BluMetric Announces Q1 2025 Consolidated Financial Results
BluMetric Environmental (OTCQX: BLMWF) reported strong Q1 2025 financial results with revenue reaching $14.0 million, up from $8.5 million in Q1 2023. The company's Adjusted EBITDA increased to $1.3 million from $0.7 million year-over-year, while net earnings doubled to $0.4 million.
The quarter saw gross margin decrease to 33% from 42% due to increased component revenues from the St. Kitts and Nevis project through Gemini Water. The company secured $4.0 million through an oversubscribed offering and maintains a strong financial position with net cash of $3.7 million.
Notable developments include expansion of WaterTech operations with a new 25,000 sq ft manufacturing facility in Gainesville, Florida, doubling the workforce. The company achieved Partnership Accreditation in Indigenous Relations (PAIR) Committed status and was selected for an environmental cleanup project by First Nations government.
BluMetric Environmental (OTCQX: BLMWF) ha riportato risultati finanziari solidi per il primo trimestre del 2025, con ricavi che hanno raggiunto 14,0 milioni di dollari, in aumento rispetto agli 8,5 milioni di dollari del primo trimestre del 2023. L'EBITDA rettificato dell'azienda è aumentato a 1,3 milioni di dollari rispetto ai 0,7 milioni dell'anno precedente, mentre gli utili netti sono raddoppiati a 0,4 milioni di dollari.
Nel trimestre, il margine lordo è diminuito al 33% dal 42% a causa dell'aumento dei ricavi dei componenti dal progetto di St. Kitts e Nevis tramite Gemini Water. L'azienda ha ottenuto 4,0 milioni di dollari attraverso un'offerta sovrascritta e mantiene una solida posizione finanziaria con un cash netto di 3,7 milioni di dollari.
Sviluppi significativi includono l'espansione delle operazioni di WaterTech con un nuovo stabilimento di produzione di 25.000 piedi quadrati a Gainesville, Florida, raddoppiando la forza lavoro. L'azienda ha ottenuto lo stato di Accreditamento di Partnership nelle Relazioni Indigene (PAIR) e è stata selezionata per un progetto di bonifica ambientale dal governo delle Prime Nazioni.
BluMetric Environmental (OTCQX: BLMWF) informó resultados financieros sólidos para el primer trimestre de 2025, con ingresos que alcanzaron $14.0 millones, un aumento desde $8.5 millones en el primer trimestre de 2023. El EBITDA ajustado de la empresa aumentó a $1.3 millones desde $0.7 millones en comparación con el año anterior, mientras que las ganancias netas se duplicaron a $0.4 millones.
En el trimestre, el margen bruto disminuyó al 33% desde el 42% debido al aumento de los ingresos por componentes del proyecto de San Cristóbal y Nieves a través de Gemini Water. La empresa aseguró $4.0 millones a través de una oferta sobre suscrita y mantiene una sólida posición financiera con un efectivo neto de $3.7 millones.
Desarrollos notables incluyen la expansión de las operaciones de WaterTech con una nueva instalación de fabricación de 25,000 pies cuadrados en Gainesville, Florida, duplicando la fuerza laboral. La empresa logró el estado de Acreditación de Asociación en Relaciones Indígenas (PAIR) y fue seleccionada para un proyecto de limpieza ambiental por el gobierno de las Primeras Naciones.
블루메트릭 환경 (OTCQX: BLMWF)는 2025년 1분기 강력한 재무 결과를 보고했으며, 수익은 1,400만 달러에 달해 2023년 1분기의 850만 달러에서 증가했습니다. 회사의 조정 EBITDA는 전년 대비 70만 달러에서 130만 달러로 증가했으며, 순이익은 40만 달러로 두 배 증가했습니다.
이번 분기에는 세인트키츠 네비스 프로젝트에서 제미니 워터를 통해 부품 수익이 증가하면서 총 마진이 42%에서 33%로 감소했습니다. 회사는 초과 청약을 통해 400만 달러를 확보했으며, 370만 달러의 순 현금을 보유한 강력한 재무 상태를 유지하고 있습니다.
주요 발전 사항으로는 플로리다 주 게인즈빌에 25,000평방피트 규모의 새로운 제조 시설을 갖춘 WaterTech 운영의 확장이 있으며, 이는 인력을 두 배로 늘리는 것입니다. 회사는 원주율 관계에서 파트너십 인증(PAIR) 약속 상태를 달성했으며, 원주율 정부에 의해 환경 정화 프로젝트에 선정되었습니다.
BluMetric Environmental (OTCQX: BLMWF) a annoncé de solides résultats financiers pour le premier trimestre 2025, avec des revenus atteignant 14,0 millions de dollars, en hausse par rapport à 8,5 millions de dollars au premier trimestre 2023. L'EBITDA ajusté de l'entreprise a augmenté à 1,3 million de dollars contre 0,7 million de dollars l'année précédente, tandis que le bénéfice net a doublé pour atteindre 0,4 million de dollars.
