Matrix Service Company reported second quarter fiscal 2026 revenue of $210.5 million, up 12% from $187.2 million in the prior year period. The company recorded a net loss of $0.9 million, or $0.03 per share, an improvement from a net loss of $5.5 million, or $0.20 per share, a year earlier. Adjusted EBITDA turned positive at $2.4 million, compared with an adjusted EBITDA loss of $2.2 million in Q2 fiscal 2025. Gross profit rose to $13.1 million (6.2% margin) from $10.9 million (5.8% margin), despite a $3.6 million impact from specialty vessel start-up and commissioning costs in the Storage and Terminal Solutions segment. SG&A expenses declined to $15.1 million from $17.3 million, driven by organizational realignment and lower stock-based compensation expense.

As of December 31, 2025, Matrix held $257.6 million of liquidity—comprising $199.0 million of unrestricted cash and $58.6 million of undrawn credit capacity—with no outstanding debt. Backlog stood at $1.127 billion, supported by $176.6 million of project awards in the quarter and a book-to-bill ratio of 0.8x, including a 1.2x ratio in Storage and Terminal Solutions. Utility and Power Infrastructure bookings, though lower at 0.2x, benefited from power delivery and gas peak shaving work. The company reaffirmed full-year revenue guidance of $875 million to $925 million, representing growth of 14% to 20% over fiscal 2025’s $769.3 million.

Matrix’s board announced that President and CEO John R. Hewitt will step down effective June 30, 2026, and Shawn P. Payne will succeed him as President and Chief Executive Officer starting fiscal 2027. Payne, currently President of Engineering & Construction, joined Matrix in 2012 to lead the mining and minerals division and previously held senior operations, finance, and project controls roles at Aker Solutions and Jacobs. Board Chair John D. Chandler cited Payne’s 25-year collaboration with Hewitt and his track record driving growth across diverse energy and industrial markets as key factors in the succession plan.