Here are 1-2 brief analogies to describe Matrix Service (MTRX):

1. Think of them as the Turner Construction or Skanska of heavy industrial infrastructure, specializing in building and maintaining facilities like oil refineries, power plants, and massive storage tanks.

2. They are a specialized industrial construction and maintenance provider, similar to a focused version of Quanta Services for refineries, power plants, and heavy industrial facilities.

• Industrial Construction & Maintenance: Provides comprehensive construction, maintenance, and turnaround services for energy, power generation, and other industrial facilities.
• Storage Tank Systems: Designs, fabricates, constructs, and repairs large-scale aboveground storage tanks, including specialized roofs and internal floating roofs.
• Electrical Transmission & Substation Services: Offers construction, upgrade, and maintenance services for electrical transmission lines, substations, and utility infrastructure.
• Industrial Fabrication: Manufactures and pre-fabricates modules, piping, and other custom components for various industrial applications.
• Engineering & Design: Provides multi-discipline engineering, design, and project management services for complex industrial and infrastructure projects.

Major Customers of Matrix Service (MTRX)

• Energy & Chemical Companies: This broad category includes major and independent oil and gas companies, refining companies, petrochemical producers, and midstream operators (involved in pipelines, terminals, and storage facilities). They serve clients across the downstream, midstream, and, to a lesser extent, upstream segments of the energy sector.
• Power Generation & Utility Companies: Matrix Service works with companies involved in electric power generation, including traditional power plants, renewable energy developers (solar, wind), and electric utility companies responsible for infrastructure.
• Heavy Industrial & Commercial Companies: This encompasses clients in other capital-intensive industries such as minerals and metals (mining and processing facilities), as well as companies in sectors like food and beverage, data centers, and public infrastructure entities.

John R. Hewitt President and Chief Executive Officer

John R. Hewitt was appointed President and Chief Executive Officer and as a director of Matrix Service Company in May 2011. He has dedicated his entire career to the engineering, procurement, and construction (EPC) industry. Before joining Matrix in May 2011, Mr. Hewitt spent approximately 25 years with various operating businesses of Aker Solutions ASA and its predecessor companies, which provide engineering and construction services, technology products, and integrated solutions to the energy and process industries worldwide. His roles at Aker Solutions included serving as Vice President, where he provided executive oversight on major capital projects in the power and liquefied natural gas industries. He also served as President, United States Operations at Aker Solutions E&C US, Inc. from 2007 to 2009, managing all construction services in North America. Prior to that, he was President of Aker Construction Inc., holding full profit and loss responsibility for a multi-disciplined direct hire industrial construction business across North America. Mr. Hewitt brings significant experience with mergers and acquisitions to the Board. He holds a finance degree from Stetson University and an engineering degree from the Florida Institute of Technology.

Kevin S. Cavanah Chief Financial Officer

Kevin S. Cavanah has served as Chief Financial Officer of Matrix Service Company since December 2010. His previous roles within the company include Vice President, Accounting and Financial Reporting from August 2007 to December 2010, and Controller from April 2003 to August 2007. Prior to joining Matrix Service Company, Mr. Cavanah served as an Accounting Manager for Williams Communications from 2001 to 2003 and for The Williams Companies from 1998 to 2001. He began his career as an Audit Manager for Ernst & Young LLP. Mr. Cavanah earned a Bachelor of Science Degree in Business Administration in Accounting from the University of Arkansas.

Shawn P. Payne President Engineering & Construction

Shawn P. Payne was promoted to President Engineering & Construction effective May 5, 2025. He previously held various leadership roles at Matrix Service, including President, Matrix Service Inc., Senior Vice President, Operations, Senior Vice President of Finance and Business Services, and Vice President of Business Services. Mr. Payne joined the company in 2012 as the Division Manager in Tucson, Arizona, where he was instrumental in leading Matrix's entry into the minerals and mining business. Before joining Matrix, he held leadership positions in operations, finance, and project controls with Aker Solutions/Kvaerner and Jacobs. Mr. Payne holds a Bachelor of Science in Business Administration, with a focus in Finance, from the University of Arizona.

Nancy E. Austin Vice President and Chief Administrative Officer

Nancy E. Austin serves as Vice President and Chief Administrative Officer for Matrix Service Company, overseeing Human Resources, Training and Development, and Corporate Marketing divisions. She has held this role since 2018. Her prior positions at Matrix Service include Vice President of Strategic Services and Administration, Vice President of Human Resources (from 2006 to 2016), and Director of Human Resources (from 2000 to 2006). Before her tenure at Matrix, Ms. Austin worked for TV Guide, Samson Resources, and Villareal & Associates.

