BioRem (BRM) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 reached $7.3 million, up 70% year-over-year and 23% sequentially from Q1 2024.

• Net earnings for Q2 2024 were $340,000, reversing a net loss of $96,000 in Q2 2023.

• Year-to-date net earnings totaled $681,000, compared to a net loss of $650,000 for the first half of 2023.

• Record order backlog of $57 million as of June 30, 2024, driven by strong new orders.

Financial highlights

• Gross profit for Q2 2024 was $1.7 million (22.7% margin), up from $954,000 (22.2% margin) in Q2 2023.

• EBITDA for Q2 2024 was $555,000, compared to $0 in Q2 2023.

• Operating expenses for Q2 2024 were $1,145,000, up from $1,018,000 in Q2 2023, mainly due to higher commissions.

• Cash on hand at June 30, 2024 was $3.9 million.

• Working capital at June 30, 2024 stood at $7.6 million.

Outlook and guidance

• Record backlog expected to support strong revenues and earnings in the second half of 2024.

• Management highlights continued strong demand for products and services, including new multi-stage projects.