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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 has filed a summary judgment application in the Court of Queen's Bench of Alberta against Falkbuilt Ltd. and its founders, alleging breach of fiduciary duties and competition following the departure of Mogens Smed. DIRTT claims to have gathered over 1,200 pages of evidence, including testimonies implicating Smed and others in the formation of a covert group aimed at creating a rival company. The application seeks to prevent the defendants from competing, along with damages and restitution for DIRTT's losses.
DIRTT Environmental Solutions Ltd. has nominated Mr. Charlie Chiappone for election to its Board of Directors at the upcoming Annual General Meeting set for April 26, 2022. This decision follows an extensive evaluation process aimed at board renewal, marking the fifth new nomination in 20 months. Chiappone brings significant experience from his roles at Armstrong World Industries and Alloy Polymers. The Meeting will also address a contested election involving an activist investor, with DIRTT nominating seven candidates against the activist's six. The final proxy statement will be filed after SEC review.
DIRTT Environmental Solutions reported its financial results for Q4 and fiscal 2021, with Q4 revenue at $42.9 million and fiscal revenue dropping 14% to $147.6 million. The company faced a net loss of $16.0 million in Q4 and $53.7 million for the year. Gross profit margin for Q4 was 19.6%, a decline from 27.4% in 2020, largely due to increased material costs and lower revenue levels. Despite challenges, DIRTT aims for annual revenue of $170-$180 million in 2022, projecting a return to revenue growth.
DIRTT Environmental Solutions has announced several strategic initiatives aimed at enhancing its performance and reducing annualized fixed operating expenses by approximately 14%. Key highlights include focusing on core customized products, reconfiguring manufacturing operations, and a commitment to partner relationships. DIRTT's interim CEO, Todd Lillibridge, expressed confidence in improving business operations and achieving positive adjusted EBITDA within 18 months. The company also plans to rebrand and introduce price increases in response to inflation while anticipating an annual sales capacity of approximately $500 million.
DIRTT Environmental Solutions Ltd. (NASDAQ: DRTT) has partnered with the American Institute of Architects (AIA) as a Cornerstone Partner to promote industrialized construction. This collaboration aims to enhance awareness in the design community about the flexibility and adaptability of modern construction practices. DIRTT's proprietary ICE® technology allows for real-time modifications during the design process. The company has invested in architectural initiatives, including launching new Experience Centers in Dallas and Chicago, and producing design-focused publications.
DIRTT Environmental Solutions plans to release its 2021 year-end financial results on February 23, 2022, followed by a conference call on February 24, 2022. Preliminary unaudited results indicate Q4 revenue of approximately $42.0 million and a full year revenue of about $146.7 million. As of December 31, 2021, the company had a cash balance of $60.3 million, bolstered by a recent successful offering of C$35 million in convertible debentures. CEO Todd Lillibridge mentioned strategic actions are underway to adapt to market changes.
DIRTT Environmental Solutions Ltd. (DRTT) announced an update regarding its response to a requisition from 22NW Fund. The Company is filing an application with the Alberta Securities Commission against 22NW for breaching securities laws to protect minority shareholders. DIRTT's Board, consisting of 7 experienced directors, is committed to strategic improvements despite distractions from 22NW's actions. The Board refutes claims of significant shareholder support for 22NW, stating that such claims are based on misleading information. DIRTT aims for transparency and seeks a constructive resolution.
DIRTT Environmental Solutions Ltd. (DRTT) announced the departure of CEO Kevin O’Meara, with Todd Lillibridge appointed as Interim CEO. The Board has begun the search for a permanent replacement, with Lillibridge not intending to pursue the role. Lillibridge, a seasoned executive with over 30 years in healthcare real estate, emphasized the need for adaptability in addressing changing client demands post-COVID-19. Both he and Lead Independent Director Michael Ford expressed optimism regarding the company's potential for profitability and growth in flexible workspace solutions.
DIRTT Environmental Solutions Ltd. (NASDAQ: DRTT, TSX: DRT) announces participation in the 24th Annual Needham Growth Conference on January 10-11, 2022. CEO Kevin O’Meara and CFO Geoff Krause will meet with institutional investors during this virtual event. DIRTT's investor presentation can be accessed on their website. The company specializes in customizable interior environments using its proprietary ICE® software, ensuring efficient construction across multiple locations in North America. DIRTT is committed to sustainability, speed, and cost certainty in its offerings.
DIRTT Environmental Solutions Ltd. (Nasdaq: DRTT, TSX: DRT) addressed the requisition by activist investor 22NW Fund, LP. The company raised concerns over inaccuracies in the activist's preliminary proxy statement, including misleading assertions regarding board appointments and trading activities. DIRTT emphasized its commitment to engaging in good faith discussions while prioritizing the welfare of all shareholders. Despite the ongoing proxy fight, the board remains focused on executing its strategic plan centered on commercial execution, manufacturing excellence, and innovation.
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