BuildDirect announced its financial results for the Q2 ended June 30, 2024 (“Q2 2024”).
Overall, revenue in Q2 2024 was $16.2 million compared to $19.1 million in Q2 2023 for a decrease of $2.9 million or 15.3%.
Gross profit in Q2 2024 was $6.2 million compared to $7.6 million in Q2 2023 for a decrease of $1.4 million or 18.4%. The decrease can be attributed to the lower revenue noted earlier for the BuildDirect and Retailers segments. In addition, gross profit as a percentage of revenue decreased slightly from 39.7% in Q2 2023 to 38.2% in Q2 2024. The decrease was due mainly to gross profit as a percentage of revenue in the Retailers segment decreasing to 34.7% from 36.3% in Q2 2024 vs Q2 2023, respectively. Although, this decrease was offset by an increase in gross profit as a percentage of revenue in the BuildDirect segment in Q2 2024 vs Q2 2023 to 52.3% from 47.3%, respectively.
Delivered adjusted EBITDA was $0.6 million for Q2 2024; the Company has delivered 10 consecutive quarters of positive adjusted EBITDA.
“During Q2 2024, the Company reported an adjusted EBITDA of $0.6 million and continued to improve its operational economics,” said Shawn Wilson, CEO of BuildDirect. “We’re assembling a team and building operations with strong scalability potential, always keeping our growth strategies in focus,” he continued.
BuildDirect is a growing omnichannel building material retailer.
