BuildDirect Reports Third Quarter 2024 Financial Results

Delivered adjusted EBITDA of $0.8 million for Q3 2024; the Company has delivered 11 consecutive quarters of positive adjusted EBITDA

Delivered revenue and gross profit of $17 million and $6.5 million or 38.3 %, respectively, in Q3 2024, an increase in revenue and gross profit of 4.9% and $0.3 million or 10 bps, respectively, sequentially quarter-over-quarter as compared to Q2 2024

Company’s revenue, gross profit and adjusted EBITDA continue to increase sequentially quarter-over-quarter since January 1, 2024, following BuildDirect’s implementation of its e-commerce re-platforming initiatives

Increased owned inventory levels in Q3 2024 to $8.2 million, up 47.1% sequentially quarter-over-quarter as compared to Q2 2024 to support sales and customer demand

Working capital decreased by $0.2 million to $2.7 million at September 30, 2024 from $2.9 million at June 30, 2024

BuildDirect.com Technologies Inc. (“BuildDirect” or the “Company”) a leading omnichannel building material retailer, announced its financial results for the Third Quarter 2024. These financial results cover the three (3) and nine (9) month periods ended September 30, 2024 (“Q3 2024” and “YTD Q3 2024”) compared to the same periods in the prior year ended September 30, 2023 (“Q3 2023” and “YTD Q3 2023”).

“We are pleased to continue our growth trajectory by increasing our revenues and gross profits in Q3 2024 as compared to the previous quarters in 2024,” said Shawn Wilson, CEO of BuildDirect. “Our e-commerce re-platforming initiatives were successful, and we were able to significantly reduce our operating expenses by 10% on a year-over-year basis, which enabled us to deliver our 11th consecutive quarter of positive adjusted EBITDA. As we advance further integration across our business units to unlock new revenue and cost synergies, we also intend to focus on expanding our physical footprint to scale our Pro Customer market share.”

“Our strategy emphasizes disciplined execution and capital efficiency, focusing on delivering strong returns,” continued Shawn Wilson, CEO of BuildDirect. “This growth approach includes the development of new organic locations as well as pursuing targeted acquisitions to accelerate our footprint.”

Kerry Biggs, the CFO of BuildDirect, added, “We are focused on ensuring that our financial strategies align with the company’s growth objectives. In Q3 2024, we targeted a specific build-up of strategic core inventory levels that aims to support and drive profitable revenue growth in both our Pro Centers and e-commerce channels.”

For full results click here.

About BuildDirect

BuildDirect (TSXV: BILD “BuildDirect” or the “Company”) is a growing omnichannel building material retailer. BuildDirect connects North American home improvement B2B and B2C organizations, and homeowners with quality building materials and services through its robust global supply chain network. BuildDirect’s growth trajectory, strong product offering, and proprietary heavyweight delivery network are delivering value today, solidifying its position as an innovative player in the home improvement industry. For more information, visit www.BuildDirect.com.

Source: BuildDirect.com Technologies Inc.