02:13 PM EDT, 05/28/2024 (MT Newswires) -- BioRem ( BIRMF ) was last seen up 5.8% after the company on Tuesday reported a profit for the first quarter and an 87% increase in revenue.

The environmental biotechnology company said it swung to a profit of $344,000, or $0.02 per share, compared with a loss of $557,000, or $0.04 per share, a year earlier.

Revenue for the quarter ended March 31 was $5.9 million, up from $3.2 million a year earlier.

EBITDA for Q1 was $622,000 versus and EBITDA loss of $547,000 a year earlier.

"Bidding activity has remained strong through the first quarter and we expect to report significant new bookings in coming months." chief executive Derek Webb said in the release.

The company booked new orders totaling $6.1 million in the quarter, leading to a backlog of orders of $52 million at March 31, up from an order backlog of $39 million on March 31, 2023.

The clean technology company's cash position stood at $5.9 million on March 31, 2024, up from $2.3 million on Dec. 31, 2023.

"BioRem's ( BIRMF ) strong results for the first quarter of 2024 in both revenues, earnings and new bookings are strong indicators of another year of growth for the Company," Webb added. "Our sales funnel continues to grow for both our biological solutions as well as with the new dry scrubber product line introduced last year. The growing order backlog and sales funnel at these levels will ensure the Company's continued growth in revenues and profitability."

The company's shares were last seen up $0.11 to $2.01 on the TSX Venture Exchange.

Price: 2.01, Change: +0.11, Percent Change: +5.79