Good day, and welcome to Q3 Investor Summit virtual. We appreciate your participation in today's virtual event. Up next, we are pleased to introduce CEMATRIX Corporation. If you would like to ask a question during the webcast, you may drop them in the chat box button on the left side of your screen. Please type your question into the box and click "Send" to submit. At this time, it is my pleasure to hand over the session to Randy Boomhour, CEO at CEMATRIX Corporation, who will lead the presentation. Sir, the floor is yours.
Thank you, everybody, for attending. Thank you for the introduction. Both MJ and I are very happy to be here presenting to you today virtually. It's nice to be able to do this, and we hope we can answer some questions and turn some of you into investors in CEMATRIX. As you know, we will be making some forward-looking statements, and the protection and warnings that apply to that are listed here on this slide. We always want to start with key investor highlights. Why should you be interested in CEMATRIX? CEMATRIX is an innovative cellular concrete solutions company. We're a leading provider of lightweight, cost-effective, durable cellular concrete for infrastructure projects. We have a strong competitive advantage that I'll talk about later, and we work primarily as a subcontractor for major North American general contractors. There's a significant market opportunity in front of CEMATRIX. We're an industry leader.
The global cellular concrete market is estimated in the billions of dollars and is growing. There's also increased infrastructure spending in Canada and the U.S. that provides a very strong tailwind for our business. We are also in a position of overall financial strength and growth. Our compound annual growth rate is 24% since 2017 for revenue. In 2024, our revenue was $35.4 million. We had adjusted EBITDA of just over $3 million and cash flow from operations of almost $5 million. In 2025 year to date, as of June, our revenue was $17.3 million, adjusted EBITDA of over $2 million, and cash flow from operations of over $2 million. We have $8.6 million in cash and no long-term debt as of June 30, and we're forecasting a record year for 2025. We're in a great position financially. The management team is myself, the CEO and President.
We have Jordan Wolfe, who's the President of our largest operating subsidiary, MixOnSite USA, in the U.S., and we have Marie-Josée, or MJ, Cantin, who's our CFO. Our Board of Directors is Menaz, Patrick, or Rick, Steve, Anna, and John. Excuse me. In terms of share ownership, we have about 150 million shares outstanding, fully diluted at 167 million shares. Insider ownership is about 15.4 million, or roughly 10%, and the two largest insiders are Jordan with just over 12 million shares and myself with just under 2 million shares. I always like to show the corporate timeline because it shows that we've been around for a long time, survived a lot of very challenging times and events in financial history, and we're essentially a 20 or 25-year overnight success story.
For those of you who don't know what cellular concrete is, cellular concrete is made by mixing cement, water, and a foaming agent together. The foaming agent creates bubbles in the mixture, which results in a cellular structure when the concrete sets. The properties of cellular concrete are what makes it an effective construction material in certain situations. Some of its key properties are it's cost-effective, it's low-density, lightweight, has a high bearing capacity, it's extremely pumpable, it's highly flowable and self-leveling, it's also self-compacting, it has some thermal insulating properties, it's durable, and it's excavatable. These properties are what lend it to the different applications that we pursue in the infrastructure market.
Those primary applications that we pursue commercially are lightweight engineered fill, MSC or retaining wall fill, lightweight or insulating road subbases, flowable or self-compacting fill, pipe and culvert abandonments, tunnel and annular grout, and shallow utility and foundation insulation. Our key customers, as I mentioned earlier, we're almost always a subcontractor or general contractor. Occasionally, we will contract directly with an owner, usually on a smaller scope of work, and we've worked with many of the largest general contractors in North America. I've kind of listed a sample of them here below. It's not an all-inclusive list. We've worked with many others, but these are some of the bigger ones that we've worked with. In terms of competitive advantage, number one really is our reputation. We've been successfully delivering cellular concrete solutions on time and on budget for over 25 years. The second is our team and expertise.
We have over 200 years of in-the-field experience, which just can't be gotten or gained in any other way except for by doing. Our equipment. We have a very large fleet of mobile advanced equipment for producing cellular concrete with lots of capacity to grow in that equipment. Our size and scale. We have multiple locations from coast to coast, and we've successfully completed projects all across Canada and the U.S. Lastly, we're more sustainable. We're generally more environmentally friendly than the products that we replace. Customers and market opportunity. It's very challenging to try to figure out exactly how big the market is. There is some third-party research out there. The ranges vary quite considerably from as low as $4 billion according to Market Research Future or as high as $27 billion from Allied Market Research.
They all agree, though, that the market for cellular concrete is pretty big and that it's growing. On top of that, the market for other lightweight fills, which includes competitive products, is a multiple of size larger. Earlier, I talked about infrastructure spending. Infrastructure in Canada and the U.S. is aging. This infrastructure is going to need to be repaired and replaced. Populations continue to grow, requiring new infrastructure, which places additional loads on existing infrastructure and also requires new infrastructure to be built out. We forecast spending on infrastructure spending to continue to increase now and into the future. All this spending on infrastructure creates a significant tailwind for cellular concrete for many years to come. I'm going to turn it over here to MJ, who's going to run through the company financials and a bit of a Q2 review with us.
