Financial Performance - Q1 2024 revenue reached $184.4 million, a 9.8% increase from the prior year, marking the highest Q1 revenue since 2018[1] - Net income for Q1 2024 was $1.0 million, improving from a net loss of $5.0 million in the prior year period[3] - Adjusted EBITDA for Q1 2024 was $16.2 million, up 55.1% from $10.4 million in the prior year[8] - Gross profit increased by 10.9% to $51.1 million, with a gross profit margin of 27.7%, reflecting a 30 basis point improvement[3] - Revenue for Q1 2024 was $184,442, an increase of 9.0% compared to $168,016 in Q1 2023[27] - Gross profit for Q1 2024 was $51,090, up 10.9% from $46,077 in Q1 2023[27] - Net income attributable to Mistras Group, Inc. for Q1 2024 was $995, compared to a net loss of $4,986 in Q1 2023[27] - The diluted EPS (GAAP) for Q1 2024 was $0.03, compared to a diluted loss per share of $0.17 in Q1 2023[45] - Net income excluding special items (non-GAAP) for Q1 2024 was $2,172,000, compared to a loss of $3,411,000 in Q1 2023[45] Revenue Breakdown - Revenue growth was driven by a 14.7% increase in Oil & Gas and an 18.9% increase in Aerospace and Defense[4] - North America revenue increased to $150,349 in Q1 2024, a rise of 9.8% from $136,932 in Q1 2023[29] - International revenue grew to $33,047, up 12.0% from $29,407 in Q1 2023[29] - Oil & Gas revenue reached $113,165 in Q1 2024, a significant increase of 14.7% from $98,665 in Q1 2023[32] Expenses and Costs - Selling, general and administrative expenses decreased by $1.6 million, or 3.8%, to $41.2 million due to Project Phoenix initiatives[6] - Interest expense increased to $4,430,000 in Q1 2024 from $4,068,000 in Q1 2023[44] - The company incurred $1,557,000 in reorganization and other related costs in Q1 2024, down from $2,076,000 in Q1 2023[44] Cash Flow and Debt - Free cash flow for Q1 2024 was negative $5.3 million, compared to negative $0.3 million in the prior year, primarily due to increased working capital[10] - Gross debt as of March 31, 2024, was $198.4 million, up from $190.4 million as of December 31, 2023[11] - Total liabilities increased to $354,662 as of March 31, 2024, compared to $344,273 as of December 31, 2023[25] - Total debt (net) as of March 31, 2024, was $181,571, up from $172,753 as of December 31, 2023[41] Future Outlook - The company aims for an incremental overhead reduction of $12 million in 2024 compared to the prior year[4] - The company reaffirms its full-year 2024 guidance, projecting revenue between $725 million and $750 million and adjusted EBITDA between $84 million and $89 million[16] - The company plans to continue focusing on market expansion and new technology development to drive future growth[44] - Mistras Group, Inc. is committed to improving operational efficiency and reducing costs in the upcoming quarters[44] Special Items - Special items for Q1 2024 amounted to $1,558,000, with a net tax impact of $381,000[45] - Mistras Group, Inc. experienced a foreign exchange gain of $561,000 in Q1 2024, compared to a loss of $219,000 in Q1 2023[44]

PRINCETON JUNCTION, N.J., April 26, 2024 (GLOBE NEWSWIRE) -- MISTRAS Group, Inc. (MG: NYSE) has scheduled a conference call for Thursday, May 2, 2024 at 9:00 am Eastern Time to discuss its results for the first quarter of 2024. A press release with the first quarter results will be issued after the close of market on Wednesday, May 1, 2024. To listen to the live webcast of the conference call, visit the Investor Relations section of MISTRAS Group's website at www.mistrasgroup.com. Individuals wishing to par ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File Number 001-34481 Mistras Group, Inc. (Exact name of registrant as specified in its charter) Delaware 22-3341267 (State or other jurisdiction of inc ...

Exhibit 99.1 MISTRAS Announces Fourth Quarter and Full Year 2023 Results Q4 2023 Revenue of $182.1 million, up 8.2% Q4 2023 Net Loss of $2.5 million reflecting $6.3 million of reorganization and other costs and $1.2 million of foreign currency exchange losses Q4 2023 Adjusted EBITDA (non-GAAP) of $19.2 million compared to $15.7 million in the prior year, up 22.0%; highest Q4 result historically Full Year 2023 Net Cash Provided by Operating Activities of $26.7 million consistent with the prior year, whereas ...

