Earnings release
Page 1
Source: DIRTT Environmental Solutions November 05, 2025 19:03 ET DIRTT Reports Third Quarter 2025 Financial Results CALGARY, Alberta, Nov. 05, 2025 (GLOBE NEWSWIRE) -- DIRTT Environmental Solutions Ltd. (“DIRTT”, the “Company”, “we”, “our”, “us” or “ours”) (TSX: DRT; OTCQX: DRTTF), a leader in industrialized construction, today announced its nancial results for the three and nine months ended September 30, 2025. All nancial information in this news release is presented in U.S. dollars, unless otherwise stated. Third Quarter 2025 Highlights and Recent Developments Revenue of $37.7 million in the third quarter of 2025, a decrease of 13%, from the third quarter of 2024. Gross pro t margin increased from 27.8% of revenue in the second quarter of 2025 to 30.4% of revenue in the third quarter of 2025, as tariff mitigation actions began to take effect. Gross pro t margin decreased from 38.8% in the third quarter of 2024. During the rst nine months of 2025, various tariffs have been levied by the U.S. and Canadian governments. We incurred $1.9 million (5.1% of total revenue) in tariffs and costs related to tariff mitigation actions for the three months ended September 30, 2025. DIRTT is most impacted by the 50% tariff levied on Canadian aluminum exports to the U.S. During the nine months ended September 30, 2025, the Company undertook activities associated with the deployment of its Transformation Of ce (as de ned herein), in which $2.6 million of associated costs were recognized as reorganization expenses in the three months ended September 30, 2025. Net loss after tax and net loss margin for the third quarter of 2025 was $3.5 million and 9.2% of revenue, respectively, compared to a net income after tax and net income margin of $7.1 million and 16.3%, respectively, in the third quarter of 2024. Adjusted EBITDA(1) was $1.2 million, or 3.1% of revenue, in the third quarter of 2025, compared to $4.1 million, or 9.4% of revenue, in the third quarter of 2024. Liquidity, comprising of unrestricted cash and available borrowings, was $32.3 million at September 30, 2025, compared to $39.3 million at December 31, 2024. On August 26, 2025, the Company announced the renewal of the normal course issuer bid for the Debentures (as de ned below) which had commenced on August 28, 2024 and expired on August 27, 2025 (the “Renewed Debentures NCIB”). The Renewed Debentures NCIB commenced on August 28, 2025 and permits DIRTT to acquire up to C$1,656,900 principal amount of the Company’s issued and outstanding 6.00% convertible unsecured subordinated debentures due January 31, 2026 (the “January Debentures”) and C$1,493,500 principal amount of the Company’s issued and outstanding 6.25% convertible unsecured subordinated
Page 2
debentures due December 31, 2026 (the “December Debentures” and together with the January Debentures, the “Debentures”). On October 28, 2025, we entered into a non-binding term sheet with the Business Development Bank of Canada (“BDC”) for proposed nancing of up to C$15.0 million. We expect to use the proceeds to partially settle the January Debentures. The remaining January Debentures (C$1.6 million) will be settled through our cash balances. Advancement of funds remains subject to, among other things, completion of due diligence by BDC(2). On November 4, 2025, the Company extended its credit facility with the Royal Bank of Canada (“RBC”) to November 30, 2026 (the “RBC Facility”). (1) See “Non-GAAP Financial Measures” (2) See “Outlook” and “Special Note Regarding Forward-Looking Statements” Management Commentary Benjamin Urban, chief executive of cer, remarked “The third quarter of 2025 marked a shift back to normal business with improving margins and a return to positive Adjusted EBITDA. We are pleased with the progress being made in our Transformation Of ce and believe the actions will improve DIRTT as an organization as well as create value for our shareholders. Our 12-month forward pipeline has increased to $333.5 million as of September 30, 2025 with approximately $50 million relating to our Construction Services team (formerly known as Integrated Solutions). In October, DIRTT was announced as Canada’s Safest Employer in manufacturing and COVE™ was the winner of Clinical Gold and Best in Competition at Healthcare Design Expo in Kansas City. We have the pipeline, the manufacturing excellence and the innovation and are excited for the future.” Fareeha Khan, chief nancial of cer, added “This quarter we increased cash ows by $3.0 million and closed the quarter with $32.3 million of liquidity. We look forward to working with BDC to secure C$15 million of nancing which we intend to use to partially settle the January Debentures. The remaining January Debenture balance will be settled with DIRTT’s cash on hand. We have also extended our RBC Facility for an additional year. The impact of prevailing tariffs have been substantially