MISTRAS Announces Fourth Quarter and Full Year 2024 Results

Full year 2024 Revenue Growth of 3.4%, Net Income increased 208.6% to $19.0 million Full year 2024 Adjusted EBITDA (non-GAAP) of $82.5 million, an increase of 25.3% Full year 2024 Net Cash from Operations of $50.1 million, an increase of 87.4%; Free Cash Flow (non-GAAP) of $27.1 million, an increase of 775.9% Full year 2024 Selling, General and Administrative expenses decreased $10.4 million or 6.2% PRINCETON JUNCTION, N.J., March 05, 2025 (GLOBE NEWSWIRE) -- MISTRAS Group, Inc. (MG: NYSE), a leading "one source" multinational provider of integrated technology-enabled asset protection solutions, reported financial results for its fourth quarter and twelve months ended December 31, 2024. Highlights of the Fourth Quarter 2024* Income from Operations of $10.5 million Net income of $5.3 million and Earnings Per Diluted Share of $0.17Adjusted EBITDA of $20.9 million, an increase of 9.2%Net Cash from Operations of $25.7 million and Free Cash Flow of $20.8 million Highlights of the Full Year 2024* Income from Operations of $39.8 million Net income of $19.0 million and Earnings Per Diluted Share of $0.60Adjusted EBITDA of $82.5 million, an increase of 25.3% Net Cash from Operations of $50.1 million and Free Cash Flow of $27.1 million * All comparisons are consolidated and versus the equivalent prior year period, unless otherwise noted. Please see the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about the non-GAAP financial measures set forth in tables attached to this press release. Manny Stamatakis, Executive Chairman of the Board of Directors commented “I want to reflect on the life of Dr. Sotirios J. Vahaviolos, the Company’s Founder, Chairman Emeritus, and a Director on the Board of Directors, given his passing nearly one month ago on February 6, 2025. On behalf of the Board of Directors and the entire MISTRAS family I want to express our profound appreciation for the immeasurable contributions Dr. Vahaviolos made to our Company, our shareholders, and the communities we serve. A visionary leader and pioneer in the field of non-destructive testing (“NDT”) and acoustic emission (“AE”), Dr. Vahaviolos founded MISTRAS (originally Physical Acoustics Corporation) in 1978, and dedicated over four decades to building the Company into a global leader in testing, inspection, and asset protection solutions. His expertise, leadership, and commitment to excellence were instrumental in shaping the Company’s strategic direction and fostering a culture of innovation that remains at the core of MISTRAS today. His legacy will endure and live on as we move MISTRAS forward in his memory. Our Products and Systems segment, along with our NDT and AE services will remain essential competencies at the core of MISTRAS, enabling the Company to deliver on its overall mission and purpose.” Mr. Stamatakis continued, “the Company’s consolidated fourth quarter results exceeded our annual revised guidance, with the bottom line expanding significantly, demonstrating the margin accretive actions that we have instituted into our business model. On a full year basis, revenue was up in all reported segments and across all of our industries that we serve, illustrating the increasing diversity of our growing end markets. Adjusted EBITDA was up over 25% versus the prior year, reflecting significant improvement in our operating leverage, and our Adjusted EBITDA margin expanded by 200 basis points over the prior year. Our income from operations of $39.8 million for the full year 2024 was the highest level for this metric since 2016. I am also pleased with our fourth consecutive quarter generating Net Income growth, which was a function of continued annual revenue growth, gross profit expansion, and selling, general and administrative expenses (“SG&A”) reduction. I am extremely confident in the future of MISTRAS, and I will remain involved in overseeing the strategic path forward for the new invigorated senior leadership team, led by our new President and Chief Executive Officer, Natalia Shuman.” Ms. Shuman commented, “I am honored to be leading MISTRAS into its next phase of growth, building on our strong foundation and driving meaningful value for all our stakeholders. I have spent my first sixty days on the job, actively talking to