March 3, 2024

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DIRTT Announces Preliminary Fourth Quarter and Year-End 2023 Financial Results

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CALGARY, Alberta, Feb. 12, 2024 (GLOBE NEWSWIRE) — DIRTT Environmental Solutions Ltd. (TSX: DRT; OTC: DRTTF), a leader in industrialized construction, announces certain preliminary unaudited financial results for the fourth quarter and year ended December 31, 2023. Unless otherwise stated, financial information in this news release is presented in U.S. dollars.

  • Fourth quarter 2023 revenue is expected to be approximately $50.9 million, an increase of $8.5 million or 20% from $42.4 million for the same period in 2022, and a $1.4 million or 3% increase from the third quarter of 2023.
  • Net income after tax for the fourth quarter of 2023 is expected to be approximately $1.0 million compared to a $5.9 million net loss after tax for the same period of 2022.
  • Full year 2023 revenue is expected to be approximately $181.9 million, an increase of $9.8 million or 6% from $172.2 million in 2022.
  • Net loss after tax for the year ended December 31, 2023 is expected to be approximately $14.6 million compared to $55.0 million net loss after tax for the year ended December 31, 2022.
  • Net cash flows provided by operations for the year is expected to be approximately $14.8 million compared to cash used of $44.3 million in the prior year.
  • During the fourth quarter, the company reduced debt by early settling $7.8 million of equipment lease liabilities related to the previously announced closure of our manufacturing facility in Rock Hill, South Carolina.
  • Liquidity, comprising of cash equivalents and available borrowings, increased to $35.0 million at December 31, 2023 compared to $30.3 million at September 30, 2023 and $16.1 million at December 31, 2022.
  • On January 9, 2024, the company successfully closed its rights offering for gross proceeds of C$30.0 million.
  • On February 9, 2024, the company extended its RBC Facility for an additional year.

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Management Commentary

Benjamin Urban, Chief Executive Officer, remarked, “We are pleased with our preliminary fourth quarter…

GlobeNewswire

2024-02-12 20:03:41

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