CEMATRIX (CVX) Q2 2024 earnings summary

Executive summary

• Achieved record first half performance, with revenue up 11% year-over-year and adjusted EBITDA positive for the period.

• Second quarter revenue grew 3% compared to the same quarter last year, reflecting continued growth momentum.

• Management remains confident in delivering another profitable year with positive cashflow from operations.

Financial highlights

• Q2 2024 revenue was $6.4M, up 3% year-over-year; YTD revenue reached $14.9M, up 11%.

• Gross margin for Q2 was $1.1M (17% margin); YTD gross margin was $3.6M (24% margin), up 70% year-over-year.

• Adjusted EBITDA for Q2 was $(0.5)M; YTD adjusted EBITDA was $0.5M, a $1.6M improvement year-over-year.

• Operating income for Q2 was $(1.1)M; YTD operating loss narrowed to $(0.8)M from $(2.1)M last year.

• Cashflow from operations was $(0.5)M in Q2; YTD cashflow from operations was $0.4M, up $1.6M year-over-year.

Outlook and guidance

• Entering the busy infrastructure construction season, management is optimistic about continued growth and profitability for the remainder of 2024.

• Strategic plan execution and product advantages are expected to drive further opportunities.