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GUELPH, ON, Nov. 6, 2024 /CNW/ - BIOREM Inc. (TSXV: BRM) ("BIOREM" or "The Company") today announced its results for the three and nine-month periods ended September 30, 2024. BIOREM's complete third quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com).

FINANCIAL HIGHLIGHTS:

BIOREM reported record quarterly revenues for the third quarter of $14.9 million, an increase of 103% over the previous quarter and 170% higher than the $5.5 million of revenues reported in the same quarter in 2023. Year to date revenues totalled $28.1 million, a 117% increase over the $13 million reported for the first nine months of 2023. The increase in revenues for the first nine months of 2024 compared to the prior year is largely attributable to the increase in order bookings and continuing delivery of projects from the Company's large order backlog.

During the quarter the Company booked $6.6 million in new orders resulting in an order backlog of $48.4 million on September 30, 2024. This compares to an order backlog of $57 million on June 30, 2024 and $54.5 million as of September 30, 2023.

The Company expects order bookings to continue to grow as and delivery of projects from the order backlog continues generating strong revenue and earnings growth over the next 12 months.

"In the third quarter, delays related to industry-wide issues with construction projects eased somewhat, allowing BIOREM to catch up on orders in the Company's backlog," said Derek S. Webb, President and CEO. "Even as project deliveries accelerated, BIOREM's sales funnel, outstanding bids and order backlog remain robust with no signs of softening over the near- to medium-term."

"Population growth and the need for significant increases in housing construction throughout North America is driving demand for municipal and industrial infrastructure projects that require air emission abatement systems. BIOREM's experience and performance in delivering both large and small successful air emission abatement projects makes them uniquely positioned to benefit over the long term from this growth cycle".

Gross profit for the quarter was $5 million or 33.7% of revenue compared to $1.5 million of gross profit representing 28% of revenue recorded during the third quarter of 2023. Total operating expenses (net of other income) for the quarter were $1.9 million against $806,000 in the same period the prior year. The increase in operating expenses in 2024 was primarily due to higher sales and marketing costs and general and administrative expenses. Ebitda for the quarter was $3.1 million compared to $787,000 million of ebitda in the third quarter of 2023.

The Company reported net earnings for the quarter of $2.2 million or $0.14 per share. Year to date the Company reported earnings of $2.9 million compared to a net loss of $147,000 for the first nine months of 2023.

Cash on hand on September 30, 2024 increased to $7.3 million. Earnings from operating activities during the quarter generated $3.1 million of cash and net increases in non-cash working capital items used $125,000 million of cash reserves. Working capital on September 30, 2024 increased to $10.4 million.

About BIOREM Inc.

BIOREM is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). With sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and more than 2000 installed systems worldwide, BIOREM offers state-of-the-art technology-based products and peace of mind for municipalities, industrial companies and their surrounding communities. Additional information on Biorem is available on our website at www.biorem.biz.

SOURCE Biorem Inc.

View original content: http://www.newswire.ca/en/releases/archive/November2024/06/c6261.html