DIRTT Q4 Revenue Rises 4% to $50.9M, 36.6% Gross Margin
DIRTT Environmental Solutions reported Q4 revenue of $50.9M, up 4% year-over-year, and gross margin rose to 36.6% from 35.9%, driven by tariff mitigation synergies. The company ended December with $32.1M liquidity, received a CAD5.5M tranche from a CAD15M BDC facility, and guided FY2026 revenue of $194M–$209M.
1. Q4 Financial Results
DIRTT reported Q4 revenue of $50.9 million, up 4% year-over-year, with gross profit margin improving to 36.6% from 35.9% a year earlier and Adjusted EBITDA rising to $6.2 million; net loss was $3.7 million due to $7.6 million in reorganization and impairment charges.
2. Liquidity and Financing
The company ended the quarter with total liquidity of $32.1 million, including $20.3 million in unrestricted cash and $11.8 million of undrawn ABL capacity, received a CAD5.5 million tranche of a CAD15 million BDC facility and improved inventory days to 53.7 and cash conversion cycle to 47.2 days.
3. Transformation Initiatives and Commercial Wins
Management highlighted progress on transformation initiatives, including launching DIRTT Construction Services and refining its partner strategy, and secured commercial wins with Google for its Toronto office and a major new contract with U-Haul.
4. FY2026 Guidance
DIRTT issued FY2026 guidance of $194 million to $209 million in revenue and $26 million to $31 million in Adjusted EBITDA, noting the outlook excludes impacts from potential unforeseen tariffs or trade policy changes.