BioRem (BRM) Q1 2025 earnings summary

Executive summary

• Achieved record $68 million order backlog as of March 31, 2025, with 23 new projects secured, including a $5.8 million Middle East contract.

• Revenue for Q1 2025 was $4.7 million, reflecting a 20% year-over-year decrease and a 49% sequential decline due to seasonal and logistical delays.

• Management is focused on organic growth initiatives and delivering on the historical backlog.

Financial highlights

• Q1 2025 revenue: $4.7 million, down from $5.9 million in Q1 2024 and $9.3 million in Q4 2024.

• Gross profit: $1.1 million (23% margin), down from $1.7 million (30% margin) in Q1 2024.

• EBITDA: $229,000, compared to $622,000 in Q1 2024.

• Net earnings: $37,000, down from $344,000 in Q1 2024.

• Cash position: $9.6 million at March 31, 2025, up from $5.2 million at December 31, 2024.

Outlook and guidance

• Robust bidding activity expected to continue throughout 2025.

• Management anticipates revenue growth in subsequent quarters as delayed projects progress.

• Focus on expanding service offerings, including new odour control rental units.