Matrix Service Company reported second quarter fiscal 2026 revenue of $210.5 million, representing a 12% increase over the prior year period. Gross profit rose to $13.1 million, or 6.2% of revenue, compared with $10.9 million, or 5.8% a year earlier. The company achieved positive adjusted EBITDA of $2.4 million versus a negative $2.2 million in the same quarter last year. Adjusted net loss narrowed to $0.7 million, or $0.02 per share, compared with a $5.5 million loss, or $0.20 per share, in the second quarter of fiscal 2025.

As of December 31, 2025, Matrix Service Company held liquidity of $257.6 million, comprised of $199.0 million in unrestricted cash and $58.6 million of available credit, with no outstanding debt. The company’s total backlog stood at $1.1 billion, with project awards of $176.6 million during the quarter resulting in a book-to-bill ratio of 0.8x. Backlog strength was driven by strategic awards in LNG, power generation and electrical infrastructure, supporting an opportunity pipeline of $7.3 billion.

Management reaffirmed fiscal 2026 revenue guidance in the range of $875 million to $925 million, reflecting an expected increase of 14% to 20% over the prior year. The outlook assumes higher activity levels in Storage and Terminal Solutions during the second half of the year and continued demand across energy, power and industrial markets, underpinned by multi-year investment cycles in infrastructure.

The Board appointed Shawn P. Payne as Chief Operating Officer, effective immediately, with a planned transition to President and Chief Executive Officer upon John R. Hewitt’s departure on June 30, 2026. Payne, who has held senior roles in operations, finance and business services since joining the company in 2012, will lead the execution of the Win, Execute & Deliver strategy and the company’s focus on high-growth energy and industrial end markets.