DIRTT Q1 2024 revenue up 11% to $40.8M; swings to net income of $3.0M from loss

DIRTT ENVIRONMENTAL SOLUTIONS LTD

2024-Q1 EPS reported $0.01 revenue$40,847,000

Net income of $3.0M (7.5% margin) vs net loss of $11.4M in Q1 2023.
Adjusted EBITDA turned positive at $2.7M (6.5% of revenue) vs negative $3.5M.
Gross margin improved to 35.9% from 23.7% YoY on higher revenue and cost actions.
Liquidity increased to $47.5M from $35.0M at year-end; completed C$30M rights offering.
Completed C$7.0M issuer bid for debentures, reducing principal by C$10.5M; recorded $2.9M gain.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

DIRTT ENVIRONMENTAL SOLUTIONS LTD reported the three months ended March 31, 2024 results: revenue $40.8 million, net income $3.0 million.

Period: the three months ended March 31, 2024
Revenue: $40.8 million
Net income: $3.0 million
Result: reported results

Exact text from the filing

First Quarter 2024 Highlights • Revenue of $40.8 million in the first quarter of 2024, up 11% compared to the first quarter of 2023. • Gross profit increased to $14.6 million or 35.9% of revenue in the first quarter of 2024 from $8.7 million or 23.7% of revenue in the first quarter of 2023. • Net income after tax and net income margin for the first quarter of 2024 of $3.0 million and 7.5%, respectively, compared to a net loss after tax of $11.4 million and a net loss margin of 31.1% in the first quarter of 2023.

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Source: SEC EDGAR

accession 0000950170-24-055874

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