Biorem Reports Record Revenues and Earnings before tax for 2024 and Again Reports Record Order Backlog

49% Increase in Revenue
36% Increase in Earnings

GUELPH, ON, April 16, 2025 /CNW/ - BIOREM Inc. (TSXV: BRM) ("Biorem" or "the Company") today announced its results for the three and twelve-month periods ended December 31, 2024. Biorem's complete fiscal 2024 year-end financial statements and MD&A have been filed on SEDAR (www.sedar.com).

FINANCIAL HIGHLIGHTS:

TWELVE MONTHS ENDED DECEMBER 31, 2024

For the twelve months ended December 31, 2024 revenues grew 49% to a record $37.4 million compared to $25.2 million for the same twelve months in 2023. Net earnings for the year grew 36% to $3.0 million compared to net earnings of $2.2 million in 2023. Earnings per share for the year increased by 36% to $0.19 per share against earnings per share of $0.14 basic and $0.13 fully diluted reported in 2023.

Gross profit for the year was $10.1 million, a 43% increase from gross profit of $7.0 million recorded for the year-ended December 31, 2023.

Total operating expenses for the year were $5.7 million compared to $4.0 million of operating expenses in 2023. The $ 1.7 million increase in operating expenses year over year was due to a increase in commission expenses on the increased revenues and increased compensation expenses..

On December 31, 2024 the Company had cash on hand of $5.2 million and working capital of $10.3 million compared to $2.3 million of cash and $6.7 million of working capital on December 31, 2023.  The increase in cash on hand was largely due to the result of operating activities offset by the repayment of $548,000 of long term debt during the year and the investment of $372,000 in manufacturing equipment.

Total order bookings for the year were $41.3 million, a 13% increase in bookings over the bookings in 2023 of $36.5 million. For the third year in a row the Company's order backlog increased to a record amount and stood at $56.1 million on December 31, 2024 compared to $50.1 million on December 31, 2023.

"Overall, we are very pleased with the progress made in 2024," said Derek S. Webb, President and CEO.  "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", continued Mr. Webb.  "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."

Three Months ended December 31, 2024

Revenue in the fourth quarter of 2024 was $9.3 million compared to $14.9 million in the previous quarter and $12.2 million in the fourth quarter of 2023. Revenue in a quarter can fluctuate significantly due to customers scheduling and revenues in the fourth quarter were a reflection of this. Orders booked in the quarter totaled $15.7 million.

Gross profit of $1.6 million in the fourth quarter amounted to 17.2% of revenue, which was lower than the 33.7% gross profit margin in the previous quarter and the 36.1% achieved in the same quarter the prior year. The decrease in gross profit and decreased gross margin percentage  was the result of lower revenues in the quarter and the accrual of costs for a project that may require some rework.

Total operating expenses (net of other income) for the quarter were $1.3 million, similar to the operating expenses of $1.3 million incurred during the fourth quarter of 2023.

Ebitda for the quarter was $425,000 compared to ebitda of $3.3 million in the fourth quarter of 2023.

Net earnings for the quarter were $194,000  compared to net earnings of $2.4 million in the fourth quarter of 2023.

About BIOREM Inc.

BIOREM is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). With sales and manufacturing offices across the continent, a worldwide sales representative network and more than 2,000 installed systems worldwide, BIOREM offers state-of-the-art technology-based products and peace of mind for municipalities, industrial companies and their surrounding communities. Additional information on Biorem is available on our website at www.biorem.biz.

SOURCE Biorem Inc.

For further information contact: Derek Webb, President and Chief Executive Officer, [email protected], Tel: (519) 767-9100 ext 240; Douglas Newman, Chief Financial Officer, [email protected], Tel: (519) 767-9100 ext 287