• Revenue decreased 12.1% to $74.8 million
• Net loss after tax of $2.2 million
• Continued growth in subsea buoyancy products

Matrix Composites & Engineering Ltd recorded revenue of $74.8 million for the financial year ended 30 June 2025, a 12% decline from the prior year. This was driven by a subdued market for the company's drilling buoyancy products, though momentum in its subsea umbilicals, risers and flowlines (SURF) buoyancy products, which accounted for 80% of total revenue, helped offset this. The company reported a net loss after tax of $2.2 million, compared to a profit of $3.6 million in the previous year, as overheads increased due to investments in product diversification and expansion. Cash inflow from operating activities was $0.4 million, down from $10.9 million in the prior year, while investing cash outflow was $5.1 million, mainly related to purchases of plant and equipment and moulds for the buoyancy projects. The company maintained its state-of-the-art manufacturing facility in Henderson, Western Australia, which provides capabilities in composite syntactic foam, engineering thermoplastics, and composite laminates.