customers, being in the field at our In-house Laboratories meeting with employees, as well as discussing strategy with Manny, the Board of Directors and other stakeholders. Given the Company’s strong partnerships with our valuable customers, leading technologies, and committed management team, which come together to create a solid foundation that aligns with our long-term vision, I am very excited for our prospect of continued profitable growth heading into 2025 and beyond.” Edward Prajzner, Senior Executive Vice President and Chief Financial Officer, commented, “due to our improved results and operating leverage, we generated $25.7 million of operating cash flow and $20.8 million of free cash flow during the fourth quarter. We used this cash flow to pay down $20.1 million of bank borrowings during the fourth quarter, and our bank defined leverage level dropped to below 2.5X as of December 31, 2024. We continue to fund our organic growth initiatives, including our investment in capital expenditures, with our operating cash flow, strengthening our capabilities and footprint to better support our customers.” Full year 2024 consolidated revenue was $729.6 million, a 3.4% increase. Revenue increased in all reported segments and across all industries served in 2024, led by strong performance in the Aerospace and Defense industry, which experienced a substantial revenue increase of 13.0% on a full year basis to $87.0 million. Full year 2024 gross profit increased to $213.1 million compared to the prior period, with gross profit margin expanding 30 basis points. The increase in gross profit margin to 29.2% was primarily due to the strong growth in our Aerospace and Defense industry business, which has higher margins. SG&A for the full year 2024 was $156.4 million, down 6.2% compared to $166.7 million in 2023, as a result of ongoing cost calibration discipline. SG&A for the twelve months ended December 31, 2024 was 21.4% of revenue, a 220 basis point reduction from the prior year period. Reorganization and other costs were $5.5 million for full year 2024, compared with $12.3 million in the prior year period. These costs were incurred to facilitate the Company’s cost containment and recalibration of our initiatives. The Company reported net income of $19.0 million, or $0.60 per diluted share for the year ended December 31, 2024. Full year 2024 net income excluding special items (non-GAAP) was $22.7 million or $0.72 per diluted share excluding special items (non-GAAP). Adjusted EBITDA was $82.5 million for the full year 2024 compared to $65.8 million in the prior year period, an increase of 25.3%. The increase in Adjusted EBITDA was primarily attributable to a favorable business mix and overhead cost containment initiatives. Performance by certain segments during the fourth quarter was as follows: North America segment fourth quarter 2024 revenue was $136.9 million, down 7.5% from $148.0 million in the prior year period. The revenue decrease was primarily due to the anticipated decrease in revenue in the Oil & Gas industry as a result of a moderate Fall turnaround season in 2024. For the fourth quarter of 2024, gross profit was $38.9 million, compared to $42.9 million in the prior year period. Gross profit margin was 28.4% for the fourth quarter of 2024, a 60 basis point decrease from the prior year period. This decrease in gross profit margin was primarily due to an unfavorable sale mix. International segment fourth quarter 2024 revenue was $35.0 million, up 3.6% from $33.8 million in the prior year period. Our International segment revenue increased each quarter of 2024 compared to the prior year periods, with an increase of 9.3% on a full year basis. International segment fourth quarter 2024 gross profit was $10.1 million, with a gross profit margin of 29.0%, compared to 27.7% in the prior year period. On a full year basis, our International segment 2024 gross profit was $39.8 million, an increase of $6.2 million, or 18.5%, over the prior year period, with gross profit margin increasing to 29.3% in 2024 from 27.0% in 2023. This 230-basis point increase was primarily attributable to improved operating leverage and a favorable business mix. Products and Systems segment experienced a strong growth in profitability with a 5.2% increase in revenue to $13.7 million for full year 