Matrix Service Co Files Q2 2025 10-Q
Ticker: MTRX · Form: 10-Q · Filed: Feb 6, 2025 · CIK: 866273
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
MATRIX SERVICE CO 10-Q FILED: Q2 FY25 RESULTS ARE IN.
AI Summary
Matrix Service Co filed its 10-Q for the period ending December 31, 2024. The company reported its financial results for the second quarter and first half of fiscal year 2025. Key financial data and operational updates were disclosed in this filing.
Why It Matters
This filing provides investors with the latest financial performance and operational details of Matrix Service Co, crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific content can reveal risks related to financial performance, operations, or market conditions.
Key Numbers
- 20241231 — Period End Date (Indicates the end of the reporting period for the 10-Q.)
- 20250206 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
- 001-15461 — SEC File Number (Unique identifier for the company's filings with the SEC.)
Key Players & Entities
- MATRIX SERVICE CO (company) — Filer of the 10-Q
- 20241231 (date) — Period of report
- 20250206 (date) — Filing date
- TULSA (location) — Company headquarters city
- DE (location) — State of incorporation
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20241231, meaning the filing covers the period ending December 31, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on 20250206.
What is the company's Central Index Key (CIK)?
The company's Central Index Key is 0000866273.
Where is Matrix Service Co headquartered?
Matrix Service Co's business and mail address is in TULSA, OK.
In which state was Matrix Service Co incorporated?
Matrix Service Co was incorporated in DE (Delaware).
Filing Stats: 4,829 words · 19 min read · ~16 pages · Grade level 13.8 · Accepted 2025-02-06 16:08:44
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share MTRX NASDAQ Global Select Mar
Filing Documents
- mtrx-20241231.htm (10-Q) — 950KB
- exhibit32-amendedandrestat.htm (EX-3.2) — 121KB
- exhibit311-mtrxx2024x12x31x.htm (EX-31.1) — 10KB
- exhibit312-mtrxx2024x12x31x.htm (EX-31.2) — 10KB
- exhibit321-mtrxx2024x12x31x.htm (EX-32.1) — 5KB
- exhibit322-mtrxx2024x12x31x.htm (EX-32.2) — 5KB
- exhibit95-mtrxx2024x12x31x.htm (EX-95) — 18KB
- 0000866273-25-000016.txt ( ) — 3745KB
- mtrx-20241231.xsd (EX-101.SCH) — 24KB
- mtrx-20241231_cal.xml (EX-101.CAL) — 41KB
- mtrx-20241231_def.xml (EX-101.DEF) — 55KB
- mtrx-20241231_lab.xml (EX-101.LAB) — 270KB
- mtrx-20241231_pre.xml (EX-101.PRE) — 183KB
- mtrx-20241231_htm.xml (XML) — 319KB
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Income for the Three and Six Months Ended D ecember 31 , 2024 and 2023 1 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended December 31 , 2024 and 2023 2 Condensed Consolidated Balance Sheets as of December 31 , 2024 and June 30, 2024 3 Condensed Consolidated Statements of Cash Flows for the S ix Months Ended Decem ber 31 , 2024 and 2023 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended December 31 , 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 29
Controls and Procedures
Item 4. Controls and Procedures 29 PART II OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 30
Risk Factors
Item 1A. Risk Factors 30
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 30
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 30
Other Information
Item 5. Other Information 31
Exhibits
Item 6. Exhibits 31 Signature 33 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Matrix Service Company Condensed Consolidated Statements of Income (In thousands, except per share data) (unaudited) Three Months Ended Six Months Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Revenue $ 187,169 $ 175,042 $ 352,748 $ 372,701 Cost of revenue 176,277 164,453 334,043 350,253 Gross profit 10,892 10,589 18,705 22,448 Selling, general and administrative expenses 17,286 15,731 35,866 32,844 Operating loss ( 6,394 ) ( 5,142 ) ( 17,161 ) ( 10,396 ) Other income (expense): Interest expense ( 145 ) ( 319 ) ( 234 ) ( 644 ) Interest income 1,578 162 3,150 312 Other (Note 3) ( 556 ) 2,454 ( 495 ) 4,716 Loss before income tax expense ( 5,517 ) ( 2,845 ) ( 14,740 ) ( 6,012 ) Provision for federal, state and foreign income taxes 16 6 16 6 Net loss $ ( 5,533 ) $ ( 2,851 ) $ ( 14,756 ) $ ( 6,018 ) Basic loss per common share $ ( 0.20 ) $ ( 0.10 ) $ ( 0.53 ) $ ( 0.22 ) Diluted loss per common share $ ( 0.20 ) $ ( 0.10 ) $ ( 0.53 ) $ ( 0.22 ) Weighted average common shares outstanding: Basic 27,801 27,377 27,680 27,314 Diluted 27,801 27,377 27,680 27,314 See accompanying notes. -1- Table of Contents Matrix Service Company Condensed Consolidated Statements of Comprehensive Income (In thousands) (unaudited) Three Months Ended Six Months Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net loss $ ( 5,533 ) $ ( 2,851 ) $ ( 14,756 ) $ ( 6,018 ) Other comprehensive income (loss), net of tax: Foreign currency translation gain (loss) ( 1,363 ) 562 ( 927 ) 24 Comprehensive loss $ ( 6,896 ) $ ( 2,289 ) $ ( 15,683 ) $ ( 5,994 ) See accompanying notes. -2- Table of Contents Matrix Service Company Condensed Consolidated Balance Sheets (In thousands) (unaudited) December 31, 2024 June 30, 2024 Assets Current assets: Cash and cash equivalents $ 156,777 $ 115,615 Accounts receivable, net of allowance for credit losses 134,726 138,987 Co