Mastech Digital, Inc. (MHH) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Exhibit 99.1

FOR IMMEDIATE RELEASE:

Mastech Digital Reports Healthy Second Quarter 2021 Results

Achieved 13% Year-over-Year Revenue growth and higher sequential Net Income compared to First Quarter 2021

PITTSBURGH, PA –July 28, 2021—

Second Quarter 2021 Highlights:

Second Quarter Results:

Revenues for the second quarter of 2021 totaled $53.7 million, compared to $47.6 million during the corresponding quarter last year. Gross profits in the second quarter of 2021 were $14.3 million, compared to $12.7 million in the second quarter of 2020. GAAP net income for the second quarter of 2021 totaled $3.7 million or $0.31 per diluted share, compared to $3.0 million or $0.25 per diluted share during the same period last year. Non-GAAP net income for the second quarter of 2021 was $3.4 million or $0.29 per diluted share, compared to $3.9 million or $0.33 per diluted share in the second quarter of 2020.

Activity levels at the Company’s Data and Analytics Services segment improved during the quarter as bookings and pipeline opportunities were strong and sequential revenues grew by 2% during the quarter. Project delays, which impacted the segment’s first six-month 2021 results, have shown signs of abatement with a number of material orders received during the second quarter. Demand for the Company’s IT Staffing Services segment continued to be very strong, with an 8% expansion in billable-consultant headcount during the quarter. Thus far in 2021, the billable-consultant headcount has already increased by 18% from our year-end 2020 headcount, which has more than offset the billable headcount decline experienced during the pandemic-impacted 2020 fiscal year.

Vivek Gupta, the Company’s President and Chief Executive Officer stated “We continued to see further recovery in our Data and Analytics Services segment during the second quarter and our IT Staffing Services segment saw a strong increase in new engagements. Strong bookings, pipeline opportunities and “near term” workable orders secured during the second quarter bode well for our Data and Analytics business as we enter the second half of 2021.”