Matrix Service Co
NASDAQ:MTRX
Matrix Service Co
Matrix Service Co. engages in the provision of engineering, fabrication, infrastructure, construction, and maintenance services. The company is headquartered in Tulsa, Oklahoma and currently employs 2,717 full-time employees. The firm operates through three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions. Its Utility and Power Infrastructure segment consists of power delivery services provided to investor-owned utilities, including construction of new substations, upgrades of existing substations, transmission and distribution line installations, upgrades and maintenance, as well as emergency and storm restoration services. Process and Industrial Facilities segment primarily serves customers in the downstream and midstream petroleum industries who are engaged in refining crude oil and processing, fractionating, and marketing of natural gas and natural gas liquids. Storage and Terminal Solutions segment consists of work related to aboveground storage tanks and terminals.
Matrix Service Co. engages in the provision of engineering, fabrication, infrastructure, construction, and maintenance services. The company is headquartered in Tulsa, Oklahoma and currently employs 2,717 full-time employees. The firm operates through three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions. Its Utility and Power Infrastructure segment consists of power delivery services provided to investor-owned utilities, including construction of new substations, upgrades of existing substations, transmission and distribution line installations, upgrades and maintenance, as well as emergency and storm restoration services. Process and Industrial Facilities segment primarily serves customers in the downstream and midstream petroleum industries who are engaged in refining crude oil and processing, fractionating, and marketing of natural gas and natural gas liquids. Storage and Terminal Solutions segment consists of work related to aboveground storage tanks and terminals.
Revenue Growth: Matrix Service Company reported first quarter revenue of $211.9 million, up 28% year-over-year, driven by strong execution on large new construction projects.
Margin Expansion: Gross margin reached 6.7%, the highest level in over two years, due to disciplined project bidding and improved overhead recovery.
Backlog Update: Backlog stands at $1.2 billion after removal of two projects totaling $197 million, but this does not impact fiscal 2026 revenue guidance.
Guidance Reiterated: Full-year revenue guidance of $875 million to $925 million was reaffirmed, with over 90% of revenue at midpoint already booked.
Profitability Progress: Net loss narrowed to $3.7 million from $9.2 million last year, with breakeven expected at lower quarterly revenue levels following restructuring.
Restructuring Benefits: Cost structure improvements from recent restructuring have lowered the quarterly revenue needed for breakeven and improved profitability outlook.
Strong Pipeline: Opportunity pipeline remains robust at $6.7 billion, particularly in storage, LNG, NGL, and power infrastructure markets.
