Dirtt Environmental Solutions Stock Price, News & Analysis

DIRTT Environmental Solutions (TSX: DRT; OTC: DRTTF) provided an update on its litigation against Falkbuilt, Smed, and Loberg. On February 5, 2025, the U.S. District Court for the Northern District of Utah dismissed DIRTT's case based on forum non conveniens, determining that Canada is the appropriate venue for the legal proceedings.

The Utah Court found that since DIRTT Environmental Solutions owns the trade secrets in question, and any resulting injury would affect the Canadian company, the claims should be pursued in Canada. The Court of King's Bench of Alberta has scheduled an 8-week trial from February 2 to March 27, 2026, where DIRTT will pursue damages potentially exceeding $50,000,000 for losses suffered in Canada, the United States, and abroad.

DIRTT Environmental Solutions has announced a normal course issuer bid (NCIB) approved by the Toronto Stock Exchange, allowing the company to repurchase up to 7,515,233 common shares (3.89% of outstanding shares) between December 20, 2024, and December 19, 2025. Daily purchases will be to 14,739 shares, approximately 25% of the average daily trading volume. The company will make purchases at market prices through TSX and alternative Canadian trading systems, with acquired shares being immediately cancelled.

DIRTT plans to implement an issuer repurchase plan agreement (IRPA) and automatic repurchase plan agreement (ARPP) to facilitate purchases during blackout periods. The company has not purchased any common shares under a NCIB in the past 12 months but has recently purchased debentures under a separate NCIB program.

DIRTT Environmental Solutions has appointed Holly Hess Groos to its Board of Directors and as Chair of the Audit Committee, effective November 26, 2024. Groos, a senior financial executive with a 30-year career at Verizon, held various leadership positions including CFO of Verizon Wireless, Head of Internal Audit, SVP Business Excellence, and Treasurer. Scott Robinson will step down as Audit Committee Chair but continue as Board Chair. Groos brings extensive financial experience and operational transformation expertise to support DIRTT's growth strategy.

DIRTT Environmental Solutions reported Q3 2024 financial results with revenue of $43.4 million, down 12% year-over-year. Despite lower revenue, the company achieved improved gross profit margin of 38.8% compared to 34.4% in Q3 2023. Net income was $7.1 million versus a net loss of $6.3 million in the prior year period. Adjusted EBITDA was $4.1 million (9.4% of revenue), down from $5.3 million (10.6% of revenue) in Q3 2023. The company maintained its 2024 revenue guidance of $165-175 million and Adjusted EBITDA guidance of $12-15 million.

DIRTT Environmental Solutions (TSX: DRT; OTC: DRTTF), a leader in industrialized construction, has announced that it will release its third quarter 2024 financial results on Wednesday, November 6th, 2024, after markets close. The company will host a conference call and webcast to discuss the results on Thursday, November 7th, 2024, at 8:00 a.m. MST (10:00 a.m. EST).

The call will be led by Benjamin Urban, Chief Executive Officer, and Fareeha Khan, Chief Financial Officer. Investors and interested parties can access the live webcast through a link provided by the company. A replay of the webcast will be available on DIRTT's website in the investor section.

DIRTT Environmental Solutions (TSX: DRT) (OTC: DRTTF) has been awarded the Industrialized Construction Maturity Assessment (ICMA) Platinum Medallion from Industrialized Construction Group (ICG). This recognition is the highest achievement in ICG's new program designed to acknowledge outstanding performance in industrialized construction.

The ICMA Platinum Medallion is awarded to companies that score in the top one percent of ICG's comprehensive assessment, which evaluates performance across various aspects of industrialized construction. This achievement reflects DIRTT's industry leadership, manufacturing excellence, strategic integration, design excellence, and exemplary ESG standards.

DIRTT's CEO, Benjamin Urban, stated that this recognition not only honors their dedication to excellence but also provides a valuable roadmap for continuous improvement and innovation in the industry.

DIRTT Environmental Solutions (TSX: DRT) (OTC: DRTTF) has been awarded two prestigious industry awards for its COVE™ Clinical Observation Vertical Exam solution at the 2024 Healthcare Facilities Symposium and Expo. COVE received the 'Most Innovative' and 'Architect's Choice' awards, recognizing its innovative approach to optimizing emergency department space and efficiency.

COVE is designed to be approximately half the size of a traditional exam room, allowing for increased treatment of low-acuity patients while maintaining quality care. The modular application reduces implementation time by about 30% compared to conventional construction methods. DIRTT's CEO, Benjamin Urban, emphasized the company's commitment to transforming construction practices and addressing industry challenges.

DIRTT Environmental Solutions (TSX: DRT, OTC: DRTTF) held a special meeting of shareholders on September 20, 2024. The primary agenda was to vote on the ratification, confirmation, and approval of the Amended and Restated Shareholder Rights Plan Agreement dated August 2, 2024. This agreement is between DIRTT and Computershare Trust Company of Canada, acting as the Rights Agent.

The voting results were as follows:

• Votes in favor: 148,572,128 (92.27%)
• Votes against: 12,452,171 (7.73%)

The Rights Plan was successfully approved by shareholders, including approval from disinterested shareholders in accordance with Toronto Stock Exchange rules.

DIRTT Environmental Solutions (TSX: DRT, OTC: DRTTF) has promoted Richard Hunter to President and Chief Operating Officer, effective immediately. This new role reflects DIRTT's focus on growth and manufacturing excellence. Hunter, who has been COO since August 2022, will now also define and implement corporate strategy, grow talent, lead technology, and further innovation.

CEO Benjamin Urban praised Hunter's visionary leadership, citing improvements in gross margins, procurement optimization, and manufacturing delivery and quality. Hunter brings over 30 years of transformational operations and manufacturing experience from companies like General Motors, Danaher, Crane, and Forterra. He expressed gratitude for the opportunity to lead DIRTT's team and advance their "Journey to Excellence" initiatives.