DIRTT ENVIRONMENTAL SOLUTIONS LTD
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Interim Condensed Consolidated Statement of Operations and Comprehensive Loss
Interim Condensed Consolidated Statement of Operations
(Unaudited - Stated in thousands of U.S. dollars)
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Product revenue | 39,039 | 35,476 |
| Service revenue | 1,808 | 1,232 |
| Total revenue | 40,847 | 36,708 |
| Product cost of sales | 24,992 | 27,423 |
| Service cost of sales | 1,207 | 603 |
| Total cost of sales | 26,199 | 28,026 |
| Gross profit | 14,648 | 8,682 |
| Expenses | ||
| Sales and marketing | 5,920 | 5,515 |
| General and administrative | 4,566 | 5,833 |
| Operations support | 1,775 | 1,990 |
| Technology and development | 1,251 | 1,539 |
| Stock-based compensation | 675 | 796 |
| Reorganization | 138 | 1,071 |
| Impairment charge on Rock Hill Facility | 530 | - |
| Related party expense | - | 2,056 |
| Total operating expenses | 14,855 | 18,800 |
| Operating loss | (207) | (10,118) |
| Government subsidies | - | 148 |
| Gain on extinguishment of convertible debt | 2,931 | - |
| Foreign exchange gain (loss) | 919 | (261) |
| Interest income | 489 | 4 |
| Interest expense | (1,054) | (1,207) |
| 3,285 | (1,316) | |
| Net income (loss) before tax | 3,078 | (11,434) |
| Income taxes | ||
| Current and deferred income tax expense | 33 | - |
| 33 | - | |
| Net income (loss) after tax | 3,045 | (11,434) |
| Net income (loss) per share | ||
| Net income (loss) per share - basic | 0.02 | (0.10) |
| Net income (loss) per share - diluted | 0.01 | (0.10) |
| Weighted average number of shares outstanding (in thousands) | ||
| Basic | 183,668 | 111,702 |
| Diluted | 288,479 | 111,702 |
Interim Condensed Consolidated Statement of Comprehensive Income (Loss)
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Net income (loss) for the period | 3,045 | (11,434) |
| Exchange differences on translation of foreign operations | (297) | 273 |
| Comprehensive income (loss) for the period | 2,748 | (11,161) |
Total revenue for the three months ended March 31, 2024 includes $nil revenue earned from related parties and $nil related party expenses ($0.3 million and $2.1 million for the three months ended March 31, 2023, respectively). Refer to Note 16.
Interest expense for the three months ended March 31, 2024 includes $0.4 million earned by a related party ($nil for the three months ended March 31, 2023). Refer to Note 16.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.