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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 Environmental Solutions Ltd. (DRTT) reported a 37% revenue increase to $46.7 million for Q3 2022 compared to the prior year, with a gross profit margin up to 15.0% from 7.2%. The net loss reduced by 56% to $(6.7) million, while Adjusted EBITDA improved 60% year-over-year to $(5.4) million. The company’s total sales pipeline increased to $395 million. In a strategic move, DIRTT also announced a private placement of shares worth approximately $3.0 million to bolster liquidity and support its initiatives.
DIRTT (Nasdaq: DRTT, TSX: DRT) will release its third-quarter financial results for the period ending September 30, 2022, after the market closes on November 14, 2022. A live conference call will follow at 3:30 p.m. MT (5:30 p.m. ET), hosted by key executives including CEO Benjamin Urban and CFO Brad Little. Interested parties can register for the call and submit questions via email. DIRTT is renowned for its innovative approach to industrialized construction across various sectors, providing adaptable solutions with greater cost certainty.
DIRTT (Nasdaq: DRTT, TSX: DRT) announced the appointment of Jeff Dopheide as Chief Revenue Officer, effective November 15, 2022. With over 30 years in sales and distribution, Dopheide previously worked with major companies like North American Pipe Corporation and Certainteed Corporation. His expertise includes enhancing client experiences through strategic partnerships. CEO Benjamin Urban expressed confidence in Dopheide’s leadership skills. DIRTT focuses on industrialized construction, offering innovative solutions for various sectors, aiming for cost-effective and high-performance environments.
DIRTT (Nasdaq: DRTT), a leader in industrialized construction, has welcomed back co-founder Geoff Gosling, who originally co-founded the company in 2004. Gosling played a significant role in establishing DIRTT’s unique construction system. His return, as noted by CEO Benjamin Urban, aims to enhance the company's storytelling and insights, reinforcing DIRTT's core value. Gosling, who previously retired in 2019, expressed excitement about rejoining the team and helping to unlock DIRTT’s potential. The company continues to provide adaptable interior environments across various sectors.
DIRTT announced the suspension of operations at its Rock Hill, South Carolina facility, citing sufficient capacity in its Savannah, Georgia and Calgary locations. This decision aligns with the company's strategy to enhance efficiency and profitability. CEO Benjamin Urban assured that production quality and timelines will remain unaffected. The company will continue to assess demand and may resume operations at Rock Hill in the future. Urban expressed gratitude to the Rock Hill team and pledged support for their transitions.
DIRTT (Nasdaq: DRTT, TSX: DRT) announces the appointment of Brad Little as its new Chief Financial Officer, effective August 23, 2022. With over 20 years of finance experience, including roles at Black Mountain Sand and Cornerstone Building Brands, Brad will lead DIRTT's finance team from its Calgary headquarters. He replaces Geoffrey Krause, who is retiring on September 30, 2022. The transition aims to enhance financial strategy and support DIRTT's growth objectives in industrialized construction.
DIRTT (Nasdaq: DRTT, TSX: DRT) has appointed Richard Hunter as its new Chief Operating Officer, effective August 29, 2022. With nearly 40 years of manufacturing experience, including roles at Forterra and General Motors, Hunter will focus on enhancing manufacturing efficiency. CEO Benjamin Urban expressed excitement about Hunter's joining, highlighting his capability to drive improvements in DIRTT's agile construction systems. Hunter holds an MBA in Operations and Strategic Planning and additional degrees in Manufacturing Management and Mechanical Engineering.
DIRTT Environmental Solutions Ltd. (DRTT) announced the resignation of Board member Mary Garden, effective August 5, 2022. Board Chair Ken Sanders expressed gratitude for her contributions during the recent proxy contest and her service. Following her departure, Scott Robinson will take over as Chair of the Audit Committee, while Scott Ryan will lead the Enterprise Risk Management Committee. DIRTT is recognized for its innovative approach to industrialized construction, providing solutions across various sectors, including healthcare and education.
DIRTT Environmental Solutions reported second quarter 2022 revenue of $44.7 million, marking a 16.8% increase sequentially and 8.8% year-over-year. The gross profit margin was 14.0%, down from 22.4% a year ago, reflecting inflationary pressures on materials and labor. The net loss stood at $19.3 million, a significant rise from $9.7 million in Q2 2021. Adjusted EBITDA loss was $9.4 million. Despite challenges, the 12-month pipeline increased 13% to $359 million. The company aims to improve margins through price increases and operational enhancements.
DIRTT Environmental Solutions will announce its Q2 2022 financial results on July 27, 2022, after market close. A conference call and webcast for investors is set for July 28, 2022, at 8:00 a.m. MDT. The call will feature CEO Benjamin Urban, CFO Geoff Krause, and Director of Investor Relations Kim MacEachern. Investors can register online to receive dial-in information, and a replay of the call will be available on DIRTT's website post-event.
DIRTT is recognized for its innovative approach to industrialized construction, catering to various sectors including healthcare and education.
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