Biorem Inc. ($BRM.V) FINS Review
Q1 2025
One of the bigger 2024 success stories on the Venture has seen 2025 become a struggle for Biorem bulls.
BRM tripled in value in 2024 going from 99 cents to $3.05 to end the year. Since then they have lost a little more than a third of that value, currently trading at $1.99.
Back in November when I reviewed their Q3 I issued the following warning about their upcoming Q4.
It appears investors started to price this in with the stock starting the downward trend just as the calendar year turned. Not only did they not come close to matching off 2023’s $12.2M in revenue coming in 24% shy of that with $9.3M, but the company completely shit the bed on the margin line due to an accrual of labour costs for potential rework of a completed project. Biorem was still able to pull out a profitable quarter, showing some nimbleness within the remainder of their controllable expenses, but overall it still resulted in their year end results getting a downgrade from yours truly.
Coming into their recently reported first quarter, the concerns from the tough Q4 on a comparable basis looked like an opportunity coming into Q1. I had this to say from my May “What’s Wolf Watching” article from the middle of last month:
The market did not love the results when they were initially released with a large gap down on earnings day, but recovered late last week trading about where it was - in the $2 range.
I haven’t done a deep dive into the numbers yet due to a busy schedule of late, so let’s remedy that right now.
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