2024 compared to $13.0 million in 2023, and an 840.1% increase in income from operations to $2.5 million in 2024 compared to $0.3 million in 2023. This success was driven by cost reductions and efficiency improvements. Cash Flow and Balance Sheet The Company’s net cash provided by operating activities was $50.1 million for the full year 2024, compared to $26.7 million in the prior year period. Free cash flow, a non-GAAP financial measure, was $27.1 million for full year 2024, compared to $3.1 million in the prior year period. This increase was primarily attributable to significantly improved financial results in 2024 and improvements in working capital management, particularly an accounts receivable reduction despite the higher level of revenue. Capital expenditures were fairly consistent year over year, at $23.0 million for full year 2024 compared to $23.6 million in the prior year period. The Company is continuing to invest in efficiency opportunities including internal workflow automation, and productivity enhancements. The Company’s gross debt was $169.6 million as of December 31, 2024, compared to $190.4 million as of December 31, 2023, a decrease of $20.8 million. The decrease in gross debt year over year was attributable to the favorable cash flow impacts described above. The Company’s net debt, a non-GAAP financial measure, was $151.3 million as of December 31, 2024, compared to $172.8 million as of December 31, 2023. 2025 OutlookThe Company is not providing full year guidance for fiscal 2025 at this juncture and will continue to review its entire portfolio with a focus on continuing to grow Adjusted EBITDA and earnings per share, and to improve margins. Additionally, the US Dollar to Euro exchange rate strengthened since the Company set its budget for 2025, and this unanticipated foreign exchange translation (“FX”) risk could unfavorably impact actual revenue translation in 2025. The Company believes this FX risk will be essentially neutral on Adjusted EBITDA margin and other profitability metrics. Nevertheless, the Company will be assessing this FX risk, as well as the potential impact of the recently announced U.S. foreign tariffs on its business and financial results for fiscal 2025. Once this evaluation is complete, the Company anticipates releasing guidance for fiscal 2025, with the goal of driving profitable growth. Conference Call In connection with this release, MISTRAS will hold a conference call on March 6, 2025, at 9:00 a.m. (Eastern).To listen to the live webcast of the conference call, visit the Investor Relations section of MISTRAS’ website at www.mistrasgroup.com. Individuals wishing to participate may preregister at: https://register.vevent.com/register/BIf16da158e8294da5b6ef32a17c5655a8 Upon registering, a dial-in number and unique PIN will be provided to join the conference call. Following the conference call, an archived webcast of the event will be available for one year by visiting the Investor Relations section of MISTRAS’ website. About MISTRAS Group, Inc. - One Source for Asset Protection Solutions®MISTRAS Group, Inc. (NYSE: MG) is a leading "one source" multinational provider of integrated technology-enabled asset protection solutions, helping to maximize the safety and operational uptime for civilization’s most critical industrial and civil assets. Backed by an innovative, data-driven asset protection portfolio, proprietary technologies, strong commitment to Environmental, Social, and Governance (ESG) initiatives, and a decades-long legacy of industry leadership, MISTRAS leads clients in the oil and gas, petrochemical, aerospace and defense, industrials, power generation and transmission (including alternative and renewable energy), other process industries and infrastructure, research and engineering and other industries towards achieving and maintaining operational excellence. By supporting these customers that help fuel our vehicles and power our society and inspecting components that are trusted for commercial, defense, and private space MISTRAS helps the world at large with its asset integrity risk mitigation. MISTRAS enhances value for its clients by integrating asset protection throughout supply chains and centralizing integrity data through a suite of Industrial Internet of Things -connected digital software and monitoring