Mistras Group, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Mistras Group, Inc. has filed its Q1 2024 10-Q report detailing financial performance and segment data.</b>

AI Summary

Mistras Group, Inc. (MG) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Mistras Group, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 195 Clarksville Road, Princeton Junction, NJ. The filing includes data related to common stock, additional paid-in capital, and retained earnings for various periods. Segment information for Oil & Gas and Aerospace & Defense is presented.

Why It Matters

For investors and stakeholders tracking Mistras Group, Inc., this filing contains several important signals. This 10-Q provides an update on Mistras Group's financial position and operational performance for the first quarter of 2024, which is crucial for investors to assess recent business trends. The detailed segment reporting, including Oil & Gas and Aerospace & Defense, allows stakeholders to understand the performance drivers within specific business units.

Risk Assessment

Risk Level: low — Mistras Group, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative disclosures.

Analyst Insight

Monitor future filings for revenue trends in the Oil & Gas and Aerospace & Defense segments to gauge growth prospects.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-03 — Filing Date (Date the report was filed)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting quarter)
• 1231 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• Mistras Group, Inc. (company) — Filer
• 2024-03-31 (date) — Period of report
• 2024-05-03 (date) — Filing date
• 195 Clarksville Road (address) — Business address
• Princeton Junction (location) — Business address city
• NJ (location) — Business address state
• 08550 (postal_code) — Business address zip
• 609-716-4000 (phone_number) — Business phone

FAQ

Industry Context

Mistras Group operates in the engineering services sector, providing technology-enabled asset protection solutions.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management discussion.
2. Analyze segment performance for Oil & Gas and Aerospace & Defense for revenue trends.
3. Compare Q1 2024 results with prior periods to identify year-over-year changes.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the initial filing for the period ending March 31, 2024, and comparative data from the previous year's quarter will be available within the report.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value MG New York Stock Exchange

Filing Documents

• mg-20240331.htm (10-Q) — 1169KB
• hanihammadagreement.htm (EX-10.2) — 119KB
• a10qexhibit311-q12024.htm (EX-31.1) — 10KB
• a10qexhibit312-q12024.htm (EX-31.2) — 10KB
• a10qexhibit321-q12024.htm (EX-32.1) — 5KB
• 0001436126-24-000035.txt (&nbsp;) — 6862KB
• mg-20240331.xsd (EX-101.SCH) — 45KB
• mg-20240331_cal.xml (EX-101.CAL) — 66KB
• mg-20240331_def.xml (EX-101.DEF) — 228KB
• mg-20240331_lab.xml (EX-101.LAB) — 502KB
• mg-20240331_pre.xml (EX-101.PRE) — 384KB
• mg-20240331_htm.xml (XML) — 1129KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Income ( Loss ) for the three months ended March 31, 2024 and March 31, 2023 2 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and March 31, 2023 3 Unaudited Condensed Consolidated Statements of Equity for the three months ended March 31, 2024 and March 31, 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and March 31, 2023 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 ITEM 4

Controls and Procedures

Controls and Procedures 33

—OTHER INFORMATION

PART II—OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 34 ITEM 1.A.

Risk Factors

Risk Factors 34 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 ITEM 3. Defaults Upon Senior Securities 34 ITEM 4. Mine Safety Disclosures 34 ITEM 5. Other Information 34 ITEM 6. Exhibits 35

SIGNATURES

SIGNATURES 36 i Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements Mistras Group, Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets ( in thousands, except share and per share data ) March 31, 2024 December 31, 2023 ASSETS (unaudited) Current Assets Cash and cash equivalents $ 16,855 $ 17,646 Accounts receivable, net 140,404 132,847 Inventories 15,079 15,283 Prepaid expenses and other current assets 14,632 14,580 Total current assets 186,970 180,356 Property, plant and equipment, net 79,702 80,972 Intangible assets, net 42,660 43,994 Goodwill 185,726 187,354 Deferred income taxes 2,647 2,316 Other assets 44,422 39,784 Total assets $ 542,127 $ 534,776 LIABILITIES AND EQUITY Current Liabilities Accounts payable $ 15,629 $ 17,032 Accrued expenses and other current liabilities 84,475 84,331 Current portion of long-term debt 9,464 8,900 Current portion of finance lease obligations 4,907 5,159 Income taxes payable 406 1,101 Total current liabilities 114,881 116,523 Long-term debt, net of current portion 188,962 181,499 Obligations under finance leases, net of current portion 11,151 11,261 Deferred income taxes 2,685 2,552 Other long-term liabilities 36,983 32,438 Total liabilities 354,662 344,273 Commitments and contingencies (Note 14) Equity Preferred stock, 10,000,000 shares authorized — — Common stock, $ 0.01 par value, 200,000,000 shares authorized, 30,910,552 and 30,597,633 shares issued and outstanding 328 305 Additional paid-in capital 247,329 247,165 Accumulated deficit ( 27,947 ) ( 28,942 ) Accumulated other comprehensive loss ( 32,565 ) ( 28,336 ) Total Mistras Group, Inc. stockholders' equity 187,145 190,192 Non-controlling interests 320 311 Total equity 187,465 190,503 Total liabilities and equity $ 542,127 $ 534,776 The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements. 1 Table of Contents Mistras Group, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of

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View this 10-Q filing on SEC EDGAR