CEMATRIX Announces Record Third Quarter 2023 Financial Results

Revenue of $20.4 million, 76% increase compared to Q3 2022 and a return to positive adjusted EBITDA

CALGARY, Alberta, Nov. 08, 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 and year to date ending September 30, 2023.

“This quarter’s financial results were the best in the history of the Company. Record revenue, strong margins, and a return to positive adjusted EBITDA, not only in the third quarter but for the first nine months of 2023. The third quarter is traditionally the strongest quarter as a result of the seasonality of construction work due to the impact of winter in many of our key markets. Our investment in sales and sales support resources continues to drive positive results and the market acceptance continues to grow for the applications of cellular concrete” stated Jeff Kendrick, President and CEO of CEMATRIX.

“Revenue for the third quarter was $20.4 compared to $11.6 million in the third quarter of 2022, a 76% increase. Gross margins improved to $4.6 million (23%) compared to $2.2 (19%) million in the third quarter of 2022. Adjusted EBITDA was $3.2 million this past quarter and $2.1 million for the first nine months of 2023, a $4.0 million improvement for the year to date.” stated Mr. Boomhour, CFO of CEMATRIX.

“In Q3 we delivered on our belief that 2023 will be the best year in the history of the Company. As of Q3, we have already significantly surpassed our 2022 full year revenue of $29.0 million. The fourth quarter is historically slower for the Company compared to the third quarter, as winter reduces overall construction activity, but we expect to have a strong fourth quarter resulting in record revenue for the year and a return to profitability.” continued Mr. Kendrick.

“I want to thank all of our employees at CEMATRIX for their contributions to our success. Quarterly results like these are only made possible through the hard work of every single employee. As always, I particularly want to thank 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,” stated Mr. Kendrick.