- Biorem (TSXV:BRM) announced record revenues and earnings before tax for the year ended December 31, 2024.
- For the 12 months ended December 31, 2024, the micro-cap clean technology stock focused on air emission control’s revenues grew by a 49 per cent to a record C$37.4 million
- Revenue in Q4 2024 was C$9.3 million, compared to C$14.9 million in the previous quarter and C$12.2 million in Q4 2023
- Biorem stock (TSXV:BRM) opened trading at C$2.10
Biorem achieves record financial performance in 2024
Biorem (TSXV:BRM) announced record revenues and earnings before tax for the year ended December 31, 2024. The company reported significant growth in both its three-month and 12-month financial results, showing off its robust performance and strategic advancements.
12 months ended December 31, 2024
For the 12 months ended December 31, 2024, the micro-cap clean technology stock focused on air emission control’s revenues grew by a 49 per cent to a record C$37.4 million, compared to C$25.2 million for the same period in 2023. Net earnings for the year increased by 36 per cent to C$3.0 million, up from C$2.2 million in 2023. Earnings per share for the year rose by 36 per cent to C$0.19 per share, against C$0.14 basic and C$0.13 fully diluted reported in 2023.
Gross profit for the year was C$10.1 million, marking a 43 per cent increase from the C$7.0 million recorded for the year ended December 31, 2023. Total operating expenses for the year were C$5.7 million, compared to C$4.0 million in 2023. The C$1.7 million increase in operating expenses was primarily due to higher commission expenses on increased revenues and increased compensation expenses.
On December 31, 2024, Biorem had cash on hand of C$5.2 million and working capital of C$10.3 million, compared to C$2.3 million of cash and C$6.7 million of working capital on December 31, 2023. The increase in cash was largely due to operating activities, offset by the repayment of C$548,000 of long-term debt and the investment of C$372,000 in manufacturing equipment.
Total order bookings for the year were C$41.3 million, a 13 per cent increase over the C$36.5 million in bookings in 2023. For the third consecutive year, the company’s order backlog increased to a record amount, standing at C$56.1 million on December 31, 2024, compared to C$50.1 million on December 31, 2023.
Q4 results
Revenue in Q4 2024 was C$9.3 million, compared to C$14.9 million in the previous quarter and C$12.2 million in Q4 2023. Revenue fluctuations in a quarter can be significant due to customer scheduling, and Q4’s revenue reflected this variability. Orders booked in the quarter totaled C$15.7 million.
Gross profit for Q4 was C$1.6 million, amounting to 17.2 per cent of revenue, which was lower than the 33.7 per cent gross profit margin in the previous quarter and the 36.1 per cent achieved in the same quarter the prior year. The decrease in gross profit and gross margin percentage was due to lower revenues in the quarter and the accrual of costs for a project that may require rework.
Total operating expenses (net of other income) for the quarter were C$1.3 million, similar to the operating expenses incurred during Q4 2023. EBITDA for the quarter was C$425,000, compared to C$3.3 million in Q4 2023. Net earnings for the quarter were C$194,000, compared to C$2.4 million in Q4 2023.
Management commentary
“Overall, we are very pleased with the progress made in 2024,” Derek Webb, Biorem’s president and CEO said in a news release. “Business development with a focus on new products and services has produced tangible results and we continue to be excited at continuing this expansion in 2025 with new geographical territories and technological offerings.”
“Investments made in late 2023 for our manufacturing processes enabled a significant increase in production capacity and reduced input costs while improving quality”, he continued. “These capital improvements have aided greatly in maintaining and improving on project delivery schedules.”
“While geopolitical and tariff pressures are expected to provide challenges in 2025, we believe the corporation is well positioned to weather the dynamic situation. A diverse and flexible supply chain, American based manufacturing and a strong balance sheet ensures we have the tools required to resolve these challenges.”
About Biorem
Biorem is a clean technology company offering a line of high-efficiency air emission control systems to eliminate odors, volatile organic compounds and hazardous air pollutants.
Biorem stock (TSXV:BRM) opened trading at C$2.10 and lost nearly 12 per cent in early trading and has fallen 2.54 per cent since this time last year.
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(Top photo of Biorem’s Mytilus biotrickling filter system: Biorem.)
