Mattr (MATR) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $321.8M, up 1% year-over-year, with sequential revenue and adjusted EBITDA growth driven by strong sales in mining, utility, water management, and retail fuel markets, overcoming typical seasonal slowness.

• Composite Technologies set a new first-quarter sales record for Xerxes, powering year-over-year revenue growth and margin improvement.

• Operational efficiency gains across the modernized North American manufacturing network contributed to margin progression.

• Strategic shift to a localized supply chain mitigated impacts from U.S. copper tariffs and Middle East conflict.

• Secured a large international Flexpipe order post-quarter, expected to be delivered in H2 2026.

Financial highlights

• Q1 2026 revenue was $321.8M, up 1% year-over-year; Composite Technologies revenue grew 2% to $134.8M, with adjusted EBITDA up 15%.

• Adjusted EBITDA was $39.6M, down 20% year-over-year, but improved sequentially from Q4 2025; margin at 12.3%.

• Operating income was $22.6M, up 22.3% year-over-year; diluted EPS was $0.12.

• Q1 is typically the largest working capital investment quarter, with increased accounts receivable and inventories.

• Capital expenditures in Q1 totaled $9M; full year capex expected at $35–$45M.

Outlook and guidance

• Full-year 2026 adjusted EBITDA outlook raised, now expected to be similar to 2025 after adding back $10M of prior year MEO expense.

• Q2 2026 adjusted EBITDA expected to improve from Q1, with Q2 and Q3 typically being the strongest quarters.

• Composite Technologies revenue expected to rise in 2026, while Connection Technologies revenue is expected to remain flat.

• International Flexpipe order (over $20M) to be recognized in the second half, supporting a favorable outlook.

• Strategic focus on growth in Xerxes fuel and water markets, higher-margin wire and cable, and Flexpipe commercialization.