CEMATRIX (CVX) Q1 2025 earnings summary

Executive summary

• Industry leader in cellular concrete solutions for infrastructure, with a strong competitive advantage and significant market opportunity in North America.

• 2024 revenue reached CAD 35.6 million (or $35.4M), with positive Adjusted EBITDA and cash flow from operations.

• No long-term debt and a healthy cash position; expecting a record year in 2025.

• Backlog increased to CAD 79.7 million ($79.7M) at Q1 2025, up from CAD 69.6 million at year-end.

• Focused on organic growth and potential acquisitions, with capital available for deployment.

Financial highlights

• Q1 2025 revenue was CAD 6.6 million ($6.6M), down from CAD 8.4 million in Q1 2024, a 21% decrease.

• Gross margin in Q1 2025 was 22%, compared to 30% in Q1 2024, with gross profit at $1.4M versus $2.6M.

• Operating loss of CAD 0.7 million in Q1 2025 versus income of CAD 0.3 million in Q1 2024.

• Adjusted EBITDA loss of CAD 0.1 million in Q1 2025, compared to CAD 1 million in Q1 2024.

• Cash on hand at Q1 2025 was CAD 8.5 million ($8.5M), up from CAD 7.9 million a year earlier.

Outlook and guidance

• Forecasting 2025 to be a record year, driven by a strong backlog and increased infrastructure spending.

• Revenue growth expected to remain variable due to project timing and seasonality.

• No formal revenue guidance provided, but management is confident in surpassing previous records.