Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $216.4 million, with an EPS loss of $0.40 and an adjusted EBITDA loss of $4.8 million, impacted by several one-time charges [17][21][22] - The revenue run rate increased by 31% over the fiscal year, supporting positive earnings potential moving forward [22] - Cash balance increased by $109 million to $249.6 million as of June 30, 2025, with available liquidity rising to $284.5 million [26] 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 [23] - Utility and Power Infrastructure segment revenue rose by 12% to $73 million, benefiting from natural gas heat shaving projects, with gross margin improving to 9.1% [24] - 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% [25] Market Data and Key Metrics Changes - The company entered fiscal 2026 with a backlog of approximately $1.4 billion, supported by project awards totaling $726 million for the year [8][9][25] - The utility and power infrastructure segment had a strong quarter with $121.9 million in awards, resulting in a book-to-bill ratio of 1.7 [25] 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 [10][11][14] - Plans to pursue organic growth supplemented by targeted M&A opportunities, aiming for durable, return-focused growth [14] - The opportunity pipeline stands at $5.9 billion, primarily in current business market focus areas, with expectations for organic and inorganic growth [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that fiscal 2025 results did not meet initial expectations but highlighted strong underlying business performance [6][7] - The outlook for fiscal 2026 anticipates revenue growth between $875 million to $925 million, representing a year-over-year increase of 17% at the midpoint [15] - Confidence in returning to profitability is high, supported by a quality backlog and effective project execution [37] Other Important Information - Significant improvements in safety metrics were reported, with TRIR improving from 0.91 to 0.51 and DART rate from 0.28 to 0.21 [5] - Restructuring actions are expected to reduce annual overhead costs by approximately $12 million, enhancing operational efficiency [20][49] Q&A Session Summary Question: Are there still delays in project timelines due to economic uncertainty? - Management noted an overhang in the industry but indicated that only a few projects were directly impacted, with ongoing energy-related projects remaining strong [32][33] Question: What is the expectation for book-to-bill ratio by the end of fiscal 2026? - Management expressed optimism about achieving a near 1.0 book-to-bill ratio, with opportunities for both large and smaller projects available [34][36] Question: What is the confidence level for returning to profitability? - High confidence was expressed regarding the quality of the backlog and the ability to return to profitability based on projected revenue levels [37] Question: How much of the cash position is from customer advances? - The cash position has built significantly, with a portion from upfront payments on long-term projects, supporting operational and growth activities [38] Question: Are there any remaining COVID-era legacy jobs in dispute? - Management indicated that the current dispute is the final material legacy issue from the pandemic, with efforts ongoing to resolve it [44][45] Question: What are the expected cost savings from restructuring actions? - Expected cost savings from restructuring are around $12 million, with SG&A costs projected to decrease in fiscal 2026 [49]