Business
BluMetric Announces Q1 2023 Financial Results
Ottawa, Ontario--(Newsfile Corp. - February 28, 2023) - BluMetric Environmental Inc. (TSXV: BLM),...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"BluMetric Announces Q1 2023 Financial ResultsOttawa, Ontario--(Newsfile Corp. - February 28, 2023) - BluMetric Environmental Inc. (TSXV: BLM), a full-service environmental consulting and engineering cleantech firm, announces its financial results for the quarter ended December 31, 2022.Revenue for the quarter grew more than 30% as compared to Q1 2022, mainly driven by BluMetric's active portfolio of projects having larger field programs and cleantech solutions having increased requirements for materials. Earnings for the quarter increased slightly over Q1 2022. \"The BluMetric team continues to deliver solid financial results,\" says Scott MacFabe, CEO of BluMetric. \"Our strong client base, high-value services and strategic initiatives are supporting our success as we adapt to changing market conditions.\"Revenue from the Government and Military markets for Q1 2023 were relatively consistent with the same quarter in 2022. Commercial market revenue increased by approximately $1.7 million, mainly as a result of a large remediation project for brownfield redevelopment. Revenue from the Mining market increased more than 60%, driven by greater customer diversification and successful business development. HighlightsRevenue for the quarter was $10.5 million compared to $7.8 million for the quarter ended December 31, 2021. Gross margin for the quarter was 22% compared to 26% for the same quarter in the previous year. EBITDA (see Note 1 below for definition) for Q1 2023 increased to $920,000, compared to $912,000 in Q1 2022. Net cash (see Note 3 below for definition) at December 31, 2022 was $2.9 million. This compares to net cash at September 30, 2022 of $3.6 million, and net cash of $2.6 million at December 31, 2021. Business OutlookBluMetric's strategic initiatives and business development continue to support a solid project pipeline across all four key client sectors. As markets shift to current economic conditions, profit margins are returning to historical levels, while an increased number of larger projects are being launched which include increased support services costs at lower margins.The Company remains focused on key investments in its Cleantech water treatment products and service to support growth and market expansion. The Company is planning to invest in leadership in the Commercial and Industrial market and staff expans...