Sure. Our top line growth trend, despite a step back in 2024, overall revenue is still growing. As Randy mentioned, revenue, our CAGR was 24% since 2017, and we are forecasting 2025 to be a record year. We have a positive bottom line. We're generating cash, positive adjusted EBITDA of $3.3 million in 2024, and positive cash flow from operations of $4.9 million. We do have a healthy balance sheet with low leverage. We had almost $9 million in cash in our coffers at the end of Q2 2025. Our revenue growth will be lumpy. It's not going to be a perfect staircase, and financial results will be variable based on the timing of when large projects start and stop. I'll show you a graph soon of how that looks like for us. Construction is a seasonal business with higher revenues in warmer months.
Average revenue over the last five years for Q1 and Q2, we have about 18% for both quarters. Q3, we produce about 36% of our revenue, and Q4, we do 28%. We are a specialty construction contractor. Margins tend to be higher than general contractors, but we do have more idle time and more fixed costs. Project size impacts margin. Larger projects have more competition, and as a result, lower margin. We do have excess capacity, which enables us to do significantly more revenue with existing equipment and staffing level. Looking at our financials, I'm not going to go through all these numbers with you. If you're interested, we just had our earnings call last month, so you can go on our website and have a peek.
I thought we could talk about a little bit on the first six months of the year, what the year is looking like for us. Revenue for year to date was $17 million, as Randy mentioned. It's a record for us. Usually, as we talked about in the previous slide, we are a company that's seasonal, so it's very good for us that we were able to achieve $17 million in revenue. Gross margin 32% for year to date. It's definitely tied to the higher revenue. Operating income was positive at $1.1 million for the year. Adjusted EBITDA was also positive at $2.4 million year to date. Cash flow from operations, again, positive at $2.3 million year to date. Finally, again, we had $8.6 million in cash at the end of the quarter for Q2. Here's the graph that I was mentioning.
You can see our overall trend line is going up. In orange, you can see the first six months of the year at $17.3 million. The other bars are full-year revenue. You can see in 2025, for the first six months, we almost did as much as we did in 2018 for a full year. Looking at gross margins, 32% year to date, definitely tied to the higher revenue we've had. There's a dip in the middle of the graph. It's due to the pandemic, some supply chain issues, and cement shortages that we were experiencing at that time. On the lower left, you can look at our debt and interest. We've come a long way since 2017. Our finance costs have been significantly reduced since then. Right now, what we have is an equipment financing loan. Finally, on this slide, you can look at our share structure.
We have 150.2 million shares outstanding. For the first time in the history of the company, we reduced our share count by $700,000 with the NCIB, the Normal Course Issuer Bid. Potential diluted instruments outstanding, we have $6.1 million in options, $2.4 million in restricted share units, and $8.2 million in warrants that are expiring in July of 2026. Backlog is definitely a positive story for us. It did go up despite record sales with the success of our sales team. I'm showing here that we announced $31.7 million new awards since the beginning of the year. Last night, we issued a press release for $11.9 million in new awards. These new awards are for projects that will start this year or in 2026. It brings the total announced to date to $43.6 million. This is for various applications for our product.
Backlog at the end of December was $69.6 million, and at the end of the quarter for Q2, it was $76.4 million. I'm going to pass it back to you, Randy, for some closing remarks.
Thank you, MJ. Good job, as always. Appreciate you. Lastly, just to wrap up or summarize, why invest? I mean, that's why you're here as investors, to try to understand opportunities. Number one reason, we're an industry leader. We're well-positioned to capitalize on the large opportunity in the growing infrastructure construction segment. We are a growth company. Despite the step back in 2024, we have an overall trend of growing revenue with positive adjusted EBITDA, positive cash flow from operations, and a strong balance sheet. In fact, if you were to search the market and try to find a company that's doing more than $50 million in revenue, has positive EBITDA, positive cash flow from operations, but a market cap under $50 million, you'll only find one, and that's CEMATRIX. We're exceptional in terms of where we're at. We believe that we're currently undervalued based on traditional valuation metrics.
Whether you want to use a multiple of forward revenue or a multiple of forward EBITDA, we think you come up with a higher number than where we're at today. We don't need any new capital raises to fund a burn rate. The only new capital we should be raising is in support of an accretive acquisition. Tagging along with that, we have capital to deploy. We're actively looking for an accretive acquisition so we can continue to grow. In the event we can't find one that makes sense to do, we won't do it just to do it. We'll keep on growing organically and continue to invest in our sales teams and our equipment. On the right-hand side there, you can see our investor relations contacts, and we also have one analyst covering the company from Beacon Securities, Russell Stanley. Russell is putting out regular research on the company.
