DIRTT Environmental Solutions Ltd. Files 2023 Annual Report (10-K)

TL;DR

<b>DIRTT Environmental Solutions Ltd. has filed its 2023 annual report (10-K) detailing its financial performance and operations.</b>

AI Summary

DIRTT ENVIRONMENTAL SOLUTIONS LTD (DRTTF) filed a Annual Report (10-K) with the SEC on February 21, 2024. DIRTT Environmental Solutions Ltd. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key dates mentioned include February 21, 2024, as the filing date. The company's principal business address is in Calgary, Alberta, Canada. The filing includes data related to various financial instruments and equity awards.

Why It Matters

For investors and stakeholders tracking DIRTT ENVIRONMENTAL SOLUTIONS LTD, this filing contains several important signals. This 10-K filing provides a comprehensive overview of DIRTT's financial health, operational activities, and strategic positioning for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's performance, identify potential risks, and make informed investment decisions.

Risk Assessment

Risk Level: medium — DIRTT ENVIRONMENTAL SOLUTIONS LTD shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains a lot of information, it doesn't immediately highlight any severe financial distress or significant positive developments, suggesting a neutral outlook based solely on the filing type and date.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand DIRTT's current financial health and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-21 — Filing Date (Filed as of date)

Key Players & Entities

• DIRTT ENVIRONMENTAL SOLUTIONS LTD (company) — Filer name
• 0000950170-24-018049 (other) — Accession Number
• 20231231 (date) — Conformed period of report
• 20240221 (date) — Filed as of date
• 7303 30 ST S E CALGARY ALBERTA T2C 1N6 CAN (address) — Business address
• 403-723-5000 (phone) — Business phone
• DRTTF (ticker) — Ticker symbol

FAQ

Industry Context

DIRTT Environmental Solutions Ltd. operates in the services sector, specifically within pre-packaged software and related services, as indicated by its SIC code.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements and management discussion.
2. Identify specific revenue segments and growth rates if available in the full filing.
3. Assess the risk factors section for potential challenges and mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the 2023 annual report (10-K) filing, providing the latest comprehensive financial and operational data for DIRTT Environmental Solutions Ltd.

Key Financial Figures

• $1.3202 — Reserve System on December 29, 2023 of C$1.3202 = US$1.00. Market and Industry Data
• $1.00 — em on December 29, 2023 of C$1.3202 = US$1.00. Market and Industry Data Certain m

Filing Documents

• drttf-20231231.htm (10-K) — 3884KB
• drttf-ex10_39.htm (EX-10.39) — 1125KB
• drttf-ex10_40.htm (EX-10.40) — 57KB
• drttf-ex21_1.htm (EX-21.1) — 16KB
• drttf-ex23_1.htm (EX-23.1) — 4KB
• drttf-ex31_1.htm (EX-31.1) — 16KB
• drttf-ex31_2.htm (EX-31.2) — 16KB
• drttf-ex32_1.htm (EX-32.1) — 10KB
• drttf-ex32_2.htm (EX-32.2) — 18KB
• 0000950170-24-018049.txt (&nbsp;) — 17586KB
• drttf-20231231.xsd (EX-101.SCH) — 1991KB
• drttf-20231231_htm.xml (XML) — 3464KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 25 Item 1C. Cybersecurity 25 Item 2.

Properties

Properties 26 Item 3.

Legal Proceedings

Legal Proceedings 26 Item 4. Mine Safety Disclosures 27 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6. [Reserved] 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 84 Item 9A.

Controls and Procedures

Controls and Procedures 84 Item 9B. Other Information 84 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 PART III Item 10. Directors, Executive Officers and Corporate Governance 85 Item 11.

Executive Compensation

Executive Compensation 85 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 85 Item 13. Certain Relationships and Related Transactions, and Director Independence 85 Item 14. Principal Accounting Fees and Services 85 PART IV Item 15. Exhibits, Financial Statement Schedules 86 Item 16. Form 10-K Summary 90 2 EXPLANATORY NOTE Currency and Exchange Rate Information Unless otherwise indicated, references in this Annual Report on Form 10-K (the "Annual Report") to "

Bu siness

Item 1. Bu siness. Overview DIRTT is an interior construction company whose system of physical products and digital tools empowers design freedom, drives efficiency, supports sustainability goals, and readily adapts to change. Since 2004, DIRTT has grown to become a leader in industrialized construction for dynamic interior spaces, translating unique visions into compelling spaces where people work, learn, and heal. DIRTT's construction system offers unrivaled design freedom, accuracy, and quality assurance together with greater certainty in cost, schedule, and outcomes. By empowering faster decision making, rapid manufacturing, and efficient installation, DIRTT can reduce construction timelines by as much as 30% compared to conventional construction methods. DIRTT spaces are built for change and ready to adapt as organizational needs evolve. Design for disassembly ensures components are interchangeable and can be repurposed for small updates or full reconfigurations without major renovation, cost, or waste. Our approach to industrialized construction combines a sophisticated product infrastructure with a dedicated team of construction experts and advanced digital tools. DIRTT's first-of-its-kind software called ICE ("ICE" or "ICE Software") serves as the engine for our industrialized construction system, enabling solutions to be designed, visualized, organized, configured, priced, and manufactured off-site, with final assembly and installation completed at the job site. Our clients' design visions are translated into the intelligent software platform, empowering faster decision making during design with real-time changes, visualization, and pricing information. ICE connects directly to DIRTT manufacturing facilities for end-to-end integration, precise manufacturing, production management, and coordination of the DIRTT scope. Our ICE Software is also licensed to unrelated companies and Construction Partners (as defined herein) of the Company, including Arm

View Full Filing

View this 10-K filing on SEC EDGAR