DIRTT Revises 2022 Revenue Guidance Upwards, Releases Preliminary Information on First Quarter 2022 Financial Results
21 Avril 2022 - 1:55PM
DIRTT Environmental Solutions Ltd. (“DIRTT” or the “Company”)
(Nasdaq: DRTT, TSX: DRT), a global leader in industrialized
construction that empowers organizations, together with
construction and design leaders, to build high-performing,
adaptable, interior environments, announces certain preliminary
unaudited financial results for the first quarter of 2022, revenue
guidance for the second quarter of 2022, and increased fiscal year
2022 revenue guidance.
- First quarter 2022 revenue is
expected to be approximately $38 million, consistent with prior
guidance; cash balance as of March 31, 2022 was approximately $39
million
- Second quarter 2022 revenue is
expected to be between $43 million and $47 million
- Fiscal year 2022 revenue guidance is
expected to be in the range of $175 million to $185 million, an
increase from prior guidance
“We believe the decisive and strategic actions we have taken
over the past several months are beginning to generate meaningful
momentum towards the return to sustainable revenue growth,” said
Todd Lillibridge, Interim CEO of DIRTT. “Having achieved our
revenue guidance range for the first quarter and being able to see
potential solid sequential growth in the second quarter and second
half of 2022 suggests that our new market strategies and
company-wide optimization initiatives are working. This is a real
credit to the members of our exceptional team who were able to
pivot to address the significant changes in today’s market and to
our partners who helped us deliver our innovative solutions. We
believe that this Company is now firmly on a path to take full
advantage of the sizeable opportunity to deliver high-performing
and adaptable construction solutions to the commercial, healthcare,
education, and public sector markets.”
Important Additional Information Regarding Proxy
Solicitation
DIRTT has filed a definitive proxy statement (the “Definitive
Proxy Statement”) with the Securities and Exchange Commission (the
“SEC”) in connection with the solicitation of proxies for its
annual and special meeting of shareholders to be held on Tuesday,
April 26, 2022 at 10:00 a.m. (MDT) (the “Meeting”). DIRTT, its
directors and certain of its executive officers are participants in
the solicitation of proxies from shareholders in respect of the
Meeting. Information regarding the names of DIRTT’s directors and
executive officers and their respective interests in DIRTT by
security holdings or otherwise is set forth in DIRTT’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2021, as
filed with the SEC on February 25, 2022, and the Definitive Proxy
Statement, as filed with the SEC on March 24, 2022. To the extent
holdings of such participants in DIRTT’s securities are not
reported, or have changed since the amounts described, in the
Definitive Proxy Statement, such changes have been reflected on
Statements of Change in Ownership on Form 4 filed with the SEC.
Details concerning the nominees of DIRTT’s board of directors for
election at the Meeting are included in the Definitive Proxy
Statement and accompanying BLUE proxy card. BEFORE MAKING ANY
VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE
URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE
SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT,
ACCOMPANYING BLUE PROXY CARD AND ANY SUPPLEMENTS THERETO BECAUSE
THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can
obtain a copy of the Definitive Proxy Statement and other relevant
documents filed by DIRTT free of charge from the SEC’s website,
www.sec.gov. DIRTT’s shareholders can also obtain, without charge,
a copy of the Definitive Proxy Statement and other relevant filed
documents by directing a request by mail to DIRTT Environmental
Solutions Ltd., 7303 30th Street S.E., Calgary, Alberta, Canada T2C
1N6 or at ir@dirtt.com or from the investor relations section of
DIRTT’s website, www.dirtt.com/investors.
Special Note Regarding Forward-Looking
Statements This news release contains forward-looking
information within the meaning of applicable securities
legislation, which reflects the Company’s current expectations
regarding future events. In some cases, forward-looking information
can be identified by such terms as “expect”, “anticipate”,
“believe”, and “will”. Forward-looking information is based on a
number of assumptions and is subject to a number of risks and
uncertainties, many of which are beyond the Company’s control that
could cause actual results and events to differ materially from
those that are disclosed in or implied by such forward-looking
information. The Company’s estimates, beliefs and assumptions, may
prove to be incorrect. The risks and uncertainties that may affect
forward-looking information include, but are not limited to, market
conditions, the effect of the COVID-19 pandemic on the Company’s
operations, business and financial results[, the result of 22NW
Fund, LP’s requisition] and other factors discussed under “Risks
Factors” in the Company’s management’s discussion and analysis in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2021, filed with the SEC and applicable securities
commissions or similar regulatory authorities in Canada on February
23, 2022, which is available on SEDAR (www.sedar.com) and on the
SEC’s website (www.sec.gov). Past results of operations are not
necessarily indicative of future results. You should not rely on
any forward-looking statements, which represent the Company’s
beliefs, assumptions and estimates only as of the dates on which
they were made, as predictions of future events. In particular, the
preliminary unaudited financial information set forth in this press
release is subject to the completion of the Company’s review
process and is subject to change. The estimated preliminary
unaudited results included in this press release should not be
viewed as a substitute for the Company’s financial statements
prepared in accordance with U.S. generally accepted accounting
principles. There can be no assurance that the estimated
preliminary results will be realized, and you are cautioned not to
place undue reliance on the preliminary financial information. The
Company does not undertake any obligation to update such
forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law. This forward-looking information speaks
only as of the date of this news release.
About DIRTT Environmental Solutions
DIRTT is a global leader in industrialized construction. Its
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 commercial, healthcare, education and public sector markets,
DIRTT’s system provides total design freedom, and greater certainty
in cost, schedule and outcomes.
Headquartered in the US and Canada, DIRTT trades on Nasdaq under
the symbol “DRTT” and on the Toronto Stock Exchange under the
symbol “DRT”.
FOR FURTHER INFORMATION, PLEASE CONTACT
Kim MacEachernInvestor Relations,
DIRTT403-618-4539kmaceachern@dirtt.com
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