Revenue Performance - Revenue for the three months ended September 30, 2023, was $179.4 million, an increase of $0.9 million, or 0.5%, compared to the same period in 2022[145]. - Revenue for the nine months ended September 30, 2023, was $523.4 million, an increase of $4.2 million, or 0.8%, compared to the same period in 2022[145]. - International segment revenue increased by 20.6% for the three months ended September 30, 2023, driven by organic growth and favorable foreign exchange rates[147]. - Total revenue for the nine months ended September 30, 2023, increased by 0.8% compared to the prior period, driven by organic growth in the core business, despite a negative impact from foreign exchange rates[150]. Customer Revenue Breakdown - Oil and gas customer revenue comprised approximately 58% of total revenue for the three months ended September 30, 2023, up from 54% in the same period of 2022[148]. - Oil and gas customer revenue accounted for approximately 59% of total revenue for the nine months ended September 30, 2023, up from 56% in the same period of 2022[151]. - The Company's top ten customers accounted for approximately 36% of total revenue for the three months ended September 30, 2023, compared to 32% in the same period of 2022[148]. Profitability Metrics - Gross profit for the three months ended September 30, 2023, was $54.4 million, representing 30.3% of revenue, compared to 30.1% in the same period of 2022[144]. - Gross profit for the nine months ended September 30, 2023, increased by $2.9 million, or 2.0%, on a revenue increase of 0.8%[161]. - Gross profit margin improved to 28.7% for the nine months ended September 30, 2023, compared to 28.4% in the same period of 2022[166]. Operating Loss and Expenses - Net loss for the three months ended September 30, 2023, was $10.3 million, compared to a net income of $4.4 million in the same period of 2022[144]. - Total operating expenses increased by $19.6 million for the nine months ended September 30, 2023, primarily due to $13.8 million in impairment charges[169]. - For the three months ended September 30, 2023, income from operations (GAAP) decreased by $13.8 million compared to the same period in 2022, while income before special items (non-GAAP) increased by $1.9 million[173]. - For the nine months ended September 30, 2023, income from operations (GAAP) decreased by $16.6 million compared to the same period in 2022, while income from operations before special items (non-GAAP) increased by $3.2 million[174]. Cash Flow and Liquidity - As of September 30, 2023, the cash balance was approximately $12.8 million, indicating a strong liquidity position[140]. - Cash provided by operating activities for the nine months ended September 30, 2023, was $10.7 million, a year-on-year increase of $0.2 million, or 1%[181]. - Cash used in investing activities for the nine months ended September 30, 2023, was $15.2 million, compared to $8.9 million for the same period in 2022[182]. - As of September 30, 2023, the company had cash and cash equivalents totaling $12.8 million and $114.2 million of unused commitments under its Credit Agreement[185]. Interest and Tax Rates - Interest expense for the three months ended September 30, 2023, was approximately $4.2 million, up from $2.7 million in the same period in 2022, and for the nine months, it increased to $12.1 million from $6.8 million[175]. - The effective income tax rate for the three months ended September 30, 2023, was approximately (16.8)%, compared to 31.1% for the same period in 2022[176]. - The effective income tax rate for the nine months ended September 30, 2023, was approximately (1.6)%, compared to 48.5% for the same period in 2022[178]. Market Segment Performance - North America segment revenue decreased by 2.6% for the three months ended September 30, 2023, primarily due to declines in aerospace and defense and power generation & transmission markets[147]. - Products and Systems segment revenue rose by 14.2% due to increased sales volume in the power generation and transmission end market[150]. - Field Services revenue increased by $3.1 million for the nine months ended September 30, 2023, driven by higher sales volume in the oil and gas end market[156]. - Downstream customer revenue increased by $6.9 million, or 6%, for the nine months ended September 30, 2023, due to increased sales volume at customer refineries[155]. - Midstream customer revenues increased by approximately $1.3 million, or 2%, for the nine months ended September 30, 2023, due to comparable pipe inspection services[154]. - Other revenues decreased by $12.7 million for the nine months ended September 30, 2023, primarily due to declines in the aerospace and defense sector[159]. Acquisitions and Growth - The company experienced overall organic growth during the nine months ended September 30, 2023, offset by increased reorganization costs[174]. - The Company has made numerous acquisitions to expand service lines and technical capabilities, enhancing its competitive advantages[135].

