12:01 PM EDT, 08/26/2024 (MT Newswires) -- BioRem ( BIRMF ) said Monday it swung to a second-quarter profit on a 71% rise in revenue.

The clean-technology company booked a profit of $340,000, or $0.02 per share, compared to a loss of $96,000, or $0.01, in the year-prior quarter.

Revenue jumped to $7.3 million from $4.28 million on an increase in orders received and a resulting order backlog.

"Our strategic initiatives gathered momentum in 2024," chief executive 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 the record backlog to support strong revenue 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 on June 30 fell 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 ) shares were last seen up $0.07 to $2.27 on the TSX Venture Exchange.

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