Here are 1-3 brief analogies for Energy Services of America (ESOA):

• A regional Quanta Services (PWR).
• MasTec (MTZ) for natural gas and utility infrastructure.

• Natural Gas Pipeline Services: Provides construction, maintenance, and repair services for natural gas pipelines and distribution systems for utility companies.
• Water and Wastewater Infrastructure Services: Offers construction, replacement, and maintenance of water mains, sewer lines, and related infrastructure for municipal and industrial clients.
• Petroleum Pipeline Services: Delivers specialized construction, maintenance, and repair services for pipelines and facilities involved in petroleum product transmission.

Energy Services of America (ESOA) primarily sells its services to other companies (Business-to-Business, B2B) rather than individuals.

The company provides contracting services to customers in the natural gas, petroleum, and power industries. While its financial reports indicate the existence of major customers that account for significant portions of its revenue (e.g., one customer accounted for 22.0% of consolidated revenue for the year ended September 30, 2023), the specific names of these major customer companies are not publicly disclosed in their SEC filings or other readily available public information.

Based on its business operations, ESOA serves the following categories of companies:

• Natural Gas Utilities and Pipeline Companies: These customers include large utility providers, public service commissions, and regional pipeline companies that require construction, maintenance, and upgrade services for natural gas transmission, distribution, and storage infrastructure.
• Petroleum Industry Companies: This category encompasses companies involved in the oil and gas sector, including those operating gathering systems, tank farms, and other midstream or downstream petroleum infrastructure.
• Power Generation and Transmission Companies: Customers in this segment include power producers and transmission operators that contract ESOA for work related to power plants, electrical transmission lines, and substations.

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Douglas V. Reynolds, President and Chief Executive Officer

Mr. Reynolds was appointed President and Chief Executive Officer of Energy Services of America on December 6, 2012, and has served as a Director since 2008. He is an attorney for Reynolds & Brown, PLLC, and also holds the position of President of the Transylvania Corporation and is a director of The Harrah and Reynolds Corporation. Mr. Reynolds previously served as a director for Premier Financial Bancorp, Inc. from 2020 to 2021 and for Peoples Bancorp, Inc. and its banking subsidiary Peoples Bank from 2021 to 2023. He is a graduate of Duke University and earned a law degree from West Virginia University.

Charles P. Crimmel, Chief Financial Officer

Mr. Crimmel was appointed Chief Financial Officer of Energy Services of America on November 1, 2013, after serving as Controller from 2008 to 2013. He graduated from West Virginia University in 1995 with a Bachelor of Science degree in Business Administration and Accounting. His prior experience includes working as a Field Clerk and Staff Accountant for Union Boiler Company from 1995 to 1996, a Staff Accountant and Controller for Williams Union Boiler/Williams Service Group from 1996 to 2005, and as Controller for Nitro Electric Company from 2005 to 2008.

Marshall T. Reynolds, Chairman of the Board

Mr. Reynolds has served as Chairman of the Board of Directors since the company's inception. His extensive career includes serving as Chief Executive Officer and Chairman of the Board of Directors of Champion Industries, Inc. from 1992 to 2016, and as its sole stockholder from 1972 to 1993. He has been President and General Manager of The Harrah and Reynolds Corporation since 1964 and its sole stockholder since 1972. Mr. Reynolds also served as Chairman of the Board of Directors of McCorkle Machine and Engineering Company. Additionally, he is Chairman of the Board of Directors of First Guaranty Bancshares, Inc. and Premier Financial Bancorp, Inc., and a director of Summit State Bank.

Jack M. Reynolds, Director

Mr. Reynolds served as President and Chief Financial Officer of Energy Services of America from its inception until September 2008 and has been a member of its Board of Directors since its inception. He has been a Vice President of Pritchard Electric Company, an electrical contractor, since 1998. Mr. Reynolds also serves as a Director of Citizens Deposit Bank of Vanceburg, Kentucky.

