Kevin Cavanah, the company’s Vice President of Finance and Chief Financial Officer, will leave Matrix Service Company after the filing of the fiscal 2026 Annual Report. The transition and separation agreement was executed on April 29 2026, and Cavanah will remain in his role through the filing to ensure an orderly hand‑over of responsibilities.
Cavanah has served Matrix for 23 years, overseeing the company’s financial discipline and process improvements. The company has retained a leading executive‑search firm to identify a successor, and the new CFO is expected to be based in Houston to align with the upcoming CEO transition to Shawn Payne on July 1 2026.
The company’s most recent quarterly results provide context for the leadership change. In Q2 FY2026, revenue reached $210.5 million, up 12% year‑over‑year, while the net loss narrowed to $0.9 million ($0.03 per share). Adjusted EBITDA improved to $2.4 million from $(2.2) million a year earlier, yet the company missed earnings expectations, reporting a loss of $0.02 per share versus an estimated profit of $0.034 per share. The miss was driven by higher costs associated with the startup and commissioning of specialty vessel work in the Storage and Terminal Solutions segment, which offset gains in other areas.
In Q1 FY2026, revenue was $211.9 million, a 28% increase year‑over‑year, and the adjusted net loss per share fell to $0.01 from $0.33 a year earlier. Adjusted EBITDA rose to $2.5 million from $(5.9) million, but the company again missed adjusted EPS estimates, reporting $(0.01) versus a forecast of $0.02. The miss reflected a mix shift toward lower‑margin segments and the impact of one‑time charges related to project overruns.
Management reaffirmed its full‑year revenue guidance for fiscal 2026 at $875 million to $925 million, a 14% to 20% increase over fiscal 2025. President and CEO John Hewitt highlighted the company’s disciplined execution and improving consolidated margin performance, noting that demand in core segments remains positive. COO and incoming CEO Shawn Payne emphasized that Kevin built a strong finance organization to support the company’s next growth phase.
Investors reacted cautiously to the combined news of an earnings miss and a senior‑executive transition, reflecting concerns about short‑term performance and the impact of leadership changes on the company’s strategic trajectory.
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