CEMATRIX (CVX) Q3 2025 earnings summary

Executive summary

• Achieved record year-to-date adjusted EBITDA of $5.9 million and cash flow from operations in Q3 2025, with strong revenue growth and margin improvement year-over-year.

• Maintains a leading position in the North American cellular concrete market, benefiting from increased infrastructure spending and a growing market opportunity.

• Backlog continues to grow, supported by significant new project awards totaling $43.6 million in 2025.

• Strong operational focus on safety, quality, and profitability, with continued optimism for future growth.

Financial highlights

• Q3 2025 revenue was $15.3 million, up 51% from $10.1 million in Q3 2024; year-to-date revenue was $32.6 million, up 30% year-over-year.

• Gross margin for Q3 was 34% (up from 27%); year-to-date gross margin was 33% (up from 26%).

• Q3 operating income was $2.8 million (up from $0.7 million last year); year-to-date operating income was $3.9 million (vs. a $0.1 million loss in 2024).

• Adjusted EBITDA for Q3 was $3.5 million (up 150% year-over-year); year-to-date adjusted EBITDA was $5.9 million (up 228% year-over-year).

• Cash flow from operations in Q3 was $3.2 million (up 146% year-over-year); year-to-date was $5.6 million.

• Ended Q3 with $9.9 million in cash and no long-term debt, aside from $1.6 million in equipment financing.

Outlook and guidance

• 2025 is forecast to be a record year, with record adjusted EBITDA and cash flow already achieved by Q3.

• 2026 is expected to be another strong year, with optimism for continued growth and a robust project pipeline.

• Q4 expected to follow normal seasonality, with a busy start and slowdown in the latter half due to winter.

• Expects reversal of working capital investments as receivables are collected later in the year.