Company Announcements

GUELPH, ON , May 28, 2025 /CNW/ - BIOREM Inc. (TSXV: BRM) ("BIOREM" or "the Company") today announced results for the three month period ended March 31, 2025. BIOREM's complete 2025 first quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com).

Financial Summary:

New order bookings in the quarter totaled $16.1 million bring the Company's order backlog to a record $68 million on March 31, 2025. A total of 23 new projects were secured including a $5.8 million project in the Middle East.

Revenues for the first quarter reflected expected seasonal differences in construction schedules and logistical issues experienced by the owner of a large project, which combined to push expected revenues into the second, third and fourth quarters of 2025. Revenues for the quarter totaled $4.7 million, a $1.2 million or 20% decrease from revenues of $5.9 million recorded during the first quarter of 2024 and a 49% decrease over the previous quarter.

Gross profit in the quarter of $1.1 million, represented 23% of revenue, compared to $1.7 million and 30% of revenue in the first quarter of 2024. The decrease in gross profit during the quarter was due to the lower revenues in the quarter.

Operating expenses for the quarter were $1.0 million, which was a decrease of $248,000 from the $1,264,000 in operating expenses incurred for the same period ended in the prior year. The decrease in operating expenses was largely the result of decreased variable sales expenses on the lower revenues recorded in the quarter and lower professional fees.

"Sales initiatives executed in 2024 are now converting into orders in our growing backlog. Bidding activity remains robust and expected to continue throughout the year", said Derek S. Webb. "Management remains focused on a number of organic growth initiatives and delivering the historical backlog that has been built up over the last several quarters."

"One of the key challenges we face is supporting a growing number of international clients that require significant shipping capacity to move our proprietary next generation biological media to their locations. Several current projects require almost 1,000 sea containers in 2025.   Securing containers and a berth on vessels on a weekly basis is proving difficult for our customers and we have tasked our logistics team with supporting their efforts in this area."

""We have made significant progress in expanding our service offerings and capabilities. A promising new development is that we have manufactured several on-demand odour control rental units for projects in North America. These systems are leased out when existing infrastructure projects require emissions abatement during the construction phase. We look forward to exploring this new product line, as it builds on our mission to have the most comprehensive product and service offerings in the industry."

During the quarter the Company invested $91,000 in manufacturing equipment to increase its production capacity of its proprietary media.

The Company's cash position stood at $9.6 million on March 31, 2025, compared with the $5.2 million held on December 31, 2024. Working capital at the end of the quarter was $9.6 million up slightly from the $9.5 million held at December 31, 2024 and up $2.6 million from $7.0 million recorded at March 31, 2024.  

About BIOREM Inc.

BIOREM is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). With sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and more than 2.000 installed systems worldwide, Biorem offers state-of-the-art technology-based products and peace of mind for municipalities, industrial companies and their surrounding communities. Additional information on Biorem is available on our website at www.biorem.biz.

SOURCE Biorem Inc.