08:20 AM EDT, 08/26/2024 (MT Newswires) -- BioRem ( BIRMF ) said Monday that it swung to net earnings in the second quarter following a 70% increase in revenue.

The clean technology company booked net earnings of $340,000, or $0.018 per fully diluted and $0.021 per basic share, compared to a loss of $96,000, or a loss of $0.006 per diluted share.

Revenue jumped to $7.3 million from $4.3 million on an increase in orders received and resulting order backlog.

"Our strategic initiatives gathered momentum in 2024," President and CEO Derek Webb said. "This is reflected in the product mix purchased by our clients as well as new orders that have driven our order backlog to a record $57 million."

The company said it expects this record backlog to support strong revenues and earnings in the second half of the year.

"There continues to be strong underlying demand for our full range of products and services," Webb said. "Physical and chemical technologies are supplementing the core advanced biological solutions that customers have come to trust and rely upon."

Cash on hand at June 30, 2024 decreased to $3.9 million. Earnings from operating activities during the quarter generated $629,000 of cash and net increases in non-cash working capital items used $2.5 million of cash reserves. Working capital at June 30, 2024 stood at $7.6 million.

Biorem ( BIRMF ) was trading shy of 52-week highs at $2.20 per share last Friday.