Matrix Service Company — Fiscal Year 2026 Fourth Quarter Earnings Summary

Financial Performance

• Q4 fiscal 2026 revenue was $244.5 million, a 13% increase year-over-year from $216.4 million, marking the highest quarterly revenue in six years.
• Full-year fiscal 2026 revenue was $873.6 million, up from $769.3 million in the prior year.
• Q4 fiscal 2026 net income was $1.1 million ($0.04 per share), compared to a net loss of $11.3 million ($0.40 per share) in the prior year period.
• Full-year fiscal 2026 net loss per share was $(0.09), compared to $(1.06) per share in the prior year.
• Q4 fiscal 2026 adjusted net income was $4.6 million ($0.16 per share), compared to an adjusted net loss of $7.8 million ($0.28 per share) in the prior year; this marks the second consecutive quarter of profitability.
• Full-year fiscal 2026 adjusted net income per share was $0.26, compared to an adjusted net loss per share of $(0.93).
• Q4 fiscal 2026 adjusted EBITDA was $6.3 million, compared to a loss of $4.8 million in the prior year.
• Full-year fiscal 2026 adjusted EBITDA was $16.0 million, compared to a loss of $12.9 million in the prior year.
• Q4 fiscal 2026 gross profit was $19.5 million (8.0% of revenue), up from $8.1 million (3.8% of revenue) in the prior year.
• Q4 fiscal 2026 SG&A expenses were $16.9 million, down from $17.6 million in the prior year.
• Q4 fiscal 2026 restructuring costs and other expenses were $3.4 million.
• Liquidity as of June 30, 2026, was $283.9 million, consisting of $223.0 million in unrestricted cash and cash equivalents and $60.9 million in borrowing availability under a $90 million ABL facility maturing in September 2029.
• The company had no outstanding debt as of June 30, 2026.

Business Segments and Product Lines

• Storage and Terminal Solutions: Revenue increased 43% to $137.4 million in Q4 fiscal 2026 from $96.1 million in the prior year, driven by higher specialty storage activity. Gross margin improved to 6.4% from (1.1)% in the prior year.
• Utility and Power Infrastructure: Revenue was $73.5 million in Q4 fiscal 2026, consistent with the prior year. Gross margin increased to 12.8% from 9.1% in the prior year due to strong project execution.
• Process and Industrial Facilities: Revenue decreased to $33.6 million in Q4 fiscal 2026 from $47.3 million in the prior year, primarily due to lower refinery work volumes, partially offset by an increase in mining project revenue. Gross margin was 2.9%, down from 5.9% in the prior year.
• The company secured nearly $170 million in project awards in Q4 fiscal 2026, including a major mining construction project in the western United States.
• The Process and Industrial Facilities segment achieved a book-to-bill ratio of 3.2x in Q4 fiscal 2026.

Market and Competitive Landscape

• The opportunity pipeline has grown to over $7 billion, reflecting generational investment levels in LNG and NGL infrastructure, power generation, electric grid modernization, data centers, and mining and minerals production.
• The company expanded its position in the non-ferrous mining and critical minerals market through a new client relationship.
• Total backlog as of June 30, 2026, was $953.2 million, down from $1,382.1 million at the start of the fiscal year.
• Q4 fiscal 2026 project awards totaled $169.0 million, resulting in a total book-to-bill ratio of 0.7x.

Other Key Points

• The company executed a leaner organizational structure over the past 18 months, reducing fixed overhead costs.
• A legacy project completed in fiscal 2021 that was in arbitration was fully resolved in fiscal 2026, removing a $6.4 million drag on revenue and gross margin in the prior year.
• The company incurred $3.4 million in restructuring costs in Q4 fiscal 2026, including costs for leadership transitions and workforce reductions.
• The company will host a conference call on September 3, 2026, with President and CEO Shawn P. Payne and CFO Kevin S. Cavanah.
• The company is focused on driving profitable growth, executing projects safely, on time, and on budget, and deploying capital with discipline.