicators of a pronounced rise in inflation.
Inflation generally increases the cost of goods and services we will use in our business operations, such as electricity and other utilities, which increases our expenses.
26 unchanged sentences
The requested information was subsequently provided to the SBA through the Lender.
+Added: As of September 30, 2025, 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.
5 unchanged sentences
In addition to the effects of an economic recession, there could be reductions in the industries that the Company serves.
−Removed: If the demand for natural gas should drop dramatically, or the demand for electrical and mechanical services drops dramatically, these would in turn result in less demand for the Company’s services.
+Added: If the demand for natural gas should drop dramatically, or the demand for water, electrical and mechanical services drops dramatically, these would in turn result in less demand for the Company’s services.
Project delays or cancellations may result in additional costs to us, reductions in revenues or the payment of liquidated damages.
In certain circumstances, we guarantee project completion by a scheduled acceptance date or are paid only upon achievement of certain acceptance and performance testing levels.
−Removed: Failure to meet any of these requirements could result in additional costs or penalties which could exceed the expected project profits.
+Added: Failure to meet any of these requirements could result in additional costs or penalties which could exceed the expected project profits and adversely impact the Company’s results of operations.
Our industry is highly competitive.
15 unchanged sentences
Energy Services maintains a banking relationship with two regional banks and has lines of credit and borrowing facilities with these institutions.
−Removed: On August 8, 2024, the Company renewed its $30.0 million line of credit with a maturity date of June 28, 2026.
+Added: In July 2025, the Company renewed its $30.0 million line of credit with a maturity date of June 28, 2027.
The line of credit is limited to a borrowing base calculation, which was approximately $27.7 million at September 30, 2025.
45 unchanged sentences
The holders of our common stock will receive cash dividends if and when declared by our board of directors out of legally available funds.
−Removed: Although we paid an annual cash dividend in calendar 2024 and have initiated a regular quarterly cash dividend in fiscal 2025, we have no obligation to continue paying dividends.
+Added: Although we have initiated a regular quarterly cash dividend of $0.03 per share in fiscal 2025, we have no obligation to continue paying dividends.
Any future determination relating to our dividend policy will be made at the discretion of our board of directors and will depend on a number of factors, including our future earnings, capital requirements, financial condition, future prospects, and other factors that our board of directors may deem relevant.
3 unchanged sentences
Companies are facing increasing scrutiny from customers, regulators, investors, and other stakeholders related to their environmental, social and governance (“ESG”) practices and disclosure.
−Removed: Investor advocacy groups, investment funds and influential investors are also increasingly focused on these practices, especially as they relate to the environment, health and safety, diversity, labor conditions and human rights.
+Added: Investor advocacy groups, investment funds and influential investors are also increasingly focused on these practices, especially as they relate to the environment, health and safety, labor conditions and human rights.
Increased ESG-related compliance costs could result in increases to our overall operational costs.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.