Au cours du trimestre, la marge brute a diminué à 33% contre 42% en raison de l'augmentation des revenus des composants du projet de Saint-Kitts-et-Nevis via Gemini Water. L'entreprise a sécurisé 4,0 millions de dollars grâce à une offre sursouscrite et maintient une solide position financière avec une trésorerie nette de 3,7 millions de dollars.
Parmi les développements notables, on retrouve l'expansion des opérations de WaterTech avec une nouvelle usine de fabrication de 25 000 pieds carrés à Gainesville, en Floride, doublant ainsi le nombre de salariés. L'entreprise a obtenu le statut d'accréditation de partenariat en relations autochtones (PAIR) et a été sélectionnée pour un projet de nettoyage environnemental par le gouvernement des Premières Nations.
BluMetric Environmental (OTCQX: BLMWF) berichtete über starke Finanzzahlen für das erste Quartal 2025, mit einem Umsatz von 14,0 Millionen Dollar, ein Anstieg von 8,5 Millionen Dollar im ersten Quartal 2023. Das bereinigte EBITDA des Unternehmens stieg von 0,7 Millionen Dollar im Vorjahr auf 1,3 Millionen Dollar, während der Nettogewinn auf 0,4 Millionen Dollar verdoppelt wurde.
Im Quartal sank die Bruttomarge von 42% auf 33%, was auf erhöhte Komponenteneinnahmen aus dem Projekt St. Kitts und Nevis über Gemini Water zurückzuführen ist. Das Unternehmen sicherte sich 4,0 Millionen Dollar durch ein überzeichnetes Angebot und hält eine starke Finanzlage mit einem Netto-Cash von 3,7 Millionen Dollar.
Bemerkenswerte Entwicklungen umfassen die Expansion der WaterTech-Betriebe mit einer neuen Produktionsstätte von 25.000 Quadratfuß in Gainesville, Florida, wodurch die Belegschaft verdoppelt wurde. Das Unternehmen erhielt den Status der Partnerschaftsakkreditierung in indigenen Beziehungen (PAIR) und wurde für ein Umweltbereinigungsprojekt von der Regierung der First Nations ausgewählt.
- Revenue increased 64.7% YoY to $14.0M
- Adjusted EBITDA grew 85.7% to $1.3M
- Net earnings doubled to $0.4M
- Net cash position improved to $3.7M from $0.8M YoY
- Secured $4.0M through oversubscribed offering
- Expanded operations with new 25,000 sq ft facility
- Gross margin declined from 42% to 33% YoY
- Working capital decreased to $9.3M from $11.2M YoY
- Military market contracts closing slower than anticipated
Ottawa, Ontario--(Newsfile Corp. - February 26, 2025) - BluMetric Environmental Inc. (TSXV: BLM) (OTCQX: BLMWF) ("BluMetric" or "the Company"), an engineering WaterTech and full-service environmental consulting firm, announced its consolidated financial results for the first fiscal quarter ended December 31, 2024.
Financial Highlights
- Revenue for the quarter ended December 31, 2024, was
$14.0 million compared to$8.5 million for the same period in 2023. - Gross margin for the quarter ended December 31, 2024, was
33% compared to42% for the same quarter in the previous year. The decrease in gross margin is mainly due to the increase in component revenues associated with the large St. Kitts and Nevis project through Gemini Water ("Gemini"). - Adjusted EBITDA (see definition below) for the quarter ended December 31, 2024, was
$1.3 million , compared to$0.7 million in the same quarter of the previous year. - Net earnings for the quarter ended December 31, 2024, was
$0.4 million compared to$0.2 million in the same quarter of the previous year. - Working capital (see definition below) as at December 31, 2024 was
$9.3 million , compared to$11.2 million as at December 30, 2023. - Net cash (see definition below) as at December 31, 2024 was
$3.7 million , compared to net cash of$0.8 million at December 31, 2023. - Closed an oversubscribed offering and private placement on December 13, 2024, for aggregate gross proceeds of
$4.0 million .
"We had a record start to the fiscal year, thanks in part to a full quarter of revenue contribution from Gemini who continues to deliver strong results," said Scott MacFabe, CEO of BluMetric Environmental Inc. "Our goal is to carry this momentum throughout the balance of the fiscal year. The continued integration and expansion of our WaterTech team coupled with improvements to business development efforts for Professional Services is expected to help fuel our success for the balance of the year."
Business Highlights and Outlook
This quarter saw a significant increase in revenues and profitability due to the full quarter of revenue contributions from Gemini with limited increases in total overhead. Furthermore, Gemini accelerated revenue recognitions for the quarter to help mitigate the potential impact of political and trade uncertainties in its supply chain through faster-than-expected hardware deliveries on key projects. The overall financial performance showcases management's continued commitment to executing its growth strategy while sustaining a level of profitability and cash generation.