mitigated and looking forward, for the fourth quarter of 2025, we expect revenue between $48.0 and $52.0 million and Adjusted EBITDA between $5.0 and $7.0 million.” Third Quarter 2025 Results Third quarter 2025 revenue was $37.7 million, a decrease of $5.7 million or 13%, from $43.4 million for the same period of 2024. We entered the third quarter of 2025 with an 18% higher twelve-month forward pipeline as compared to July 1, 2024. We experienced higher than normal order delays due to job sites not being ready, which contributed to lower revenue this quarter. Gross pro t and gross pro t margin for the quarter ended September 30, 2025 were $11.5 million or 30.4% of revenue compared to $16.8 million or 38.8% of revenue for the quarter ended September 30, 2024. Sequentially, gross pro t margin increased from 27.8% in the second quarter of 2025 as tariff mitigation actions began to take effect. Adjusted Gross Pro t (see “– Non-GAAP Financial Measures”) for the three months ended September 30, 2025 was $12.5 million, a decrease from $17.6 million Adjusted Gross Pro t for the third quarter of 2024. Adjusted Gross Pro t Margin (see “– Non-GAAP Financial Measures”) was 33.1% in the third quarter of 2025, a decrease from 40.7% in the comparative period of 2024. Gross pro t and Adjusted Gross Pro t for the quarter ended September 30, 2025 were negatively impacted due to the decline in revenues as well as tariff- related costs that commenced in March 2025. Sales and marketing expenses decreased by $0.4 million to $4.8 million for the three months ended September 30, 2025 from $5.2 million for the three months ended September 30, 2024. The decrease was driven by a $0.3 million decrease in commissions as a result of lower revenues, a $0.1 million decrease in marketing and tradeshow costs, a $0.1 million decrease in depreciation and amortization expenses, and a $0.1 million decrease in travel, meals and entertainment costs. The decrease was partially offset by a $0.3 million increase in salaries and bene ts costs. General and administrative expenses decreased by $1.4 million to $4.4 million for the three months ended September 30, 2025, from $5.8 million for the three months ended September 30, 2024. The decrease was primarily related to a $1.2 million decrease in professional services costs largely due to
Page 3
insurance recoveries, lower litigation costs, and costs related to the repurchase of January Debentures and December Debentures from 22NW Fund, LP (“22NW”) and the support and standstill agreement with 22NW and WWT Opportunity #1 LLC that occurred in the third quarter of 2024 which were not repeated in 2025, a $0.2 million decrease in building and infrastructure costs, a $0.1 million decrease in public company costs, and a $0.1 million decrease in depreciation and amortization expenses. The decrease was offset by a $0.1 million increase in board fees, and a $0.1 million increase in communication costs. Operations support is comprised primarily of project managers, order entry and other professionals that facilitate the integration of our Construction Partner (as de ned herein) project execution, our manufacturing operations, and support staff for the Construction Services team. Operations support expenses decreased by $0.1 million for the three months ended September 30, 2025 to $1.8 million compared to $1.9 million for the comparative period of 2024. The decrease was related to a $0.2 million decrease in salaries and bene ts costs, offset by a $0.1 million increase in research and development costs. Technology and development expenses relate to non-capitalizable costs associated with our product and software development teams, and are primarily comprised of salaries and bene ts of technical staff. Technology and development expenses decreased $0.5 million to $0.8 million for the three months ended September 30, 2025 compared to $1.3 million for the three months ended September 30, 2024. The decrease is primarily related to a $0.5 million decrease in salaries and bene ts costs. Stock-based compensation expense for the three months ended September 30, 2025 was $0.7 million compared to $0.8 million in the same period of 2024. The decrease in expense was largely due to a decrease in deferred share units (“DSUs”) expense as a result of a lower number of DSUs granted in the third quarter of 2025 compared to the third quarter of 2024, slightly offset by higher restricted share units expense due to a full quarter of expense on an August 31, 2024 grant in the third quarter of 2025 compared to one month of the expense in the third quarter of 2024. Reorganization expenses for the three months ended September 30, 2025 were $2.6 million, from $0.6 million for the prior year quarter. Reorganization expenses for the three months ended September 30, 2025, primarily relate to one-time termination and consultant costs associated with the establishment of a Transformation Of