CALGARY, Alberta, Nov. 03, 2022 (GLOBE NEWSWIRE) — Badger Infrastructure Solutions Ltd. (“Badger”, the “Company”, “we”, “our” or “us”) BDGI today announced third quarter 2022 results. All results are in US dollars unless otherwise noted.
| 2022 third Quarterly and operational highlights |
- Badger reported strong year-over-year growth and operational improvements across all of its regions in the third quarter.
- Third quarter revenue was $163.5 million, up 20.0% from $136.2 million in the third quarter of 2021, including approximately $11.1 million in revenue from hurricane emergency response not achieved in the third quarter of 2022.
- Gross profit margin improved to 27.4% in the third quarter from 25.7% in the third quarter of 2021 after Badger recorded approximately 2.2 million in the third quarter of 2021 which did not repeat in the third quarter of 2022.
- Adjusted EBITDA improved to $35.3 million in the third quarter, up 36.3% from $25.9 million in the third quarter of 2021 after adjusting for $2.4 million CEWS grants received by Badger in Q3 2021.
- Adjusted EBITDA margin also improved to 21.6% for the quarter, up from 19.0% in Q3 2021, after adjusting for the $2.4 million in CEWS benefits Badger received in Q3 2021.
- Consolidated revenue per truck per month (“RPT”) for the third quarter…