Douglas J. Montalbano President, Matrix NAC

Douglas J. Montalbano is the President of Matrix NAC. He holds a Bachelor of Science in Economics from Villanova University College of Commerce and Finance and a Juris Doctor from Villanova University School of Law. Mr. Montalbano is a licensed attorney in both New York and New Jersey.

Matrix Service Company (MTRX) operates primarily in North America, providing engineering, fabrication, construction, maintenance, and repair services across three main segments: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities.

Storage and Terminal Solutions

This segment provides services for aboveground storage tanks and terminals, crude oil marketing and export/import terminals, liquefied natural gas (LNG) facilities, natural gas liquids (NGL) and other specialty vessels, and renewable energy storage solutions. The broader North America gas pipeline infrastructure market, which includes LNG facilities, was valued at US$ 21,084.52 billion in 2022 and is projected to reach US$ 27,641.34 billion by 2030, growing at a CAGR of approximately 3.4% during the forecast period.

Utility and Power Infrastructure

This segment encompasses power delivery and power generation services, including renewables, grid upgrades, enhanced connectivity, battery storage, electrical networks, substations, and distribution systems, as well as LNG utility peak shaving facilities. The North America Transmission Infrastructure Market is projected to reach USD 541.32 billion by 2035, with a compound annual growth rate (CAGR) of 7.84% from 2025 to 2035. Additionally, the U.S. power infrastructure market was valued at USD 264.2 billion in 2024 and is expected to increase to USD 455.6 billion by 2032, advancing at a CAGR of 7.2% during 2025–2032. The North America renewable energy market had 3058.36 Gigawatt of installed capacity in 2024 and is projected to reach 6362.26 Gigawatt by 2034, growing at a 7.60% CAGR.

Process and Industrial Facilities

This segment focuses on turnaround and plant services for the refinery, midstream natural gas processing, chemical and petrochemical industries, as well as infrastructure supporting biofuels, fertilizer, sulfur, mining and minerals, and aerospace. The North America industrial services market is expected to witness a market growth of 7.7% CAGR during the forecast period (2023-2030), with the U.S. market alone projected to reach a value of $14,237.8 million by 2030.

Matrix Service (MTRX) is anticipated to drive future revenue growth over the next two to three years through several key strategies and market trends:

1. Conversion of Robust Backlog and Strong Project Award Momentum: Matrix Service consistently highlights a substantial and growing project backlog, providing significant revenue visibility for the coming years. As of Q1 fiscal year 2026, the company reported a backlog of approximately $1.2 billion and is actively pursuing an opportunity pipeline of $6.7 billion. This backlog, including multi-year projects, is expected to convert into revenue, with management reiterating fiscal year 2026 revenue guidance of $875 million to $925 million, representing a potential increase of 14% to 20%.
2. Growth in Storage & Terminal Solutions Segment: This segment, which accounts for a significant portion of the company's revenue, is experiencing increased demand, particularly for LNG storage and specialty vessel projects. The company reported a 40% increase in revenue for this segment in Q1 FY26, driven by these project types.
3. Expansion within Utility & Power Infrastructure Segment: Matrix Service is seeing substantial revenue increases in its Utility & Power Infrastructure segment, benefiting from projects related to power delivery and natural gas peak shaving. This segment recorded a 33% revenue increase in Q1 FY26 compared to the prior year.
4. Strategic Diversification into New, High-Growth Markets: The company is strategically positioning itself to capitalize on multi-industry tailwinds, leveraging its expertise in energy and industrial sectors to expand into high-growth areas. These include increasing data center energy demand, low-carbon infrastructure development, industrial and manufacturing resurgence, and opportunities in hydrogen and ammonia infrastructure.
5. Improved Operational Efficiency and Disciplined Project Execution: Management emphasizes disciplined project bidding, strong project execution, and improved operating leverage as critical to driving long-term value. Efforts to streamline operations and enhance efficiency are contributing to better gross margins and more effective conversion of backlog into revenue.

Share Repurchases

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

• For the six months ended December 31, 2024 (fiscal year 2025), capital expenditures were $2.859 million.
• In fiscal year 2024, investing activities used approximately $0.9 million in cash, primarily due to capital expenditures, which included the purchase of a fabrication facility in Bakersfield.
• For the six months ended December 31, 2023 (fiscal year 2024), capital expenditures were $0.859 million.