ce, while the reorganization costs for the three months ended September 30, 2024 were largely made up of movement of inventory and equipment from our Rock Hill facility for use at the Calgary facility. Foreign exchange loss or gain increased from a loss of $0.4 million for the three months ended September 30, 2024 to a gain of $0.6 million for the same period of 2025. The increase is primarily related to the weakening of the Canadian dollar over the three months ended September 30, 2025. The majority of our revenue is collected in U.S. dollars (approximately 90%), and approximately 70% of the costs incurred in the three months ended September 30, 2025, were denominated in Canadian dollars. Interest income for three months ended September 30, 2025 was $0.2 million compared to $0.3 million for the comparative period of 2024. The decreased interest income is due to declining prime rates that determine interest yields on the Company’s lower cash equivalents during the three months ended September 30, 2025 compared to the same period of 2024. Interest expense decreased by $1.1 million from $1.5 million in the quarter ended September 30, 2024, to $0.5 million for the three months ended September 30, 2025. This decrease is largely due to repayment of debt throughout the year ended December 31, 2024 and during the rst nine months of 2025, reducing the interest payable on current and long-term debt. Net loss after tax was $3.5 million or $0.02 net loss per share, basic and diluted, in the three months ended September 30, 2025, a decrease of $10.6 million from net income after tax of $7.1 million or $0.04 and $0.03 net income per share, basic and diluted, respectively, for the three months ended September 30, 2024. The decrease in net income is primarily the result of a $7.5 million gain on extinguishment of debt resulting from the Debenture Repurchase in the quarter ended September 30, 2024 not repeated in the same period of 2025, a $5.3 million decrease in gross pro t, a $2.0 million increase in reorganization expenses, a $0.1 million increase in income taxes, and a $0.1 million decrease in interest income. The decrease was partially offset by a $2.5 million decrease in
Page 4
other operating expenses, a $1.1 million decrease in interest expense, and a $1.0 million increase in foreign exchange gain. For the three months ended September 30, 2025, Adjusted EBITDA decreased by $2.9 million to $1.2 million from $4.1 million and Adjusted EBITDA Margin decreased to 3.1% from 9.4% for the same period of 2024. This decrease re ects a $5.2 million decrease in Adjusted Gross Pro t, offset by a decrease in operating expenses (excluding reorganization expense and stock-based compensation) of $2.4 million. Outlook Business is returning to normal and we returned to positive Adjusted EBITDA in the third quarter of 2025 as the effects of tariffs on gross pro t have been substantially mitigated through price and other tariff mitigation actions taken by the Company earlier in the year. For the fourth quarter of 2025, we expect to report revenues between $48.0 to $52.0 million and Adjusted EBITDA of $5.0 to $7.0 million. Our twelve-month forward pipeline has grown 7.2% to $333 million from July 1, 2025 to October 1, 2025. Our revenue growth is attributable to our construction partners of (“Construction Partners”) as well as our new Construction Services team (formerly known as Integrated Solutions). As our revenue outlook improves, we are looking to transform our business. In early 2025, DIRTT’s leadership team established a transformation of ce to accelerate the strategic transformation of our business by streamlining the Company’s processes and procedures, supporting the Construction Services team and improving productivity across the Company (the “Transformation Of ce”). We are restructuring certain aspects of the business as disclosed in Note 4 of our interim condensed consolidated nancial statements and will continue to look for cost improvements to grow Adjusted EBITDA. The program is expected to be completed in 2026. Construction Services opportunities are growing and we have almost doubled the number of persons on that team since the beginning of the year. Our manufacturing capacity is approximately $400 million and we will bene t from xed cost leverage as our revenue grows. Our 8-week trial against Falkbuilt Ltd., Messrs. Smed and Loberg and several other former DIRTT employees alleging breaches of restrictive covenants, duciary duties, employment duties and con dentiality is due to start on February 2, 2026. DIRTT is pursuing damages and losses it suffered in Canada, the United States, and abroad in the Court of King’s Bench of Alberta. Our balance sheet is strong, including $32.3 million of liquidity (comprising of unrestricted cash and available borrowings). Despite lower revenue in the third quarter, cash ow increased by $3.0 million this quarter due to improved margins, cost containment and limited activity on the normal course issuer bid for our common shares that commenced on December 18, 2024. There is C$16.6 million ($11.9 million) principal due under the January Debentures (as de ned herein), which mature on January 31, 2026. We are pleased to announce we recently entered a preliminary non-binding term sheet with Business Development Corporation of Canada (“BDC”) for nancing of up to C$15.0 million. We expect to use the proceeds to partially settle the January Debentures. The remaining January Debentures (C$1.6 million) will be settled through our cash balances. Advancement of funds remains subject to, among other things, completion of due diligence by BDC1. 