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H2O Innovation Inc. (HEOFF) is a leading global water technology company providing customized water treatment solutions. With a focus on sustainable practices, H2O Innovation offers innovative products and services for water purification, desalination, and wastewater treatment. The company has a strong track record of delivering high-quality solutions to a diverse range of clients, including municipalities, industrial facilities, and commercial operations. H2O Innovation's commitment to excellence, combined with its dedication to environmental stewardship, sets it apart as a trusted leader in the water treatment industry.
H2O Innovation announced record revenues of $56.1 million, reflecting a 46.3% increase from $38.3 million year-over-year, driven by 25.0% organic growth. Adjusted EBITDA reached $5.0 million, and adjusted net earnings were $2.6 million or $0.029 per share. Despite challenges from high inflation affecting gross profit margin, the company reported a consolidated backlog of $182.0 million, up 48.2%. Management anticipates continued organic revenue growth and margin improvements due to pricing initiatives and a diversified sales pipeline.
H2O Innovation Inc. has unveiled the H2GO™ container, a groundbreaking self-service store for maple syrup producers, marking a first for North America's maple syrup industry. This 24/7 accessible store is designed to address the challenges faced by producers due to labor shortages and inconvenient operating hours. By offering round-the-clock access, it aims to foster customer loyalty and expand the clientele. The inaugural store will open in Saint-Augustin-de-Woburn, Quebec, with plans for further expansion in remote areas. CEO Frédéric Dugré highlighted its potential to enhance producer satisfaction and operational efficiency.
H2O Innovation Inc. will release its financial results for Q1 fiscal year 2023 on November 10, 2022, at 8:00 a.m. (EST). A conference call for financial analysts and investors is scheduled for the same day at 10:00 a.m. (EST), featuring a management presentation followed by a Q&A session. The call will provide insights into the company's financial performance and future outlook. H2O Innovation focuses on water solutions, including water technologies, specialty products, and operation & maintenance services.
H2O Innovation reported strong financial results for fiscal year 2022, with revenues of $184.4 M, a 27.7% increase from $144.3 M in 2021. Net earnings also rose to $5.1 M or $0.058 per share, compared to $3.1 M or $0.039 per share last year. Adjusted EBITDA increased 23.6% to $18.1 M. Significant growth was attributed to both organic growth of 17.7% and acquisitions. The company’s backlog stands at $163.0 M, providing visibility for future revenues despite challenges from inflation and supply chain issues.
H2O Innovation has secured 10 new water treatment projects valued at $12.0 M, increasing its backlog to $46.0 M. The contracts stem from four municipal customers and six industrials, aligning with the Corporation's strategic goals. Notable projects include a unique aquaculture water reuse system and two biofuel projects enhancing bioethanol production. Additionally, a 1.4 MGD desalination project in Mexico will utilize advanced technology to optimize water treatment. The company emphasizes its commitment to environmental sustainability through these initiatives.
H2O Innovation Inc. will release its financial results for Q4 and the full fiscal year ended June 30, 2022, on September 28, 2022, at 8:00 a.m. EDT. A conference call is scheduled for the same day at 10:00 a.m. EDT, where management will present the results followed by a Q&A session. Analysts and investors are invited to attend. The company focuses on delivering innovative water solutions through three main pillars: Water Technologies & Services, Specialty Products, and Operation & Maintenance.
H2O Innovation has announced the extension of two Operation and Maintenance (O&M) contracts alongside new projects in Texas, with a total value of $18.3M. This revision increases the Corporation's O&M backlog to $137.4M. The new contracts will enable H2O Innovation to manage water and wastewater utilities for a minimum of two years, further strengthening relationships with clients like the City of Canton, Georgia. CEO Frédéric Dugré expressed enthusiasm about growth opportunities in the Southwest region.
On August 2, 2022, H2O Innovation announced the extension of two Operation and Maintenance (O&M) contracts and secured new projects in Texas, totaling $9.0 million. This increases the company's O&M backlog to $137.4 million. The contracts, effective for an initial term of two years, will service both residential and commercial clients. CEO Frédéric Dugré emphasized the importance of growth and building long-term client relationships through these new ventures, particularly highlighting their ongoing partnership with Canton, Georgia, dating back to 2006.
H2O Innovation announces the consolidation of its Piedmont business line with PWT and Genesys to form a new division focused on specialty chemicals, consumables, and components. This strategic merger aims to enhance operational synergies, improve customer support, and foster innovation aligned with ESG standards. Led by Ties Venema, the unified team seeks to amplify the corporation's global distributor network, ensuring better care and satisfaction for customers. This realignment is expected to bolster H2O Innovation’s market presence in desalination and water reuse.
H2O Innovation has announced the resignation of director René Vachon and the appointment of Bertrand Lauzon to its Board of Directors, effective July 1, 2022. Vachon served for three years and was thanked for his contributions. Lauzon brings over 38 years of financial expertise, previously serving as Chief Financial Officer at BFL Canada and Desjardins Securities, where he significantly increased assets under management. His appointment aligns with the Corporation's goal of maintaining a diverse Board with strong financial and governance skills.
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