Matrix Service pany(US:MTRX)2025-05-07 20:13Financial Performance - Total revenue for Q3 fiscal 2025 was $200.2 million, a 21% increase from $166.0 million in Q3 fiscal 2024[6] - The company reported a net loss of $(3.4) million, or $(0.12) per share, compared to a net loss of $(14.6) million, or $(0.53) per share in the prior year[9] - Adjusted EBITDA was break-even in Q3 fiscal 2025, an improvement from $(10.0) million in Q3 fiscal 2024[9] - Total revenue for the three months ended March 31, 2025, was $200,161,000, a 20.5% increase from $166,013,000 in the same period of 2024[37] - Operating income for the three months ended March 31, 2025, was a loss of $5,000,000, an improvement from a loss of $14,370,000 in the same period of 2024[37] - Adjusted net loss for the nine months ended March 31, 2025, was $18.066 million, compared to $25.141 million for the same period in 2024[49] - The company reported a net loss of $18.190 million for the nine months ended March 31, 2025, an improvement from a net loss of $20.599 million for the same period in 2024[49] Revenue Segments - Revenue from the Storage and Terminal Solutions segment increased 77% to $96.1 million, while the Utility and Power Infrastructure segment revenue rose 27% to $58.7 million[10][11] Backlog and Project Awards - Total backlog increased to $1.4 billion, up 7.7% from the previous quarter, with project awards totaling $301.2 million in Q3 fiscal 2025[5] - The backlog as of March 31, 2025, increased to $1.412 billion, up from $1.311 billion as of December 31, 2024[42] - The book-to-bill ratio for the quarter was 1.5x, bringing the year-to-date ratio to 1.0x[5] - The book-to-bill ratio for the total backlog was 1.5x for the three months ended March 31, 2025, indicating strong project awards relative to revenue recognized[42] - Project awards for the nine months ended March 31, 2025, totaled $539.707 million, contributing to the increase in backlog[43] Liquidity and Debt - As of March 31, 2025, the company had total liquidity of $247.1 million with no outstanding debt[16] - Cash and cash equivalents increased to $178,374,000 as of March 31, 2025, from $74,857,000 at the end of March 2024, marking a 138% increase[34] Expenses and Margins - SG&A expenses decreased to $17.7 million in Q3 fiscal 2025 from $19.9 million in Q3 fiscal 2024[8] - Gross margin improved to $12.9 million, or 6.4%, compared to $5.6 million, or 3.4% in the prior year[7] - The company reported a gross profit margin of approximately 6.4% for the three months ended March 31, 2025, compared to 3.4% for the same period in 2024[37] Assets and Liabilities - Total assets increased to $613,740,000 as of March 31, 2025, compared to $451,351,000 on June 30, 2024, representing a growth of 36%[30] - Current liabilities rose to $442,224,000 as of March 31, 2025, up from $265,115,000 on June 30, 2024, indicating a 67% increase[32] - Total stockholders' equity decreased to $150,710,000 as of March 31, 2025, down from $164,182,000 on June 30, 2024, a decline of 8.2%[32] - The company experienced a significant increase in accounts receivable, net of allowance for credit losses, which rose to $205,291,000 as of March 31, 2025, compared to $138,987,000 on June 30, 2024, a 47.5% increase[30] Restructuring and Interest Expense - The company incurred restructuring costs of $124,000 during the three months ended March 31, 2025[54] - Interest expense for the nine months ended March 31, 2025, was $368,000, compared to $787,000 for the same period in 2024[54]