Business
BuildDirect Reports Third Quarter 2023 Financial Results
Delivered adjusted EBITDA of $1.37 million for Q3 2023; the Company has delivered seven consecuti...
About this update from Builddirect.com Technologies Inc
[{"type":"text","content":"BuildDirect Reports Third Quarter 2023 Financial ResultsDelivered adjusted EBITDA of $1.37 million for Q3 2023; the Company has delivered seven consecutive quarters of positive adjusted EBITDA.Delivered gross margins of 39.8% for Q3 2023, an increase of 840 bps year-over-year and 10 bps quarter-over-quarter.Working capital increased by $7.1 million quarter-over-quarter to a positive $2.6 million in Q3 2023. Company to host Third Quarter 2023 earnings conference call on Tuesday, November 21, 2023, at 10:00 AM (PST) / 1:00 PM (EST).BuildDirect reports in US dollars and in accordance with IFRS. All references to dollars herein are in United States dollars ($) unless otherwise specified.Vancouver, British Columbia--(Newsfile Corp. - November 21, 2023) - BuildDirect.com Technologies Inc. (TSXV: BILD) (\"BuildDirect\" or the \"Company\") a leading omnichannel building material retailer, today announced its financial results for the Third Quarter of 2023 (\"Q3 2023\").\"During Q3 2023, BuildDirect reported an adjusted EBITDA of $1.37 million and continued to improve its profitability,\" said Shawn Wilson, CEO of BuildDirect. \"Our growth strategy remains focused on increasing the number of brick-and-mortar Pro-Centers, throughout North America (referred to as independent retailers in our financials) and accelerating our E-Commerce business.\" Shawn added, \"The Company currently has five Pro Centers located in Michigan which generate approximately $55 million in revenue on an annualized basis (combined). As previously announced, the Company also recently launched a Pro Center in Richmond, British Columbia. Of the Top 50 Markets in North America, we currently have Pro-Centers in only two - leaving potentially significant opportunities for growth. By establishing a sizable physical and digital footprint, we will be well-positioned to increase our share of the over $70 billion North American. flooring market. As a reminder, our Pro-Centers operate together with our E-Commerce business. We import products from manufacturers across the globe into our Pro-Centers. From there we sell those products and services to local Pros and also leverage the Pro-Centers to fulfill our E-Commerce orders.\" \"As we pursue the growth of our Pro-Center footprint we anticipate that our E-Commerce business becomes even more competitive,\" continued Shawn....