Northwire Canada EditionSunday, July 12, 2026
Northwire
GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0%
Earnings Routine +

Biorem corrects Dec. 31 order backlog figure in NR

Biorem Posts Record Earnings But Backlog Correction Raises Governance Questions

Executive Summary
  • Full Year 2025 Performance: Biorem reported record fiscal 2025 results with revenue of $42.4 million (up 13% YoY) and net earnings of $4.8 million (up 60% YoY).
  • Q4 Strength: Fourth-quarter revenue surged to $16.9 million compared to $9.3 million in Q4 2024, with gross profit margins expanding significantly from 17.1% to 35%.
  • Liquidity Improvement: Cash position nearly doubled year-over-year, rising from $5.2 million to $11.5 million at December 31, 2025.
  • Backlog Correction: A subsequent correction notice adjusted the December 31, 2025 order backlog figure upward from $54.4 million (initially reported) to $65.3 million.
  • Order Bookings: Total annual order bookings reached $54.4 million, a 32% increase over 2024 ($41.3 million).
Material Impact
  • Positive Fundamentals: The margin expansion in Q4 (17.1% to 35%) is the most significant fundamental improvement, suggesting operational leverage and successful cost management initiatives are materializing.
  • Governance Risk: The need for a correction on the backlog figure ($54.4M vs $65.3M) indicates internal reporting errors or control weaknesses. While the correction was upward (positive), it undermines confidence in the precision of initial guidance.
  • Backlog Trend: Despite the correction, the year-end backlog ($65.3 million) is lower than the Q3 2025 peak reported in November ($71 million). This indicates project completions outpaced new bookings in Q4, which is normal but requires monitoring for sustained growth.
  • Market Expectation: The stock price rallied significantly from May 2025 lows to a February 2026 high of $2.79 prior to this release. Much of the "record" narrative was likely priced in following the Q3 announcement, making this confirmation routine rather than a surprise catalyst.
BRM · Price
Company Overview
  • Overview: Biorem Inc. operates in the environmental technology sector, focusing on air pollution control and water treatment solutions through manufacturing and service groups.
  • Flagship Project/Segment: The company highlights its "Service Group" as a key driver of recurring revenue, alongside diverse technologies for industrial applications.
  • Development: The company is transitioning from pure project-based work to include more recurring service revenue, evidenced by the margin expansion in Q4 2025.
Read the original news release →

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