BuildDirect Reports Fourth Quarter and Year Ended December 31, 2025 Financial Results

Revenue of $66.2 million in FY 2025, an increase of 1.1% from $65.5 million in FY 2024. Gross margin of 40.4% in FY 2025, an increase of 170 bps from 38.7% in FY 2024. Gross profit of $26.7 million, an increase of 5.5% YoY, reflecting improved margins and contribution from new Pro Centers. Delivered positive Adjusted EBITDA of $3.1 million in FY 2025, an increase of 39.2% from $2.25 million in FY 2024. Generated $2.36 million in operating cash flow in FY 2025, compared to $2.16 million in FY 2024. Working capital increased to approximately $8.8 million, compared to $2.7 million in the prior year. Company to host Fourth Quarter and Year Ended December 31, 2025 financial results conference call on Tuesday, April 14, 2026 at 11:00 AM (PDT) / 2:00 PM (EDT). BuildDirect reports in US dollars and in accordance with IFRS Accounting Standards. Vancouver, British Columbia--(Newsfile Corp. - April 14, 2026) - BuildDirect.com Technologies Inc. (TSXV: BILD) (OTCQB: BDCTF) ("BuildDirect" or the "Company") a leading omnichannel flooring material retailer, today announced its financial results for the Fourth Quarter ("Q4 2025") and full-year audited financial results for the year ended December 31, 2025 ("FY 2025"). "2025 validated the strategy we've been executing: prioritizing profitable growth, expanding our Pro Center network, and building a more durable omni-channel platform for professional flooring customers," said Shawn Wilson, CEO of BuildDirect. "We expanded gross margins by 170 basis points to 40.4% and grew Adjusted EBITDA by 39% to $3.1 million, while navigating real headwinds in certain markets and broader tariff uncertainty. In the fourth quarter, we generated $16.2 million in revenue with gross margins of 41.7%, and our Pro Center segment represented 81% of Q4 revenue, underscoring its importance as our primary growth engine. These results tell me the operating model we've built is durable." Shawn added, "Entering 2026, we're in a stronger position operationally and financially than a year ago. With $8.2 million in cash and working capital of approximately $8.8 million, we have the balance sheet to support our growth agenda. Greyne adds omnichannel capability to our e-commerce platform, and we have an active pipeline of acquisition opportunities in specialty building materials. The focus remains the same: disciplined execution, margin expansion, and deploying capital into businesses that generate cash flow." BuildDirect Fourth Quarter and Full Year 2025 Financial Results Conference Call Date: Tuesday, April 14, 2026 Time: 11:00 AM (PDT) / 2:00 PM (EDT) Live Webinar: https://us02web.zoom.us/webinar/register/WN_KIOCm1cZRTmlcNUZ_HsXgg The replay will be available approximately 24 hours after the completion of the conference call. In addition, an archived replay will be available on the Investor Relations section of the Company's website at https://ir.builddirect.com/financials/quarterly-results/. Among other things, the Company will discuss the long-term financial outlook on the conference call and related materials will be available on the Company's website at https://ir.builddirect.com/financials/quarterly-results/. Investors should carefully review the factors, assumptions, risks, and uncertainties included in such related materials concerning the long-term financial outlook. Fourth Quarter 2025 and FY 2025 Financial Highlights A. Financial Position The following table summarizes the Company's financial position for the years as at December 31, 2025, and 2024.     As at December 31, 2025      As at December 31, 2025      Change    Cash and cash equivalents $ 8,195,460 $ 2,347,491 $ 5,847,969 Working capital(1) 8,831,125 2,712,617 6,118,508 Total assets 38,221,852 27,752,963 10,468,889 Total liabilities 32,083,158 24,597,974 7,485,184 Total shareholders' equity 6,138,694 3,154,989 2,983,705       Common shares outstanding 48,299,297 42,032,706 6,266,591   (1). A non-IFRS measure. See "Non-IFRS measures" for definitions and reconciliation of non-IFRS measures to the relevant IFRS Accounting Standards. B. Financial Results The following tables summarize the Company's financial results for the three and twelve months ended December 31, 2025, and 2024. Three months ended Three months ended December 31, December 31,    2025  2024 Change Revenue $ 16,176,504 $ 16,723,578 $ (547,074 ) Income (loss) from operations (322,361 ) (401,258 ) 78,897 Comprehensive income (loss) (632,435 ) 243,237 (875,672 ) Adjusted EBITDA (1) 913,195 376,331 536,864 Basic and diluted