TULSA, OK – February 7, 2022 – Matrix Service Company (Nasdaq: MTRX), a leading contractor to the energy and industrial markets across North America, today reported financial results for its second quarter of fiscal 2022.

  • Project awards of $192.2 million in the quarter resulting in a book-to-bill of 1.2; project awards through first half of fiscal 2022 have surpassed project awards for the full year of fiscal 2021
  • Recent notable awards include the engineering, fabrication and construction of seven renewable fuel storage tanks, upgrade projects at two separate refineries to allow processing of renewable diesel and a capital project for a midstream gas processing plant
  • Backlog increased to $591.6 million, an increase of 28% compared to the start of the fiscal year
  • Strong balance sheet with liquidity of $101.7 million compared to $66.8 million last quarter and no debt
  • Second quarter revenue of $162.0 million and loss per fully diluted share of $0.93; adjusted loss per fully diluted share of $0.38(1), excluding a valuation allowance on a deferred tax asset and the impact of restructuring costs;
  • Announced the addition of senior-level personnel to the business development team, adding expertise and relationships to support our growth and market position in hydrogen and renewable energy
  • Joined the Hydrogen Council, a global CEO-led coalition of more than 130 companies working to accelerate the energy transition through hydrogen