CEMATRIX (CVX) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 revenue of CAD 18.7 million, up 76% year-over-year, and record H1 revenue of CAD 26 million, up 50% year-over-year.

• Achieved record adjusted EBITDA of CAD 5 million in Q2 and CAD 4.4 million year-to-date.

• Maintained industry leadership in cellular concrete, benefiting from infrastructure spending tailwinds in Canada and the U.S.

• Strong operational execution with two large projects completed in Q2, contributing to results.

• Optimistic outlook for 2026, with a robust project backlog and continued market recognition reflected in share price performance.

Financial highlights

• Q2 gross margin was 35%, down from 39% last year; H1 gross margin was 28%, down from 32%.

• Q2 revenue reached CAD 18.7 million, a 76% increase from last year; year-to-date revenue at CAD 26 million, up 50% from 2025.

• Record adjusted EBITDA of CAD 5 million in Q2, up CAD 2.6 million year-over-year; year-to-date adjusted EBITDA at CAD 4.4 million.

• Cash flow from operations in Q2 was CAD 4.8 million, with CAD 16.2 million in cash as of June 30 and no long-term debt.

• SG&A costs were lower both in Q2 and year-to-date compared to the prior year.

Outlook and guidance

• 2026 is forecasted to be another strong year, with a growing pipeline of opportunities and optimism for continued growth.

• No plans to raise capital or issue new shares; any new capital would support accretive acquisitions.

• Construction season expected to remain busy until winter, with strong backlog from CAD 26.2 million in new projects in H1.

• SG&A expected to trend lower than last year, with some reinvestment in sales and support.

• Expect Q3 performance to be similar to last year’s Q3.