08:08 AM EDT, 04/11/2024 (MT Newswires) -- CEMATRIX Corp. ( CTXXF ) , a manufacturer of cellular concrete products, that Wednesday saw its shares gain 5% to a 52-week high, reported fourth-quarter comprehensive income of near $1.5 million, or $0.015 per fully diluted share, as compared with a loss of near $1.3 million, or $0.009 per fully diluted share, a year earlier.

Revenue more than doubled for the quarter ended Dec. 31 to $19.6 million compared with $8.3 million a year earlier.

Adjusted EBITDA for Q4 was $2.9 million versus an adjusted EBITDA loss of $809,000 a year earlier.

CEMATRIX ( CTXXF ) said it expects revenue in 2024 to grow and for the company to generate income, positive adjusted EBITDA, and positive cash flow from operations.

The company also intends to focus on the execution of its backlog and new sales as they are generated. This includes continued regional expansion, particularly in the US where the cellular concrete market continues to experience strong growth.

Additionally, CEMATRIX ( CTXXF ) said it will continue to identify and evaluate potential acquisition targets, including other cellular concrete applicators, and specialty suppliers. But the company said that in the short term it has put acquisitions and investments on hold until its stock price rebounds.

Though the shares hit a 52-week high on Wednesday, they are still down almost 50% from a peak reached in Jan. 2021.