Revenue Increase
In the fourth quarter of 2024, revenue increased by 21.1% to $17.1 million versus $14.1 million in the fourth quarter of 2023. For the full year 2024, revenue increased 16.5% to $53.4 million from $45.8 million in 2023.
Gross Profit Growth in Q4
Fourth quarter 2024 gross profit increased 55.3% to $4.5 million versus $2.9 million in Q4 2023, driven by the inclusion of gross profit from Timber Technologies.
Positive Momentum in Building Solutions
Momentum shifted in the second half of 2024, with several large projects receiving approvals and production starting. The signed backlog stood at $17.2 million at year-end, indicating building demand.
Alliance Drilling Tools Acquisition
The acquisition of Alliance Drilling Tools established a new Energy Services division, expected to contribute significantly to consolidated results with revenue of approximately $10.5 million and gross margin of 48%.
Improved Non-GAAP Adjusted EBITDA
Non-GAAP adjusted EBITDA from continuing operations increased to $1.1 million in Q4 from a negative $0.1 million in Q4 of 2023.