---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-045001"
form_type: "8-K"
ticker: "DRTTF"
cik: "0001340476"
company_name: "DIRTT ENVIRONMENTAL SOLUTIONS LTD"
filed_at: "2023-02-23T23:59:59+00:00"
generated_at: "2026-06-19T02:11:50.175852+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# DIRTT Environmental Solutions reports Q4 2022 results with positive Adjusted EBITDA, amends credit facility

## Summary
- Achieved positive Adjusted EBITDA for first time since Q3 2020.
- Unrestricted cash increased to $10.8M, up $4.0M from September 30, 2022.
- Amended RBC credit facility allows borrowing up to C$15M; available borrowings were C$7.2M as of Dec 31, 2022.
- Company must maintain reserve account for leasing facilities due to FCCR covenant breach, restricting $3.4M cash.
- Director Cory Mitchell will not stand for re-election at annual meeting.

## SEC filing metadata
- accession: 0001193125-23-045001
- form_type: 8-K
- ticker: DRTTF
- cik: 0001340476
- company_name: DIRTT ENVIRONMENTAL SOLUTIONS LTD
- filed_at: 2023-02-23T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1340476/000119312523045001/0001193125-23-045001-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1340476/000119312523045001/d474537d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-045001
- JSON: https://secwatch.observer/filing/0001193125-23-045001.json
- Plain text: https://secwatch.observer/filing/0001193125-23-045001.txt

## Key facts
- Debt Financings
  DIRTT ENVIRONMENTAL SOLUTIONS LTD amended revolving credit of up to C$15 million with Royal Bank of Canada at the Canadian or U.S. prime rate plus 75 basis points, or (ii) LIBOR plus 200 bas.
  - Instrument: revolving credit
  - Principal: up to C$15 million
  - Counterparty: Royal Bank of Canada
  - Rate: the Canadian or U.S. prime rate plus 75 basis points, or (ii) LIBOR plus 200 bas
  - Event: amendment
  source text: and DIRTT Environmental Solutions, Inc. (“DIRTT U.S.”), as borrower (as amended, the “Extended RBC Facility”). Under the Extended RBC Facility, the Company may borrow up to C$15 million, except that such amount will be limited to (i) a maximum of 90% of investment grade or insured accounts receivable plus 85% of eligible accounts receivable; plus (ii) the lesser
  evidence_url: https://www.sec.gov/Archives/edgar/data/1340476/000119312523045001/0001193125-23-045001-index.htm
- Earnings Releases
  DIRTT ENVIRONMENTAL SOLUTIONS LTD reported three months ended December 31, 2022 results: revenue $42.4 million, net income $(5.9) million.
  - Period: three months ended December 31, 2022
  - Revenue: $42.4 million
  - Net income: $(5.9) million
  - Result: reported results
  source text: Revenue decreased 1% to $42.4 million for the quarter, compared to the prior year’s fourth quarter, and decreased 9% compared to the third quarter of 2022. • Gross profit margin improved by 1,232 bps from the third quarter of 2022 as virtually all of the previously implemented price increases are reflected in the fourth quarter of 2022 revenues. • Net loss improved to $(5.9) million by $10.1 million, or 63%, from the prior year’s fourth quarter and by $0.8 million, or 12%, from the third quarter of 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1340476/000119312523045001/0001193125-23-045001-index.htm
- Executive change
  Cory Mitchell departed as Director at DIRTT ENVIRONMENTAL SOLUTIONS LTD.
  - Action: not stand for re-election
  - Role: Director
  source text: On February 22, 2023, Mr. Cory Mitchell, a member of the Company’s Board of Directors, announced his intention not to stand for re-election at this year’s annual meeting of shareholders.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1340476/000119312523045001/0001193125-23-045001-index.htm
- Material Agreements
  DIRTT ENVIRONMENTAL SOLUTIONS LTD amended Extended RBC Facility with Royal Bank of Canada valued at C$15 million (effective 2023-02-09).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Royal Bank of Canada
  - Value: C$15 million
  - Effective: 2023-02-09
  source text: On February 9, 2023, DIRTT Environmental Solutions Ltd. (the “Company”), as borrower, entered into an agreement to amend its loan agreement governing a senior secured revolving credit facility, dated February 12, 2021 with the Royal Bank of Canada (“RBC”), as lender, and DIRTT Environmental Solutions, Inc. (“DIRTT U.S.”), as borrower (as amended, the “Extended RBC Facility”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1340476/000119312523045001/0001193125-23-045001-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.