BioRem (BRM) Q3 2024 earnings summary

Executive summary

• Achieved record quarterly revenue of $14.9 million, up 170% year-over-year and 103% sequentially from the previous quarter.

• Net earnings for the quarter reached $2.2 million, with EPS of $0.14, compared to $0.03 in the same quarter last year.

• Year-to-date net earnings totaled $2.9 million, reversing a net loss of $147,000 in the first nine months of 2023.

Financial highlights

• Gross profit for the quarter was $5 million, representing 33.7% of revenue, up from 28% in Q3 2023.

• EBITDA for the quarter was $3.1 million, compared to $787,000 in Q3 2023.

• Operating expenses rose to $1.9 million, primarily due to higher sales, marketing, and administrative costs.

• Cash on hand increased to $7.3 million as of September 30, 2024.

• Working capital rose to $10.4 million at quarter-end.

Outlook and guidance

• Order bookings expected to continue growing, supporting strong revenue and earnings growth over the next 12 months.

• Robust sales funnel, outstanding bids, and order backlog show no signs of softening in the near- to medium-term.