revenue $228.7M, net income -$6.8M. Revenue falls 7.8%, operating income drops 82%

Filed August 10, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 12, 2025 · ~2 min read

Key Changes

• high

  Operating income fell 82% YoY to $2.2M (from $12.1M) as both segments faced lower turnaround activity and unfavorable project mix, with MS segment operating income down 71% and IHT down 26%.

  MD&A: Consolidated Operating Income verify on EDGAR →
• high

  Total revenue declined 7.8% YoY to $228.7M, reversing prior year's 8.5% growth, driven by reduced turnaround activity in U.S. and Canada across both IHT (down 5.0%) and MS (down 11.3%) segments.

  MD&A: Consolidated Revenue verify on EDGAR →
• high

  Kelli Most wrongful death litigation accrual reduced to $10.0M following case refiling in Kansas federal court; total legal accruals down $29.7M to $11.0M, fully offset by insurance receivables.

  Notes: Kelli Most Litigation verify on EDGAR →