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DIRTT Environmental Solutions Ltd. (NASDAQ: DRTT, TSX: DRT) is a pioneer in industrialized construction, offering innovative prefab interior solutions for diverse sectors including corporate, government, education, and healthcare. Headquartered in Calgary, Alberta, DIRTT operates manufacturing facilities across Phoenix, Savannah, Kelowna, and Calgary, and collaborates with distribution partners globally.
DIRTT's cutting-edge approach to construction emphasizes customization and adaptability, enabling faster, cleaner builds that significantly reduce the carbon footprint. Their award-winning solutions are designed to be highly flexible, allowing organizations to reconfigure spaces rapidly in response to evolving needs. This adaptability is crucial in today's fast-paced business environment.
Recently, DIRTT formed a strategic partnership with Arthroto, a startup dedicated to transforming unused office spaces into sustainable residential and mixed-use housing. This collaboration aims to address urgent housing needs through prefabrication methodologies, ensuring efficiency, reduced labor, and minimal waste. As Arthroto leverages DIRTT's advanced construction systems, they are set to revolutionize the housing industry by providing affordable, eco-friendly solutions.
In addition to its innovative partnerships, DIRTT has also achieved significant milestones in the education sector. Working with construction partners Construkt and ID+A, DIRTT secured over $6 million in projects with esteemed institutions like Armstrong School District, Western Kentucky University, and Berea College. These projects highlight DIRTT's ability to deliver modern, dynamic learning environments within tight deadlines, showcasing their expertise in prefabricated interior construction.
Financially, DIRTT remains robust, as evidenced by their continuous growth and strategic expansions. The appointment of Fareeha Khan as the new CFO marks a new chapter in their financial leadership, promising further stability and innovation in their fiscal management.
DIRTT's commitment to sustainability and technological integration positions them as a leading force in the industrialized construction industry. By providing comprehensive interior solutions that align with modern environmental and economic demands, DIRTT continues to set new standards in construction efficiency and adaptability.
DIRTT (Nasdaq: DRTT, TSX: DRT) announced the expansion of six and addition of three new construction partners, enhancing its network across regions including Northern California, Iowa, and Mexico. These partners play a critical role in the management and execution of DIRTT projects, providing ongoing support for clients to adapt and reconfigure their spaces over time. CEO Benjamin Urban emphasized the importance of these partnerships in increasing DIRTT's competitive edge in innovation and efficiency, contributing to a healthier project pipeline in 2023. This expansion aims to strengthen trust and credibility with partners, securing long-term client investments.
DIRTT Environmental Solutions has agreed to reimburse 22NW Fund for US$1,559,898 in expenses related to a contested director election. This settlement will be settled through the issuance of common shares priced at US$0.40, pending shareholder approval at the upcoming 2023 annual meeting. Board Chair Ken Sanders emphasized that the share reimbursement approach improves the company’s balance sheet and supports long-term success. The transaction is still subject to regulatory approvals from the TSX and Nasdaq, which have not yet been secured.
DIRTT Environmental Solutions Ltd. (TSX:DRT, NASDAQ:DRTT) announced it received a 180-day extension from Nasdaq to regain compliance with the Bid Price Rule, allowing until September 5, 2023, for its share price to reach at least $1.00 for 10 consecutive business days. The company’s shares were moved to the Nasdaq Capital Market on March 9, 2023. Despite this notification, DIRTT remains confident in its growth opportunities and asserts that its business operations are unaffected. The company specializes in industrialized construction, serving markets like workplace and healthcare, which rely on its advanced digital tools and products.
DIRTT Environmental Solutions Ltd. (Nasdaq: DRTT) reported its Q4 2022 financial results, highlighting a positive Adjusted EBITDA of $0.6 million, marking a significant improvement from a $9.7 million loss in Q4 2021.
Revenue slightly declined by 1% to $42.4 million year-over-year but was down 9% from Q3 2022. Unrestricted cash rose to $10.8 million, up $4 million from the previous quarter.
Net loss improved to $(5.9) million, a 63% reduction from Q4 2021. Gross profit margin increased significantly by 1,232 basis points driven by price increases and improved efficiency.
DIRTT Environmental Solutions Ltd. (TSX:DRT, NASDAQ:DRTT) has announced it will release its fourth quarter and year-end 2022 financial results on February 22, 2023, after markets close. Following the release, a conference call is scheduled for February 23, 2023, at 8:00 a.m. MST (10:00 a.m. EST), led by CEO Benjamin Urban and CFO Brad Little. Investors can join the call via a webcast and submit questions in advance. DIRTT specializes in industrialized construction, offering a system of products and digital tools for adaptable interior environments across various sectors.
DIRTT (Nasdaq: DRTT, TSX: DRT) announced the departure of Chief Revenue Officer Jeff Dopheide, thanking him for his contributions. CEO Benjamin Urban will now oversee the company’s commercial functions, leveraging his extensive experience in interior construction and business development from his previous role with one of DIRTT's largest partners. The company focuses on industrialized construction, offering digital tools and physical products for adaptable interior environments across various sectors, including workplace and healthcare.
DIRTT Environmental Solutions Ltd. (TSX:DRT, NASDAQ:DRTT) announced the closing of a private placement that raised approximately US$2.8 million. The funds were generated through the issuance of 8,667,449 common shares at US$0.32 each to insiders, including directors and executive officers. A portion of the shares was issued to reimburse costs related to contested director elections. The proceeds will be utilized to enhance liquidity as the company executes its strategic initiatives.
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