loss per share $ (0.01 ) $ 0.01 $ (0.02 )   B. Financial Results (continued) Twelve months ended Twelve months ended December 31, December 31,   2025 2024 Change Revenue $ 66,192,061 $ 65,464,840 $ 727,221 Loss from operations (695,975 ) (957,011 ) 261,036 Comprehensive loss (2,334,696 ) (1,247,531 ) (1,087,165 ) Adjusted EBITDA (1) 3,126,500 2,245,299 881,201 Basic and diluted loss per share $ (0.05 ) $ (0.03 ) $ (0.02 )   C. Revenue and Gross Profit per Segment The Company reports results in two segments: (1) E-Commerce and (2) Pro Centers. We measure each reportable operating segment's performance based on revenue. The E-Commerce segment relates to our online platform while the Pro Center segment includes sales and installation revenue from bricks and mortar locations. The E-Commerce and Pro Center segments contributed 19% and 81% of our sales respectively in Q4/25 compared to 25% and 75% of our sales, respectively, in Q4/24. The E-Commerce and Pro Center segments contributed 22% and 78% of our sales respectively in both FY 2025 and in FY 2024. The following table summarizes revenue and gross profit per Segment for Q4/25 and Q4/24. Three months ended December 31, 2025     E-Commerce Pro Centers Total Revenue $ 3,017,995 $ 13,158,509 $ 16,176,504   Cost of goods sold 870,666 8,563,351 9,434,017 Gross profit 2,147,329 4,595,159 6,742,487 Gross profit % 71.2% 34.9% 41.7%   Three months ended December 31, 2024     E-Commerce Pro Centers Total Revenue $ 4,206,535 $ 12,517,043 $ 16,723,578   Cost of goods sold 2,033,227 8,127,469 10,160,696 Gross profit 2,173,308 4,389,574 6,562,882 Gross profit % 51.7% 35.1% 39.2%   D. Working Capital December 31, December 31,    2025  2024 Change Total current assets $ 22,490,509 $ 16,910,668 $ 5,579,841 Total current liabilities 13,659,384 14,198,051 (538,667 ) Working capital $ 8,831,125 $ 2,712,617 $ 6,118,508   E. Quarterly Financial Information (Unaudited) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Revenue              16,176,504              18,066,352              16,860,359              15,088,846 Gross Profit                6,742,487                7,036,333                6,723,013                6,224,672 Gross Margin % 41.7% 38.9% 39.9% 41.3% Net Loss                  (632,435)                  (946,347)                   138,458                  (885,905) Basic and diluted EPS                         (0.01)                         (0.02)                          0.01                         (0.02) EBITDA(1)                   335,818                   587,253                1,466,045                   345,803 Adjusted EBITDA(1)                   913,195                   969,105                   602,472                   650,104 (Unaudited) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Revenue              16,723,578              16,968,564              16,182,846              15,589,852 Gross Profit                6,562,882                6,503,404                6,184,756                6,090,951 Gross Margin % 39.2% 38.3% 38.2% 39.1% Net Loss                   243,237                  (384,414)                  (517,029)                  (589,324) Basic and diluted EPS                          0.01                         (0.01)                         (0.01)                         (0.01) EBITDA(1)                   396,232                   711,775                   573,376                   486,772 Adjusted EBITDA(1)                   376,331                   786,410                   578,326                   504,230   (1) A non-IFRS measure. See "Non-IFRS measures" for definitions and reconciliation of non-IFRS measures to the relevant IFRS Accounting Standards. 2026 Outlook BuildDirect enters 2026 with a clear agenda: expand its Pro Center footprint through targeted acquisitions, integrate Greyne Custom Wood to scale its e-commerce reach, and continue driving margin improvement across both segments. The Company's strengthened balance sheet and positive Adjusted EBITDA provide the foundation to move with conviction on opportunities in specialty building materials, where fragmentation continues to create attractive acquisition targets. A key component of this strategy is targeted, value-accretive acquisitions. In February 2026, BuildDirect completed the acquisition of Greyne Custom Wood, an established U.S.