DIRTT ENVIRONMENTAL SOLUTIONS LTD

For the period ended Sep 30, 2024. Filed Nov 6, 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.

Sep 30, 2024 · Filed Nov 6, 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 September 30, · For the Nine Months Ended September 30,
2024 · 2023 · 2024 · 2023
Cash flows from operating activities:
Net income (loss) for the period	7,091		(6,311)		10,732		(15,539)
Adjustments:
Depreciation and amortization	1,487		2,017		4,542		7,216
Impairment charge on Rock Hill Facility	-		7,952		530		7,952
Stock-based compensation	803		1,069		1,905		2,543
Foreign exchange loss (gain)	1,051		(577)		(420)		563
Gain on extinguishment of convertible debt	(7,478)		-		(10,409)		-
Gain on sale of software and patents	-		-		-		(6,145)
Accretion of convertible debentures	1,013		172		1,398		515
Loss on disposal	132		97		422		97
Changes in operating assets and liabilities:
Trade and accrued receivables	(2,609)		(5,130)		(4,598)		(6,639)
Other receivables	106		(163)		(43)		7,029
Inventory	327		1,749		1,558		4,902
Prepaid and other assets, current and long term	9		477		335		(41)
Accounts payable and accrued liabilities	(781)		(77)		(3,366)		475
Other liabilities	(34)		(212)		(34)		(421)
Customer deposits and deferred revenue	609		737		(1,761)		1,702
Current portion of long-term debt and accrued interest	(352)		(49)		(445)		(64)
Lease liabilities	148		168		776		542
Net cash flows provided by operating activities	1,522		1,919		1,122		4,687
Cash flows from investing activities:
Purchase of property, plant and equipment, net of accounts payable changes	(310)		(255)		(973)		(1,304)
Capitalized software development expenditures	(409)		(425)		(1,333)		(1,530)
Other asset expenditures	29		(41)		(103)		(186)
Recovery of software development expenditures	94		49		215		131
Proceeds on sale of property, plant, and equipment	-		-		10		-
Proceeds on sale of assets held for sale	-		-		1,025		-
Proceeds on sale of equipment	-		14		-		14
Proceeds on sale of software and patents	-		-		-		9,964
Net cash flows (used in) provided by investing activities	(596)		(658)		(1,159)		7,089
Cash flows from financing activities:
Repayment of long-term debt	(16,230)		(551)		(21,323)		(3,386)
Net proceeds received from rights offering	-		-		21,273		-
Employee tax payments on vesting of RSUs	(32)		-		(239)		(26)
Net cash flows used in financing activities	(16,262)		(551)		(289)		(3,412)
Effect of foreign exchange on cash, cash equivalents and restricted cash	(567)		(117)		(906)		(166)
Net increase (decrease) in cash, cash equivalents and restricted cash	(15,903)		593		(1,232)		8,198
Cash, cash equivalents and restricted cash, beginning of period	39,770		21,844		25,099		14,239
Cash, cash equivalents and restricted cash, end of period	23,867		22,437		23,867		22,437
Supplemental disclosure of cash flow information:
Interest paid	(853)		(1,038)		(2,531)		(3,077)
Income taxes paid	(133)		-		(544)		(10)
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within
the consolidated balance sheets.		As At September 30,
2024 · 2023
Cash and cash equivalents				23,626		19,460
Restricted cash				241		2,977
Total cash, cash equivalents and restricted cash				23,867		22,437

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.