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Mistras Group, Inc.

CIK:0001436126|SEC Filings

Unaudited Condensed Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 193,132	$ 185,405	$ 362,166	$ 347,020
Cost of revenue	130,965	125,739	249,782	241,025
Depreciation	5,722	5,721	11,207	11,158
Gross profit	56,445	53,945	101,177	94,837
Selling, general and administrative expenses	38,722	39,793	75,708	75,445
Reorganization and other costs	1,527	2,951	2,002	6,038
Environmental expense	460	518	329	1,058
Research and engineering	243	269	464	568
Depreciation and amortization	2,547	1,986	5,046	4,312
Income from operations	12,946	8,428	17,628	7,416
Other income, net	(1,013)	0	(1,945)	0
Interest expense	4,138	4,239	7,017	7,563
Income (loss) before provision (benefit) for income taxes	9,821	4,189	12,556	(147)
Provision (benefit) for income taxes	2,269	1,063	2,647	(105)
Net income (loss)	7,552	3,126	9,909	(42)
Less: net income (loss) attributable to noncontrolling interests, net of taxes	(29)	109	(60)	127
Net income (loss) attributable to Mistras Group, Inc.	$ 7,581	$ 3,017	$ 9,969	$ (169)
Net income per common share:
Basic (in dollars per share)	$ 0.24	$ 0.10	$ 0.31	$ 0
Diluted (in dollars per share)	$ 0.23	$ 0.10	$ 0.30	$ 0
Weighted-average common shares outstanding:
Basic (in shares)	31,831	31,439	31,725	31,268
Diluted (in shares)	32,924	31,693	32,822	31,268

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 9,909	$ (42)
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	16,253	15,470
Deferred income taxes	989	(48)
Share-based compensation expense	3,803	4,602
Bad debt provision for troubled customers, net of recoveries	118	553
Foreign currency (gain) loss	(1,945)	3,155
Other	(1,858)	(712)
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions
Accounts receivable	(8,420)	(28,384)
Inventories	(2,869)	(206)
Prepaid expenses and other assets	1,759	(6,306)
Accounts payable	3,443	6,376
Accrued expenses and other liabilities	(2,410)	2,325
Income taxes payable	(1,054)	(402)
Net cash provided by (used in) operating activities	17,718	(3,619)
Cash flows from investing activities
Purchase of property, plant and equipment	(10,730)	(10,002)
Purchase of intangible assets	(3,247)	(2,292)
Proceeds from sale of equipment	2,115	878
Net cash used in investing activities	(11,862)	(11,416)
Cash flows from financing activities
Repayment of finance lease obligations	(3,584)	(3,027)
Repayment of long-term debt	(6,574)	(5,171)
Proceeds from revolver	27,700	47,000
Repayment of revolver	(27,000)	(22,400)
Distribution to non-controlling interests	(141)	0
Taxes paid related to net share settlement of share-based awards	(1,637)	(1,492)
Net cash (used in) provided by financing activities	(11,236)	14,910
Effect of exchange rate changes on cash and cash equivalents	(640)	1,765
Net change in cash and cash equivalents	(6,020)	1,640
Cash and cash equivalents at beginning of period	28,008	18,317
Cash and cash equivalents at end of period	21,988	19,957
Supplemental disclosure of cash paid
Interest, net	5,701	6,908
Income taxes, net of refunds	2,943	6,776
Noncash investing and financing
Equipment acquired through finance lease obligations	7,701	3,731
Capital expenditures included in accounts payable and accrued liabilities	$ 3,377	$ 1,362

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 21,988	$ 28,008
Accounts receivable, net	161,759	154,673
Inventories	16,733	14,002
Prepaid expenses and other current assets	18,021	19,509
Total current assets	218,501	216,192
Property, plant and equipment, net	100,241	93,164
Intangible assets, net	38,060	38,407
Goodwill	182,201	184,829
Deferred income taxes	5,641	5,377
Other assets	39,478	40,812
Total assets	584,122	578,781
Current Liabilities
Accounts payable	21,672	14,943
Accrued expenses and other current liabilities	84,456	88,026
Current portion of long-term debt	12,829	12,849
Current portion of finance lease obligations	8,136	7,025
Income taxes payable	424	1,465
Total current liabilities	127,517	124,308
Long-term debt, net of current portion	159,264	165,143
Obligations under finance leases, net of current portion	20,109	17,340
Deferred income taxes	2,468	1,264
Other long-term liabilities	34,588	35,081
Total liabilities	343,946	343,136
Commitments and contingencies (Note 13)
Equity
Preferred stock, 10,000,000 shares authorized	0	0
Common stock, $0.01 par value, 200,000,000 shares authorized, 31,853,713 and 31,567,434 shares issued and outstanding	690	499
Additional paid-in capital	258,838	256,863
Accumulated earnings	16,822	6,853
Accumulated other comprehensive loss	(36,387)	(29,111)
Total Mistras Group, Inc. stockholders’ equity	239,963	235,104
Non-controlling interests	213	541
Total equity	240,176	235,645
Total liabilities and equity	$ 584,122	$ 578,781