Mistras Group, Inc. reported a decline in financial performance for the first quarter of 2025, with total revenue of $161.6 million, down 12.4% from $184.4 million in the same period last year. The decrease was primarily attributed to a significant drop in revenue from the oil and gas sector, which accounted for approximately 60% of total revenue. The North America segment experienced a 14.3% decline, while the International segment saw a slight increase of 0.5%. The Products and Systems segment also reported a decrease of 3.7% in revenue.
The company's gross profit for the quarter was $40.9 million, reflecting a decrease of 11.4% compared to $46.2 million in the prior year. This decline was driven by lower revenue, although gross profit margin remained relatively stable at 25.3%. Mistras reported a loss from operations of $1.0 million, a significant drop from an income of $5.6 million in the previous year. The net loss attributable to Mistras Group was $3.2 million, compared to a net income of $1.0 million in the same quarter of 2024.
In terms of operational developments, Mistras Group has made strategic changes, including a reclassification of certain costs from selling, general, and administrative expenses to cost of revenue. This adjustment aimed to provide greater transparency regarding the company's cost structure. The company also reported an increase in environmental expenses and reorganization costs, which contributed to the overall increase in operating expenses to $39.6 million, up from $37.7 million in the previous year.
As of March 31, 2025, Mistras Group had 31,329,814 shares of common stock outstanding and maintained a cash balance of approximately $18.5 million. The company continues to monitor market conditions, particularly the impact of inflation and geopolitical tensions, which have affected operational costs, especially in Europe. Looking ahead, Mistras Group remains focused on leveraging its technology-enabled asset protection solutions and expanding its customer base, despite the current challenges in the oil and gas market. The company believes that long-term growth opportunities remain in its target markets, supported by its innovative software platform, OneSuite.
About Mistras Group, Inc.
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