Dirtt Environmental Solutions Ltd · TSX:DRT
Dirtt Environmental Solutions — Q1 2025 Earnings Presentation
20 slides from Dirtt Environmental Solutions's earnings presentation, May 8, 2025
Slide 1: First Quarter 2025 Investor Deck – Supplement to Earnings Call
FIRST QUARTER 2025 INVESTOR DECK – SUPPLEMENT TO EARNINGS CALL 2025 05 08 © DIRTT ALL RIGHTS RESERVED 07/05/2025 FIRST QUARTER 2025 1
Slide 2: Advisory: Cautionary Statement Regarding Forward-Looking Statements
ADVISORY CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING supplies due to global events; volatility of our share price and potentially limited mergers, acquisitions, agreements, consolidations or other corporate STATEMENTS liquidity for U.S. investors due to our common shares being quoted on the “OTC
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES NOTE REGARDING USE OF NON-GAAP FINANCIAL MEASURES on cash deposits, interest expense on outstanding debt and debt facilities, tax Our interim condensed consolidated financial statements are prepared in expense and related party expense are excluded from our non-GAAP finan
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS © DIRTT ALL RIGHTS RESERVED
Slide 5: Key Q1 Financial Highlights
KEY Q1 FINANCIAL HIGHLIGHTS • Revenue of $41.3 million in the first quarter of 2025, a decrease of 16% compared to the fourth quarter of 2024 and an increase of 1% from the prior year period. • Gross profit was $14.5 million or 35.2% of revenue in the first quarter of 2025 compared to $17.5 million
Slide 6: Gross Profit Margin + Adjusted Gross Profit Margin
F I N A N C I A L R E S U LT S GROSS PROFIT MARGIN + ADJUSTED GROSS PROFIT MARGIN1 45% First Quarter 2025 40.7% Highlights: 39.5% 39.4% 40% 37.9% 38.8% 39.2% 38.9% • Adjusted Gross Profit Margin of 36.2% 36.9% 38.8% 37.8% 35.8% 37.3% 37.5% 35% 35.9% 35.9% 36.9% 37.5% slightly lower than prior 34.4%
Slide 7: Operating Expenses Breakdown
F I N A N C I A L R E S U LT S OPERATING EXPENSES BREAKDOWN $7,000 Q1 2024 Q1 2025 First Quarter 2025 $6,000 $5,920 Recurring Operating Expense $5,480 $5,177 Summary: $5,000 $4,566 • The increase in recurring $4,000 operating expenses was primarily related to a $0.9 million increase $3,000 in profes
Slide 8: EBITDA and Adjusted EBITDA
F I N A N C I A L R E S U LT S EBITDA AND ADJUSTED EBITDA1 Trending EBITDA and Adjusted EBITDA1 Adjusted EBITDA EBITDA 30% 22.6% First Quarter 20% 13.9% 2025 Highlights: 13.1% 12.7% 13.0% 8.5% 10% 7.7% • Eighth consecutive 5.1% quarter of positive 1.4% 7.0% 11.2% (2.7)% 4.1% 10.6% 8.0% 4.4% 6.5% 9.4
Slide 9: Q1 2024 to Q1 2025 Net Income (Loss) After Tax
F I N A N C I A L R E S U LT S Q1 2024 TO Q1 2025 NET INCOME (LOSS) AFTER TAX Increase Decrease Total 4 3.0 3 2 USD millions 1 0 (2.9) 0.6 (0.7) -1 (1.2) 0.5 (0.6) -2 (0.2) Gain on extinguishment Adj EBITDA* Variances Impairment charge Q1 '25 Net Loss After Tax Q1 '24 Net Income After Tax FX and oth
Slide 10: Debt and Equity
F I N A N C I A L R E S U LT S DEBT AND EQUITY Total Debt Trending COMMON SHARES REPURCHASED $60,000 $56,108 (SHARES NCIB) $50,000 2024 REPURCHASES (58,478) $40,000 2025 REPURCHASES* (4,690,914) $30,000 $22,352 $22,341 TOTAL REPURCHASES $20,000 TO DATE (4,749,392) $10,000 OUTSTANDING AS AT APRIL 29,
Slide 11: Commercial + Operational Highlights
COMMERCIAL + OPERATIONAL HIGHLIGHTS © DIRTT ALL RIGHTS RESERVED
Slide 12: Key Commercial + Operational Highlights
KEY COMMERCIAL + OPERATIONAL HIGHLIGHTS “Innovation continues to fuel everything we do at DIRTT and drives our key competitive advantages. In March 2025, DIRTT was named number one in manufacturing on Fast Company’s prestigious list of the World’s Most Innovative Companies of 2025.” — Benjamin Urban
Slide 13: Key Commercial + Operational Highlights Continued
C O M M E R C I A L R E S U LT S KEY COMMERCIAL + OPERATIONAL HIGHLIGHTS CONTINUED Technology Products + Innovation Operations • Pursuit of ICE commercialization opening • Launched double-paned Spectra barn door, • Total recordable incident rate (TRIF) of 0.5 at new opportunities in complimentary ro
Slide 14: Operational Efficiencies
O P E R A T I O N A L R E S U LT S OPERATIONAL EFFICIENCIES Average Inventory per External Deficiencies Shipments On Time in Full $M Revenue (in USD) per $M Revenue (OTIF) 99.7% $588,737 $700K (# of external deficiencies) 100% 98.2%98.1% 99.2% 98.8% 20 97.7% 99.2% 18.7 98.3% $600K 18 $451,190 97.1%
Slide 15: Twelve-Month Pipeline
TWELVE-MONTH PIPELINE (IN USD MILLIONS) $350 $300 $292 $283 $278 $270 $270 $263 $255 $250 $220 $200 $150 $100 $50 $0 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 © DIRTT ALL RIGHTS RESERVED PRESENTATION TITLE: 15
Slide 16: Supplementary
SUPPLEMENTARY © DIRTT ALL RIGHTS RESERVED
Slide 17: Liquidity + Additional Financial Highlights
F I N A N C I A L R E S U LT S LIQUIDITY + ADDITIONAL FINANCIAL HIGHLIGHTS ($ thousands) March 31, 2025 December 31, 2024 Cash and cash equivalents 28,443 29,288 Restricted cash 243 243 • Total liquidity of $36.0 million at March 31, 2025 Trade and accrued receivables, net 16,203 19,494 ($28.4 milli
Slide 18: Summary of Consolidated Financial Results
F I N A N C I A L R E S U LT S SUMMARY OF CONSOLIDATED FINANCIAL RESULTS For the period ended March 31 Three Months ($ thousands, except per share amounts) 2025 2024 % Change Revenue 41,295 40,847 1% Gross profit 14,542 14,648 (1%) Gross profit margin 35.2% 35.9% 1 Adjusted Gross Profit 15,499 15,49
Slide 19: Non-GAAP Financial Measures
F I N A N C I A L R E S U LT S NON-GAAP FINANCIAL MEASURES For the period ended March 31 Three months ($ thousands, except per share amounts) 2025 2024 Net (loss) income after tax for the period (661) 3,045 Add back (deduct): The following tables present a reconciliation for Interest expense 451 1,0
Slide 20: © DIRTT ALL RIGHTS RESERVED
© DIRTT ALL RIGHTS RESERVED
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