Mattr (MATR) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $321.8M, up 1% year-over-year, with sequential growth driven by strong sales in mining, utility, and water management markets, and record performance for Xerxes in Composite Technologies.

• Adjusted EBITDA declined 20% year-over-year to $39.6M, but improved sequentially, with margin at 12.3%.

• Operational efficiency gains across the modernized North American manufacturing network contributed to margin progression, especially in Composite Technologies.

• Strategic focus on operational execution, technology development, and disciplined capital allocation to strengthen earnings quality and support growth in high-margin markets.

• Overcame typical seasonal slowness through business optimization and strong demand in key end markets.

Financial highlights

• Q1 2026 revenue was $321.8M, up 1% year-over-year, driven by strong Xerxes fuel and water product sales.

• Adjusted EBITDA was $39.6M, down 20% year-over-year, with margin at 12.3%; sequential improvement from Q4 2025.

• Composite Technologies segment saw a 15% year-over-year increase in adjusted EBITDA to $24.2M, with revenue up 2% to $134.8M.

• Connection Technologies revenue was $187.0M, flat year-over-year, with adjusted EBITDA down 20% to $24.4M due to less favorable product mix and higher copper prices.

• Q1 is typically the largest working capital investment quarter, with increased accounts receivable and inventory to support operational scaling.

Outlook and guidance

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

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

• Gradual upward trend anticipated in North American drilling and completion activity in the second half of 2026.

• Major international Flexpipe order (over CAD 20 million) secured post-quarter, to be recognized in H2 2026, supporting a favorable second-half outlook.

• Long-term aspiration to reach 20% EBITDA margin through operational efficiency and favorable revenue mix.