Biorem, Inc. (OTC:BIRMF)

Biorem Inc (OTC:BIRMF) (TSXV:BRM) ($1.80; $28.2M market cap) reported Q3 2024 results: (all figures are CAD)

• Q3 sales of $14.8 million vs $5.5 million
• Q3 EPS of $0.12 vs EPS of $0.03 in the prior year

"In the third quarter, delays related to industry-wide issues with construction projects eased somewhat, allowing BIOREM to catch up on orders in the Company's backlog," said Derek S. Webb, President and CEO. "Even as project deliveries accelerated, BIOREM's sales funnel, outstanding bids and order backlog remain robust with no signs of softening over the near- to medium-term."

"Population growth and the need for significant increases in housing construction throughout North America is driving demand for municipal and industrial infrastructure projects that require air emission abatement systems. BIOREM's experience and performance in delivering both large and small successful air emission abatement projects makes them uniquely positioned to benefit over the long term from this growth cycle".

Biorem is an environmental biotechnology company that designs, manufactures and distributes a comprehensive line of air emissions control systems used to eliminate odors, volatile organic compounds, and hazardous air pollutants

Biorem Inc (OTC:BIRMF, TSXV:BRM) ($1.64; $25.7M market cap) reported Q2 2024 results: (all figures are CAD)

• Q2 sales of $7.3 million vs $4.2 million

• Q2 EPS of $0..02 vs a loss of $0.006 in the prior year

• During the quarter the Company booked $13 million in new orders resulting in a record order backlog of $57 million on June 30, 2024 compared to an order backlog of $51.5 million on June 30, 2023.

The Company expects this record backlog to support strong revenues and earnings in the second half of the year.

"Our strategic initiatives gathered momentum in 2024" said Derek S. Webb, President and CEO. "This is reflected in the product mix purchased by our clients as well as new orders that have driven our order backlog to a record $57 million."

"There continues to be strong underlying demand for our full range of products and services," continued Mr. Webb. "Physical and chemical technologies are supplementing the core advanced biological solutions that customers have come to trust and rely upon. A large multi-stage project we recently confirmed in the Middle East offers a good example of this. The project will involve a combination of chemical and biological technologies to deal with emissions from a biosolids drying operation. Management is excited at working together with a repeat customer to deliver another successful project."

Biorem is an environmental biotechnology company that designs, manufactures and distributes a comprehensive line of air emissions control systems used to eliminate odors, volatile organic compounds, and hazardous air pollutants

Q4 and full year 2023 results: (all figures are CAD)

• Q4 sales of $12.2 million vs $10.9 million 

• Q4 non-GAAP EPS of $0.13 vs $0.10 in the prior year

• Full year sales of $25.1 million vs $28.8 million

• Full year non-GAAP EPS of $0.12 vs $0.14

"Management looks forward to beginning the next phase of the Corporation's development", said Derek S. Webb, President and CEO.  "A strong backlog; healthy bidding activity and a number of exciting new products introduced and under development promise to provide us with the tools necessary to achieve growth in 2024."

"We are particularly excited about expanding both our organic as well as inorganic growth initiatives.  The market has been responsive to our new introductions and we expect the same level of interest with the next offering of complementary technologies.  A number of new initiatives are underway with results expected to begin to be realized within the coming quarters.  All in all, a very exciting period for our company."