solutions. The Company’s core capabilities also include non-destructive testing field and inspections enhanced by advanced robotics, laboratory quality control, laboratory materials services, in-house laboratory assurance testing, sensing technologies and NDT equipment, asset and mechanical integrity engineering services, and light mechanical maintenance and access services. For more information about how MISTRAS helps protect civilization’s critical infrastructure and the environment, visit https://www.mistrasgroup.com/. MEDIA CONTACT:Nestor S. MakarigakisGroup Vice-President of Marketing and Communications+1 (609) 716-4000 | marcom@mistrasgroup.com Forward-Looking and Cautionary StatementsCertain statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, the impacts of foreign currency exchange risks and recently announced U.S. foreign tariffs on our business and financial results, costs savings and other benefits we expect to continue to realize from our previously announced Project Phoenix initiatives and additional operational and strategic actions that we expect or seek to take in furtherance of our strategies and activities to enhance our financial results and future growth. Such forward-looking statements relate to MISTRAS' financial results and estimates, products and services, business model, Project Phoenix initiatives, operational and strategic initiatives to improve operating leverage, strategy, growth opportunities, profitability and competitive position, and other matters. These forward-looking statements generally use words such as "future," "possible," "potential," "targeted," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict," "project," "will," "may," "should," "could," "would" and other similar words and phrases. Such statements are not guarantees of future performance or results and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved, if at all. These statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. A list, description and discussion of these and other risks and uncertainties can be found in the "Risk Factors" section of the Company's 2023 Annual Report on Form 10-K filed on March 11, 2024, as updated by our reports on Form 10-Q and Form 8-K. The forward-looking statements are made as of the date hereof, and MISTRAS undertakes no obligation to update such statements as a result of new information, future events or otherwise. Use of Non-GAAP Financial MeasuresIn addition to financial information prepared in accordance with generally accepted accounting principles in the U.S. (GAAP), this press release also contains adjusted financial measures that are not prepared in accordance with GAAP and that we believe provide investors and management with supplemental information relating to the Company’s operating performance and trends that facilitate comparisons between periods and with respect to trends and projected information. The term "Adjusted EBITDA" used in this release is a financial measure not calculated in accordance with GAAP and is defined by the Company as net income attributable to MISTRAS Group, Inc. plus: interest expense, provision for income taxes, depreciation and amortization, share-based compensation expense, certain acquisition related costs (including transaction due diligence costs and adjustments to the fair value of contingent consideration), foreign exchange (gain) loss, non-cash impairment charges, reorganization and other costs and, if applicable, certain additional special items which are noted. A reconciliation of Adjusted EBITDA to Net Income (Loss) as computed under GAAP is set forth in a table attached to this press release. The Company also uses the term “free cash flow”, a non-GAAP financial measure the Company defines as cash provided by operating activities less capital expenditures (which is classified as an investing activity). The Company additionally uses the terms: “Segment and Total Company Income (Loss) from Operations (GAAP) to Income (Loss) from Operations before Special Items (non-GAAP)”, “Net Income (Loss) (GAAP) and Diluted EPS (GAAP) to Net Income Excluding Special Items (non-GAAP) and Diluted EPS Excluding Special Items (non-GAAP)” which reconciles the non-GAAP amounts to the GAAP financial measure. This press release also includes the term “net debt”, a non-GAAP financial measure which the Company defines as the sum of the current and long-term portions of long term debt, less cash and cash equivalents. