Matrix Service Company reported fourth-quarter fiscal 2026 adjusted earnings of $0.04 per share, missing the $0.18 analyst consensus by $0.14. The figure compares with a loss of $0.40 per share in the same period of fiscal 2025.
Revenue for the quarter increased 13% year-over-year to $244.5 million, though it fell short of the $247.1 million estimate by $2.5 million. For the full fiscal year, revenue grew 14% to $953 million, while adjusted earnings per share rose to $0.26 from a loss of $0.93 in fiscal 2025.
Gross profit for the quarter totaled $19.5 million, up 140% from a year earlier, lifting the gross margin to 8.0% from 3.8%. The company recorded a full-year gross margin improvement of 210 basis points. Adjusted EBITDA turned positive at $6.3 million, compared with a loss of $4.8 million in the prior-year quarter. The operating loss narrowed to $0.9 million from $12.9 million a year earlier.
Selling, general and administrative expenses declined to $16.9 million from $17.6 million in the year-ago period, with full-year SG&A costs falling 11% to $63.2 million. Restructuring costs of $3.4 million were recorded during the quarter, primarily related to executive transitions and corporate realignment. The company maintained a strong liquidity position with $283.9 million in total liquidity, including $223 million in unrestricted cash, and reported no outstanding debt at quarter-end.
Matrix’s year-end backlog stood at $953 million, with management expecting 70% to 80% of it to be executed in fiscal 2027. The company’s opportunity pipeline exceeds $7 billion, with over 40% tied to liquefied natural gas and natural gas liquids projects. Key projects include front-end engineering and design work for a new refinery in Brownsville, Texas, and a 25-million-gallon LNG storage tank for Dominion Energy’s Brunswick-Greensville Storage Facility.
Shares of Matrix Service slipped 2.67% to $10.57 in after-hours trading following the release, having traded as low as $9.71 and as high as $15.97 over the past 52 weeks.
