Business
BuildDirect Reports Second Quarter 2024 Financial Results
Delivered adjusted EBITDA of $0.6 million for Q2 2024; the Company has delivered 10 consecutive q...
About this update from Builddirect.com Technologies Inc
[{"type":"text","content":"BuildDirect Reports Second Quarter 2024 Financial ResultsDelivered adjusted EBITDA of $0.6 million for Q2 2024; the Company has delivered 10 consecutive quarters of positive adjusted EBITDA.Delivered revenue and gross profit of $16.2 million and $6.2 million or 38.2%, respectively, in Q2 2024 vs $19.1 million and $7.6 million or 39.7%, respectively in Q2 2023; this represents a reduction in revenue and gross profit of $2.9 million and $1.4 million or 150 bps, respectively, year-over-year. Working capital increased $0.6 million to $2.9 million at June 30, 2024 from $2.3 million at March 31, 2024.Company to host Second Quarter 2024 earnings conference call on Wednesday, August 28, 2024 at 1:30 PM (PDT) / 4:30 PM (EDT) BuildDirect reports in United States (\"US\") dollars and in accordance with IFRS, unless otherwise noted. All references to dollars herein are in US dollars ($) unless otherwise specified.Vancouver, British Columbia--(Newsfile Corp. - August 28, 2024) - BuildDirect.com Technologies Inc. (TSXV: BILD) (\"BuildDirect\" or the \"Company\") a leading omnichannel building material retailer, today announced its financial results for the Second Quarter Ended June 30, 2024 (\"Q2 2024\").\"During Q2 2024, the Company reported an adjusted EBITDA of $0.6 million and continued to improve its operational economics,\" said Shawn Wilson, CEO of BuildDirect. \"We're assembling a team and building operations with strong scalability potential, always keeping our growth strategies in focus,\" he continued.Shawn also noted, \"The Company now operates six Pro Centers in addition to its e-commerce business and is strategically positioned to pursue expansion opportunities across North America with our omni-channel approach. Currently, our Pro Centers are present in only two of the top 50 markets in North America, underscoring substantial growth opportunities. Our business model is focused on careful execution, smart capital allocation, and the establishment of attractive unit economics. As we continue to advance, we are actively working on strategies to scale our Pro Center growth-both through developing organic locations and exploring strategic acquisition opportunities.\"Kerry Biggs, the new CFO of BuildDirect, added, \"We are focused on ensuring that our financial strategies align with the company's growth objectives. Whether through or...