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are also set forth in tables attached to this press release. Each of these non-GAAP financial measures has material limitations as a performance or liquidity measure and should not be considered alternatives to Net Income (Loss) or any other measures derived in accordance with GAAP. Because Income (loss) from operations before special items and other non-GAAP financial measures used in this press release may not be calculated in the same manner by all companies, these measures may not be comparable to other similarly-titled measures used by other companies. Mistras Group, Inc. and SubsidiariesUnaudited Consolidated Balance Sheets(in thousands, except share and per share data) December 31, 2024 2023 ASSETS Current Assets Cash and cash equivalents$18,317 $17,646 Accounts receivable, net 127,281 132,847 Inventories 14,485 15,283 Prepaid expenses and other current assets 12,387 14,580 Total current assets 172,470 180,356 Property, plant and equipment, net 80,892 80,972 Intangible assets, net 39,708 43,994 Goodwill 181,442 187,354 Deferred income taxes 6,267 2,316 Other assets 42,259 39,784 Total Assets$523,038 $534,776 LIABILITIES AND EQUITY Current Liabilities Accounts payable$11,128 $17,032 Accrued expenses and other current liabilities 85,233 84,331 Current portion of long-term debt 11,591 8,900 Current portion of finance lease obligations 5,317 5,159 Income taxes payable 1,656 1,101 Total current liabilities 114,925 116,523 Long-term debt, net of current portion 158,056 181,499 Obligations under finance leases, net of current portion 15,162 11,261 Deferred income taxes 1,973 2,552 Other long-term liabilities 34,027 32,438 Total Liabilities$324,143 $344,273 Equity Preferred stock, 10,000,000 shares authorized — — Common stock, $0.01 par value, 200,000,000 shares authorized, 31,010,375 and 30,597,633 shares issued 402 305 Additional paid-in capital 250,832 247,165 Accumulated Deficit (9,984) (28,942)Accumulated other comprehensive loss (42,682) (28,336)Total Mistras Group, Inc. stockholders’ equity 198,568 190,192 Non-controlling interests 327 311 Total Equity 198,895 190,503 Total Liabilities and Equity$523,038 $534,776 Mistras Group, Inc. and SubsidiariesUnaudited Consolidated Statements of Income (Loss)(in thousands, except per share data) For the quarter endedDecember 31, For the year endedDecember 31, 2024 2023 2024 2023 Revenue$172,731 $182,073 $729,640 $705,473 Cost of revenue 115,358 122,365 492,928 477,671 Depreciation 6,047 6,081 23,603 23,995 Gross profit 51,326 53,627 213,109 203,807 Selling, general and administrative expenses 35,289 42,914 156,388 166,749 Reorganization and other costs 2,085 6,252 5,515 12,269 Environmental expense 872 — 1,660 — Legal settlement and litigation charges (benefit), net — 908 (808) 1,058 Goodwill impairment charges — — — 13,799 Research and engineering 303 295 1,119 1,723 Depreciation and amortization 2,237 2,548 9,407 10,104 Acquisition-related expense, net 1 4 2 9 Income (loss) from operations 10,540 706 39,826 (1,904)Other income (6) — (1,485) — Interest expense 3,883 4,668 17,067 16,761 Income (loss) before provision (benefit) for income taxes 6,663 (3,962) 24,244 (18,665)Provision (benefit) for income taxes 1,365 (1,449) 5,274 (1,220)Net income (loss) 5,298 (2,513) 18,970 (17,445)Less: net income attributable to noncontrolling interests, net of taxes 20 1 12 8 Net income (loss) attributable to Mistras Group, Inc.$5,278 $(2,514) $18,958 $(17,453)Earnings (loss) per common share Basic$0.17 $(0.08) $0.61 $(0.58)Diluted$0.17 $(0.08) $0.60 $(0.58)Weighted average common shares outstanding: Basic 31,002 30,473 30,926 30,330 Diluted 31,660 30,473 31,608 30,330 Mistras Group, Inc. and SubsidiariesUnaudited Operating Data by Segment(in thousands) For the quarter endedDecember 31, For the year endedDecember 31, 2024 2023 2024 2023 Revenue North America$136,938 $148,035 $593,527 $579,330 International 34,998 33,750 135,969 124,414 Products and Systems 3,802 3,089 13,661 12,986 Corporate and eliminations (3,007) (2,801) (13,517) (11,257)Total$172,731 $182,073 $729,640 $705,473 For the quarter endedDecember 31, For the year endedDecember 31, 2024 