BuildDirect.com Technologies (BILD) Q3 2025 earnings summary

Executive summary

• Achieved strong operational execution and disciplined growth across the ProCenter network, with improved margins and solid performance in key U.S. markets, including Orlando and California integrations progressing well and Orlando showing strong commercial traction and a robust order pipeline for Q4.

• E-commerce business is fully aligned and integrated with the ProCenter model, supporting omni-channel growth, enhancing fulfillment, conversion, and scalability for future growth.

• Delivered double-digit year-over-year adjusted EBITDA growth, extending profitability and operational leverage for 15 consecutive quarters.

• Expanded acquisition pipeline with disciplined pricing and integration, focusing on high-return tuck-in opportunities and identifying over 2,000 viable targets, especially in Sunbelt markets.

• Completed a C$7.0M capital raise, strengthening the balance sheet and supporting growth initiatives.

Financial highlights

• Q3 2025 revenue was $18.1 million, up 6.5% year-over-year from $16.97 million, with gross profit rising to $7.04 million and gross margin expanding to 38.95%, a 60 basis point improvement.

• Adjusted EBITDA grew 23% year-over-year to $970,000, while reported EBITDA declined 17.49% to $590,000.

• Operating expenses increased to $7.08 million, mainly due to the new Orlando ProCenter; same-store OPEX down 1%.

• Net loss was $950,000, compared to a $380,000 loss in Q3 2024, driven by non-cash items and higher interest expense.

• Working capital increased to $8.6 million, up from $2.7 million at Q3 2024, and cash balance rose to $8.8 million from $2.35 million at year-end 2024.

Outlook and guidance

• Expecting continued organic growth through new e-commerce sites and expanded marketplace presence (Lowe's, Walmart, Menards, Amazon), with ProElite Program scaling across all markets in 2026.

• Focused on working capital efficiency, leveraging consignment models and inventory optimization, and integrating $5–$15M revenue businesses with inventory-backed valuations.

• M&A strategy prioritizes disciplined tuck-in acquisitions and rapid integration for scalable impact.

• Plans to accelerate growth by expanding Pro Centers, integrating acquisitions, and enhancing the e-commerce platform.

• Aims to drive revenue, margin, and cash flow growth through network expansion and improved execution.