Conifex Timber Inc. reported results for the Q1 ended March 31, 2025. EBITDA was $4.9 million for the quarter compared to EBITDA of negative $2.1 million in the Q4 2024 and negative $0.5 million in the Q1 2024.
Net income was $0.6 million or $0.02 per share for the quarter versus net loss of $7.8 million or $0.19 per share in the previous quarter and negative $4.5 million or $0.11 per share in the Q1 2024.
Lumber production in the Q1 2025 totalled approximately 46.3 million board feet, representing operating rates of approximately 77% of annualized capacity. The Q1 production was negatively impacted by one week of single shift configuration during the first week of the quarter as Conifex Timber began ramping back up to a two-shift basis. Hourly throughput achieved 100% of annualized capacity by March month end and the Company have continued to see that progress into the Q2 2025. Its production of 46.3 million board feet represented an increase of 87% from the 24.8 million board feet produced in the previous quarter on a single shift operation, and an increase of 4% from the 44.5 million board feet produced in the Q1 2024.
Revenues from lumber products were $31.3 million in the Q1 2025, representing an increase of 47% from the previous quarter and a decrease of 6% from the Q1 2024. Compared to the previous quarter, higher shipment volumes due to the return to a two-shift operating configuration and higher mill net realizations on higher lumber market prices contributed to increased revenue. The revenue increase in the current quarter over the same period in the prior year was higher mill net realizations, partially offset by lower sales volume by transportation related challenges in quarter one of 2025.
Outlook
North American lumber markets are anticipated to experience continued volatility and uncertainty throughout the remainder of 2025. Duty deposit rate increases, and potential tariffs represent significant challenges. With a robust fibre basket and a steady power generation cash flow stream supporting our lumber manufacturing operations, Conifex is looking to sustain two-shift operations through the balance of 2025.
Conifex and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution.
