BluMetric Announces Q3 2024 Financial Results
BluMetric Environmental Inc. (TSXV: BLM) announced its Q3 2024 financial results, showing improvements in revenue and profitability. Revenue increased to $8.1 million from $6.9 million in Q3 2023, while gross margin improved to 44% from 35%. The company reported EBITDA of $0.3 million, compared to a net loss of $0.7 million in the same quarter last year. Net earnings were $0.0 million, up from a $0.7 million loss in Q3 2023.
BluMetric is investing in cleantech expansion and new production units. The company is in the final stages of field-testing for the Rheinmetall contract, set for full production in fiscal 2025. BluMetric's strong financial position allows for potential M&A activities and geographical expansion. The company granted 567,000 stock options to employees and executives, exercisable at $0.50 per share over seven years.
BluMetric Environmental Inc. (TSXV: BLM) ha annunciato i risultati finanziari per il terzo trimestre del 2024, mostrando miglioramenti nei ricavi e nella redditività. I ricavi sono aumentati a 8,1 milioni di dollari rispetto ai 6,9 milioni di dollari nel terzo trimestre del 2023, mentre il margine lordo è migliorato al 44% dal 35%. L'azienda ha riportato un EBITDA di 0,3 milioni di dollari, rispetto a una perdita netta di 0,7 milioni di dollari nello stesso trimestre dell'anno scorso. I guadagni netti sono stati di 0,0 milioni di dollari, in aumento rispetto a una perdita di 0,7 milioni di dollari nel terzo trimestre del 2023.
BluMetric sta investendo nell'espansione della tecnologia pulita e in nuove unità di produzione. L'azienda è nelle fasi finali dei test sul campo per il contratto Rheinmetall, previsto per la piena produzione nell'anno fiscale 2025. La solida posizione finanziaria di BluMetric consente attività potenziali di M&A e espansione geografica. L'azienda ha concesso 567.000 opzioni su azioni ai dipendenti e ai dirigenti, esercitabili a 0,50 dollari per azione nel corso di sette anni.
BluMetric Environmental Inc. (TSXV: BLM) anunció sus resultados financieros del tercer trimestre de 2024, mostrando mejoras en ingresos y rentabilidad. Los ingresos aumentaron a 8,1 millones de dólares desde 6,9 millones en el tercer trimestre de 2023, mientras que el margen bruto mejoró al 44% desde el 35%. La empresa reportó un EBITDA de 0,3 millones de dólares, en comparación con una pérdida neta de 0,7 millones de dólares en el mismo trimestre del año pasado. Las ganancias netas fueron de 0,0 millones de dólares, un aumento respecto a una pérdida de 0,7 millones de dólares en el tercer trimestre de 2023.
BluMetric está invirtiendo en la expansión de tecnología limpia y en nuevas unidades de producción. La empresa se encuentra en las etapas finales de pruebas de campo para el contrato de Rheinmetall, que comenzará la producción plena en el año fiscal 2025. La sólida posición financiera de BluMetric permite actividades potenciales de fusiones y adquisiciones y expansión geográfica. La empresa otorgó 567,000 opciones de acciones a empleados y ejecutivos, ejercitables a 0,50 dólares por acción durante siete años.
BluMetric Environmental Inc. (TSXV: BLM)은 2024년 3분기 재무 결과를 발표하며 매출과 수익성의 개선을 보여주었습니다. 매출은 690만 달러에서 810만 달러로 증가했습니다, 2023년 3분기에 비해, 총 이익률은 35%에서 44%로 개선되었습니다. 회사는 EBITDA가 30만 달러로 보고하였으며, 작년 같은 분기에는 70만 달러의 순손실을 기록했습니다. 순이익은 0만 달러로, 2023년 3분기 70만 달러 손실에서 증가했습니다.
BluMetric은 클린테크 확장 및 새로운 생산 단위에 투자를 하고 있습니다. 회사는 2025 회계연도에 전면 생산을 위해 Rheinmetall 계약의 현장 테스트를 마무리 단계에 있습니다. BluMetric의 강력한 재무 상태는 M&A 활동 및 지리적 확장의 잠재력을 제공합니다. 이 회사는 직원과 경영진에게 567,000주의 주식 매입 선택권을 부여하였으며, 7년 동안 주당 0.50달러에 행사할 수 있습니다.
