| Three months ended Mar 31 | Three months ended Dec 31 | ||
|---|---|---|---|
| 2026 | 2025 | 2025 | |
| Revenue | 6,817 | 4,730 | 16,941 |
| Gross profit | 1,392 | 1,110 | 5,942 |
| Operating expenses | 1,084 | 1,016 | 2,212 |
| Ebitda | 399 | 229 | 3,823 |
| Net earnings | 201 | 37 | 2,677 |
| EPS – basic | 0.012 | 0.002 | 0.18 |
| EPS – fully diluted | 0.011 | 0.002 | 0.16 |
Amounts are CAD thousands except per share data
New order bookings in the quarter totaled $18.7 million bring the Company’s order backlog to a record $77 million on March 31, 2026. A total of 18 new projects were secured from Canada, the United States and the Middle East.
Revenues for the first quarter reflected expected seasonal differences in construction schedules , Revenues for the quarter totaled $6.8 million, a $2 million or 44% increase from revenues of $4.7 million recorded during the first quarter of 2025.
Gross profit in the quarter of $1.4 million, represented 20% of revenue, compared to $1.1 million and 23% of revenue in the first quarter of 2025. The increase in gross profit during the quarter was due to the higher revenues in the quarter.
Operating expenses for the quarter were $1.1 million, which was a slight increase from the $1 million in operating expenses incurred for the same period ended in the prior year. The increase in operating expenses was largely the result of increased variable sales expenses on the higher revenues recorded in the quarter.
“2026 got off to a strong start”, said Derek S. Webb, President and CEO. “Bidding and booking activity surpassed forecasts and have resulted in Biorem’s largest order backlog to date. A diverse variety of technologies and geographic markets are represented in this backlog which helps reduce the risk of converting these orders to revenue and earnings. These commercial successes reflect the continued strong market demand for BIOREM solutions to air quality needs”.
“The company is well positioned for growth in the short to medium term. Strong bidding activity, a solid backlog, a diverse suite of technologies to deploy and strong market demand are all converging to provide a solid foundation for growth”
“Biorem is well positioned to weather the challenges facing the world economy from geopolitical, tariff and inflationary pressures in 2026. Our diverse supply chain, North American based manufacturing and a strong balance sheet ensures we have the tools required to move beyond these challenges.”
During the quarter the Company invested $271,000 in manufacturing equipment to increase its production capacity of its proprietary media.
The Company’s cash position stood at $10 million on March 31, 2026, compared with the $11.5 million held on December 31, 2025. Working capital at the end of the quarter was $14.5 million up slightly from the $14 million held at December 31, 2025 and up $4.9 million from $9.6 million recorded at March 31, 2025.
For further information contact:
Derek S. Webb, President and Chief Executive Officer
dwebb@biorem.biz
Tel: (519) 767-9100 ext 240
Douglas Newman, Chief Financial Officer
dnewman@biorem.biz
Tel: (519) 767-9100 ext 287