Mistras Group, Inc. (NYSE:MG) Q3 2023 Earnings Conference Call November 3, 2023 9:00 AM ET Company Participants Manny Stamatakis – Chairman of the Board, Interim President and Chief Executive Officer Ed Prajzner – Senior Executive Vice President and Chief Financial Officer Conference Call Participants Chris Sakai – Singular Research Mitchell Pinheiro – Sturdivant & Co. Tim Moore – EF Hutton Brian Russo – Sidoti Operator Thank you for joining Mistras Group’s Conference Call for its Third Quarter Ended Septem ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __ to __ (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employ ...

Table of Contents For the transition period from __ to __ Commission file number 001-34481 Mistras Group, Inc. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) Delaware 22-3341267 (St ...

Financial Performance - The company generated revenues of $687.4 million, $677.1 million, and $592.6 million for the years ended December 31, 2022, 2021, and 2020, respectively, with a net income of $6.6 million in 2022[22]. - The company’s revenues are diversified, with a consistent increase in revenue from $592.6 million in 2020 to $687.4 million in 2022, reflecting growth in demand for its services[22]. - Revenue for the year ended December 31, 2022, was $687,373,000, representing an increase of 1.8% from $677,131,000 in 2021[303]. - Net income attributable to Mistras Group, Inc. for 2022 was $6,499,000, compared to $3,860,000 in 2021, marking a significant improvement[306]. - Earnings per share (EPS) for 2022 was $0.22 (basic) and $0.21 (diluted), up from $0.13 (both basic and diluted) in 2021[303]. - The company reported a comprehensive loss of $6,580,000 for 2022, primarily due to foreign currency translation adjustments of $(13,084,000)[306]. - Cash flows from operating activities for 2022 were $26,406,000, a decrease from $42,261,000 in 2021[312]. - The company incurred $12,591,000 in capital expenditures for property, plant, and equipment in 2022[312]. - Total cash and cash equivalents at the end of 2022 were $20,488,000, down from $24,110,000 at the end of 2021[312]. - The company had a bad debt provision of $42,000 for troubled customers in 2022, compared to no provision in 2021[303]. - Research and engineering expenses decreased to $1,994,000 in 2022 from $2,518,000 in 2021[303]. - Interest expense for 2022 was $10,505,000, slightly down from $10,882,000 in 2021[303]. Revenue Sources and Customer Base - Approximately 83% of the company's revenues in 2022 came from its Services segment, indicating a strong reliance on service offerings[22]. - The top ten customers accounted for approximately 33% of total revenues in 2022, with no single customer exceeding 10% of revenues[22]. - The company estimates that its Plant Condition Management Software (PCMS) is used by approximately 50% of U.S. refiners, providing recurring maintenance and support fees[34]. - The company has established long-term relationships with leading companies in asset-intensive infrastructure, primarily in oil and gas, aerospace, and manufacturing sectors[21]. - The company operates in three segments: Services, International, and Products and Systems, focusing on asset protection solutions primarily in North America[89]. - No customer represented 10% or more of the Company's revenue for the years ended December 31, 2022 and 2021[331]. Technological Advancements and Innovations - The company has developed the Sensoria™ blade monitoring technology for real-time monitoring of wind turbine blades, enhancing capabilities in the renewable energy sector[39]. - The OneSuite software platform offers over 90 integrated applications for asset integrity data management, centralizing customer data activities[30]. - The company has invested in digitalizing field inspection data collection and management through the MISTRAS Digital platform, improving data accessibility for customers[36]. - The company has established Centers of Excellence (COEs) to provide specialized support in various sectors, including Aerospace and Automated Ultrasonics[54]. - The company utilizes its MISTRAS Digital platform to provide real-time data and analytics, enhancing asset protection solutions across various industries[117]. - The company is focusing on digital transformation, with an emphasis on big data intelligence and actionable insights from asset integrity data, which is expected to enhance customer operations[61]. - The company received a U.S. patent for Sensoria, a rotor blade monitoring system, enhancing its capabilities in the renewable energy sector[109]. - The company has invested in the development of MISTRAS Digital, an