2023 2024 2023 Gross profit North America$38,866 $42,872 $165,679 $163,960 International 10,145 9,363 39,812 33,610 Products and Systems 2,293 1,684 7,526 6,457 Corporate and eliminations 21 (294) 92 (220)Total$51,325 $53,625 $213,109 $203,807 Gross profit as a % of Revenue 29.7% 29.5% 29.2% 28.9% Mistras Group, Inc. and SubsidiariesUnaudited Revenues by Category(in thousands) Revenue by industry was as follows: Three Months Ended December 31, 2024North America International Products Corp/Elim TotalOil & Gas$86,490 $10,474 $35 $— $96,999 Aerospace & Defense 14,959 5,693 20 — 20,672 Industrials 11,263 7,018 379 — 18,660 Power Generation & Transmission 8,082 1,612 285 — 9,979 Other Process Industries 6,221 4,853 147 — 11,221 Infrastructure, Research & Engineering 4,869 2,844 1,499 — 9,212 Petrochemical 2,970 234 — — 3,204 Other 2,084 2,270 1,437 (3,007) 2,784 Total$136,938 $34,998 $3,802 $(3,007) $172,731 Three Months Ended December 31, 2023North America International Products Corp/Elim TotalOil & Gas$97,558 $10,324 $72 $— $107,954 Aerospace & Defense 14,484 4,817 11 — 19,312 Industrials 11,825 8,018 437 — 20,280 Power Generation & Transmission 5,764 1,769 578 — 8,111 Other Process Industries 8,129 3,889 39 — 12,057 Infrastructure, Research & Engineering 3,924 2,773 409 — 7,106 Petrochemical 3,189 329 — — 3,518 Other 3,162 1,831 1,543 (2,801) 3,735 Total$148,035 $33,750 $3,089 $(2,801) $182,073 Year ended December 31, 2024North America International Products Corp/Elim TotalOil & Gas$376,333 $42,315 $275 $— $418,923 Aerospace & Defense 63,111 23,785 120 — 87,016 Industrials 44,310 25,498 1,857 — 71,665 Power Generation and Transmission 27,035 7,629 1,854 — 36,518 Other Process Industries 32,353 17,190 302 — 49,845 Infrastructure, Research & Engineering 19,155 10,606 3,400 — 33,161 Petrochemical 14,437 1,134 — — 15,571 Other 16,793 7,812 5,853 (13,517) 16,941 Total$593,527 $135,969 $13,661 $(13,517) $729,640 Year ended December 31, 2023North America International Products Corp/Elim TotalOil & Gas$379,221 $36,615 $159 $— $415,995 Aerospace & Defense 56,000 20,711 286 — 76,997 Industrials 42,518 26,292 1,773 — 70,583 Power Generation and Transmission 23,598 6,609 3,767 — 33,974 Other Process Industries 33,035 14,456 112 — 47,603 Infrastructure, Research & Engineering 16,620 9,320 3,168 — 29,108 Petrochemical 13,216 1,216 — — 14,432 Other 15,122 9,195 3,721 (11,257) 16,781 Total$579,330 $124,414 $12,986 $(11,257) $705,473 Mistras Group, Inc. and SubsidiariesUnaudited Revenues by Category (continued)(in thousands) Revenue by Oil & Gas Sub-category was as follows: For the quarter ended December 31, Year ended December 31, 2024 2023 2024 2023 Oil and Gas Revenue by sub-category Upstream$39,790 $40,887 $167,741 $157,828 Midstream 20,401 26,539 88,630 101,278 Downstream 36,808 40,528 162,552 156,889 Total$96,999 $107,954 $418,923 $415,995 Consolidated Revenue by type was as follows: For the quarter ended December 31, For the year ended December 31, 2024 2023 2024 2023 Field Services$114,681 $121,932 $502,810 $470,433 Shop Laboratories 15,417 15,972 64,564 58,188 Data Analytical Solutions 17,353 19,542 69,152 72,457 Other 25,280 24,627 93,114 104,394 Total$172,731 $182,073 $729,640 $705,472 Mistras Group, Inc. and SubsidiariesUnaudited Reconciliation ofSegment and Total Company Income (Loss) from Operations (GAAP) to Income (Loss) from Operations before Special Items (non-GAAP)(in thousands) For the quarter endedDecember 31, For the year endedDecember 31, 2024 2023 2024 2023 North America: Income from operations (GAAP)$12,544 $15,451 $62,286 $55,170 Reorganization and other costs 1,119 386 2,046 960 Legal settlement and insurance (recoveries) charges, net — 908 (808) 1,058 Income before special items (unaudited, non-GAAP)$13,663 $16,745 $63,524 $57,188 International: Income (loss) from operations (GAAP)$1,727 $802 $6,275 $(12,229)Goodwill Impairment charges — — — 13,799 Reorganization and other costs 676 123 1,086 351 Income before special items (unaudited, non-GAAP)$2,403 $925 $7,361 $1,921 Products and Systems: Income from operations (GAAP)$1,031 $345 $2,510 $267 Reorganization and other costs — 193 184 382 Income before special items (unaudited, non-GAAP)$1,031 $538 $2,694 $649 Corporate and Eliminations: Loss from operations (GAAP)$(4,762) $(15,892) $(31,245) $(45,112)Environmental