Matrix Service Company reported second quarter fiscal 2026 revenue of $210.5 million, a 12% increase year-over-year. Gross profit rose to $13.1 million, or 6.2% of revenue, up from $10.9 million (5.8%), despite a $3.6 million hit related to commissioning costs in its Storage and Terminal Solutions segment. The company recorded a net loss of $0.9 million, or $0.03 per share, improving from a $5.5 million loss ($0.20 per share) in the prior year period. Adjusted EBITDA was $2.4 million compared to negative $2.2 million last year. Segment revenue growth was driven by a 23% increase to $75.4 million in Utility and Power Infrastructure and a 5% rise to $99.9 million in Storage and Terminal Solutions, while Process and Industrial Facilities climbed to $35.3 million, up from $30.6 million.

As of December 31, 2025, Matrix held $257.6 million in liquidity, including $199.0 million in unrestricted cash and $58.6 million available under its credit facility, with no outstanding debt. Backlog stood at $1.1 billion, supported by $176.6 million in project awards and a book-to-bill ratio of 0.8x for the quarter. The company reaffirmed full-year fiscal 2026 revenue guidance of $875 million to $925 million, representing growth of 14% to 20% over the prior year, driven by sustained opportunity in energy, power generation and industrial infrastructure.

The Board of Directors has appointed Shawn P. Payne as Chief Operating Officer, effective immediately, with a planned elevation to President and CEO upon John R. Hewitt’s departure on June 30, 2026. Payne, who joined Matrix in 2012 and most recently served as President of Engineering & Construction, brings over 25 years of industry experience, including leadership roles at Aker Solutions/Kvaerner and Jacobs. Board Chair John D. Chandler praised Hewitt’s tenure for expanding the company’s market capabilities and positioning it for profitable growth, and expressed confidence in Payne’s leadership as Matrix enters its next phase of value creation.