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Matrix Service pany(MTRX) - 2024 Q4 - Annual Results
MTRXMatrix Service pany(MTRX)2024-09-09 20:32

Financial Performance - Revenue for Q4 fiscal 2024 was 189.5million,adecreasefrom189.5 million, a decrease from 205.9 million in Q4 fiscal 2023[4] - Full-year fiscal 2024 revenue totaled 728.2million,withabook−to−billratioof1.5x[2]−NetlossforQ4fiscal2024was728.2 million, with a book-to-bill ratio of 1.5x[2] - Net loss for Q4 fiscal 2024 was 4.4 million, or (0.16)pershare,comparedtoanetlossof(0.16) per share, compared to a net loss of 0.3 million, or (0.01)pershareinQ4fiscal2023[6]−AdjustedEBITDAforfiscal2024was(0.01) per share in Q4 fiscal 2023[6] - Adjusted EBITDA for fiscal 2024 was (10.5) million, an improvement from (18.0)millioninfiscal2023[1]−Full−yearfiscal2025revenueguidanceisprojectedbetween(18.0) million in fiscal 2023[1] - Full-year fiscal 2025 revenue guidance is projected between 900 million and 950million,indicatinga24950 million, indicating a 24% to 30% increase[10] - Revenue for the three months ended June 30, 2024, was 189,499,000, a decrease from 205,854,000forthesameperiodin2023,representingadeclineofapproximately7.5205,854,000 for the same period in 2023, representing a decline of approximately 7.5%[19] - Gross profit for the three months ended June 30, 2024, was 12,447,000, down from 14,695,000intheprioryear,indicatingadecreaseofabout15.314,695,000 in the prior year, indicating a decrease of about 15.3%[19] - The net loss for the three months ended June 30, 2024, was 4,377,000, compared to a net loss of 336,000forthesameperiodin2023,reflectingasignificantincreaseinlosses[19]−TotalrevenueforthefiscalyearendedJune30,2024,was336,000 for the same period in 2023, reflecting a significant increase in losses[19] - Total revenue for the fiscal year ended June 30, 2024, was 276,800 thousand, up from 183,920thousandinthepreviousfiscalyear,markinganincreaseofapproximately51183,920 thousand in the previous fiscal year, marking an increase of approximately 51%[29] - Adjusted net loss for the fiscal year ending June 30, 2024, was 29.017 million, down from 39.808millioninthepreviousyear[40]CashFlowandAssets−Cashflowfromoperationsforfiscal2024was39.808 million in the previous year[40] Cash Flow and Assets - Cash flow from operations for fiscal 2024 was 72.6 million, up from 10.2millioninfiscal2023[13]−Totalcurrentassetsincreasedto10.2 million in fiscal 2023[13] - Total current assets increased to 301,591,000 as of June 30, 2024, from 262,256,000asofJune30,2023,markinganincreaseofapproximately15262,256,000 as of June 30, 2023, marking an increase of approximately 15%[21] - Cash and cash equivalents increased to 115,615,000 as of June 30, 2024, up from 54,812,000inthepreviousyear,indicatingagrowthofapproximately11054,812,000 in the previous year, indicating a growth of approximately 110%[21] - Net cash provided by operating activities for the three months ended June 30, 2024, was 47,004,000, a significant increase from 7,844,000intheprioryear[25]SegmentPerformance−TheStorageandTerminalSolutionssegmentrevenueincreasedto7,844,000 in the prior year[25] Segment Performance - The Storage and Terminal Solutions segment revenue increased to 70.0 million in Q4 fiscal 2024, compared to 64.1millioninQ4fiscal2023[7]−TheUtilityandPowerInfrastructuresegmentrevenueroseto64.1 million in Q4 fiscal 2023[7] - The Utility and Power Infrastructure segment revenue rose to 65.3 million in Q4 fiscal 2024, up from 39.1millioninQ4fiscal2023[7]−TheProcessandIndustrialFacilitiessegmentrevenuedecreasedto39.1 million in Q4 fiscal 2023[7] - The Process and Industrial Facilities segment revenue decreased to 54.2 million in Q4 fiscal 2024, down from 102.7millioninQ4fiscal2023[8]LiabilitiesandExpenses−Totalliabilitiesroseto102.7 million in Q4 fiscal 2023[8] Liabilities and Expenses - Total liabilities rose to 287,169,000 as of June 30, 2024, compared to 219,020,000ayearearlier,representinganincreaseofabout31219,020,000 a year earlier, representing an increase of about 31%[23] - Total selling, general and administrative expenses for the three months ended June 30, 2024, were 5,461 thousand, compared to 2,585thousandinthesameperiodlastyear,reflectinganincreaseofapproximately1112,585 thousand in the same period last year, reflecting an increase of approximately 111%[27] - The company incurred restructuring costs of 501,000 for the three months ended June 30, 2024, compared to 261,000inthesameperiodlastyear[19]ProfitabilityMetrics−ThegrossprofitmarginforthefiscalyearendedJune30,2024,wasapproximately4.1261,000 in the same period last year[19] Profitability Metrics - The gross profit margin for the fiscal year ended June 30, 2024, was approximately 4.1%, down from 5.1% in the previous fiscal year, highlighting a decline in profitability[29] - Adjusted EBITDA for the three months ended June 30, 2024, was 0.231 million, a decrease from 2.157millioninthesameperiodof2023[48]−OperatinglossforthethreemonthsendedJune30,2024,was2.157 million in the same period of 2023[48] - Operating loss for the three months ended June 30, 2024, was (5,347,000), compared to (2,597,000)intheprioryear,reflectingaworseningofapproximately106(2,597,000) in the prior year, reflecting a worsening of approximately 106%[19] - Loss per fully diluted share for the three months ended June 30, 2024, was (0.16), compared to (0.01)forthesameperiodin2023[40]−AdjustedlossperfullydilutedshareforthethreemonthsendedJune30,2024,was(0.01) for the same period in 2023[40] - Adjusted loss per fully diluted share for the three months ended June 30, 2024, was (0.14), compared to (0.11)intheprioryear[40]OtherFinancialEvents−Thecompanyrecordedagainof(0.11) in the prior year[40] Other Financial Events - The company recorded a gain of 2.5 million from the sale of its Burlington, ON office and a 2.0milliongainfromthesaleofitsCatoosa,OKfacilityinfiscal2024[48]−GoodwillimpairmentforthefiscalyearendingJune30,2024,wasrecordedas2.0 million gain from the sale of its Catoosa, OK facility in fiscal 2024[48] - Goodwill impairment for the fiscal year ending June 30, 2024, was recorded as 12.316 million[48] - Interest expense for the three months ended June 30, 2024, was 0.343million,downfrom0.343 million, down from 0.468 million in the same period of 2023[48] - Depreciation and amortization for the three months ended June 30, 2024, was 2.686million,comparedto2.686 million, compared to 3.195 million in the prior year[48]