Matrix Service Company announced its third quarter fiscal 2025 results, with revenue reaching $200.2 million, an increase from $166.0 million in the third quarter of fiscal 2024. The company reported a net loss of $(3.4) million, or $(0.12) per share, a notable improvement from a net loss of $(14.6) million, or $(0.53) per share, in the prior year's period. Gross margin improved to 6.4% from 3.4% year-over-year.
Project awards for the quarter totaled $301.2 million, leading to a book-to-bill ratio of 1.5x for the period and maintaining a trailing twelve-month book-to-bill ratio of 1.0x. The company's backlog remained strong at $1.4 billion as of March 31, 2025. Matrix Service Company also reported robust liquidity of $247.1 million, with $185.5 million in unrestricted cash and no outstanding debt.
Despite operational improvements, Matrix Service Company further lowered its fiscal year 2025 revenue guidance to a range of $770 million to $800 million, down from the previous $850 million to $900 million. This 10% reduction at the midpoint was attributed to heightened macroeconomic uncertainty, project timing movements, and the exit of a small non-core service line. Management indicated ongoing efforts to consolidate and streamline the business for improved performance.
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