CEMATRIX (CVX) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 and first half revenues of $10.6 million, up 66% year-over-year, and first six months revenue of $17.3 million, a 16% increase year-over-year.

• Gross margin improved to 39% in Q2 from 17% in the prior year, with year-to-date gross margin at 32%.

• Operating income and adjusted EBITDA turned positive, with Q2 operating income at $1.8 million and adjusted EBITDA at $2.4 million.

• Backlog reached $76.4 million at June 30, 2025, up from $69.6 million at year-end, supported by $31.7 million in new project awards.

• Company maintains a strong cash position with $8.6 million at quarter-end and no long-term debt.

Financial highlights

• Q2 2025 revenue was $10.6 million, up from $6.4 million in Q2 2024; YTD 2025 revenue was $17.3 million, up from $14.9 million in 2024.

• Q2 gross margin was $4.1 million (39%), up from $1.1 million (17%) in 2024; YTD gross margin was $5.6 million (32%) vs $3.6 million (24%).

• Q2 operating income was $1.8 million, compared to a $1.1 million loss last year; YTD operating income was $1.1 million vs a $0.8 million loss.

• Adjusted EBITDA for Q2 was $2.4 million, up from a $0.5 million loss; YTD adjusted EBITDA also $2.4 million.

• Cash flow from operations for Q2 was $2.4 million, compared to a $0.5 million outflow last year; cash balance at June 30 was $8.6 million, up from $5.5 million a year ago.

Outlook and guidance

• Forecasting a record year in 2025, with a strong backlog, continued sales success, and management expecting a busy Q3.

• No specific quarterly or annual revenue guidance provided, but management expects continued growth.

• Second half revenue expected to be driven by larger projects, with margins slightly lower but EBITDA margin expected to increase.

• Infrastructure spending in North America expected to provide a strong tailwind.

• Backlog growth and new project awards support a positive outlook.