Matrix | 8-K: FY2026 Q3 Revenue Misses Estimate at USD 206.71 M

Revenue: As of FY2026 Q3, the actual value is USD 206.71 M, missing the estimate of USD 231.52 M.

EPS: As of FY2026 Q3, the actual value is USD 0.03, missing the estimate of USD 0.065.

EBIT: As of FY2026 Q3, the actual value is USD -3.153 M.

Third Quarter Fiscal 2026 Highlights

• Revenue for [Matrix Service Company] was $206.7 million .
• Net income reached $0.8 million .
• Adjusted net income was $3.8 million .
• Adjusted EBITDA stood at $4.9 million .
• Liquidity as of March 31, 2026, was $297.2 million, with no outstanding debt .
• Total backlog amounted to $1.0 billion .
• Awards totaled $108.3 million .

Consolidated Results (Three Months Ended March 31, 2026 vs. 2025)

• #### Revenue[Matrix Service Company] reported total revenue of $206.7 million in Q3 fiscal 2026, an increase from $200.2 million in Q3 fiscal 2025 .
• #### Gross ProfitGross profit was $17.2 million (8.3% of revenue) in Q3 fiscal 2026, up from $12.9 million (6.4% of revenue) in Q3 fiscal 2025 .
• #### SG&A ExpensesSelling, General, and Administrative (SG&A) expenses decreased to $15.2 million in Q3 fiscal 2026 from $17.7 million in Q3 fiscal 2025 .
• #### Restructuring Costs and Other[Matrix Service Company] incurred $3.0 million in restructuring costs and other expenses in Q3 fiscal 2026, compared to $0.124 million in Q3 fiscal 2025 .
• #### Operating LossOperating loss improved to - $1.048 million in Q3 fiscal 2026 from - $5.0 million in Q3 fiscal 2025 .
• #### Net Income (Loss) Net income was $0.8 million in Q3 fiscal 2026, a significant improvement from a net loss of - $3.4 million in Q3 fiscal 2025 .
• #### Adjusted Net Income (Loss) Adjusted net income was $3.8 million in Q3 fiscal 2026, compared to an adjusted net loss of - $3.3 million in Q3 fiscal 2025 .
• #### Adjusted EBITDAAdjusted EBITDA increased to $4.9 million in Q3 fiscal 2026 from $0.01 million in Q3 fiscal 2025 .

Consolidated Results (Nine Months Ended March 31, 2026 vs. 2025)

• #### RevenueTotal revenue was $629.101 million for the nine months ended March 31, 2026, up from $552.909 million for the same period in 2025 .
• #### Gross ProfitGross profit was $44.470 million for the nine months ended March 31, 2026, compared to $31.555 million for the same period in 2025 .
• #### SG&A ExpensesSG&A expenses were $46.661 million for the nine months ended March 31, 2026, down from $53.592 million for the same period in 2025 .
• #### Operating LossOperating loss was - $8.727 million for the nine months ended March 31, 2026, an improvement from - $22.161 million for the same period in 2025 .
• #### Net LossNet loss was - $3.722 million for the nine months ended March 31, 2026, compared to - $18.190 million for the same period in 2025 .
• #### Adjusted Net Income (Loss) Adjusted net income was $2.814 million for the nine months ended March 31, 2026, compared to an adjusted net loss of - $18.066 million for the same period in 2025 .
• #### Adjusted EBITDAAdjusted EBITDA was $9.756 million for the nine months ended March 31, 2026, compared to - $8.058 million for the same period in 2025 .

Segment Results (Three Months Ended March 31, 2026 vs. 2025)

• #### Storage and Terminal SolutionsRevenue increased 16% to $111.6 million in Q3 fiscal 2026 from $96.1 million in Q3 fiscal 2025, primarily due to higher LNG project activity . Gross margin rose to 7.0% in Q3 fiscal 2026 from 3.9% in Q3 fiscal 2025 . Awards for the segment were $37.535 million, with a book-to-bill ratio of 0.3x . Backlog as of March 31, 2026, was $747.322 million .
• #### Utility and Power InfrastructureRevenue increased 2% to $60.0 million in Q3 fiscal 2026 from $58.7 million in Q3 fiscal 2025 . Gross margin increased to 13.6% in Q3 fiscal 2026 from 9.4% in Q3 fiscal 2025, driven by improved project execution . Awards for the segment were $46.633 million, with a book-to-bill ratio of 0.8x . Backlog as of March 31, 2026, was $189.447 million .
• #### Process and Industrial FacilitiesRevenue decreased to $35.1 million in Q3 fiscal 2026 from $45.4 million in Q3 fiscal 2025, mainly due to lower revenue volumes in thermal vacuum chambers, refinery work, and industrial facilities . Gross margin decreased to 2.5% in Q3 fiscal 2026 from 8.3% in Q3 fiscal 2025, primarily due to a mix of work and a legacy legal matter settlement . Awards for the segment were $24.135 million, with a book-to-bill ratio of 0.7x . Backlog as of March 31, 2026, was $91.898 million .

Cash Flow (Nine Months Ended March 31, 2026 vs. 2025)

• #### Net Cash Provided by Operating ActivitiesNet cash provided by operating activities was $15.717 million for the nine months ended March 31, 2026, compared to $76.763 million for the same period in 2025 .
• #### Net Cash Provided (Used) by Investing ActivitiesNet cash used by investing activities was - $2.621 million for the nine months ended March 31, 2026, compared to - $5.188 million for the same period in 2025 .
• #### Net Cash Provided (Used) by Financing ActivitiesNet cash used by financing activities was - $4.228 million for the nine months ended March 31, 2026, compared to - $1.086 million for the same period in 2025 .
• #### Capital ExpendituresCapital expenditures were - $4.104 million for the nine months ended March 31, 2026, compared to - $5.425 million for the same period in 2025 .

Balance Sheet & Liquidity (as of March 31, 2026)

• Cash and cash equivalents were $233.021 million .
• Restricted cash amounted to $25.0 million .
• Total liquidity was $297.2 million .
• Total assets were $616.550 million .
• Total liabilities were $477.130 million .
• Total stockholders’ equity was $139.420 million .

Outlook / Guidance

[Matrix Service Company] updated its fiscal year 2026 revenue guidance to a range of $870 million to $890 million, reflecting a 2% decrease at the mid-point compared to previous guidance . This adjustment is attributed to client and weather-related delays that impacted booked work in the third quarter, with these project activities now expected to shift into later periods . Despite the adjustment, the company’s project opportunity pipeline remains robust at over $6.9 billion, indicating multi-year opportunities across various markets .