BluMetric Environmental Inc. (TSXV: BLM) a annoncé ses résultats financiers pour le troisième trimestre 2024, montrant des améliorations au niveau des revenus et de la rentabilité. Les revenus ont augmenté à 8,1 millions de dollars contre 6,9 millions de dollars au troisième trimestre 2023, tandis que la marge brute s'est améliorée à 44% contre 35%. L'entreprise a déclaré un EBITDA de 0,3 million de dollars, par rapport à une perte nette de 0,7 million de dollars au même trimestre de l'année dernière. Les bénéfices nets étaient de 0,0 million de dollars, contre une perte de 0,7 million de dollars au troisième trimestre 2023.
BluMetric investit dans l'expansion des technologies propres et de nouvelles unités de production. L'entreprise est dans les étapes finales des tests sur le terrain pour le contrat Rheinmetall, qui doit entrer en production complète en 2025. La solide position financière de BluMetric permet des activités potentielles de fusions et acquisitions et d'expansion géographique. L'entreprise a accordé 567 000 options d'achat d'actions à des employés et des cadres, exerçables à 0,50 dollar par action pendant sept ans.
BluMetric Environmental Inc. (TSXV: BLM) hat seine finanziellen Ergebnisse für das 3. Quartal 2024 bekannt gegeben und Verbesserungen bei Umsatz und Rentabilität gezeigt. Der Umsatz stieg auf 8,1 Millionen Dollar von 6,9 Millionen Dollar im 3. Quartal 2023, während die Bruttomarge auf 44% von 35% anstieg. Das Unternehmen meldete ein EBITDA von 0,3 Millionen Dollar, verglichen mit einem Net Loss von 0,7 Millionen Dollar im gleichen Quartal des Vorjahres. Der Nettoertrag betrug 0,0 Millionen Dollar, im Vergleich zu einem Verlust von 0,7 Millionen Dollar im 3. Quartal 2023.
BluMetric investiert in die Erweiterung von Cleantech und in neue Produktionseinheiten. Das Unternehmen befindet sich in den letzten Phasen der Feldtests für den Rheinmetall-Vertrag, dessen volle Produktion für das Geschäftsjahr 2025 geplant ist. Die starke finanzielle Lage von BluMetric ermöglicht potenzielle M&A-Aktivitäten und geografische Expansion. Das Unternehmen gewährte 567.000 Aktienoptionen an Mitarbeitende und Führungskräfte, die über einen Zeitraum von sieben Jahren zu 0,50 Dollar pro Aktie ausgeübt werden können.
- Revenue increased by 17.4% year-over-year to $8.1 million in Q3 2024
- Gross margin improved significantly from 35% to 44% in Q3 2024
- EBITDA turned positive at $0.3 million, compared to a $0.7 million loss in Q3 2023
- Net earnings improved to $0.0 million from a $0.7 million loss in the same quarter last year
- Working capital increased to $11.3 million as of June 30, 2024, up from $10.4 million a year ago
- Net cash decreased to $1.7 million as of June 30, 2024, down from $3.9 million a year ago
- Higher costs and overhead incurred due to expansion of cleantech sales team and manufacturing capabilities
Ottawa, Ontario--(Newsfile Corp. - August 28, 2024) - BluMetric Environmental Inc. (TSXV: BLM) ("BluMetric" or "the Company"), a full-service environmental consulting and engineering cleantech firm, announces its financial results for the third fiscal quarter ended June 30, 2024.
Financial Highlights
- Revenue for the quarter ended June 30, 2024, was
$8.1 million compared to$6.9 million for the same period in 2023. - Gross margin for the quarter ended June 30, 2024, was
44% compared to35% (as restated; see note below) for the same quarter in the previous year. - EBITDA (see definition below) for the quarter ended June 30, 2024, was
$0.3 million , compared to a net loss of$0.7 million in the same quarter of the previous year. - Net earnings for the quarter ended June 30, 2024, was
$0.0 million compared to a net loss of$0.7 million in the same quarter of the previous year. - Working capital (see definition below) as at June 30, 2024 was
$11.3 million , compared to$10.4 million as at June 30, 2023. - Net cash (see definition below) as at June 30, 2024 was
$1.7 million , compared to net cash of$3.9 million at June 30, 2023.
