$DRTTF · DIRTT ENVIRONMENTAL SOLUTIONS LTD
DIRTT reported Q3 2026 results: revenue of $44.7M, up 19% YoY from $37.7M. Gross margin expanded to 35.1% from 30.4%. Net income after tax was $17.1M versus a $3.5M loss a year ago, largely from a $13.0M deferred tax asset recovery on U.S. tax losses. Adjusted EBITDA rose to $6.5M (14.6% of revenue) from $1.2M (3.1%). The company maintained 2026 guidance of $175M-$185M revenue and $21M-$25M Adjusted EBITDA, expecting the low end of both ranges.
- Revenue rose 19% YoY to $44.7M; nine-month revenue up 8% to $127.5M.
- Gross margin expanded to 35.1% from 30.4% a year earlier.
- Net income of $17.1M included a $13.0M deferred tax asset recovery.
- Adjusted EBITDA grew to $6.5M (14.6% margin) from $1.2M (3.1%).
- Liquidity was $27.7M at Sept 30, 2026, down from $32.1M at year-end 2025.
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DIRTT's transformation is showing real operating leverage, with margin expansion and a swing to profitability, though the headline net income is flattered by a one-time tax asset.
Industrialized construction peer showing tariff relief: Section 232 steel/aluminum tariffs no longer apply to DIRTT imports, cutting tariff costs to $0.3M from $1.9M YoY.
Customer decision-making timelines remain measured in some markets; guidance depends on tariff, input cost, and project timing. Twelve-month forward pipeline moderated to ~$290M as the company tightened qualification criteria.