DIRTT ENVIRONMENTAL SOLUTIONS LTD

For the period ended Jun 30, 2024. Filed Aug 7, 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.

Jun 30, 2024 · Filed Aug 7, 2024

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Contents

Interim Condensed Consolidated Statement of Cash Flows

(Unaudited – Stated in thousands of U.S. dollars)

For the Three Months Ended June 30, · For the Six Months Ended June 30,
2024 · 2023 · 2024 · 2023
Cash flows from operating activities:
Net income (loss) after tax for the period	596	2,206		3,641		(9,228)
Adjustments:
Depreciation and amortization	1,521	2,524		3,055		5,199
Impairment charge on Rock Hill Facility	-	-		530		-
Stock-based compensation	427	678		1,102		1,474
Foreign exchange loss (gain)	(493)	794		(1,471)		1,140
Gain on extinguishment of convertible debt	-	-		(2,931)		-
Gain on sale of software and patents	-	(6,145)		-		(6,145)
Accretion of convertible debentures	205	179		385		343
Loss on disposal	290	-		290		-
Changes in operating assets and liabilities:
Trade and accrued receivables	(1,955)	(3,620)		(1,989)		(1,509)
Other receivables	(146)	2,460		(149)		7,192
Inventory	634	1,854		1,231		3,153
Prepaid and other assets, current and long term	(1,111)	(909)		326		(518)
Accounts payable and accrued liabilities	1,487	3,851		(2,585)		552
Other liabilities	-	(2,265)		-		(209)
Customer deposits and deferred revenue	(168)	1,985		(2,370)		965
Current portion of long-term debt and accrued interest	59	41		(93)		(15)
Lease liabilities	297	123		628		374
Net cash flows provided by (used in) operating activities	1,643	3,756		(400)		2,768
Cash flows from investing activities:
Purchase of property, plant and equipment, net of accounts payable changes	(319)	(678)		(663)		(1,049)
Capitalized software development expenditures	(482)	(573)		(924)		(1,105)
Other asset expenditures	(53)	(39)		(132)		(145)
Recovery of software development expenditures	-	56		121		82
Proceeds on sale of software and patents	-	9,964		-		9,964
Proceeds on sale of property, plant, and equipment	10	-		10		-
Proceeds on sale of assets held for sale	-	-		1,025		-
Net cash flows provided by (used in) investing activities	(844)	8,730		(563)		7,747
Cash flows from financing activities:
Repayment of long-term debt	(19)	(2,193)		(5,093)		(2,835)
Net proceeds received from rights offering	-	-		21,273		-
Employee tax payments on vesting of RSUs	(131)	-		(207)		(26)
Net cash flows provided by (used in) financing activities	(150)	(2,193)		15,973		(2,861)
Effect of foreign exchange on cash, cash equivalents and restricted cash	(109)	(13)		(339)		(49)
Net increase in cash, cash equivalents and restricted cash	540	10,280		14,671		7,605
Cash, cash equivalents and restricted cash, beginning of period	39,230	11,564		25,099		14,239
Cash, cash equivalents and restricted cash, end of period	39,770	21,844		39,770		21,844
Supplemental disclosure of cash flow information:
Interest paid	(673)	(967)		(1,678)		(2,039)
Income taxes received (paid)	(411)	15		(411)		10
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets.
	As At June 30,
2024 · 2023
Cash and cash equivalents			39,529		18,864
Restricted cash			241		2,980
Total cash, cash equivalents and restricted cash			39,770		21,844

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.