and Thank afternoon. good Benjamin, you,
on additional supplemental well information, discussing liquidity the we've financial quarter have and additional we As which this in is press provided posted results now initiatives various in currently comments for this our is My flight. designed to customary, our quarter website. as the as color release issued results the on analysis are add our afternoon third
the XX% the third $XX.X the is quarter prior the an is while primarily were for third and second the of demand driven discipline. to commercial related XXXX, of increased quarter X% over our improvement and sequential XXXX the growth for quarter The over Revenues of million, increase majority of products, respectively. quarter year by
prolonged the which input most not such have you also have early wood, These aluminum but These significantly XXXX. costs us to risen environment of price we As year. and especially allowed costs as increases catch up inflationary announced have in and include our transportation raw are material implemented aware, over increases and a labor costs. several past price only successfully since to
while by construction quarters time Volumes orders, have XXXX. higher-than-usual that well. has and during X have generally that second we experienced And have as from between our remained rates product are pipeline and and increased third of period, to win same trend many improved other a relatively July October on X XX% seeing consistent companies pushout the our project rates
job We primary readiness. site been believe factor the has
ordered. loan believe labor In to input have material supply that many have costs timing. extension, all as contractors timing to the trends addition will chain believe are time. factors over have Further, rates we to stretched commercial and forced by pricing schedules our rising disruptions, and profitability. rising served shortages reevaluate construction and contributed products at which interest these We normalize These product
from in XXXX. from in for well And from similarly, for to profit points the in material The manufacturing volume costs same XX% gross as to the improved quarter just leverage period to XXX same more period XX% increased is margin and the XX.X% due Gross X.X% of increased better as improved margin the increased input price pass-through to XXX XXXX. discussed points basis increases adjusted due efficiencies. basis margin efficient rising
$X Our our of gross or X% includes line. associated with accelerated Reflect third and profit quarter lines, depreciation approximately product discontinued noncash charges primarily margin the and of write-down revenue million
U.S. were quarter by gross of or the dollar. our gross favorably $XXX,XXX margins impacted This also about impacted third revenue. by versus the Our margins favorably Canadian strengthening dollar X%
As unique impact basis net approximately compared to quarter increased second the XXX margin these despite unfavorable XXXX, the our profit gross items. of of points
decreases Related our items, of as primarily implemented expense G&A. lower service professional cost have and seen consisted reduction mostly within expenses, initiatives The year. as across to earlier line due initiatives normal the all fees back-office in spend of workforce operating to we in discretionary throughout well operating the reduction reduction cost year
workforce in million Hill the changes. costs quarter, temporary these as the incurred reorganization the Rock $X.X suspension well to of leadership facility as reductions and we attributed During
in expenditures We pace fourth decline expect of the reorganization the and subsequent quarters. to
in XXXX, of just in loss million million as quarter I've the and same well to expenses discussed. $XX.X margin the period volume driven profit the improved $X.X for loss and EBITDA operating by improvements Adjusted as reduction from demand in a improved a gross
You detail again as can deck, published investor these presentation is in website. which well our further find financial our other statement on as on fluctuations
quarter than unrestricted designed priority cash December finished $XX.X a There at million number sheet through implementing cash compared $XX.X right liquidity, our XX, $X.X have now Turning results million XXXX. the in strengthening to liquidity. initiatives financial no We is and with of strategic balance larger improved improved flow. I to million including of to drive
the cash and we third of million $X.X in the $XX.X onetime million costs capital discussed. end included million, the working $XX.X Net just of at quarter which was in approximately the reorganization quarter, used
quarter Availability during the to the that at third did fourth under facility the million not our the to and facility quarter not end date at quarter. of draw either. asset-backed have on We stands $X need in credit
capital to on I pleased flat of conversion. well working hand am the $X.X good XX, due at as improved as as results also operating million to remained cash report October that
have especially fourth standpoint, into cash early monthly usage, From an operational we improvement quarter. seen in
been the commercial cases, where customers some actively in both focused better and inventory vendors. and on We with enforcing negotiating have terms possible are and, reducing underlying
ability incentives are customers in the discounts customer-friendly We good for those receivables. of standing, to for including advantage take of payment modest early offering
business also several cash and balance sheet infuse demonstrate the addition or we In initiatives improved operations, additional implementing impact cash from strategic to health. to meant evaluating are the with
declining the quarter, million. credit $X.X recognized rapidly during receivable This a announced pandemic tax result First, employee of as tax throughout retention the rewards tax recently the third companies a the revenues. those by payroll credit States, despite maintain United of that we program
have premises we evaluating a certain we serve our that of as to properties intend do value we to vacate note they are Second, not a sale-leaseback standpoint. critical from aspect that Important proposition. company-owned still these
strategic growth cash Third, long-term during order initiatives the multiple XXXX. ICE the platform, we flow in to are expect evaluating in we initiatives to around recognizing and software this meaningful these platform. Collectively, advance vision opportunities DIRTT's around generate
directors all and in we Benjamin placement to with to our private earlier, Finally, shares announced to about subject are proceeds issue a release. to as up our officers of million gross mechanisms and that million, certain spoke press expected launch of largest to X mentioned X.X up today, $X the pricing shareholders
the the dilutive gap gross just under expected the bridge this placement, In also to aggregate XX closing. strategic next by discussed. the the the and to capital backstopping connection $X irrevocably and months company the between X any, if minimally to initiatives meant and cash the the and proceeds be of actual gross amounts shareholders offering This the with the have between maximum anticipated this upon subscribing million company occurring in shortfall, raise by amount proceeds in committed any now is received in is private future rights to a issuance placement
this expect close within next to We week. the offering
upside we of taking our price account for have described. the liquidity we closing, outlook in our cost months, next reductions and sales downside increases the and existing XX credit have cash available for facilities, liquidity scenarios, company's and In using just the XX the the we months. balance with multiple I've improved sufficient into And assessed next realization combination and strategic initiatives believe the
And open Operator? your for call the we'll now questions.
