Matrix Service pany(MTRX) - 2024 Q4 - Annual Results

Financial Performance - Revenue for Q4 fiscal 2024 was $189.5 million, a decrease from $205.9 million in Q4 fiscal 2023[4] - Full-year fiscal 2024 revenue totaled $728.2 million, with a book-to-bill ratio of 1.5x[2] - Net loss for Q4 fiscal 2024 was $4.4 million, or $(0.16) per share, compared to a net loss of $0.3 million, or $(0.01) per share in Q4 fiscal 2023[6] - Adjusted EBITDA for fiscal 2024 was $(10.5) million, an improvement from $(18.0) million in fiscal 2023[1] - Full-year fiscal 2025 revenue guidance is projected between $900 million and $950 million, indicating a 24% to 30% increase[10] - Revenue for the three months ended June 30, 2024, was $189,499,000, a decrease from $205,854,000 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 $14,695,000 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 $336,000 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 $183,920 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 $39.808 million in the previous year[40] Cash Flow and Assets - Cash flow from operations for fiscal 2024 was $72.6 million, up from $10.2 million in fiscal 2023[13] - Total current assets increased to $301,591,000 as of June 30, 2024, from $262,256,000 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 $54,812,000 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 $7,844,000 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 $64.1 million in Q4 fiscal 2023[7] - The Utility and Power Infrastructure segment revenue rose to $65.3 million in Q4 fiscal 2024, up from $39.1 million in Q4 fiscal 2023[7] - The Process and Industrial Facilities segment revenue decreased to $54.2 million in Q4 fiscal 2024, down from $102.7 million in Q4 fiscal 2023[8] Liabilities and Expenses - Total liabilities rose to $287,169,000 as of June 30, 2024, compared to $219,020,000 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 $2,585 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 $261,000 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 $2.157 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) 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) 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) 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 $2.0 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 $0.343 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 $2.686 million, compared to $3.195 million in the prior year[48]