Matrix Service Company, Q4 2026 Earnings Call Transcript

Revenue rose 13% in Q4 FY26 to $244.5m with gross margin improving to 8.0%; adjusted EPS was $0.16 and adjusted EBITDA $6.3m, marking continued profitability after a stronger H2. Storage & Thermal Solutions led with 43% revenue growth and margin recovery; Utility & Power margins improved to 12.8%, while Process & Industrial softened on lower refinery work. Backlog stands at $953m, with 70–80% expected to convert in FY27; the opportunity funnel exceeds $7bn, supporting expectations for strong revenue into FY27 while management focuses on awards to sustain the back half and build FY28. Backlog margins are described as in line with double‑digit performance, with an ambition to grow above 10%.

Demand remains solid in LNG/NGL (about 40% of pipeline), power infrastructure tied to data centers, and mining/minerals, where a significant project was added. Liquidity is $283.9m, including $223m cash and no debt; cash use is expected in H1 FY27 to support projects, and a stock buyback is under evaluation. The firm secured FEED for the America First Refining tank farm, with potential conversion to backlog in late Q3 or early Q4 FY27 and possible early site work before year‑end. Restructuring is expected to be minimal going forward; no guidance will be provided until a new CFO is onboarded.