-based online flooring marketplace business with product placements across major national retailer e-commerce channels. Key Highlights of Greyne Custom Wood: Generated approximately $6.0 million in revenue and $320,000 in Adjusted EBITDA in 2025 Expected to deliver approximately $405,000 in annual cost savings through logistics and warehousing optimization Provides access to major U.S. retail marketplace channels, expands product assortment, and enhances speed-to-market BuildDirect plans to expand its Pro Center footprint through organic growth and strategic acquisitions while integrating businesses like Greyne to drive synergies and profitability. The Company will continue refining its e-commerce strategy toward higher-margin, marketplace-driven sales. With improved liquidity and a scalable platform, BuildDirect is well positioned for sustainable growth despite macro headwinds. About BuildDirect BuildDirect (TSXV: BILD) (OTCQB: BDCTF) is an expanding omnichannel building materials retailer, specializing in Pro Centers-strategic distribution hubs designed to serve professional contractors and trades. The Company is actively scaling its footprint through a combination of organic growth and strategic acquisitions, driving efficiency and market expansion. For more information, visit www.BuildDirect.com. Forward-Looking Information: This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"), including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. These statements reflect management's current beliefs and expectations and are based on information currently available to management as at the date hereof. Forward-looking statements in this press release may include, without limitation, statements relating to BuildDirect being in a strong position to keep building; BuildDirect's ongoing pursuit of a model focused on growing the Pro Center network, creating operating leverage and staying disciplined on returns; the Company building or acquiring strong locations, expanding its commercial reach, and growing EBITDA through better execution; the Company's acceleration of growth through the exploration of a combination of new location builds and targeted strategic acquisitions; the Company's expansion of its geographic footprint, deepening supplier relationships, and enhancing its service capabilities for professional customers; the Company's delivery of strong returns and capturing market share in both core and emerging regions; the Company's focus on driving EBITDA growth through improved operational efficiency and the continued development of its commercial sales channel; the Company being well-positioned to scale profitably while maintaining a high standard of customer service; and BuildDirect's unwavering commitment to pursue sustainable growth, operational excellence, and long-term value creation for its stakeholders. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Among those factors are changes in consumer spending, inflation, availability of mortgage financing and consumer credit, changes in the housing market, changes in trade policies, tariffs or other applicable laws and regulations both locally and in foreign jurisdictions, availability and cost of goods from suppliers, fuel prices and other energy costs, interest rate and currency fluctuations, retention of key personnel and changes in general economic, business and political conditions and other factors referenced under the "Risks and Uncertainties" section of our MD&A. These forward-looking statements may be affected by risks and uncertainties in the business of the Company and general market conditions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release reflect the Company's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and BuildDirect assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. NON-IFRS MEASURES This announcement refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, and do not have a standardized meaning prescribed by IFRS Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS Accounting Standards measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS Accounting Standards. We use non-IFRS measures including "EBITDA" and "Adjusted EBITDA". Management uses these non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to determine components of management compensation. As required by Canadian securities laws, we reconcile these non-IFRS measures to the most comparable IFRS Accounting Standards measures in this announcement. See below regarding definitions and reconciliation of these non-IFRS measures to the relevant reported measures. We define EBITDA as net income or loss before interest, income taxes and amortization. Adjusted EBITDA removes fair value adjustments to warrants or inventory and share-based compensation determined by option pricing models. Non-recurring items, such as restructuring costs, bad