Revenue has decreased due to some material prices stabilizing at a lower level which are less than the prior few years and a more competitive construction market fueled by interest rate hikes by the Bank of Canada.
Atlas Engineered Products
Atlas Engineered Products is set to supply wall panels and engineered roof trusses for Westhaven Builders’ upcoming senior living projects in Kimball, Michigan. The project, valued at approximately $800,000, is currently scheduled to commence in the Company’s Q3.
This expansion is integral to the Company’s ongoing efforts to enhance manufacturing capabilities through automation and robotics.
Non-IFRS measure normalized EBITDA margin decreased to 20% for the year ended December 31, 2023 from 25% for the year ended December 31, 2022. This decrease was mainly due to decreased gross margins and increased operating costs.
Atlas Engineered Products has secured its first large wall panel order out of its Atlas Building Systems location in Nanaimo, British Columbia and has already begun manufacturing and shipping for this project.