DIRTT Environmental Solutions Ltd
TSX:DRT
DIRTT Environmental Solutions Ltd
DIRTT Environmental Solutions Ltd. engages in the manufacturing of customized interiors. The company is headquartered in Calgary, Alberta and currently employs 1,002 full-time employees. The company went IPO on 2013-11-28. The firm combines its three-dimensional (3D) design, configuration and manufacturing ICE software with integrated in-house manufacturing of its prefabricated interior construction solutions and a network of distribution partners. Its ICE Software provides design, drawing, specification, pricing and manufacturing process information, allowing production of custom solutions. Its interior construction solutions include prefabricated, customized interior modular walls, ceilings, and floors; decorative and functional millwork; power infrastructure; network infrastructure; and pre-installed medical gas piping systems. The firm offers interior construction solutions throughout the United States and Canada.
DIRTT Environmental Solutions Ltd. engages in the manufacturing of customized interiors. The company is headquartered in Calgary, Alberta and currently employs 1,002 full-time employees. The company went IPO on 2013-11-28. The firm combines its three-dimensional (3D) design, configuration and manufacturing ICE software with integrated in-house manufacturing of its prefabricated interior construction solutions and a network of distribution partners. Its ICE Software provides design, drawing, specification, pricing and manufacturing process information, allowing production of custom solutions. Its interior construction solutions include prefabricated, customized interior modular walls, ceilings, and floors; decorative and functional millwork; power infrastructure; network infrastructure; and pre-installed medical gas piping systems. The firm offers interior construction solutions throughout the United States and Canada.
Revenue Decline: Q3 2025 revenue was $37.7 million, down 13% year-over-year, mainly due to higher-than-normal order delays from job sites not being ready.
Margin Recovery: Gross margin rebounded sequentially to 30.4% in Q3 from 27.8% in Q2, helped by recent price increases and surcharges to offset tariffs.
Positive Adjusted EBITDA: Company returned to positive adjusted EBITDA in Q3 2025, though the $1.2 million result was lower than the prior year.
Strong Pipeline Growth: The 12-month forward sales pipeline reached $333 million, up 20% since January, with Construction Services contributing $50 million.
Q4 Guidance: Management expects Q4 revenue between $48 million and $52 million and adjusted EBITDA of $5 million to $7 million.
Cost Controls: Operating expenses (excluding certain items) fell 17% year-over-year to $11.8 million, driven by lower professional services and compensation costs.
Financing Update: Entered a nonbinding term sheet for up to CAD 15 million in new financing and extended the RBC credit facility by one year.
