Financial Data and Key Metrics Changes - The company reported revenue of $216.4 million for the fourth quarter of fiscal 2025, with an EPS loss of $0.40 and adjusted EBITDA loss of $4.8 million [18] - Revenue was impacted by a $6.4 million reduction due to lowered recovery expectations on a legacy project, resulting in a total revenue decrease of $6.4 million [22] - The revenue run rate increased by 31% over the fiscal year, supporting positive earnings potential [23] Business Line Data and Key Metrics Changes - Storage and Terminal Solutions segment revenue increased by 37% to $96.1 million, driven by higher volumes in specialty vessel and LNG storage projects [24] - Utility and Power Infrastructure segment revenue rose by 12% to $73 million, with gross margin improving to 9.1% due to strong project execution [25] - Process and Industrial Facility segment revenue decreased to $47.3 million, primarily due to the completion of a large renewable diesel project last year, with gross margin dropping to 5.9% [26] Market Data and Key Metrics Changes - The company entered fiscal 2026 with a backlog of approximately $1.4 billion, supported by project awards totaling $186.3 million in the fourth quarter [26] - The utility and power infrastructure segment had a strong quarter with $121.9 million in awards and a book-to-bill ratio of 1.7 [26] Company Strategy and Development Direction - The company is focused on a strategy of winning, executing, and delivering, with an emphasis on safety, quality, and operational efficiency [11][12] - The opportunity pipeline stands at $5.9 billion, with a focus on both current business and new high-growth markets [14] - The company aims to achieve durable, return-focused growth through organic means supplemented by targeted M&A activities [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to profitability, supported by a quality backlog and strong revenue projections for fiscal 2026 [36] - The company anticipates fiscal year 2026 revenue to be between $875 million and $925 million, representing a year-over-year growth of 17% at the midpoint [16] - Management highlighted the importance of maintaining a strong financial position and leveraging ongoing infrastructure investments for growth [17] Other Important Information - The company incurred $3.4 million in restructuring costs aimed at improving operational efficiencies, which is expected to reduce annual overhead costs by approximately $12 million [21] - Cash balance increased by $109 million to $249.6 million as of June 30, 2025, with available liquidity rising to $284.5 million [27] Q&A Session Summary Question: Are there still delays in project timelines due to economic uncertainty? - Management acknowledged an overhang in the industry but noted that only a few projects were directly impacted, with ongoing smaller projects continuing to come through the pipeline [32] Question: What is the outlook for the book-to-bill ratio exiting fiscal 2026? - Management indicated that there is potential for a near 1.0 book-to-bill ratio, with opportunities for both large and smaller projects available [34][35] Question: What is the confidence level for returning to profitability? - Management expressed high confidence in returning to profitability, citing the quality of the backlog and projected revenue levels [36] Question: How much of the cash position is from customer advances? - Management clarified that the cash position has built considerably, with a portion from upfront payments on long-term projects, and emphasized a strong balance sheet [37] Question: Are there any remaining COVID-era legacy jobs in dispute? - Management confirmed that the legacy pandemic issues are largely resolved, with only one significant project still in dispute [44] Question: What are the expected cost savings from restructuring actions? - Management indicated that restructuring actions are expected to yield approximately $12 million in cost savings, with SG&A costs projected to decrease in fiscal 2026 [48]