Matrix Service Company is a North American engineering, procurement, fabrication, construction, and maintenance contractor serving energy and industrial infrastructure clients. Matrix does not own or operate infrastructure — it builds and maintains it for others. The company's core focus is specialty storage and terminal infrastructure, particularly cryogenic tanks and terminals for LNG, NGLs, ammonia, hydrogen, and related products. These are technically complex structures that require deep expertise in cryogenics and hazardous materials handling. Matrix also constructs and upgrades LNG peak shaving facilities for utilities, which store liquefied natural gas during low-demand periods and vaporize it during peak demand. Beyond its storage core, Matrix provides engineering and construction for power infrastructure (substations, natural gas power generation), and plant maintenance, turnarounds, and repairs for refineries and industrial facilities. Matrix operates through three segments: Storage and Terminal Solutions (its largest), Utility and Power Infrastructure, and Process and Industrial Facilities. Matrix wins work through competitive bidding and long-term Master Service Agreements, with roughly 90% of historical revenue coming from repeat customers. Revenue is recognized as projects progress, with large construction projects typically converting over 18 to 30 months. Matrix's profitability is highly sensitive to revenue volume due to fixed construction overhead — as revenue grows, overhead absorption improves and margins expand materially. Matrix entered FY26 with approximately $1.4B in backlog, and management is targeting consolidated gross margins of 10–12% as revenue scales.