The global and national accelerating transition away from fossil fuels, particularly natural gas, driven by decarbonization initiatives, renewable energy adoption, and increasingly stringent environmental regulations, poses a clear emerging threat to Energy Services of America. A significant portion of ESOA's revenue is derived from the construction and repair of natural gas pipelines and infrastructure. As governments, utilities, and consumers shift towards electrification and renewable energy sources, the demand for new natural gas infrastructure projects is likely to diminish over time, potentially impacting a core segment of ESOA's business. While maintenance of existing infrastructure will continue, the long-term growth prospects for natural gas-related services face significant headwinds from this fundamental market shift.

Energy Services of America (ESOA) operates primarily in the Mid-Atlantic and central regions of the United States, providing a range of contracting and service solutions. The addressable markets for their main products and services in the U.S. are as follows:

• Natural Gas and Petroleum Pipeline Construction and Services: The U.S. oil & gas pipeline construction market is projected to be approximately $53.6 billion in 2025. The U.S. natural gas distribution market was valued at $170.0 billion in 2024, with an expectation to reach $186.0 billion by 2032.
• Electrical and Mechanical Services (Power Industry): The U.S. electric power transmission and distribution market was valued at $89.9 billion in 2024 and is projected to increase to $110.4 billion by 2032.
• Water and Sewer Line Construction Services: The market size for the Water & Sewer Line Construction industry in the United States is estimated to be $68.0 billion in 2025.
• Civil and General Contracting Services: The U.S. civil construction contract services market was valued at approximately $148.7 billion in 2024 and is anticipated to grow at a compound annual growth rate of 4.1% between 2025 and 2034.

1. Expansion and Focus on Water and Wastewater Infrastructure: Energy Services of America is strategically prioritizing its Gas & Water Distribution segment, which has demonstrated significant growth and offers higher gross margins. The company anticipates benefiting from substantial funding allocations at state and local levels through the Infrastructure and Jobs Act, specifically targeting water and wastewater management projects. This focus is expected to drive considerable revenue growth in this high-margin area.
2. Strategic Acquisitions: Acquisitions are a key component of ESOA's growth strategy. The recent acquisition of Tribute Contracting & Consultants, for instance, is aimed at expanding the company's market reach and expertise. Such strategic acquisitions are expected to bolster service offerings and contribute to increased revenue.
3. Robust Backlog and Demand for Infrastructure Projects: ESOA has consistently reported a growing backlog of projects, indicating a strong pipeline of future work. This increasing backlog, which includes projects in new construction within the electric vehicle battery and steel manufacturing industries, signals sustained demand for the company's services across its operational segments.
4. Leveraging Broader Infrastructure Funding: Beyond water and wastewater, the company plans to capitalize on overall infrastructure funding opportunities. This includes potential infrastructure buildouts driven by the recovery of natural gas prices and increasing interest in natural gas as a power source for AI data centers, which could benefit ESOA's pipeline construction and maintenance business. Additionally, ESOA's capabilities extend to broadband and solar installations, offering further avenues for growth through infrastructure development.

Share Repurchases

• In July 2022, Energy Services of America authorized a share repurchase program to buy back up to 1,000,000 shares, representing approximately 6.0% of its then-outstanding common stock, with no expiration date.
• In April 2025, the company repurchased 106,392 common shares at an average price of $7.99 per share, totaling approximately $850,000.
• As of May 12, 2025, ESOA had 786,000 shares remaining under its share repurchase authorization.

Share Issuance

• In August 2025, Energy Services of America issued approximately $2.0 million in stock as part of the consideration for the acquisition of Tribute Contracting.

Outbound Investments

• In August 2025, the company completed the acquisition of Tribute Contracting for approximately $22.0 million in cash plus $2.0 million in stock. This acquisition aimed to expand ESOA's water/wastewater footprint.

Capital Expenditures

• Investing activities, which included capital expenditures and the Tribute acquisition, utilized $29.16 million for the nine months ended June 30, 2025.
• Purchases of property and equipment under financing agreements amounted to $1,696,530 for the six months ended March 31, 2025.
• Capital expenditures are primarily focused on the construction, replacement, and repair of natural gas pipelines and storage facilities, as well as water and sewer projects, catering to the natural gas, petroleum, water distribution, automotive, chemical, and power industries.