debt expense, finance fees or government grants are removed. Similarly, foreign exchange gains/losses and gains/losses on disposal of assets are excluded. We are presenting these measures because we believe that our current and potential investors, and many analysts, use them to assess our current and future operating results and to make investment decisions. Management uses these measures in managing the business and making decisions. EBITDA and adjusted EBITDA are not intended as substitutes for IFRS measures. EBITDA and Adjusted EBITDA for the three months ended December 31, 2025, and 2024 Three months ended Three months ended December 31, December 31,    2025  2024 Total loss and comprehensive loss $ (632,435 ) $ 243,237 Add:     Interest expense, net 666,422 383,879 Income tax recovery (516,668 ) (989,812 ) Depreciation and amortization 818,500 758,928 EBITDA 335,818 396,232 EBITDA - % (1) 2.1% 2.4%     Add (deduct):     Stock-based compensation (4,907 ) 18,661 Deferred share unit compensation 421,963 - Change in fair value of warrants 123,956 28,792 Loss on disposal of assets - 17,083 Foreign exchange (gain) loss 36,364 (84,437 ) Adjusted EBITDA $ 913,195 $ 376,331 Adjusted EBITDA - % (2) 5.6% 2.3%   EBITDA and Adjusted EBITDA for the twelve months ended December 31, 2025, and 2024 Year ended Year ended December 31, December 31,    2025  2024 Total loss and comprehensive loss $ (2,334,696 ) $ (1,247,530 ) Add:     Interest expense, net 1,898,032 1,324,354 Income tax recovery (61,668 ) (770,437 ) Depreciation and amortization 3,224,876 2,861,768 EBITDA 2,726,543 2,168,155 4.1% 3.3% EBITDA - % (1)     Add (deduct):     Stock-based compensation 135,636 191,615 Deferred share unit compensation 421,963 - Change in fair value of warrants 529,949 (11,256 ) Restructuring costs 206,253 - Government grant (1,170,137 ) - (Gain) loss on disposal of assets (11,471 ) 17,083 Consultant fee/finance fee 40,000 20,000 Foreign exchange (gain) loss 247,763 (140,297 ) Adjusted EBITDA $ 3,126,500 $ 2,245,299 Adjusted EBITDA - % (2) 4.7% 3.4%   (1) EBITDA % is a ratio of EBITDA divided by Total Revenue (2) Adjusted EBITDA % is a ratio of Adjusted EBITDA divided by Total Revenue Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. For further information: Shawn Wilson, CEO [email protected] BuildDirect Investor Relations [email protected] Consolidated Statements of Financial Position (Expressed in United States dollars) For the years ended December 31, 2025 2024 Assets Current assets:   Cash and cash equivalents $8,195,460 $2,347,491   Short-term investments - 445,415   Trade and other receivables (note 4) 3,401,996 3,694,821   Inventories (note 5) 9,564,586 9,619,963   Prepaid materials, expenses, and deposits  1,328,467 802,978     Total current assets 22,490,509 16,910,668 Non-current assets:   Property and equipment (note 6) 716,904 607,699   Right-of-use assets (note 7) 8,247,773 2,562,647   Non-current deposits 408,931 434,040   Loans receivable (note 8) 533,706 -   Intangible assets (note 9) 241,446 1,882,891   Goodwill (note 9) 2,530,622 2,530,622   Deferred tax asset (note 10) 3,051,961 2,824,396     Total non-current assets 15,731,343 10,842,295 Total Assets $38,221,852 $27,752,963   Liabilities and Shareholders' Equity Current liabilities:   Accounts payable and accrued liabilities (note 11) $6,566,232 $8,500,775   Income taxes payable (note 10) 467,580 707,584   Deferred revenue (note 12) 1,352,113 1,385,993   Debt – current (note 13) 3,898,625 2,449,384   Current portion of lease (note 14) 1,374,834 1,154,315     Total current liabilities 13,659,384 14,198,051 Non-current liabilities:   Debt – non-current (note 13) 9,941,165 8,640,727   Lease liability (note 14) 7,466,729 1,695,228   Warrants liability (note 15) 593,917 63,968   Deferred share units liability (note 16) 421,963 -     Total non-current liabilities 18,423,774 10,399,923 Shareholders' equity:   Share capital (note 17) 128,360,133 123,136,971   Share based payment reserve 11,610,434 11,515,195   Deficit  -133,831,873 -131,497,177   Total Shareholders’ equity 6,138,694 3,154,989   Total Liabilities and Equity $38,221,852 $27,752,963   Consolidated Statements of Operations and Comprehensive Loss (Expressed in United States dollars)   For the years ended December 31 2025 2024         Revenue (note 18) $ 66,192,061 $ 65,464,840         Cost of goods sold (note 5) 39,465,556 40,122,847         Gross profit 26,726,505 25,341,993         Operating expenses:         Fulfillment costs 3,615,489 3,952,323         Selling and marketing 5,768,957 5,638,856         Administration 14,813,157 