expense 872 — 1,660 — Reorganization and other costs 290 5,550 2,199 10,576 Acquisition-related expense, net 2 4 2 9 Loss before special items (unaudited, non-GAAP)$(3,598) $(10,338) $(27,384) $(34,527) Total Company Income (loss) from operations (GAAP)$10,540 $706 $39,826 $(1,904)Goodwill Impairment charges — — — 13,799 Reorganization and other costs 2,085 6,252 5,515 12,269 Legal settlement and insurance (recoveries) charges, net — 908 (808) 1,058 Environmental expense 872 — 1,660 — Acquisition-related expense, net 1 4 2 9 Income before special items (unaudited, non-GAAP)$13,498 $7,870 $46,195 $25,231 Mistras Group, Inc. and SubsidiariesUnaudited Summary Cash Flow Information(in thousands) For the quarter endedDecember 31, For the year endedDecember 31, 2024 2023 2024 2023 Net cash provided by (used in): Operating activities$25,658 $16,064 $50,129 $26,748 Investing activities (4,214) (6,963) (21,366) (22,133)Financing activities (21,151) (5,867) (27,398) (7,706)Effect of exchange rate changes on cash (2,336) 1,660 (694) 249 Net change in cash and cash equivalents$(2,043) $4,894 $671 $(2,842) Mistras Group, Inc. and SubsidiariesUnaudited Reconciliation of Net Cash Provided by Operating Activities (GAAP) to Free Cash Flow (non-GAAP)(in thousands) For the quarter endedDecember 31, For the year endedDecember 31, 2024 2023 2024 2023 Net cash provided by operating activities (GAAP)$25,658 $16,064 $50,129 $26,748 Less: Purchases of property, plant and equipment (3,587) (6,451) (17,902) (20,854)Purchases of intangible assets (1,252) (927) (5,084) (2,795)Free cash flow (non-GAAP)$20,819 $8,686 $27,143 $3,099 Mistras Group, Inc. and SubsidiariesUnaudited Reconciliation of Gross Debt (GAAP) to Net Debt (non-GAAP)(in thousands) For the year endedDecember 31, 2024 2023 Current portion of long-term debt$11,591 $8,900 Long-term debt, net of current portion 158,056 181,499 Total Gross Debt (GAAP) 169,647 190,399 Less: Cash and cash equivalents (18,317) (17,646)Total Net Debt (non-GAAP)$151,330 $172,753 Mistras Group, Inc. and SubsidiariesUnaudited Reconciliation ofNet Income (Loss) (GAAP) to Adjusted EBITDA (non-GAAP)(in thousands) For the quarter endedDecember 31, For the year endedDecember 31, 2024 2023 2024 2023 Net income (loss)$5,298 $(2,513) 18,970 $(17,445)Less: Net income attributable to noncontrolling interests, net of taxes 20 1 12 8 Net income (loss) attributable to Mistras Group, Inc.$5,278 $(2,514) $18,958 $(17,453)Interest expense 3,883 4,668 17,067 16,761 Provision (benefit) for income taxes 1,365 (1,449) 5,274 (1,220)Depreciation and amortization 8,284 8,629 33,010 34,099 Share-based compensation expense 957 1,498 5,071 5,147 Goodwill Impairment charges — — — 13,799 Reorganization and other related costs, net 2,085 6,252 5,515 12,269 Legal settlement and insurance recoveries, net — 908 (808) 1,058 Acquisition-related expense, net 1 4 2 9 Environmental expense 872 — 1,660 — Other Income (6) — (1,485) — Foreign exchange (gain) loss (1,784) 1,182 (1,807) 1,331 Adjusted EBITDA$20,935 $19,178 $82,457 $65,800 Mistras Group, Inc. and SubsidiariesUnaudited Reconciliation ofNet Income (Loss) (GAAP) and Diluted EPS (GAAP) to Net Income Excluding Special Items (non-GAAP) and Diluted EPS Excluding Special Items (non-GAAP)(tabular dollars in thousands, except per share data) For the quarter ended December 31, For the year ended December 31, 2024 2023 2024 2023 Net income (loss) attributable to Mistras Group, Inc. (GAAP)$5,278 $(2,514) $18,958 $(17,453)Other Income (6) — (1,485) — Goodwill Impairment charges — — — 13,799 Reorganization and other related costs, net 2,085 6,252 5,515 12,269 Environmental Expense 872 — 1,660 — Legal settlement and insurance recoveries, net — 908 (808) 1,058 Acquisition-related expense, net 1 4 2 9 Special items total 2,952 7,164 4,884 27,135 Tax impact on special items (704) (1,787) (1,168) (3,256)Special items, net of tax$2,248 $5,377 $3,716 $23,879 Net income attributable to Mistras Group, Inc. Excluding Special Items (non-GAAP)$7,526 $2,863 $22,674 $6,426 Diluted EPS (GAAP)$0.17 $(0.08) $0.60 $(0.58)Special items, net of tax 0.07 0.18 0.12 0.79 Diluted EPS Excluding Special Items (non-GAAP)$0.24 $0.10 $0.72 $0.21

MISTRAS Announces Fourth Quarter and Full Year 2024 Results

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