CEMATRIX (CVX) Investor Update summary

Key financial highlights

• Achieved $35.4M revenue, $3.3M aEBITDA, and $4.9M cash flow from operations in 2024; $17.3M revenue and $2.4M aEBITDA YTD June 2025.

• Maintains $8.6M cash and no long-term debt as of June 30, 2025.

• Q2 2025 revenue reached $10.6M, a 66% increase over Q2 2024; YTD revenue up 16% to $17.3M.

• Gross margin at 39% in Q2 2025, up from 17% in Q2 2024; positive operating income and cash flow.

• Share buyback initiated, reducing shares outstanding for the first time.

Backlog and market opportunity

• Backlog reached $76.4M at Q2 2025, with $43.6M in new project awards YTD.

• Market for cellular concrete is growing, with global estimates ranging from $4B to $27B.

• Significant market opportunity in North America, driven by infrastructure spending and population growth.

• Increased infrastructure spending in Canada and the US provides a strong tailwind.

• Business is seasonal, with higher revenue in Q3 and Q4 due to construction cycles.

Competitive positioning and strategy

• Leading provider of cellular concrete solutions with over 25 years of experience and a large advanced equipment fleet.

• Proprietary foaming agent and advanced equipment provide cost and operational advantages.

• Focused on both public bid and strategic selling to general contractors and design engineers.

• Margins are higher for specialty subcontractors but can be pressured on large, competitive projects.

• No new capital raises required for operations; capital available for organic growth and acquisitions.