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Matrix Service Company (MTRX+5.45%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details financial performance, including revenue of $187.2 million for the quarter, an increase from $175.0 million in the previous year. The increase was primarily driven by higher volumes in the Storage and Terminal Solutions and Utility and Power Infrastructure segments.
Cost of revenue for the quarter was $176.3 million, resulting in a gross profit of $10.9 million. This represents a slight increase from a gross profit of $10.6 million in the previous year.
Operating loss for the quarter was $6.4 million, compared to $5.1 million in the previous year. The increase in operating loss is attributed to higher selling, general, and administrative expenses.
Net loss for the quarter was $5.5 million, compared to a net loss of $2.9 million in the previous year. The increase in net loss is due to a combination of higher operating losses and lower other income.
The company reported cash provided by operating activities of $45.5 million for the six months ended December 31, 2024. This was primarily driven by changes in working capital, including increases in billings on uncompleted contracts.
Matrix Service Company had a backlog of $1.3 billion as of December 31, 2024, with project awards during the quarter totaling $90.5 million. The backlog includes significant opportunities in the Storage and Terminal Solutions segment.
The filing also discusses the company's liquidity position, with unrestricted cash and cash equivalents of $156.8 million and availability under the ABL Facility of $54.9 million, resulting in total liquidity of $211.7 million.
The company continues to focus on project execution and backlog conversion to drive future revenue growth. It anticipates improved operating margins as activity levels increase.
Matrix Service Company is involved in ongoing litigation, including a dispute with Keyera Energy, Inc. over a crude oil storage project. The company believes it has substantial defenses against the counterclaims.
The filing includes updates on accounting standards not yet adopted and notes that these will result in additional disclosures but will not impact the company's financial position or results.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Matrix Service Company quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.