On this page of StockholderLetter.com we present the latest annual shareholder letter from Mistras Group, Inc. — ticker symbol MG. Reading current and past MG letters to shareholders can bring important insights into the investment thesis.

 •  6/2/2025 Letter Continued (Full PDF)
 •  4/12/2023 MG Stockholder Letter
 •  4/4/2024 MG Stockholder Letter
 •  4/9/2025 MG Stockholder Letter
 •  More "Business Services & Equipment" Category Stockholder Letters
 •  MG Benford's Law Stock Score = 83

MG Shareholder/Stockholder Letter Transcript:

2024
Annual Report
MISTRAS GROUP, INC.


Remembering Dr. Sotirios J. Vahaviolos:
A Legacy of Innovation and Leadership
With deep respect and gratitude, we would like to honor the life and legacy of Dr. Sotirios J. Vahaviolos   
MISTRAS Group Founder and Chairman and Chief Executive Officer for over four decades    
who passed away in early 2025.
Dr. Vahaviolos    pioneering vision, leadership, and relentless innovation not only shaped MISTRAS Group into
the company it is today, but also influenced the nondestructive testing (NDT) industry on a global scale.
Enduring Impact on MISTRAS Group
A true visionary, Dr. Vahaviolos envisioned the MISTRAS of today decades ago:
    Founded and guided MISTRAS, growing the company from a single office in
1978 to a global, NYSE publicly-listed industry leader.
    Created a culture of excellence, making continuous learning, collaboration,
and pushing the boundaries of technology and innovation central to the
MISTRAS culture.
    Provided opportunities for thousands, impacting the lives of MISTRAS
employees and shareholders for nearly 50 years and beyond.
Transforming the NDT Industry
Dr. Vahaviolos revolutionized the asset protection industry, leaving a lasting
impact on industrial safety:
    Pioneered Acoustic Emission (AE) technology, establishing AE as a
standard method within the NDT community, which enabled MISTRAS to
achieve a leading global market share.
    Championed industry-wide advancements by serving as President of the
American Society for Nondestructive Testing (ASNT) and playing a key role
in international NDT standardization.
    Earned prestigious recognitions, including being Lifetime Fellow of ASNT,
IEEE, and AEWG, and receiving recognitions for individual accomplishments
and lifetime contributions as an acoustic emission researcher
and practitioner.
A Vision that Guides the Future
Dr. Vahaviolos    passion for innovation and dedication to excellence will always
remain a driving force at MISTRAS. His unwavering belief in our mission underpins
our commitment to deliver advanced technology solutions that help safeguard
critical assets worldwide. As we look ahead, we draw on his legacy of leadership
and ingenuity to build lasting value for all our stakeholders   employees,
customers, and investors alike.

Key Financial Highlights
Revenues by End Market
($ In Millions)
(CY24)
Aerospace
12% & Defense
$730
$705
$687
Historical Revenues
23%
Upstream
2024
2023
2022
10% Industrials
Other Process
7% Industries
Generation
5% Power
& Transmission
22%
Research
5% Infrastructure,
& Engineering
Downstream
Adjusted EBITDA*
($ In Millions)
2% Petrochemical
2% All Other
12%
Revenues by Region
$66
$58
$82
Midstream
(CY24)
11%
17%
2024
2023
2022
Canada
Europe
69%
2%
United
States
AsiaPacific
1%
Other
Americas
Free Cash Flow*
$27
($ In Millions)
Net Income and Non-GAAP Net Income*
($ In Millions)
Net Income
GAAP
2024
2023
$3
$13
2022
$23
Non-GAAP
Net Income*
*As reported and reconciled in the
Company   s Form 8-K filed on March 5, 2025.
$6
$6
$19
$6
$-17
2022
2023
2024

Shareholder Letter
Dear Shareholders,
2024 was a year of forward momentum for MISTRAS. We
entered the year determined to build upon prior cost-saving
and growth-oriented initiatives, and we exited it with a
stronger balance sheet, improved operating leverage, and
renewed clarity in our strategic vision.
Honoring our Founder & Chairman Emeritus
We want to honor the life and legacy of our Founder and
Chairman Emeritus, Dr. Sotirios J. Vahaviolos, who passed
away in early 2025. A visionary leader and pioneer in the
field of non-destructive testing and acoustic emission, Dr.
In addition to further refining our cost structure to drive
Vahaviolos founded MISTRAS (originally Physical Acoustics
meaningful growth in adjusted EBITDA, our emphasis on
Corporation) in 1978, and dedicated over four decades
disciplined execution resulted in revenue gains across all
to building the Company into a global leader in testing,
reported segments and industries served. This balance
inspection, and asset protection solutions. His expertise,
between rising top-line performance and continued expense
leadership, and commitment to excellence were instrumental
calibration underscores our ongoing commitment to delivering
in shaping the Company   s strategic direction and fostering
value to all of our stakeholders.
a culture of innovation that remains at the core of
MISTRAS today. His legacy will continue to shape
These achievements speak to an organization
MISTRAS as we move forward in his memory.
that is both agile and deeply committed to the
industries we serve. In every decision, we
have remained centered on delivering the
highest-quality asset protection solutions
while creating a robust foundation for
sustained profitability. This culture of
adaptability and operational excellence
has led to new efficiencies and strategic
Our emphasis
on disciplined execution
resulted in revenue gains
across all reported
segments and
end markets served.
opportunities, ensuring that we are poised to
unlock even greater value for customers and
shareholders alike.
Financial Highlights of 2024
In 2024, MISTRAS achieved $729.6 million in consolidated
revenue   an increase of 3.4% compared to the prior year.
Simultaneously, our adjusted EBITDA rose by more than 25%
to $82.5 million, underscoring the positive impact of optimized
cost structures and operating leverage.
Our continued focus on disciplined execution was also evident
in the Company   s $39.8 million in operating income, marking
the highest level since 2016. Net income for 2024 was $19
million, or $0.60 per diluted share. On a non-GAAP basis, net
income rose to $22.7 million*, equivalent to $0.72 per diluted
share*   our highest adjusted EPS in nearly a decade. During

An Invigorated Leadership Team
We announced a significant transition
in our leadership, with Natalia Shuman
joining MISTRAS as President, Chief
Executive Officer and member of our Board
of Directors following a deliberate, rigorous
search. Natalia brings over two decades of
leadership experience to MISTRAS, including
executive management positions within the Testing,
Inspection, and Certification (TIC) industry. Natalia has a
proven track record of success, from driving transformative
growth and developing high-performing teams to leading
organizations through pivotal periods of change.
As Executive Chairman, Manny Stamatakis will remain
involved in overseeing the strategic path forward to maximize
shareholder value and to support the new invigorated senior
leadership team. With the full backing of Manny and the
entire Board of Directors, we firmly believe Natalia   s fresh
perspective and deep industry experience will drive MISTRAS   
continued evolution and keep us on the path of robust,
profitable growth.
the year, we also intensified our efforts to pay down gross
debt and streamline working capital, resulting in the strongest
pace of free cash flow generation we have seen in several
years.
*As reported and reconciled in the
Company   s Form 8-K filed on March 5, 2025.
continued on next page



 6/2/2025 Letter Continued (Full PDF)