Mistras (US:MG)2026-03-04 21:35Revenue Performance - Revenue for Q4 2025 was $181.5 million, representing a 5.1% increase year-over-year[3] - Full year 2025 revenue was $724.0 million, slightly increasing after excluding $7.0 million from voluntary laboratory consolidations[3] - Revenue for Q4 2025 was $181,455 million, a 5.0% increase from $172,731 million in Q4 2024[21] - North America revenue for Q4 2025 was $146,628 million, an increase of 7.0% from $136,938 million in Q4 2024[24] - International revenue for Q4 2025 was $36,031 million, up from $34,998 million in Q4 2024, marking a 2.9% increase[24] - Field Services revenue for Q4 2025 was $116,045 million, up from $114,681 million in Q4 2024[27] Profitability Metrics - Gross profit for Q4 2025 was $51.5 million, with a gross margin of 28.4%, an expansion of 190 basis points[3] - Record Adjusted EBITDA for Q4 2025 reached $24.8 million, an increase of 18.2%, with an Adjusted EBITDA margin of 13.7%, up 160 basis points[3] - Gross profit for Q4 2025 was $51,481 million, representing a gross profit margin of 28.4%, up from 26.5% in Q4 2024[24] - Total company income before special items for the year ended December 31, 2025, was $54,969 million, an increase from $46,195 million in 2024[29] - Adjusted EBITDA for the year ended December 31, 2025, was $91,109 thousand, up from $82,459 thousand in 2024, indicating a growth of 10%[36] Net Income and Earnings Per Share - Net income for Q4 2025 was $3.9 million, or $0.12 per diluted share, compared to $5.3 million, or $0.17 per diluted share in the prior year[8] - Full year net income was $16.8 million, or $0.53 per diluted share, down from $19.0 million, or $0.60 per diluted share in the prior year[8] - Net income for the year ended December 31, 2025, was $16,921 million, a decrease of 10.8% compared to $18,970 million in 2024[21] - Earnings per share (EPS) for Q4 2025 was $0.12, compared to $0.17 in Q4 2024, reflecting a decrease of 29.4%[21] - Net income attributable to Mistras Group, Inc. for the year ended December 31, 2025, was $16,837 thousand, down from $18,958 thousand in 2024, a decrease of 11%[38] - Diluted EPS excluding special items for the year ended December 31, 2025, was $0.88, compared to $0.72 in 2024, representing an increase of 22%[38] Cash Flow and Debt - Net cash provided by operating activities for the year was $33.0 million, a decrease from $50.1 million in the prior year[10] - For the three months ended December 31, 2025, net cash provided by operating activities was $32,138 thousand, an increase from $25,658 thousand in the same period of 2024, representing a growth of 25%[31] - Free cash flow for the three months ended December 31, 2025, was $24,646 thousand, compared to $20,819 thousand in 2024, reflecting an increase of 18%[32] - The company's gross debt increased to $178.0 million as of December 31, 2025, compared to $169.6 million in the prior year[11] - Total net debt as of December 31, 2025, was $149,984 thousand, a slight decrease from $151,330 thousand as of December 31, 2024[34] - The current portion of long-term debt as of December 31, 2025, was $12,849 thousand, an increase from $11,591 thousand in 2024[34] - The total gross debt as of December 31, 2025, was $177,992 thousand, up from $169,647 thousand in 2024, reflecting an increase of 5%[34] Expenses and Special Items - The company recorded $12.7 million in reorganization and other costs for the full year 2025[7] - Research and engineering expenses for the year ended December 31, 2025, totaled $1,028 million, down from $1,119 million in 2024[21] - Special items for the year ended December 31, 2025, amounted to $14,397 thousand, significantly higher than $4,884 thousand in 2024[38] - The company recognized share-based compensation expense of $5,216 thousand for the year ended December 31, 2025, compared to $5,071 thousand in 2024[36] Future Strategy - The company plans to accelerate its strategy in 2026 through increased investments in data integrity and digital inspection capabilities[4]