CALGARY, Alberta, April 22, 2024 (GLOBE NEWSWIRE) -- DIRTT Environmental Solutions Ltd. (“DIRTT” or the “Company”) (TSX: DRT; OTC: DRTTF), a global leader in industrialized construction, today provided an update outlining its continuing journey to excellence with its new executive leadership team and board of directors (the “Board”) in an investor presentation that is available on DIRTT’s website.
Highlights of the investor presentation include:
- DIRTT shareholders elected a new Board in April 2022 and a new executive leadership team was appointed.
- Gross Profit Margin improved by 1,680 basis points from 2021 to 2023 after contracting by 2,310 basis points from 2018 to 2021.
- Net cash flows provided by operations were $14.8 million in 2023 after two years of negative net cash flows.
- A refocused commercial strategy has accelerated pipeline growth and improved revenue forecasting accuracy.
- New operational programs have enhanced inventory management, reduced external deficiencies, and improved lead times.
- Cost discipline remains a significant focus of the Board and executive leadership team, including appropriately right-sizing costs to anticipated revenue levels.
DIRTT also announced today that it will release its first quarter 2024 financial results on Wednesday, May 8, 2024, after markets close.
A conference call and webcast for the investment community is scheduled for Thursday, May 9, 2024 at 08:00 a.m. MDT (10:00 a.m. EDT). The call and webcast will be hosted by Benjamin Urban, chief executive officer, and Fareeha Khan, chief financial officer.
The call is being webcast live on the Company’s website at dirtt.com. Alternatively, click here to listen to the live webcast. The webcast is listen-only.
A webcast replay of the call will be available through the Company’s website at dirtt.com/investors.
About DIRTT Environmental Solutions
DIRTT is a leader in industrialized construction. DIRTT’s system of physical products and digital tools empowers organizations, together with construction and design leaders, to build high-performing, adaptable, interior environments. Operating in the workplace, healthcare, education, and public sector markets, DIRTT’s system provides total design freedom, and greater certainty in cost, schedule, and outcomes. DIRTT's interior construction solutions are designed to be highly flexible and adaptable, enabling organizations to easily reconfigure their spaces as their needs evolve. Headquartered in Calgary, AB Canada, DIRTT trades on the Toronto Stock Exchange under the symbol “DRT”.
FOR FURTHER INFORMATION PLEASE CONTACT
DIRTT Investor Relations at ir@dirtt.com
FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release are “forward-looking statements” within the meaning of “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934 and “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact included in this news release are forward-looking statements. When used in this news release, the words “may,” “will,” “remain,” “would,” “could,” “can,” the negatives thereof, variations thereon and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular and without limitation, this news release contains forward-looking statements pertaining to DIRTT's continuing journey to excellence, the cost management, right-sizing costs to expected revenue levels, and expanding EBITDA margins.
Forward-looking statements are based on certain estimates, beliefs, expectations, and assumptions made in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that may be appropriate. Forward-looking statements necessarily involve unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed or implied by such statements. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, you should not place undue reliance on forward-looking statements. Factors that could have a material adverse effect on our business, financial condition, results of operations and growth prospects include, but are not limited to, risks described under the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC and applicable securities commissions or similar regulatory authorities in Canada on February 21, 2024. Our past results of operations are not necessarily indicative of our future results. You should not place undue reliance on any forward-looking statements, which represent our beliefs, assumptions and estimates only as of the dates on which they were made, as predictions of future events. We undertake no obligation to update these forward-looking statements, even though circumstances may change in the future, except as required under applicable securities laws. We qualify all of our forward-looking statements by these cautionary statements.