The Company continues to see significant potential growth opportunities within its WaterTech business. Earlier this calendar year, BluMetric signed a new lease for a larger, 25,000 square foot manufacturing facility in Gainesville, Florida. This manufacturing space increase coincides with the approximate doubling of the workforce in Florida which included several strategic hires in sales and client delivery.
Along with the expansion of Gemini, the Company is preparing to execute on other key contracts like the Rheinmetall Canada partnership in the Military market. The first production system has completed its final field assessments and BluMetric is waiting for the last approvals before commencing full-scale production. The Military market continues to have the most significant sales pipeline in terms of order value but has been slower than anticipated to close contracts.
BluMetric is proud to announce that it is now Partnership Accreditation in Indigenous Relations (PAIR) Committed, confirming its relationship with Indigenous partners. In addition, the Company has been chosen by one of the First Nations' governments to plan and carry out an environmental cleanup of abandoned sites that pose potential risks to their community. BluMetric's expertise and its commitment to working alongside local communities ensures a respectful and sustainable approach to the ecosystems alongside the needs of the impacted geographies.
Overall, BluMetric is well positioned to leverage the combination of its unique water technologies and professional services to meet the demand for more resilient and decentralized water solutions.
Financial Table
| Three Months Ended December 30, 2024 | Three Months Ended December 30, 2023 | |
| ( | ( | |
| Revenue | 13,967 | 8,524 |
| Gross profit | 4,611 | 3,583 |
| Gross margin | ||
| Operating expenses | 3,834 | 3,148 |
| Operating profit (loss) | 777 | 435 |
| Finance costs | 84 | 57 |
| Earnings (loss) before provision for income tax | 693 | 378 |
| Income tax expense (recovery) | 315 | 137 |
| Net earnings (loss) | 378 | 241 |
| Earnings (loss) per share - basic | 0.01 | 0.01 |
| Earnings (loss) per share - diluted | 0.01 | 0.01 |
| EBITDA1 | 1,219 | 612 |
| Adjusted EBITDA2 | 1,310 | 658 |
| Free cash flow3 | 618 | 386 |
| Working capital4 | 9,253 | 11,194 |
| Net cash5 | 3,706 | 757 |
Note 1: EBITDA represents net income before interest expense, income taxes, depreciation of property and equipment, and amortization of intangible assets. The Company uses this measure as part of assessing operating performance. There is no direct comparable IFRS measure for EBITDA.
Note 2: Adjusted EBITDA represents net income before interest expense, income taxes, depreciation of property and equipment, and amortization of intangible assets net of acquisition costs and non-cash share compensation. The Company uses this measure as part of assessing operating performance. There is no direct comparable IFRS measure for Adjusted EBITDA.
Note 3: Free cash flow is a non-IFRS measure and is calculated as operating cash flows less net capital expenditures and net payment of lease obligations.
Note 4: Working capital is a non-IFRS measure and is calculated by subtracting current liabilities from current assets. There is no directly comparable measure under IFRS.
Note 5: Net cash is a non-IFRS measure and is calculated as cash less total funded debt excluding lease liabilities. The Company uses this measure as part of assessing liquidity. There is no directly comparable measure under IFRS.
The full results are available at sedarplus.ca.
BluMetric to Host Investor Conference Call
BluMetric will host a conference call on Friday, February 28, 2025, at 1:00 PM ET (10:00 AM PT) to discuss the results. To join the conference call without operator assistance, it's important to register and enter your phone number at https://emportal.ink/3CuKKqE at least 15 minutes before the call's start time or later to receive an instant automated callback.
You can also dial directly to be entered into the call by an Operator. Please dial 1-888-699-1199 (Toll-Free North America) or 1-416-945-7677 (Local).
About BluMetric Environmental Inc.
BluMetric Environmental Inc. is a publicly traded environmental consulting and engineering company with expertise across professional and trade disciplines and technologies that allow for the design, fabrication and delivery of sustainable solutions to environmental and water challenges. BluMetric has more than 220 employees operating in ten offices and over 45 years of expertise. Headquartered in Ottawa, Ontario, BluMetric's team of industry experts serves Commercial and Industrial, Military, Mining and Government clients.
For more information, visit www.blumetric.ca or please contact:
Scott MacFabe
BluMetric Environmental Inc.
Tel: 1-877-487-8436 x242
Email: smacfabe@blumetric.ca
Dan Hilton, CFO
BluMetric Environmental Inc.
Tel: 1-877-487-8436 x550
Email: dhilton@blumetric.ca
Brandon Chow, Principal & Founder
Panolia Investor Relations Inc.
Tel: 1-647-598-8815
Email: brandon@panoliair.com
Forward-Looking Statements
Some of the statements in this press release, including those relating to the Company's quarterly and annual results, future products, opportunities and cost initiatives, strategies, and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, are forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates, and projections regarding future events. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR+ at www.sedarplus.ca. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242554
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