BuildDirect has strong Q3 earnings

BuildDirect.com Technologies Inc.’s total revenue was $18.4 million for the third quarter of 2023, a decrease of 16.3 percent year over year. The decrease is a result of a temporary scale down of the company's e-commerce operations in 2022 to facilitate its platform migration and enhancements initiative which lowered its systems operating costs and helped create consistent positive adjusted EBITDA results to date. Gross margin was 39.8 percent for the quarter, an increase of 840 bps year over year. Pro revenue was $16.6 million, which represents 91.6 percent of the company's total revenue during the quarter, an increase in the share of revenue of 3.5 percent year over year. Adjusted EBITDA was $1.37 million, an increase of approximately $1.08 million (or approximately 365 percent) year over year.

"Our growth strategy remains focused on increasing the number of brick-and-mortar Pro-Centers, throughout North America and accelerating our e-commerce business," says Shawn Wilson, CEO of BuildDirect.