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Mistras Group (MG) investor relations material
Mistras Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Achieved record Q2 2025 adjusted EBITDA of $24.1M, up nearly 9% year-over-year, with net income of $3.0M and EPS of $0.10; adjusted EPS excluding special items was $0.19.
Revenue was $185.4M, down 2.3% year-over-year, but flat when excluding lab closures and business exits; gross margin expanded by 200 basis points to 29.1%.
Strong organic growth in International (14%), PCMS Data Solutions (30%), Aerospace & Defense (7.4%), and Industrials (7.2%).
Strategic focus on digital transformation, high-margin projects, diversification, and operational efficiency.
SG&A expenses increased to $39.8M, mainly due to FX losses and higher reorganization costs.
Financial highlights
Q2 2025 revenue: $185.4M (down 2.3% YoY); gross profit: $53.9M (up 5.1% YoY); gross margin: 29.1%.
Adjusted EBITDA reached $24.1M, an all-time Q2 record, with margin up to 13%.
Net income was $3.0M ($0.10/diluted share); non-GAAP net income was $5.8M ($0.19/diluted share), both down year-over-year.
Operating cash flow was negative $3.5M for the first half, down from $5.1M prior year, due to working capital and ERP transition.
Free cash flow was negative $16.2M in H1, but trailing twelve-month free cash flow was $17.8M.
Outlook and guidance
No full-year 2025 revenue guidance due to portfolio review and market volatility.
2025 adjusted EBITDA expected to exceed 2024's level, which was the second highest annual result.
Free cash flow and receivables expected to normalize in H2 2025 as ERP system stabilizes.
Sufficient liquidity to fund operations; targeting year-end leverage ratio below 2.5x.
Anticipate strong H2 in oil and gas due to robust turnaround backlog.
Can Q2 gross margin expansion be sustained?
How will O&G midstream challenges be addressed?
Data center growth strategy and customer needs
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Next Mistras Group earnings date
Q3 202530 Oct, 2025
Next Mistras Group earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Mistras Group Inc is a provider of technology-enabled asset protection solutions, specializing in non-destructive testing (NDT) and inspection services. The company helps clients in industries such as oil and gas, aerospace, power generation, and infrastructure to monitor and assess the integrity of critical assets, including pipelines, pressure vessels, and bridges. Mistras offers a wide range of services, including acoustic emission testing, radiography, and advanced data analytics, to detect flaws, prevent failures, and extend the lifespan of equipment and structures. The company is headquartered in Princeton Junction, New Jersey, and its shares are listed on the NYSE.
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