13,846,057         Depreciation and amortization 3,224,876 2,861,768     Total operating expenses 27,422,480 26,299,004         Loss from operations (695,975) (957,011)         Other income (expense):         Interest income 19,506 48,330         Interest expense (1,917,538) (1,372,684)         Rental income - 148,929         Fair value adjustment of warrants (note 15) (529,949) 11,256         Government grant (note 24) 1,170,137 -         Restructuring costs (note 23) (206,253) -         Finance fee - (20,000)         Foreign exchange gain (loss) (247,763) 140,297         Gain (loss) on disposal of equipment (note 6) 11,471 (17,083)     Total other expense (1,700,389) (1,060,955)         Loss before income taxes (2,396,364) (2,017,966)         Income taxes (note 10)         Current expense 165,897 514,660         Deferred recovery (227,565) (1,285,097)     Total income taxes (61,668) (770,437)         Total loss and comprehensive income loss for the year (2,334,696) (1,247,530)         Loss per share:         Basic and diluted loss per share (note 25) (0.05) (0.03)     Consolidated Statement of Changes in Equity (Expressed in United States dollars) Common Shares Share based payment reserve Deficit Total Number Amount Balance - December 31, 2023 41,941,535 $ 123,109,599 $ 11,323,580 $ (130,249,647) $ 4,183,532 Exercise of deferred share units (note 16) 7,843 3,720 - - 3,720 Exercise of stock options (note 17) 83,328 23,652 - - 23,652 Loss and comprehensive loss for the year - - - (1,247,530) (1,247,530) Share-based payment expense (note 17) - - 191,615 - 191,615 Balance - December 31, 2024 42,032,706 $ 123,136,971 $ 11,515,195 $ (131,497,177) $ 3,154,989 Balance - December 31, 2024 42,032,706 123,136,971 11,515,195 (131,497,177) $ 3,154,989 Exercise of stock options (note 17) 179,418 96,202 (40,397) 55,805 Issuance of share capital, net (note 17) 6,087,173 5,126,960 - - 5,126,960 Loss and comprehensive loss for the year - - - (2,334,696) (2,334,696) Share-based payment expense (note 17) - - 135,636 - 135,636 Balance - December 31, 2025 48,299,297 $ 128,360,133 $ 11,610,434 $ (133,831,873) $ 6,138,694   Consolidated Statement of Cash Flows (Expressed in United States dollars)   For the years ended December 31 2025 2024         Cash provided by (used in):         Operating activities:       Loss for the year $ (2,334,696) $ (1,247,530)       Add (deduct) items not affecting cash:         Depreciation 3,224,876 2,861,768         Deferred income tax (note 10) (227,565) (1,285,097)         Stock-based compensation expense 135,636 191,615         (Gain) loss on disposal of equipment (11,471) 14,766         Interest on capital leases 483,554 123,406         Other interest and finance cost 1,110,559 962,115         Interest earned on lease receivables - (5,051)         Amortization of deferred financing costs (note 13) 47,466 -         Change in fair value of warrants (note 15) 529,949 (11,256)         Change in fair value of deferred share units (note 16) 421,963 -         Unrealized foreign exchange 97,210 (129,830)         Change in non-cash working capital (note 20) (709,677) 703,348       Income taxes paid (405,887) (17,415)     Total operating activities 2,361,917 2,160,969         Investing activities:       Purchase of property and equipment (note 6) (171,825) (150,416)       Proceeds on disposal of equipment (note 6) 25,500 -       Acquisition of assets (note 3) (610,934) -       Payments on capital lease receivables - 191,709     Total investing activities (757,259) 41,293         Financing activities:       Proceeds from exercise of options (note 17) 55,805 27,372       Proceeds from issuance of share capital (note 17) 5,193,044 -       Share issue costs (note 17) (66,084) -       Deferred financing costs (note 13) (140,474) (26,968)       Interest paid (273,079) (375,629)       Principal lease payments (note 14) (1,632,093) (1,433,178)       Promissory note repayment (note 13) (1,245,000) (1,245,000)       Deferred consideration repayment (note 13) - (675,000)       Loan receivable - advance (note 8) (561,100) -       Loan receivable - repayment (note 8) 59,397 -       Loans payable - advance (note 13) 2,917,774 2,993,552       Loans payable - repayment (note 13) (64,880) (1,721,813)     Total financing activities 4,243,310 (2,456,664)     Increase (decrease) in cash and cash equivalents 5,847,969 (254,402)     Cash and cash equivalents, beginning 2,347,491 2,601,893     Cash and cash equivalents, end $ 8,195,460 $ 2,347,491     To view the source version of this press release, please visit https://www.newsfilecorp.com/release/292380