Matrix Service Company reported its fourth quarter fiscal 2025 revenue of $216.4 million, an increase of 14% year-over-year from $189.5 million in Q4 fiscal 2024. For the full fiscal year 2025, consolidated revenue increased by 6% to $769.29 million, up from $728.21 million in fiscal 2024. The company recorded a net loss of $(11.3) million, or $(0.40) per share, in Q4 fiscal 2025, and a full-year net loss of $29.46 million, or $1.06 per diluted share.
The fourth quarter net income was significantly impacted by $14.9 million in discrete items, including a $6.4 million reduction in revenue and operating income due to lowered recovery expectations on a legacy crude terminal project in arbitration, a $5.1 million reduction in gross profit from lower labor productivity on another crude terminal project, a $1.3 million charge from an unexpected court decision, and $3.4 million in restructuring costs. These items collectively masked underlying operational improvements.
As of June 30, 2025, Matrix Service Company maintained strong liquidity of $284.5 million, comprising $224.6 million in unrestricted cash and $59.8 million in borrowing availability, with no outstanding debt. The company's backlog stood at a near-record $1.38 billion.
For fiscal year 2026, Matrix Service Company issued revenue guidance in the range of $875 million to $925 million, representing approximately 17% growth at the midpoint. Management stated that 85% of the expected fiscal 2026 revenue is already secured. The company anticipates sustained growth and earnings improvement, supported by ongoing organizational alignment expected to yield $12 million in annual overhead cost reductions and a reduced quarterly breakeven point of $210-$215 million.
The opportunity pipeline expanded to over $7 billion by January 2025, primarily driven by LNG peak shaving projects and broader electrical infrastructure demands. The company expects to achieve a book-to-bill ratio of 1.0 or greater on an annual basis for fiscal 2026. The lifting of the pause on new FERC permits for LNG export is also anticipated to unlock near-term opportunities of a couple hundred million dollars, with potential for significantly more long-term.
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