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DIRTT Environmental Solutions reported fourth quarter 2025 revenue of $50.9 million, up 4% from 2024 and at the high end of its prior guidance. Gross margin improved to 36.6%, while Adjusted EBITDA rose to $6.2 million, or 12.1% of revenue.
Despite stronger margins, the company posted a Q4 net loss of $3.7 million versus $4.0 million of net income a year earlier, largely due to $2.9 million of impairment charges, higher reorganization costs, a legal provision, and a swing to foreign exchange loss.
For full-year 2025, revenue declined to $168.9 million and results moved to a net loss of $14.4 million from net income of $14.8 million in 2024. Liquidity was $32.1 million as of December 31, 2025 with indebtedness of $23.4 million. For 2026, management guides to revenue of $194.0 to $209.0 million and Adjusted EBITDA of $26.0 to $31.0 million, supported by an ongoing transformation program and new BDC financing.
DIRTT Environmental Solutions’ major shareholders have reshaped their holdings and governance arrangements. On February 13, 2026, WWT Opportunity #1 LLC distributed 8,526,966 common shares to 726 BC LLC and 20,355,136 shares to 726 BF LLC as a redemption of their membership interests, with no extra consideration paid.
The reporting group, including Shaun Noll, WWT1, 726 BC, 726 BF, Peter L. Briger Jr. and Matthew Briger, now reports aggregate beneficial ownership positions such as 25,432,147 shares (13.3%) for Noll and 20,355,136 shares (10.6%) for 726 BF and Peter L. Briger Jr. The parties entered into a 2026 Support and Standstill Agreement with DIRTT and 22NW Fund, LP. Under this pact, the 726 entities commit their shares to support the company, agree not to acquire additional shares or launch an unsolicited offer, and back the issuer’s rights plan.
In return, DIRTT agreed the 726 entities may designate one director as long as they continue to beneficially own at least the lesser of 19,174,445 shares or 10% of the outstanding stock through the 2026 annual meeting. Jeremy Gold, Managing Director of the Briger Family Office, has been appointed to the board as their nominee. WWT1 no longer holds enough shares to designate a director under the prior support agreement.
DIRTT Environmental Solutions Ltd. insider reporting shows an indirect holding of 8,526,966 Common Shares as of February 13, 2026. The shares are held by 726 BC LLC, with Matthew Briger reported as its manager, and he disclaims beneficial ownership beyond his pecuniary interest.
DIRTT ENVIRONMENTAL SOLUTIONS LTD insider reporting shows that entity 726 BF LLC, identified as a ten percent owner, indirectly holds 20,355,136 Common Shares following the reported position. Peter L. Briger Jr. is the manager of 726 BF LLC and disclaims beneficial ownership except for his pecuniary interest.
DIRTT Environmental Solutions received an updated Schedule 13D/A from 22NW-related entities and individuals detailing their large ownership stakes and a new governance agreement. 22NW Fund directly beneficially owns 49,955,045 common shares, or about 26.0% of the 191,832,029 shares outstanding as of October 30, 2025. Aron R. English may be deemed to beneficially own 58,038,870 shares, representing approximately 30.3% of the company. On February 13, 2026, 22NW Fund and DIRTT entered a support and standstill agreement under which the company will nominate Adrian Zarate (or a 22NW-selected replacement) to the board at the 2026 annual meeting, while 22NW agrees to vote with board recommendations on director elections, observe customary standstill and non‑disparagement provisions, and limit its holdings to 57,447,988 shares. The filing also notes Zarate’s DSU awards and confirms he is no longer part of the Section 13(d) group, while remaining parties executed a joint filing agreement.
DIRTT Environmental Solutions entered a support and standstill agreement with major shareholders 22NW Fund and the 726 Entities and appointed Jeremy Gold to its board. The pact gives each of 22NW and the 726 Entities the right to nominate one director at the 2026 annual meeting, as long as they each hold at least 10% of outstanding shares or 19,174,445 shares.
The shareholders agreed to vote for the company’s board nominees, observe customary standstill restrictions, avoid certain convertible debt, and face caps of 57,447,988 shares for 22NW and 28,882,102 shares for the 726 Entities. The agreement runs until 90 days after the 2026 meeting. Separately, the 726 Entities acquired 28,882,132 shares, about 15.0% of DIRTT, via a distribution from WWT, reducing Noll and WWT’s stake from 28.0% to 12.9%.
DIRTT Environmental Solutions Ltd. director reports no share ownership. Jeremy Gold filed an initial statement of beneficial ownership as a director of DIRTT Environmental Solutions Ltd. as of the event date of 02/13/2026, indicating that no securities of the company are beneficially owned.
DIRTT Environmental Solutions Ltd. received an amended Schedule 13G/A from MAK Capital Fund LP, MAK Capital One L.L.C., and Michael A. Kaufman reporting their beneficial ownership. The group reports beneficial ownership of 9,081,696 common shares, representing 4.7% of the company’s common stock as of the reporting date.
The position consists of 7,024,707 common shares and 2,056,989 additional common shares issuable upon conversion of $9,565,000 aggregate principal amount of 6% Convertible Subordinated Debentures at an effective conversion price of $4.65 per share. The percentage is calculated against 193,889,018 common shares, including 191,832,029 shares outstanding as of October 30, 2025. The filing notes that these debentures matured and were repaid on January 31, 2026. The reporting persons state the securities are not held for the purpose of changing or influencing control of DIRTT.
DIRTT Environmental Solutions Ltd. reported a leadership change, with Richard Hunter’s role as President and Chief Operating Officer ending on January 12, 2026. His employment ceased in line with the company’s Executive Employment Agreement originally dated August 12, 2022 and amended April 15, 2025, which treats this as a termination without just cause.
Under that agreement, Mr. Hunter is entitled to his accrued but unpaid salary, unused vacation entitlement and continued benefits as specified in Section 9 of the contract. The company also noted, via an attached press release, that it has hired Aaron Merkin as Chief Technology Officer, underscoring a shift in its senior management team.
DIRTT Environmental Solutions Ltd. director reported a new award of deferred share units, a form of stock-based compensation that tracks the value of the company’s common shares. On December 31, 2025, the director received 32,996 deferred share units (DSUs), each economically equivalent to one common share.
The DSUs were valued at $0.66 per unit and were granted under the company’s Long Term Incentive Plan. After this grant, the director beneficially owned 900,571 derivative securities. The DSUs will be settled only after the director’s service with the company ends and can be paid in either common shares or cash, with settlement for U.S. directors required no later than forty days after their termination date.