CEMATRIX (CVX) Q3 2026 earnings summary

Executive summary

• Nine-month revenue reached a record CAD 37.9M, up 16% YoY; adjusted EBITDA was CAD 5.9M, flat YoY.

• Q3 revenue fell 22% YoY as project starts shifted later and margins declined; management remained on track for record FY2026 performance.

• A CAD 65.6M backlog and major Q4 projects underway support the outlook.

Financial highlights

• Q3 revenue was CAD 11.9M versus CAD 15.3M YoY; nine-month revenue was CAD 37.9M versus CAD 32.6M, up 16%.

• Q3 gross margin was 23% versus 34% YoY; nine-month gross margin was 26% versus 33%, with 2025 benefiting from a unique contract structure.

• Operating income was CAD 0.7M in Q3 versus CAD 2.8M and CAD 3.7M for nine months versus CAD 3.9M.

• Adjusted EBITDA was CAD 1.4M in Q3 versus CAD 3.5M; nine-month adjusted EBITDA was CAD 5.9M, flat YoY.

• SG&A was CAD 2.1M in Q3 and CAD 6.3M for nine months, down CAD 0.3M and CAD 0.6M YoY; operating cash flow before working-capital changes was CAD 1.5M and CAD 5.7M.

Outlook and guidance

• Q4 revenue guidance is CAD 18M–CAD 22M; management expects one of the largest quarters in the business’s history and a record FY2026.

• Four large projects or scopes are underway and expected to finish in Q4; construction activity is expected to continue into December.

• Gross margin target moving forward is 30%; Q4 is expected to bring the full-year result closer to target.

• Q4 SG&A is expected to decline again; 2027 SG&A is expected to rise broadly with inflation, with possible additional growth spending.