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.

• Revenue generated from additional eFTG data sales in Angola, demonstrating value creation beyond initial surveys.

• dFTG system faced operational delays due to regional military activity and ceased operations in the Middle East, but is now mobilizing to Azerbaijan for new contracts.

• Recent contract wins in the Philippines, Azerbaijan, and North Africa have expanded the backlog and diversified the customer base.

Financial highlights

• Q2 revenue was $2.8 million, down from $4.5 million year-over-year, impacted by project timing and mobilization delays.

• Gross profit was $1 million (36% margin), compared to $2.6 million (57% margin) in Q2 2025.

• Operating expenses rose to $3 million from $1.7 million year-over-year, reflecting growth investments.

• Adjusted EBITDA was a loss of $1 million, versus positive $1.4 million in Q2 2025.

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

Outlook and guidance

• Full-year fiscal 2026 guidance: revenue between $28 million and $32 million, adjusted EBITDA between $11 million and $13 million.

• Utilization and activity levels expected to materially improve in the second half of 2026.

• Capacity expansion initiatives underway, including new eFTG systems and iFTG refurbishment, to support future growth.

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