1Any advancement of funds is subject to, among other things, BDC’s due diligence and the negotiation and execution of binding de nitive documentation. There can be no assurance that a de nitive agreement will be reached or that the proposed nancing will be completed on the terms in the non-binding term sheet or at all, and the Company may ultimately determine not to proceed with the nancing or use any net proceeds of such nancing for the repayment of the January Debentures. Conference Call and Webcast Details A conference call and webcast for the investment community is scheduled for November 6, 2025 at 08:00 a.m. MDT (10:00 a.m. EDT). The call and webcast will be hosted by Benjamin Urban, chief executive of cer, and Fareeha Khan, chief nancial of cer. The call is being webcast live on the Company’s website at dirtt.com.
Page 5
A webcast replay of the call will be available on DIRTT’s website. Click here to listen to the live webcast of the call. Following the presentation, DIRTT will take questions from covering analysts. To participate in the question-and-answer session, register here. Statement of Operations (Unaudited - Stated in thousands of U.S. dollars) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Product revenue 36,677 42,475 114,764 121,690 Service revenue 1,039 900 3,169 3,733 Total revenue 37,716 43,375 117,933 125,423 Product cost of sales 25,794 26,208 79,512 76,589 Service cost of sales 455 354 1,594 1,998 Total cost of sales 26,249 26,562 81,106 78,587 Gross pro t 11,467 16,813 36,827 46,836 Expenses Sales and marketing 4,795 5,183 15,265 17,165 General and administrative 4,429 5,834 15,652 14,791 Operations support 1,801 1,915 5,703 5,531 Technology and development 805 1,294 3,513 3,981 Stock-based compensation 742 803 2,075 1,905 Reorganization 2,593 604 2,977 944 Impairment charge on Rock Hill facility - - - 530 Total operating expenses 15,165 15,633 45,185 44,847 Operating (loss) income (3,698) 1,180 (8,358) 1,989 Gain on extinguishment of convertible debentures 8 7,478 22 10,409 Foreign exchange gain (loss) 602 (360) (1,422) 917 Interest income 226 341 720 1,312 Interest expense (465) (1,525) (1,401) (3,524) 371 5,934 (2,081) 9,114 Net (loss) income before tax (3,327) 7,114 (10,439) 11,103 Income taxes Current and deferred income tax expense 157 23 308 371 Net (loss) income after tax (3,484) 7,091 (10,747) 10,732 Net (loss) income per share Net (loss) income per share − basic (0.02) 0.04 (0.06) 0.06 Net (loss) income per share − diluted (0.02) 0.03 (0.06) 0.05 Weighted average number of shares outstanding (in thousands) Basic 190,981 193,020 190,693 189,585 Diluted 190,981 241,272 190,693 239,301
Page 6
Non-GAAP Financial Measures Our interim condensed consolidated nancial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These GAAP nancial statements include non-cash charges and other charges and bene ts that we believe are unusual or infrequent in nature or that we believe may make comparisons to our prior or future performance dif cult. As a result, we also provide nancial information in this news release that is not prepared in accordance with GAAP and should not be considered as an alternative to the information prepared in accordance with GAAP. Management uses these non-GAAP nancial measures in its review and evaluation of the nancial performance of the Company. We believe that these non-GAAP nancial measures also provide additional insight to investors and securities analysts as supplemental information to our GAAP results and as a basis to compare our nancial performance period-over- period and to compare our nancial performance with that of other companies. We believe that these non-GAAP nancial measures facilitate comparisons of our core operating results from period to period and to other companies by removing the effects of our capital structure (net interest income on cash deposits, interest expense on outstanding debt and debt facilities, or foreign exchange movements), asset base (depreciation and amortization), tax consequences, reorganization expense, unusual or infrequent charges or gains (such as gain on extinguishment of debt, and impairment charges), stock-based compensation, and government subsidies. We