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Nov 6, 2024, 5:05 PM
Nov 6, 2024, 5:05 PM
Benzinga

DIRTT Environmental Solutions Faces Major Revenue Decline in Q3 2024

Comp hamlet in Kent, United Kingdom
Highlights
  • DIRTT Environmental Solutions reported third quarter 2024 results showing revenue of $43.4 million.
  • The revenue decline was primarily due to the completion of significant projects in the previous year that did not repeat.
  • The company is implementing a new commercial strategy to diversify its business and boost future growth.
Story

On November 6, 2024, DIRTT Environmental Solutions Ltd. announced its financial results for the third quarter of 2024. The company experienced a decrease in revenue, generating $43.4 million, down $6.2 million from the same quarter in 2023. This decline stemmed mainly from the completion of several large commercial and healthcare projects in 2023 that did not recur in 2024, even as higher demand in the education sector provided some counterbalance. Adjusted EBITDA decreased to $4.1 million, accounting for 9.4% of revenue, while gross profit margins improved slightly. Although operating expenses decreased significantly due to the lack of previous impairment charges, interest expenses rose slightly due to debt-related costs.

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