CEMATRIX (CVX) Investor update summary

Business and product

• Specialty contractor producing lightweight cellular concrete on-site from cement, water and foaming agent for infrastructure and geotechnical applications.

• Cellular concrete weighs 25–50 lb/cu ft versus ~140 lb/cu ft for conventional concrete; used as low-strength subgrade fill, not a final wear surface.

• Applications include engineered and retaining-wall fill, road base, pipe and culvert abandonment, tunnel grout and utility insulation; material can be pumped over 14,000 ft in one shot.

• Competitive strengths include 25+ years of experience, over 200 years of combined field experience across crews, and a large mobile equipment fleet serving Canada and the U.S.

• On-site production can turn one cement tanker into 100 yd³ or more, reducing truckloads and site traffic versus ready-mix alternatives.

Market and demand

• U.S. cellular concrete market estimated at $1.2B; the broader lightweight-fill market, including competing products, is a multiple larger.

• Aging infrastructure, repair and replacement needs, population growth and increased loads on existing assets support infrastructure spending and demand.

• U.S. market is at least 10x the Canadian market; revenue mix is typically 80% U.S. and 20% Canada, with U.S. revenue expected to grow faster.

• North Carolina contract totals around $20M across five bridge scopes; two completed, the third starting and the final two likely in 2027, with work occurring in intermittent bursts.

Financial performance and backlog

• Revenue CAGR was 25% from 2017; FY2025 record adjusted EBITDA was CAD 8.3M, operating cash flow CAD 8.2M and EPS CAD 0.027.

• FY2025 revenue growth was 27% with an 18% EBITDA margin; positive financial results were recorded in each of the prior three years.

• Q2 2026 revenue rose 76% year over year to $18.7M and YTD revenue increased 50% to $26.0M; Q2 gross margin was 35%.

• At June 30, 2026, trailing-12-month revenue, adjusted EBITDA and operating cash flow each exceeded CAD 50M, CAD 10M and CAD 10M, respectively.

• June 30, 2026 cash was $16.2M with no long-term debt; Q2-end backlog was CAD 61.5M, with awards tallying CAD 34.4M after an CAD 8.2M award announcement.