remove the impact of foreign exchange gain (loss) from Adjusted EBITDA. Foreign exchange gains and losses can vary signi cantly period-to-period due to the impact of changes in the U.S. and Canadian dollar exchange rates on foreign currency denominated monetary items on the balance sheet and are not re ective of the underlying operations of the Company. In addition, management bases certain forward-looking estimates and budgets on non-GAAP nancial measures, primarily Adjusted EBITDA. We have not reconciled forward-looking non-GAAP measures, including Adjusted EBITDA guidance, to its corresponding GAAP measures due to the high variability and dif culty in making accurate forecasts and projections, particularly with respect to non-operating income and expenditures, which are dif cult to predict and subject to change. Depreciation and amortization, stock-based compensation expense, reorganization expense, foreign exchange gains and losses, gain on extinguishment of debt, impairment charges, net interest income on cash deposits, interest expense on outstanding debt and debt facilities, and tax expense are excluded from our non-GAAP nancial measures because management considers them to be outside of the Company’s core operating results, even though some of those receipts and expenses may recur, and because management believes that each of these items can distort the trends associated with the Company’s ongoing performance. We believe that excluding these receipts and expenses provides investors and management with greater visibility to the underlying performance of the business operations, enhances consistency and comparativeness with results in prior periods that do not, or future periods that may not, include such items, and facilitates comparison with the results of other companies in our industry. The following non-GAAP nancial measures are presented in this news release, and a description of the calculation for each measure is included. Adjusted Gross Pro t Gross pro t before deductions for depreciation and amortization Adjusted Gross Pro t Margin Adjusted Gross Pro t divided by revenue EBITDA Net income before interest, taxes, depreciation, and amortization Adjusted EBITDA EBITDA adjusted to remove foreign exchange gains or losses; impairment charges; reorganization expenses; stock-based compensation expense; unusual or infrequent charges (such as gain on extinguishment of debt); and any other non-core gains or losses
Page 7
Adjusted EBITDA Margin Adjusted EBITDA divided by revenue You should carefully evaluate these non-GAAP nancial measures, the adjustments included in them, and the reasons we consider them appropriate for analysis supplemental to our GAAP information. Each of these non-GAAP nancial measures has important limitations as an analytical tool due to exclusion of some but not all items that affect the most directly comparable GAAP nancial measures. You should not consider any of these non-GAAP nancial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. You should also be aware that we may recognize income or incur expenses in the future that are the same as, or similar to, some of the adjustments in these non-GAAP nancial measures. Because these non-GAAP nancial measures may be de ned differently by other companies in our industry, our de nitions of these non-GAAP nancial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. The following table presents a reconciliation for the results for the three and nine months ended September 30, 2025 and 2024 of EBITDA and Adjusted EBITDA to our net (loss) income after tax, and of Adjusted EBITDA Margin to net (loss) income margin, which are the most directly comparable GAAP measures for the periods presented: (Unaudited - Stated in thousands of U.S. dollars) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 ($ in thousands) ($ in thousands) Net (loss) income after tax for the period (3,484) 7,091 (10,747) 10,732 Add back (deduct): Interest expense 465 1,525 1,401 3,524 Interest income (226) (341) (720) (1,312) Income tax expense 157 23 308 371 Depreciation and amortization 1,534 1,487 4,561 4,542 EBITDA (1,554) 9,785 (5,197) 17,857 Foreign exchange (gain) loss (602) 360 1,422 (917) Stock-based compensation 742 803 2,075 1,905 Reorganization expense(2) 2,593 604 2,977 944 Gain on extinguishment of convertible debentures(2) (8) (7,478) (22) (10,409) Impairment charge on Rock Hill facility(2) - - - 530 Adjusted EBITDA 1,171 4,074 1,255 9,910 Net (Loss) Income Margin(1) (9.2)% 16.3% (9.1)% 8.6% Adjusted EBITDA Margin 3.1% 9.4% 1.1% 7.9% (1)Net (loss) income after tax divided by revenue. (2)Reorganization expenses, the gain on extinguishment of convertible debentures and the impairment charge on the Rock Hill facility (refer to Note 4 and Note 5 of the interim condensed consolidated nancial statements) are not core to our business and are therefore excluded from the Adjusted EBITDA calculation.
