FLINT Announces Fourth Quarter and 2024 Annual Financial Results

Core Insights - FLINT Corp. reported record full-year revenues of CAD 710.6 million for 2024, marking an 8.4% increase from 2023, driven by an organic growth strategy and a successful turnaround season [3][7] - The company achieved an Adjusted EBITDAS of CAD 35.5 million, a 7.5% increase from the previous year, alongside a net income of CAD 1.3 million [4][7] Annual Highlights - Revenues for 2024 were CAD 710.6 million, up CAD 54.8 million or 8.4% from 2023, attributed to growth strategies and increased environmental services [7] - Gross profit for the year was CAD 74.9 million, an increase of CAD 7.4 million or 11.0% from 2023, with a gross profit margin of 10.5% compared to 10.3% in 2023 [7] - Selling, general and administrative (SG&A) expenses rose to CAD 41.1 million, a 15.1% increase from 2023, primarily due to higher personnel costs and professional fees [7] - Income from continuing operations was CAD 1.6 million, a significant increase of CAD 14.5 million or 112.6% from 2023, driven by improved gross profit margins [7] Fourth Quarter Highlights - For Q4 2024, revenues were CAD 187.2 million, a 25.0% increase from Q4 2023, reflecting high activity levels [11] - Gross profit for Q4 was CAD 20.2 million, up CAD 3.0 million or 17.7% from the same period in 2023, with a gross profit margin of 10.8% [11] - Adjusted EBITDAS for Q4 was CAD 10.6 million, a 19.0% increase from Q4 2023, with an Adjusted EBITDAS margin of 5.6% [11] - New contract awards and renewals in Q4 totaled approximately CAD 36.4 million [11] Liquidity and Capital Resources - As of December 31, 2024, liquidity, including cash and available credit facilities, was CAD 59.7 million, compared to CAD 56.7 million at the end of 2023 [7] - The company extended the maturity dates of its credit facilities, enhancing its liquidity position [10] Share Capital - As of December 31, 2024, FLINT had 110,001,239 Common Shares and 127,732 Series 1 Preferred Shares, with accrued and unpaid dividends totaling CAD 110.2 million [14][15]