CEMATRIX Announces 2023 Second Quarter Financial Results

Revenue of $6.2 million, 55% increase compared to Q2 2022

CALGARY, Alberta, Aug. 09, 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 quarter ended June 30, 2023.

“In line with our expectations and following the momentum from a great first quarter, we saw continued improvement in many of our key financial metrics in the second quarter of 2023,” stated Jeff Kendrick, President and CEO of CEMATRIX. “Revenue for the quarter was $6.2 compared to $4.0 million the previous year, a 55% increase. Gross margins improved significantly to $1.1 million (18%) compared to $-0.1 (-3%) million in Q2 of the previous year. In addition, our backlog (of projects to be delivered) continues to grow, a reflection of the hard work and demonstrating the success of our sales teams and our sales strategies.”

“We remain steadfast in our belief that 2023 will be the best year in the history of the Company. We are set up for a record second half in terms of work scheduled to be completed for our customers. We are on track for record revenue and a return to profitability,” continued Mr. Kendrick.

“In the second quarter, we repaid all of the outstanding convertible debentures. At the same time, all of our outstanding regular and broker warrants expired. Our capital structure is now significantly de-levered and much simpler versus prior years. This makes our capital structure easier to understand for investors and dramatically reduces CEMATRIX’s financial risk profile. As a result of our efforts to de-lever the balance sheet, the Company estimates savings of approximately $1.2 million in annual cash interest costs,” stated Randy Boomhour, CFO of CEMATRIX.

“As always, 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. Our employees continue to make our success possible through hard work and dedication and we will look to them to keep up the good work for the rest of the year,” stated Mr. Kendrick.

“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 strongly aligned with shareholders. I remain incredibly optimistic about this year and the future,” concluded Mr. Kendrick.