Page 8
The following table presents a reconciliation for the three and nine months ended September 30, 2025 and 2024 of Adjusted Gross Pro t to our gross pro t and Adjusted Gross Pro t Margin to gross pro t margin, which are the most directly comparable GAAP measures for the periods presented: (Unaudited - Stated in thousands of U.S. dollars) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 ($ in thousands) ($ in thousands) Gross pro t 11,467 16,813 36,827 46,836 Gross pro t margin 30.4% 38.8% 31.2% 37.3% Add: Depreciation and amortization expense 1,013 823 2,977 2,512 Adjusted Gross Pro t 12,480 17,636 39,804 49,348 Adjusted Gross Pro t Margin 33.1% 40.7% 33.8% 39.3% Special Note Regarding Forward-Looking Statements Certain statements contained in this news release are “forward-looking statements” within the meaning of “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934 and “forward-looking information” within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact included in this news release, regarding our strategy, future operations, nancial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this news release, the words “anticipate,” “believe,” “expect,” “estimate,” “intend,” “plan,” “project,” “outlook,” “may,” “will,” “should,” “would,” “could,” “can,” “continue,” the negatives thereof, variations thereon and other similar expressions are intended to identify forward-looking statements, although not all forward- looking statements contain such identifying words. In particular and without limitation, this news release contains forward-looking information pertaining to proposed nancings and the terms, timing and use of proceeds thereof; the effect of our Transformation Of ce on our business and the timing thereof; the bene t of xed cost leverage; the effect of our strategic priorities on increasing value creation; the impacts of macroeconomic conditions on the Company’s business; the Company’s pipeline; forecast operating and nancial results and the impact of certain cost-saving measures; the competitiveness of the Company’s solutions; the liquidity and capital resources of the Company; the outcome and effects that current claims and litigation against the Company; nancial condition, results of operations and growth prospects; the effect of tariffs and economic uncertainty on our business, including on our 2025 guidance, and our ability to mitigate any such effects and timing thereof; our beliefs about future revenue and Adjusted EBITDA, and the timing thereof; project delivery and the timing thereof; capital expenditures and allocation; general economic conditions; our ability to weather economic conditions; and DIRTT's ability to support its partners, grow its business and invest in long-term growth. Forward-looking statements are based on certain estimates, beliefs, expectations, and assumptions made in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that may be appropriate. Forward-looking statements necessarily involve unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from those contained in, or expressed or implied by such statements. Due to the risks, uncertainties, and assumptions inherent in forward- looking information, you should not place undue reliance on forward-looking statements. Factors that could have a material adverse effect on our business, nancial condition, results of operations and growth prospects include, but are not limited to, risks described under the sections titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, led with the U.S. Securities and Exchange Commission and applicable securities commissions or similar regulatory authorities in Canada on February 26, 2025 as supplemented by the risks described under the sections titled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking
Page 9
Statements” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 led with the SEC and applicable securities commissions or similar regulatory authorities in Canada on November 5, 2025. Our past results of operations are not necessarily indicative of our future results. You should not place undue reliance on any forward-looking statements, which represent our beliefs, assumptions and estimates only as of the dates on which they were made, as predictions of future events. We undertake no obligation to update these forward-looking statements, even though circumstances may change in the future, except as required under applicable securities laws. We qualify all of our forward-looking statements by these cautionary statements. About DIRTT Environmental Solutions DIRTT is a leader in industrialized construction. DIRTT’s system of physical products and digital tools empowers organizations, together with construction and design leaders, to build high-performing, adaptable, interior environments. Operating in the workplace, healthcare, education, and public sector markets, DIRTT’s system provides total design freedom, and greater certainty in cost, schedule, and outcomes. DIRTT’s interior construction solutions are designed to be highly exible and adaptable, enabling organizations to easily recon gure their spaces as their needs evolve. Headquartered in Calgary, AB Canada, DIRTT trades on the Toronto Stock Exchange under the symbol “DRT” and on the OTCQX under the symbol "DRTTF". FOR FURTHER INFORMATION PLEASE CONTACT ir@dirtt.com