Matrix Service Q3 Revenue Hits $206.7M, Adjusted EBITDA Rises to $4.9M
Matrix Service reported fiscal Q3 revenue of $206.7 million with net income of $0.8 million and adjusted earnings of $0.13 per share, driving adjusted EBITDA to $4.9 million. Liquidity stood at $297.2 million with no debt, backlog reached $1.0 billion, but full-year revenue guidance was cut to $870–890 million.
1. Fiscal Third Quarter Results
Matrix Service posted Q3 fiscal 2026 revenue of $206.7 million, up from $200.2 million a year earlier, delivering net income of $0.8 million ($0.03 per share) versus a $3.4 million loss. Adjusted net income reached $3.8 million ($0.13 per share) and adjusted EBITDA climbed to $4.9 million.
2. Segment Performance
Storage and Terminal Solutions revenue rose 16% to $111.6 million with a 7.0% gross margin; Utility and Power Infrastructure grew 2% to $60.0 million with margin expanding to 13.6%; Process and Industrial Facilities revenue declined to $35.1 million, pushing margin down to 2.5%.
3. Cash Position, Backlog and Guidance
Liquidity was $297.2 million with zero debt at quarter end. Backlog reached $1.0 billion, including $108.3 million of new awards, and the project pipeline stands at $6.9 billion across LNG, mining, power generation and data centers. Full-year fiscal 2026 revenue guidance was lowered to $870–$890 million.
4. Leadership Transition and Outlook
Incoming President and CEO Shawn Payne plans further organizational streamlining to drive sustainable profitable growth. A limited notice to proceed for a major west coast mining project will begin in Q4, supporting revenue into fiscal 2027 and underscoring focus on high-demand sectors and operational efficiency.