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Red Flags Detected

  • Backlog Decline and Project Removals (worsened) — Two projects totaling $196.9M were removed from backlog due to risk profile and customer strategy changes, cutting total backlog 31%.
  • Cash Flow From Operations Collapse (worsened) — Operating cash flow fell from $117.5M to $6.9M, primarily due to a $23.6M decrease in billings in excess of costs.
  • Executive Departures (new) — The filing discloses departures of several executives including the former CEO and the planned departure of the CFO in Q1 fiscal 2027.
NASDAQ: MTRX MATRIX SERVICE CO 10-K

Matrix Service narrows loss 91% to -$2.6M, but backlog falls 31% and cash flow dries

Filed September 3, 2026 · Period ending June 30, 2026 · Compared to 10-K Sep 10, 2025 · ~1 min read

Key Changes

  • high

    Net loss improved 91% to -$2.6M (EPS -$0.09) on revenue up to $873.6M, with gross margin up 210bp to 13.6%.

    MD&A: Results verify on EDGAR →
  • high

    Backlog fell 31% to $953.2M after two projects worth $196.9M were removed; book-to-bill dropped to 0.7x.

    MD&A: Backlog verify on EDGAR →
  • high

    Cash from operations collapsed to $6.9M from $117.5M, driven by unfavorable working capital.

    MD&A: Cash Flow verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Figures/quotes linked to EDGAR · Narrative written by AI · Sep 4, 2026 · How we verify