MTRX

EX-99

2 a033126ex99earningsrelease.htm

EX-99

Document

Exhibit 99

MATRIX SERVICE COMPANY REPORTS FISCAL YEAR 2026 THIRD QUARTER RESULTS

TULSA, OK – May 6, 2026 – Matrix Service Company (Nasdaq: MTRX), a leading provider of engineering and construction services to the energy and industrial markets, today announced financial results for the third quarter of fiscal 2026 ended March 31, 2026.

THIRD QUARTER FISCAL 2026 HIGHLIGHTS

•Revenue of $206.7 million

•Net income of $0.8 million, or $0.03 per diluted share

•Adjusted net income(1) of $3.8 million, or $0.13 per diluted share

•Adjusted EBITDA(1) of $4.9 million

•Liquidity at March 31, 2026 of $297.2 million with no outstanding debt

•Total backlog of $1.0 billion, with awards of $108.3 million

•Updates fiscal 2026 revenue guidance in a range of between $870 million and $890 million

(1) Adjusted net income and adjusted net income per diluted share are non-GAAP financial measures which exclude restructuring expense, Adjusted EBITDA is a non-GAAP financial measure which excludes interest expense, interest income, income taxes, depreciation and amortization expense, restructuring expense, and stock-based compensation. See the Non-GAAP Financial Measures section included at the end of this release for a reconciliation to net income and net income per share.

MANAGEMENT COMMENTARY

"During the fiscal third quarter, our team demonstrated strong project execution and operational focus, culminating in a return to profitability," said John Hewitt, President and Chief Executive Officer.

“Although our third quarter revenue was affected by client-related engineering and permitting delays, as well as severe weather, our strong project execution and improved cost structure enabled us to achieve adjusted diluted earnings per share of $0.13.

“While the pace of new awards was subdued during the third quarter, among the awards are an increasing number that are related to high-demand verticals including more than $30 million in increased electrical infrastructure and grid-related investments being driven in part by data center demand. Subsequent to the close of the quarter, we also received a limited notice to proceed for a major mining project on the west coast, which will begin in Q4 of this fiscal year and support revenue throughout fiscal 2027.

“Overall bidding activity remained steady, and our project opportunity pipeline remains healthy at more than $6.9 billion, reflecting multi-year opportunities across our core LNG markets, mining and minerals, power generation, and data center–related infrastructure.

“Due to the combined impact of client and weather-related delays on booked work in the third quarter, we have elected to lower our full-year fiscal 2026 revenue guidance. These project activities will move into later periods. Our return to profitability marks an important inflection point as we remain focused on continuous improvement.

"Under the leadership and organizational vision of incoming President and CEO Shawn Payne, the business is undertaking further streamlining to assure it is well positioned to build on its strong legacy and deliver sustainable profitable growth and long-term value creation.”

1

FISCAL 2026 THIRD QUARTER CONSOLIDATED RESULTS

Fiscal 2026 third quarter revenue was $206.7 million, compared to $200.2 million in the third quarter of fiscal 2025. The increase in revenue for the quarter was attributable to higher revenue in the Storage and Terminal Solutions segment, partially offset by lower revenue in the Processing and Industrial Facilities segment and the impact of client-related delays and severe weather events in the quarter.

Gross profit was $17.2 million, or 8.3% of revenue, in the third quarter of fiscal 2026 compared to $12.9 million, or 6.4% of revenue, for the third quarter of fiscal 2025. The increase in gross margin was due to higher gross margins in the Storage and Terminal Solutions and Utility and Power Infrastructure segments, partially offset by lower gross margins in the Process and Industrial Facility segment.

SG&A expenses were $15.2 million in the third quarter of fiscal 2026, compared to $17.7 million for the third quarter of fiscal 2025. The decrease in SG&A expenses primarily reflects the reduction of costs associated with the Company's organizational realignment initiatives over the last 12 months. Additionally, stock compensation expense decreased by $1.0 million primarily as a result of executive separations during the period.

During the quarter, the Company incurred $3.0 million of restructuring costs and other expenses associated with the previously announced CEO leadership transition and a lease impairment.

For the third quarter of fiscal 2026, the Company had net income of $0.8 million, or $0.03 per share, compared to a net loss of $3.4 million, or $(0.12) per share, in the third quarter of fiscal 2025. Adjusted net income for the third quarter of fiscal 2026 was $3.8 million, or $0.13 per share,

mtrx-202602040000866273false00008662732026-02-042026-02-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) February 4, 2026

Matrix Service Company (Exact Name of Registrant as Specified in Its Charter)

Delaware 001-15461 73-1352174 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

15 East 5th Street, Suite 1100, Tulsa, Oklahoma 74103 (Address of principal executive offices and zip code) 918-838-8822 (Registrant’s Telephone Number, Including Area Code)

NOT APPLICABLE

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s)Name of each exchange on which registered Common Stock, par value $0.01 per shareMTRXNASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition. On February 4, 2026 the Company issued a press release announcing financial results for the fiscal 2026 second quarter. The full text of the press release is attached as Exhibit 99 to this Current Report on Form 8-K. The information in this Item 2.02 and Exhibit 99 attached hereto is being furnished pursuant to Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. Item 9.01    Financial Statements and Exhibits. (d) Exhibits.

Exhibit No.Description

99Press release dated February 4, 2026, announcing financial results for the fiscal 2026 second quarter.

104Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Matrix Service Company

Dated: February 4, 2026 By: /s/ Kevin S. Cavanah

Kevin S. Cavanah Vice President and Chief Financial Officer

mtrx-202511050000866273false00008662732025-11-052025-11-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) November 5, 2025

Matrix Service Company (Exact Name of Registrant as Specified in Its Charter)

Delaware 001-15461 73-1352174 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

15 East 5th Street, Suite 1100, Tulsa, Oklahoma 74103 (Address of principal executive offices and zip code) 918-838-8822 (Registrant’s Telephone Number, Including Area Code)

NOT APPLICABLE

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s)Name of each exchange on which registered Common Stock, par value $0.01 per shareMTRXNASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition. On November 5, 2025, the Company issued a press release announcing financial results for the fiscal 2026 first quarter. The full text of the press release is attached as Exhibit 99 to this Current Report on Form 8-K. The information in this Item 2.02 and Exhibit 99 attached hereto is being furnished pursuant to Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. Item 9.01    Financial Statements and Exhibits. (d) Exhibits.

Exhibit No.Description

99Press release dated November 5, 2025, announcing financial results for the fiscal 2026 first quarter.

104Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Matrix Service Company

Dated: November 5, 2025 By: /s/ Kevin S. Cavanah

Kevin S. Cavanah Vice President and Chief Financial Officer