Q4 2024 Forage Orbit Garant Inc Earnings Call Transcript
Key Points
- Improved profitability in Q4 with adjusted gross margin exceeding 20%, the highest since Q2 2021.
- Successful exit from the unprofitable West African market, allowing focus on more stable markets in Canada and Chile.
- Secured two large renewable and copper drilling projects in Chile with senior mining companies, including long-term contracts of three and five years.
- Strong operating performance in Chile, attributed to focusing on large copper producers and maintaining good margins.
- General and administrative expenses reduced to $4 million or 8.9% of revenue compared to $5.1 million or 10.9% of revenue in Q4 last year.
- Revenue for fiscal 2024 decreased by 9.8% compared to fiscal 2023, primarily due to project suspensions and reductions in Canada.
- Net loss for the quarter was $1.2 million or $0.04 per share, impacted by a $5.2 million effect of the substantial modification of receivables and expected credit loss.
- International revenue declined to $12.5 million in Q4 compared to $14.2 million in Q4 last year, reflecting the cessation of drilling activity in West Africa.
- Adjusted EBITDA decreased by $4.7 million compared to fiscal 2023, reflecting reduced drilling activity in Canada and costs related to retaining key personnel.
- The decline in demand for junior exploration companies in Q4, while demand for senior and intermediate mining companies remained strong.
Good morning, ladies and gentlemen, and welcome to Orbit Garant Drilling's fiscal 2024 fourth quarter and year end conference call. (Operator Instructions)
Please be aware that certain information discussed today may be forward-looking and that actual results could differ materially. Certain non-IFRS financial measures will also be discussed. Please refer to the company's SEDAR filings for additional information on both risk factors and non-IFRS measures. This call is being recorded on Friday, September 20, 2024. And I would now like to turn the conference over to Mr. Pierre Alexandre, President and CEO of Orbit Garant. Please go ahead, sir.
Thank you, Lucy, and good morning, ladies and gentlemen. With me on the call today is Daniel Maheu, CFO. Following my opening remarks, Daniel will review our financial results in greater detail, and I will conclude with comments on our outlook, who will -- then will come the question, Our profitability in the fourth quarter
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