Matrix Service Company reported a revenue of $769.3 million for the fiscal year ending June 30, 2025, marking a 6% increase from $728.2 million in the previous fiscal year. The company's gross profit decreased slightly to $39.7 million, down from $40.5 million, resulting in a gross margin of 5.2%, compared to 5.6% in fiscal 2024. The net loss for the year was $29.5 million, an increase from a loss of $25.0 million in the prior year, attributed to higher restructuring costs and reduced profitability in certain segments.
The company experienced significant changes in its operational segments. The Storage and Terminal Solutions segment saw a revenue increase of 32% to $365.9 million, driven by higher volumes in specialty vessel and LNG storage projects. Conversely, the Process and Industrial Facilities segment faced a 42% decline in revenue to $154.7 million, primarily due to lower volumes from a completed renewable diesel project. The Utility and Power Infrastructure segment also reported a 35% increase in revenue to $248.7 million, reflecting strong demand for LNG peak shaving projects.
Matrix Service Company has been actively restructuring its operations to enhance efficiency and reduce costs. In fiscal 2025, the company incurred $3.6 million in restructuring costs related to organizational changes aimed at streamlining management and improving performance. The company also reported a backlog of $1.4 billion, with project awards totaling $726 million during the fiscal year, indicating a book-to-bill ratio of 0.9x. The backlog reflects ongoing demand in the energy sector, particularly in LNG and renewable energy projects.
As of June 30, 2025, Matrix Service Company employed 2,239 individuals, with a significant portion engaged in field operations. The company has maintained a strong safety culture, achieving a Total Recordable Incident Rate (TRIR) of 0.51, down from 0.73 in the previous year. The company continues to focus on enhancing its operational capabilities and expanding its market presence, particularly in the growing sectors of clean energy and infrastructure modernization.
Looking ahead, Matrix Service Company anticipates continued growth driven by strong market demand and ongoing infrastructure investments. The company is optimistic about its ability to convert its backlog into revenue, despite potential short-term disruptions from macroeconomic uncertainties and evolving trade policies. The management remains committed to delivering long-term value to shareholders while navigating the challenges and opportunities within the energy and industrial markets.
About MATRIX SERVICE CO
Matrix Service Company provides engineering, fabrication, construction, and maintenance services for energy infrastructure and industrial markets. Its segments include storage and terminal solutions, utility and power infrastructure, and process and industrial facilities. Serving clients across the U.S., Canada, and internationally, it focuses on safety, operational excellence, and long-term customer relationships to deliver critical energy and industrial infrastructure projects.
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