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CEMATRIX Announces Record 2022 Third Quarter Financial Results

CALGARY, Alberta, Nov. 09, 2022 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSXV: CVX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company") a North American leading manufacturer and supplier of technologically advanced cellular concrete products announced the release of its consolidated financial results for the quarter ended September 30, 2022.

“We are pleased to report to shareholders that our third quarter results reflect the highest quarterly revenue in the history of the Company,” stated Mr. Jeff Kendrick, President and CEO of CEMATRIX. “Our third quarter revenue was up 62% ($11.6M vs $7.1M) and our year-to-date revenue is up 32% ($20.7M vs 15.7M) compared to last year. The third quarter is traditionally our strongest quarter as the construction season in colder climates reaches its peak.   Despite the cement supply chain issues currently being experienced in our industry in addition to other logistical challenges that affected our customer’s schedules we were still able to deliver record revenue. Nevertheless, even with the record revenue, we still experienced some project delays that extended some projects into the fourth quarter of this year setting us up for a very strong fourth quarter to finish the year.”

“Inflationary pressures across all facets of our business led to lower gross margins. In particular, cost increases in salaries, wages, logistics, consumables, cement and ready-mix pricing all contributed to lower gross margins” continued Mr. Kendrick. "Our sales teams continue to win projects as a result of our quality, innovation and competitiveness in our key markets. We continue to invest in sales resources and new equipment to expand geographically in markets that are close to our existing operations. We remain extremely confident that 2023 will be the best year in the history of the Company with the volume of work that we have contracted or in the process of being contracted for 2023,” concluded Mr. Kendrick.

The following are the business and financial highlights for the third quarter and year to date:

Business highlights for the Quarter:

  • Announced $22.5 million in new contracts (August 3, 2022), which included the largest infrastructure project ever awarded in North America, a $20.3 million overpass backfill project in North Carolina

Financial highlights for the third quarter:

  • Revenue was $11.6 million in Q3 2022 versus $7.1 million in Q3 2021
  • Operating income was $0.3 million in Q3 2022 versus a $0.1 million loss in Q3 2021
  • Adjusted EBITDA was $0.9 million in Q3 2022 versus $0.6 million in Q3 2021
  • Cashflow from operations was negative $0.5 million in Q3 2022 versus negative $0.8 million in Q3 2021

Financial highlights for the nine months ended September 30th (year to date results):

  • Revenue was $20.7 million in YTD 2022 versus $15.7 million in YTD 2021.
  • Operating loss in YTD 2022 was $3.5 million versus a loss of $2.7 million YTD 2021.
  • Adjusted EBITDA was negative $1.9 million in YTD 2022 versus negative $0.7 million in YTD 2021.
  • Cashflow from operations was negative, with cash used in operating activities of $3.2 million in YTD 2022 versus $1.6 million used in 2021.
  • Working capital as at September 30th was $11.7 million with $12.2 million in cash.


CEMATRIX is a rapidly growing company that manufactures and supplies technologically advanced cellular concrete products developed from proprietary formulations across North America. This unique cement-based material with superior thermal protection delivers cost-effective, innovative solutions to a broad range of problems facing the infrastructure, industrial (including oil and gas) and commercial markets. Through recent acquisitions of Chicago based MixOnSite and Bellingham based Pacific International Grout, CEMATRIX is now North America’s largest Cellular Concrete company. For more information please visit our website at


This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by the Company, including satisfaction of regulatory requirements in various jurisdictions and the Company’s anticipated use of the net proceeds of the Offering. Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, which could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements.

Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:
Jeff Kendrick - President and Chief Executive Officer
Phone: (403) 219-0484

Glen Akselrod – President, Bristol Capital
Phone: (905) 326 1888 ext 1

Jeff Walker, The Howard Group – Investor Relations
Phone: (888) 221-0915 or (403) 221-0915

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