| Three months ended June 30 | Six months ended June 30 | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | 9,431 | 7,300 | 14,161 | 13,218 |
| Gross profit | 2,550 | 1,657 | 3,660 | 3,437 |
| Operating expenses | 1,496 | 1,145 | 2,512 | 2,409 |
| Ebitda | 1,163 | 555 | 1,392 | 1,177 |
| Net earnings | 745 | 340 | 782 | 681 |
| EPS – basic | 0.046 | 0.021 | 0.046 | 0.043 |
| EPS – fully diluted | 0.040 | 0.018 | 0.040 | 0.037 |
Biorem’s revenues for the second quarter were $9.4 million, a 99% increase over the previous quarter and 29% increase over the $7.3 million of revenues reported in the same quarter in 2024. Year to date revenues totalled $14.1 million, a 7% increase over the $13.2 million reported for the first six months of 2024. The increase in revenues for the first six months of 2025 compared to the prior year is entirely due to the Company’s increase in orders received and resulting order backlog.
During the quarter the Company booked $7.4 million in new orders bringing year to date bookings to $24.1 million resulting in an order backlog of $61 million on June 30, 2025 compared to an order backlog of $57 million on June 30, 2024.
The Company expects this backlog to support strong revenues and earnings in the second half of the year.
“We were able to successfully overcome the logistical challenges we experienced earlier in the year, allowing us to accelerate shipments to our international customers during the second quarter”, said Derek S. Webb, President and CEO. “This has helped meet our initial forecasts for delivery and minimizes the impact to our customers’ schedules. We expect to continue this pace in the second half of the year as we continue to export to China, the Middle East and South East Asia.”
“Bidding activity continues to be robust and management is pleased at the size of the outstanding opportunities in the domestic and international market segments. We expect our focus on offering both technologies and integrated service solutions to continue to produce tangible results and drive growth over the next several quarters.”
Gross profit for the quarter was $2.5 million or 27% of revenue compared to $1.7 million of gross profit representing 22.7 % of revenue recorded during the second quarter of 2024. Total operating expenses (net of other income) for the quarter were $1,496,000 against $1,144,000 in the same period the prior year. The increase in operating expenses in 2025 was primarily due to the booking of a $400,000 credit loss provision for a specific project. Ebitda for the quarter was $1.2 million compared to $555,000 of ebitda in the second quarter of 2024.
The Company had net earnings for the quarter of $745,000, with year-to-date earnings of $782,000 compared to net earnings of $681,000 for the first half of 2024.
Cash on hand at June 30, 2025 decreased to $7.7 million. Earnings from operating activities during the quarter generated $1.2 million of cash and net increases in non-cash working capital items used $2.5 million of cash reserves. Working capital at June 30, 2025 stood at $10 million.