CALGARY, Alberta, May 08, 2024 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSXV:CVX) (OTCQB:CTXXF) ("CEMATRIX" or the "Company") a North American leading manufacturer and supplier of technologically advanced cellular concrete products announced the release of its consolidated financial results for the first quarter ended March 31, 2024. "I am thrilled to report that CEMATRIX has not only achieved another record quarter along with substantial improvements in our key financial metrics. With a 17% increase in revenue compared to the first quarter of last year and significant enhancements in our gross margins, we've successfully generated positive adjusted EBITDA during what is traditionally our slowest period. This accomplishment underscores our effective management and the robust demand for our products," stated Jeff Kendrick, CEO of CEMATRIX. "We were able to generate significant positive cashflow of $4.8 million. A large portion of this cashflow came from the collection of our year-end accounts receivable balance that was a product of the record revenue we generated in 2023. This is a great start to the year for our business," stated MJ Cantin, CFO of CEMATRIX. "I want to thank all of our employees at CEMATRIX and in particular our field staff which continues to safely and consistently deliver on time, on budget, and on quality projects for our customers. Their efforts in the field is the foundation of our success. I also wanted to thank our sales teams who continue to win more projects, giving us more opportunities in the future to demonstrate how cellular concrete is the right solution to help our customers," stated Randy Boomhour, COO of CEMATRIX. "Our commitment to growth and shareholder value remains unwavering as we continue to foster strong organic growth and maintain a robust balance sheet. With management holding a significant stake in the company, our interests are closely aligned with those of our shareholders. As we execute our strategic plan, we are optimistic about 2024 and beyond, confident that our product offerings and the advantages that it delivers to customers will continue to bring tremendous opportunities for our business," concluded Jeff Kendrick. The following are the business and financial highlights for the fourth quarter and year to date: Business highlights for the quarter: Announced $6.2 million in new contracts (January 3, 2024) Announced the appointment of Marie-Josée Cantin as the new CFO (February 5, 2024) Announced that CEMATRIX is recognized as a TSX Venture Top 50 company for a third time in four years (February 21, 2024) Announced $6.7 million in new contracts (March 6, 2024) Business highlights subsequent to the quarter: Announced $7.6 million in new contracts and a $17.0 million reduction in backlog due to a reduction in scope of previously awarded tunnel project (April 26, 2024) Summary financial results:   Three months ended March 31   ($ millions) 2024   2023   Change %   Revenue 8.4