That's our presentation. We're going to hand it back to the crew here at the virtual investor summit to queue us up for the Q&A. OK, it looks like I'm just supposed to read off the questions. I'll read them here. Question number one is, what things about CEMATRIX keep you up at night? I like this question because, to be honest with you, I sleep pretty good because I know that we're running a really good business and we significantly de-risk the corporation. The things that we're obsessed with, or maybe in particular I'm obsessed with at the company, is one is number one safety. I want to make sure all of my employees go home at the end of every day safe and sound. I don't want to have to make a call to any of their families that someone got hurt on the job.
We're very safety conscious. Number two is quality. I worry about quality. I want to make sure that every day we're delivering a good product for our customers on quality, on time, and on budget. It's super important. Every time we do that, it creates what I call a success loop where it makes the next sale easier. If you don't deliver in the field, it makes the next sale significantly harder. Lastly, I spend a lot of time at night trying to figure out how we're going to grow CEMATRIX. I know as investors, they're perpetually interested or obsessed with growth and share price. I spend a lot of time thinking about how do we grow this company profitably. More importantly than growing the company profitably or growing the company, I want to grow the company profitably. It's super important.
Next question here is, what gets you most excited about when you think about CEMATRIX? For me, that's really just the opportunities we have in front of us to grow the company, whether that's through acquisitions or through the things we're doing organically. I'm just really excited about our team and the things we've been able to accomplish in the past and what we've got ahead of us in terms of things we can accomplish in the future. I'm just really excited about the growth prospects of the company. The next question here is, you discussed the potential for an accretive acquisition. What type of companies would be potential acquisition targets? The potential acquisition targets for us would be in the first tier would be large cellular concrete competitors in the U.S. That would be ideal. There's maybe six or seven of those.
It's hard to tell for sure because they're private, and we don't really know how big they are. That would be ideal, and ideally in a market where we don't have as big of a presence. The second tier would be companies that do something similar to us, so someone who might do polyurethane grouting or chemical grouting or contact grouting, where they have a similar sales cycle in terms of it needs to be a technical sale. You're not selling a commodity or taking an order in a market that we want to expand in, something like Florida, Texas, or the West Coast, where we've done work, but maybe not as much work as we'd like to do. We know there's other work.
The third would be some type of complementary product that would help grow the company, some other building material that would have a similar customer base and similar sales process that we follow in cellular concrete. Those are the types of companies that we're looking for. The fourth question here is, how long have you been at CEMATRIX and what is your background? That's a really good question. I've been at CEMATRIX almost five years. I started in December of 2020. I started out as the CFO. When I was hired or going through the interview process with our founder, Jeff Kendrick, he talked to me about his long-term retirement plans and his long-term vision for the company.
As part of that discussion and part of my hire was this notion of the succession plan, where I would be part of that succession plan, assuming that I learned the business and did well. In 2022, we added the General Manager of Canada to my portfolio, and I ran the Canadian business. In 2024, we added the Chief Operating Officer role to my portfolio and I took over operations for all of the company. At the end of 2024, January 1, 2025, I took over as CEO of the company. Before that, I'm an accountant by trade, but also entrepreneurial. I started my own catalyst handling company and sold that to a strategic buyer. I've worked for very large Fortune 50 companies to very small entrepreneurial businesses. The last question we have here is, what is driving the margin improvements this year and the last couple of years?
Essentially, that comes down to a couple of things. Number one is how you bid the job or estimate the job. We're getting better at estimating and bidding jobs and making sure that we have a bit more margin for error and also making sure that we bid it appropriately. If it's a very competitive job, like a very large project that MJ answered earlier, we have to be tighter on the cost and tighter on the margin. If it's a very specialized job where not many people can do it, we can increase the margin and get compensated for that technical expertise that we bring to the thing. The other side of that coin is outside of the bidding and estimating is the execution in the field.
We've been focused on executing in the field and making sure we do a good job, making sure that we have the right equipment and the right application, and also just making sure that we are delivering and working with our partners to add as much value as we can for our customers. That's really been what's driving the margin improvement for us. The next question here is from Barry, and it says, how would you characterize the pipeline now versus a year ago? We used to kind of disclose the size of the pipeline in the past, but the pipeline is a very hard thing to measure because sometimes we'll get a budgetary quote where it's not a real opportunity. In general, I would characterize the pipeline now as bigger and better than it was a year ago.
It's bigger and better than it was two years ago or five years ago. That really goes back to what I talked about. The market opportunity for cellular concrete is growing every year. That's because every time we successfully execute a project with cellular concrete or one of our competitors does, that's building the customer base, and it's building the number of people that believe in cellular concrete and its applications. People who build buildings or roads or bridges are very conservative by nature, and they often want to see evidence of the product in action. With the years that we've been advocating for the product and the years that we've been putting the product successfully in the ground, it's really made a big difference in terms of the market acceptance of the product.
Now often we see cellular concrete specced in so we don't have to sell someone on switching it. That's obviously really helpful for our business. We still look for opportunities where we can convince people that cellular concrete is the right solution to replace a competitive product, and we still pursue those opportunities. Overall, the pipeline is better this year, and we expect the pipeline is going to be even better next year.