Business
DIRTT Reports First Quarter 2025 Financial Results
CALGARY, Alberta, May 07, 2025 (GLOBE NEWSWIRE) -- DIRTT Environmental Solutions Ltd. (“DI...
About this update from Dirtt Environmental Solutions Ltd
[{"type":"text","content":"DIRTT Reports First Quarter 2025 Financial Results\n\n\n\n CALGARY, Alberta, May 07, 2025 (GLOBE NEWSWIRE) -- DIRTT Environmental Solutions Ltd. (“DIRTT”, the “Company”, “we”, “our”, “us” or “ours”) (TSX: DRT; OTC: DRTTF), a leader in industrialized construction, today announced its financial results for the three months ended March 31, 2025. All financial information in this news release is presented in U.S. dollars, unless otherwise stated.\n \n\n\n First Quarter 2025 Highlights and Recent Developments\n \n\n\n\n Revenue of $41.3 million in the first quarter of 2025, an increase of 1%, from the prior year’s period.\n \n\n Gross profit margin decreased to 35.2% of revenue in the first quarter of 2025 from 35.9% in the first quarter of 2024. Gross profit was negatively impacted by tariff related costs amounting to 1.4% of revenue.\n \n\n During the first quarter of 2025, various tariffs have been levied by the U.S. and Canadian governments. We incurred $0.6 million (1.4% of revenue) in tariffs and costs related to tariff mitigation actions. DIRTT is most impacted by the 25% tariff levied on Canadian aluminum exports to the United States. Subsequent to quarter end, the U.S. also levied tariffs of 145% on imports from China which increases the cost of Chinese sourced hardware used in DIRTT’s products.\n \n\n Net loss after tax and net loss margin for the first quarter of 2025 was $0.7 million and 1.6%, respectively, compared to a net income after tax of $3.0 million and net income margin of 7.5% in the first quarter of 2024.\n \n\n Adjusted EBITDA\n \n (1)\n \n was $2.1 million (5.1% of revenue) in the first quarter of 2025, compared to $2.7 million (6.5% of revenue) in the first quarter of 2024.\n \n\n Liquidity, comprising of unrestricted cash and available borrowings, was $36.0 million at March 31, 2025, compared to $39.3 million at December 31, 2024.\n \n\n On February 5, 2025, the U.S. District Court for the Northern District of Utah dismissed and redirected DIRTT’s lawsuit against Falkbuilt Ltd. (“Falkbuilt”) in Utah on procedural grounds to Canada. In DIRTT’s similar lawsuit against Falkbuilt in Canada, the Court of King’s Bench of Alberta has scheduled an eight-week trial to commence Feb...