MATRIX SERVICE CO

Listed Company

MTRXCIK 0000866273NasdaqAcceleratedConstruction - Special Trade ContractorsDelawareFY ends Jun 30

Period

FY 2025

Revenue

$769.29M

Net Income

$-29.46M

Total Assets

$600.26M

Equity

$142.72M

Shares Out

28.13M

Op. Cash Flow

$117.47M

Business

MATRIX SERVICE CO provides engineering, fabrication, construction, and maintenance services supporting critical energy infrastructure and industrial markets. Its offerings include EPC and construction services, specialty cryogenic and traditional storage tanks and terminals, terminal balance of plant, tank maintenance and precision engineered tank products, power delivery and substation construction, LNG utility facilities, plant maintenance, turnarounds, refinery upgrades, and thermal vacuum chambers. The company operates through three reportable segments: Storage and Terminal Solutions; Utility and Power Infrastructure; and Process and Industrial Facilities. It serves customers across all 50 U.S. states, four Canadian provinces and other international locations via regional offices, competitive bidding, MSAs and long-term preferred provider relationships.

Summary from filing dated 2025-09-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Revenue	769	728	795	708	673
Cost of revenue	730	688	764	−709	641
Gross profit	40	40	31	−1	33
Selling, general and administrative expenses	71	70	68	68	70
Goodwill impairment	0	0	12	—	—
Restructuring costs	4	501,000	3	646,000	—
Operating loss	−35	−30	−53	−88	−44
Interest expense	−518,000	−1	−2	−3	−2
Interest income	7	1	290,000	90,000	126,000
Other (Note 3)	−64,000	5	2	32	2
Income (Loss) Attributable to Parent, before Tax	−29	−25	−53	−58	—
Provision (benefit) for federal, state and foreign income taxes	464,000	−36,000	−400,000	6	−12
Net Income (Loss) Attributable to Parent	−29	−25	−52	−64	—
Basic loss per common share	−1.06	−0.91	−1.94	−2.39	−1.18
Diluted loss per common share	−1.06	−0.91	−1.94	−2.39	−1.18
Basic (in shares)	28	27	27	27	26
Diluted (in shares)	28	27	27	27	26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Cash and cash equivalents	225	116	55	52	84
Accounts receivable, net of allowance for credit losses	155	139	146	154	148
Costs and estimated earnings in excess of billings on uncompleted contracts	30	34	45	45	31
Inventories	6	9	7	10	7
Income taxes receivable	110,000	180,000	496,000	14	17
Prepaid expenses and other current assets	4	4	6	4	—
Total current assets	420	302	262	287	291
Restricted cash	25	25	25	25	0
Property, plant and equipment, net	42	43	48	54	69
Operating lease right-of-use assets	18	19	22	22	22
Goodwill	29	29	29	42	61
Other intangible assets, net of accumulated amortization	555,000	2	3	5	7
Other assets, non-current (Note 2)	66	31	12	6	12
Total assets	600	451	401	441	468
Accounts payable	80	66	76	75	61
Billings on uncompleted contracts in excess of costs and estimated earnings	324	171	85	65	54
Accrued wages and benefits	19	16	14	22	21
Accrued insurance	5	5	6	6	7
Operating lease liabilities	4	4	5	6	6
Other accrued expenses	4	4	2	4	5
Total current liabilities	436	265	188	178	153
Deferred income taxes	25,000	25,000	26,000	26,000	34,000
Operating lease liabilities	17	19	21	20	21
Other liabilities, non-current	4	3	799,000	—	—
Total liabilities	458	287	219	213	182
Commitments and contingencies (Note 7)	—	—	—	—	—
Common Stock, Shares, Outstanding	28	27	—	—	—
Common Stock, Shares, Issued	28	28	28	28	28
Common stock, shares authorized	60	60	60	60	60
Common stock, par value	0.01	0.01	0.01	0.01	0.01
Common stock0.01 par value; 60,000,000 shares authorized; 27,888,217 shares issued as of June 30, 2025 and June 30, 2024; 27,610,486 and 27,308,795 shares outstanding as of June 30, 2025 and June 30, 2024, respectively	279,000	279,000	279,000	279,000	279,000
Additional paid-in capital	150	146	141	140	138
Retained earnings	4	34	59	111	175
Accumulated other comprehensive loss	−9	−10	−9	−8	−7
Treasury stock, at cost 277,731 and 579,422 shares as of June 30, 2025 and June 30, 2024, respectively	−3	−6	−10	−16	−21
Treasury Stock, Shares	277,731	579,422	840,899	1	—
Total stockholders' equity	143	164	181	228	286
Total liabilities and stockholders' equity	600	451	401	441	468

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Depreciation and amortization	10	11	14	15	18
Goodwill impairment	0	0	12	—	—
Stock-based compensation expense	9	8	7	8	8
Gain on sale of property, plant and equipment	8,000	−5	−3	−33	−1
Other	234,000	1	147,000	169,000	460,000
Accounts receivable	−49	−12	9	−7	11
Costs and estimated earnings in excess of billings on uncompleted contracts	4	11	−136,000	−14	29
Inventories	3	−1	3	−3	−882,000
Other assets and liabilities	−2	4	11	−530,000	−22
Accounts payable	15	−10	1	14	−12
Billings on uncompleted contracts in excess of costs and estimated earnings	152	86	20	11	−9
Accrued expenses	5	5	−11	−8	5
Cash Provided by (Used in) Operating Activity, Continuing Operation, Total	117	73	10	−54	−3
Capital expenditures	−8	−7	−9	−3	−4
Proceeds from asset sales (Note 3)	240,000	6	6	39	2
Cash Provided by (Used in) Investing Activity, Continuing Operation, Total	−7	−945,000	−3	36	−2
Advances under asset-backed credit facility	0	10	10	20	0
Repayments of advances under asset-backed credit facility	0	−20	−15	−5	0
Payment of debt amendment fees	0	−100,000	0	−1	−1
Proceeds from Stock Plans	195,000	184,000	252,000	270,000	299,000
Repurchase of common stock for payment of statutory taxes due on equity-based compensation	−1	−456,000	−310,000	−853,000	−2
Net cash provided (used) by financing activities	−1	−10	−5	13	−12
Effect of exchange rate changes on cash	40,000	−451,000	−205,000	−683,000	1
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect, Continuing Operation	109	61	2	—	—
Cash received during the period for income taxes	328,000	−165,000	−13	−3	451,000
Cash paid during the period for interest	395,000	880,000	2	3	2
Purchases of property, plant and equipment on account	130,000	140,000	104,000	54,000	106,000

Filings

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