A builder and maintainer of energy and industrial infrastructure, serving customers through three segments. Its Storage and Terminal Solutions group constructs cryogenic and specialty tanks plus LNG, NGL, and hydrogen terminals, its Utility and Power Infrastructure group supports LNG peak shaving facilities and utility power delivery, and its Process and Industrial Facilities group performs plant maintenance, turnarounds, and EPC work for refineries, renewable fuels, aerospace, chemicals, and mining.
Matrix Service CFO and CAO to step down amid CEO transition; CFO search underway
Kevin S. Cavanah, VP of Finance and CFO, will step down after the earlier of one week post-FY2026 10-K filing or termination without cause, with a $771,000 lump sum and 18 months COBRA.
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Nancy E. Austin, Chief Administrative Officer, will step down effective May 7, 2026, with a $608,345 lump sum, 18 months COBRA, and vesting of 20,368 RSUs.
Both departures are not due to disagreements with the company; the CAO role will not be replaced, and its duties will be redistributed.
The CFO transition follows the appointment of Shawn P. Payne as CEO, effective July 1, 2026; a search for a Houston-based CFO is underway.
Cavanah's agreement includes confidentiality, cooperation, non-disparagement, and a release of claims; Austin's agreement is expected to include similar terms.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
Matrix Service Company reports Q2 FY2026 revenue of $210.5M, up 12% YoY, and reaffirms FY2026 guidance
Revenue for Q2 FY2026 was $210.5 million, up 12% from $187.2 million in the prior-year quarter.
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Net loss narrowed to $(0.9) million, or $(0.03) per share, from $(5.5) million, or $(0.20) per share, a year ago.
Adjusted EBITDA was $2.4 million, compared to $(2.2) million in Q2 FY2025.
Total backlog was $1.1 billion, with project awards of $176.6 million and a book-to-bill ratio of 0.8x.
The company reaffirmed full-year FY2026 revenue guidance of $875 million to $925 million, a 14%-20% increase over FY2025 actual revenue of $769.3 million.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Matrix Service Company's Matrix NAC President Douglas J. Montalbano resigns effective January 16, 2026
The resignation is not related to any dispute or disagreement with Matrix NAC, its clients, or the Company regarding operations, policies, or practices.
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Douglas J. Montalbano notified Matrix Service Company on December 30, 2025, of his resignation as President of Matrix North American Construction, Inc. (Matrix NAC), effective January 16, 2026.
The President role at Matrix NAC will be filled on an interim basis by a current employee and officer of Matrix NAC.
The interim President will report to Shawn Payne, President, Engineering & Construction of the Company.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
Matrix Service Company stockholders elect seven directors and approve all five proposals at 2025 Annual Meeting
All seven director nominees were elected, each receiving over 20.6 million votes for and roughly 4.2 million broker non-votes.
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Stockholders ratified Deloitte & Touche LLP as independent auditor for fiscal 2026 with 25,498,799 votes for.
Advisory vote on named executive officer compensation for fiscal 2026 passed with 20,132,922 votes for.
The 2026 Employee Stock Purchase Plan was approved with 21,208,865 votes for.
The Third Amendment to the 2020 Stock and Incentive Compensation Plan, increasing authorized shares from 3,975,000 to 5,000,000, was approved with 14,331,217 votes for.
5.07 Submission of Matters to a Vote of Security Holders
Matrix Service Company reports fiscal 2025 Q4 revenue of $216.4 million, up 14% year-over-year
Net loss per share for Q4 fiscal 2025 was $(0.40), compared to $(0.16) in the prior-year quarter; adjusted net loss per share was $(0.28) versus $(0.14).
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Fiscal 2025 fourth quarter revenue was $216.4 million, a 14% increase from $189.5 million in the prior-year quarter.
Adjusted EBITDA for Q4 fiscal 2025 was $(4.8) million, down from $0.2 million in the prior-year quarter.
Total backlog was $1.4 billion as of June 30, 2025, with Q4 project awards of $186.3 million and a book-to-bill ratio of 0.9x.
Fiscal 2026 revenue guidance is between $875 million and $925 million, implying 17% growth at the midpoint.
Liquidity at June 30, 2025 was $284.5 million with no outstanding debt.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits