Kevin Cavanah

“Before I get into the fourth quarter, I want to highlight a few ways this strategic framework is already having a positive impact. Successful execution of our backlog allowed us to achieve 14% revenue growth and a 210 basis point gross margin improvement in fiscal 2026.”

“Sean, revenue increased to $206.7 million in the quarter as compared to $200.2 million in the third quarter last year. The growth was driven by the storage and terminal solutions segment, partially offset by reduced revenue in the process and industrial facilities segment.”

“Let's start with the results for the second quarter of fiscal 2026. Revenue was $210.5 million, an increase of $23.3 million, or 12% over the second quarter of last year, driven by growth in all three segments, with utility and power infrastructure accounting for over 60% of the increase.”

“The first quarter of the year went about as we anticipated from an operating results, balance sheet, cash flow, and project award perspective. Revenue of $211.9 million represented a 28% increase compared to $165.6 million in the first quarter of fiscal 2025.”

“Yesterday, we released our results for the fourth quarter of fiscal 2025. Those results included revenue of $216.4 million, EPS of a $0.40 loss, and adjusted EBITDA of a $4.8 million loss.”