CEMATRIX Announces 2023 First Quarter Financial Results

Record Q1 Revenue of $7.2 million, 41% increase compared to Q1 2022

CALGARY, Alberta, May 10, 2023 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSXV: CVX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company") a North American leading manufacturer and supplier of technologically advanced cellular concrete products announced the release of its consolidated financial results for the first quarter ended March 31, 2023.

“In line with our expectations, we saw improvements in many of our key financial metrics in the first quarter of 2023. Revenue was up 41% compared to Q1 of last year, gross margins improved as cement and supply chain issues have eased, and SG&A expenses declined compared to the prior year,” stated Jeff Kendrick, President and CEO of CEMATRIX. “I want to thank all of our employees at CEMATRIX, particularly our field staff, for staying safe and delivering a quality product to our customers as well as our sales teams who have been instrumental in driving such strong growth. Our employees continue to make our success possible through hard work and dedication and we will look to them again this year as we continue to grow the CEMATRIX brand.”

“We remain focused on becoming a growing, cashflow positive company through strong organic growth, coupled with a strong and de-levered balance sheet, and a simple capital structure. We are aligned with shareholders and determined to grow shareholder value. We continue to believe the Company is on track to have a great year in 2023. I remain incredibly optimistic about this year and the future,” said Jeff Kendrick.

The following are the business and financial highlights for the first quarter:

Business highlights (News Releases) for the Quarter:

• Announced $5.3 million in new contracts (February 13, 2023)
• Announced $4.5 million in new contracts (March 22, 2023)

Financial highlights for the first quarter:

• Revenue increased to $7.2 million in Q1 2023 versus $5.1 million in Q1 2022
• Gross margins improved in Q1 2023 to $0.7 million (10%) versus $-0.1 million (-1%) in Q1 2022.
• Operating loss decreased in Q1 2023 to $1.2 million versus $1.8 million loss in Q1 2022
• Adjusted EBITDA improved to $-0.7 million in Q1 2023 versus $-1.5 million in Q1 2022
• Cashflow used in operations improved to $-0.3 million in Q1 2023 versus $-0.8 million in Q1 2022