"We continue to drive incremental improvements in our overall performance as we invest in our cleantech expansion and deliver new units from production," stated Scott MacFabe, CEO at BluMetric Environmental Inc. "Although sales and delivery cycles are longer for cleantech, we continue to showcase our technology to a growing market. We are proud of the new capabilities we have developed and expect these investments will pay off in due time."
Business Outlook
BluMetric experienced revenue growth and significant improvements in profitability over last year's quarter which was impacted by the Northern Canada wildfires and other one-time expenses.
Management continues its commitment to sustainable profitability as showcased by its consecutive quarters of positive net earnings and EBITDA generation. However, the Company has incurred higher costs and overhead to build its cleantech sales team and manufacturing capabilities to support an anticipated higher revenue run rate.
These capabilities will be necessary to deliver on the Rheinmetall contract in fiscal 2025. The contract is in the final stages of field-testing, after which it will proceed to full production.
BluMetric continues to assess potential acquisitions in technology or professional services that will align with and strengthen its sales, operations, and product offerings.
The Company believes that its strong financial position provides flexibility to execute on its long-term strategy to scale cleantech products and services, expand geographically and execute on potential M&A.
Financial Table
| Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Nine Months Ended June 30, 2024 | Nine Months Ended June 30, 2023 | |
| (restated1) | (restated1) | |||
| ( | ( | ( | ( | |
| Revenue | 8,115 | 6,941 | 23,773 | 24,833 |
| Gross profit | 3,550 | 2,458 | 10,197 | 8,606 |
| Gross margin | ||||
| Operating expenses | 3,436 | 3,319 | 9,440 | 8,536 |
| Operating profit (loss) | 115 | (861) | 757 | 71 |
| Finance costs | 61 | 14 | 165 | 56 |
| Earnings (loss) before provision for income tax | 53 | (875) | 600 | 15 |
| Income tax expense (recovery) | 27 | (146) | 216 | 208 |
| Net earnings (loss) | 26 | (729) | 384 | (194) |
| Earnings (loss) per share – basic and diluted | 0.00 | (0.02) | 0.01 | (0.01) |
| EBITDA2 | 302 | (675) | 1,304 | 563 |
| Free cash flow3 | 204 | (981) | 856 | (81) |
| Working capital4 | 11,300 | 10,360 | ||
| Net cash (debt)5 | 1,722 | 3,920 |
Note 1: During the preparation of the financial statements for the period ended December 31, 2023, the Company determined that the indirect labour costs that do not contribute to revenue generating projects should be reclassified as overhead expenses under the Sales, general and administrative caption. The Company had previously accounted for the amounts under the Cost of sales caption. There is no effect on basic or diluted net earnings per share.
Note 2: 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 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 (debt) 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.
Pursuant to the Company's Board compensation policy, BluMetric has granted options of 567,000 common shares to Employees and Executives of the Company. These options are granted effective August 28, 2024, vest over two years, and are exercisable into common shares of BluMetric at a price of
BluMetric to Host Investor Conference Call
BluMetric will host a conference call on Friday, August 30, 2024, at 1:00 PM ET (10:00 AM PT) to discuss the results. To join the conference call without operator assistance, enter your details and phone number at https://emportal.ink/3vNao6M for an instant callback. While we recommend joining closer to the start time, participants can join up to 30 minutes early, connecting to the call with hold music until the scheduled start.
You can also dial directly at 1-888-664-6392 (Toll-Free North America) or 1-416-764-8659 (International Toll) to be entered into the call by an Operator.
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 200 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, CEO
BluMetric Environmental Inc.
Tel: 1-877-487-8436
Email: smacfabe@blumetric.ca
Dan Hilton, CFO
BluMetric Environmental Inc.
Tel: 1-877-487-8436
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 http://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/221449
FAQ
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