electronic platform for field inspection assignments, aimed at enhancing efficiency and data flow[136]. Market Trends and Opportunities - The asset protection industry is experiencing growth due to the need for maintaining aging infrastructure, with companies increasingly investing in asset protection solutions to ensure operational integrity[59]. - The demand for advanced non-destructive testing (ANDT) solutions is rising, driven by the need for skilled personnel and integrated service providers capable of offering comprehensive asset protection solutions[58]. - The introduction of stringent pipeline integrity regulations is creating opportunities for the company to provide integrated inspection and data management solutions[68]. - The aerospace industry is rebounding, with backlog and production levels approaching pre-pandemic levels, creating opportunities for the company’s inspection and testing services[105]. - The company is expanding its focus on the aerospace and defense industries, driven by a backlog in commercial aircraft production and the need for advanced inspection solutions[82]. - The company expects demand for non-invasive inspections to rise, allowing for cost savings associated with reduced equipment downtime during testing[103]. Safety and Compliance - The company’s asset protection solutions help clients comply with safety and environmental regulations, extend asset life, and minimize repair costs[17]. - For the year ended December 31, 2022, the Total Recordable Incident Rate (TRIR) was 0.41, while the Days Away, Restricted and Transferred Rate was 0.15, and the Lost Work Day Rate remained at historical lows of 0.03[131]. - The company emphasizes a safety-conscious culture, continuously monitoring safety performance through company-wide safety statistics[130]. - The company is subject to numerous environmental, legal, and regulatory requirements worldwide, including the Clean Air Act and the Toxic Substances Control Act[142]. Strategic Initiatives and Future Outlook - The company aims to enhance its mechanical services portfolio, providing value through efficiency and speed in operations, particularly in high-access environments[84]. - The company plans to capitalize on acquisitions to enhance its solutions and expand its customer base, although significant acquisitions are not expected in 2023 due to current debt levels[88]. - The business is seasonal, with revenues typically lower in summer and winter months compared to fall and spring due to the oil and gas market's non-peak periods[133]. - The Company eliminated substantially all COVID-related cost reduction initiatives in 2022, reinstating employer match and increasing wages back to pre-pandemic levels[320]. - The Company is currently unable to predict the overall impact of inflationary pressures and the Russian-Ukrainian war on its business operations[321]. Financial Position and Assets - As of December 31, 2022, the company held seven U.S. patents and had six patent applications pending, all filed since 2018[140]. - As of December 31, 2022, Mistras Group reported total assets of $534.9 million, a decrease from $562.2 million in 2021[301]. - The company had goodwill of $199.6 million as of December 31, 2022, with no impairment charges recorded during the year[296]. - Mistras Group's total current assets increased to $167.9 million in 2022 from $161.3 million in 2021[301]. - The company's total liabilities decreased to $336.2 million in 2022 from $361.3 million in 2021[301]. - Mistras Group's total equity decreased to $198.7 million in 2022 from $200.9 million in 2021[301]. - For the year ended December 31, 2022, a 10% movement in average U.S. Dollar exchange rates would cause a change in adjusted operating income of approximately $0.1 million[284]. - Borrowings under the $190 million revolving credit facility and $125 million term loan are subject to interest rates ranging from 1.25% to 2.75% based on the Total Consolidated Debt Leverage Ratio[283]. - An increase in interest rates by 100 basis points would increase annual interest expense by approximately $1.9 million based on variable rate debt of $186.6 million[283].

Mistras Group, Inc. (NYSE:MG) Q4 2022 Earnings Call Transcript March 9, 2023 9:00 AM ET Company Participants Dennis Bertolotti - President & Chief Executive Officer Ed Prajzner - Executive Vice President & Chief Financial Officer Conference Call Participants Chris Sakai - Singular Research Mitch Pinheiro - Sturdivant Brian Russo - Sidoti Operator Thank you for joining Mistras Group's Conference Call for its Fourth Quarter and Fiscal Year ended December 31, 2022. My name is Michelle, and I will be your event ...