Metatek-Group (MTEK) Q2 2026 earnings summary

Executive summary

• Largest contract to date in Nigeria commenced after extended mobilization, with airborne operations starting late in Q2 and continuing into Q3, contributing to backlog growth.

• Revenue for Q2 2026 was $2.8 million, down from $4.5 million in Q2 2025, mainly due to project timing, mobilization delays, and regional disruptions.

• Recent contract wins in the Philippines, North Africa, and Azerbaijan, with adjusted backlog rising to $89 million from $77 million sequentially.

• Operations in the Middle East ceased due to conflict, impacting dFTG project activity and revenue.

• Capacity expansion underway, including new eFTG systems from Lockheed Martin and refurbishment of iFTG for marine applications.

Financial highlights

• Q2 revenue was $2.8 million, down from $4.5 million year-over-year due to delayed project starts and platform downtime.

• Gross profit was $1 million (36% margin), compared to $2.6 million (57% margin) in Q2 2025; margins expected to recover as utilization rises.

• Adjusted EBITDA was a loss of $1 million, versus positive $1.4 million in the prior year.

• Operating expenses increased to $3 million from $1.7 million, reflecting growth investments and public company costs.

• Cash and equivalents at quarter-end were $11.9 million, with minimal debt.

Outlook and guidance

• Full-year 2026 revenue guidance set at $28–32 million, with adjusted EBITDA of $11–13 million.

• Utilization and activity levels expected to increase in H2, supporting improved financial performance.

• Execution of signed contracts and permitting underway for key projects in H2 2026.

• Capacity expansion and new contract wins expected to drive backlog and revenue visibility.