Business
BluMetric Announces Q3 2023 Financial Results
Ottawa, Ontario--(Newsfile Corp. - August 24, 2023) - BluMetric Environmental Inc. (TSXV: BLM) ("...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"BluMetric Announces Q3 2023 Financial ResultsOttawa, Ontario--(Newsfile Corp. - August 24, 2023) - 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 quarter ended June 30, 2023.Financial HighlightsRevenue for the quarter ended June 30, 2023, was $6.9 million, compared to $8.4 million for the same period in 2022. For the nine months ended June 30, 2023, revenue totaled $24.8 million, compared to $24.4 million in the corresponding period of 2022.Gross margin for the quarter ended June 30, 2023, was 15%, and the year-to-date gross margin for fiscal 2023 amounted to 20%. This compared to 23% for the same quarter in the previous year and 24% year-to-date for fiscal 2022.EBITDA (see definition below) for the quarter ended June 30, 2023, was negative $0.7 million, compared to $0.6 million in the same quarter of the previous year. Year-to-date EBITDA for fiscal 2023 was $0.6 million, compared to $2.0 million year-to-date for fiscal 2022.Net loss for the quarter ended June 30, 2023, was $0.7 million, compared to net earnings of $0.3 million in the same quarter of the previous year. Year-to-date net loss for fiscal 2023 was $0.2 million, compared to net earnings of $1.1 million year-to-date for fiscal 2022.Net cash (see definition below) as at June 30, 2023 was $3.9 million, compared to net cash of $4.5 million at June 30, 2022.Business OutlookBluMetric continues to execute its long-term growth initiatives while navigating a more challenging operational backdrop in the second half of this fiscal year.During this quarter, the Company faced obstacles in revenue generation due to schedule delays, particularly with respect to the Company's Northern projects. These challenges are expected to continue into the next quarter due to recent widespread forest fires.There was a decline in gross margin, which was also impacted by one-time costs arising from a custom wastewater treatment system to a mining client. Additionally, the Company made key investments into its employees and its corporate culture, which featured an off-site conference focused on leadership and long-term growth.Execution challenges on certain projects have influenced this quarter's financial performance. BluMetric is actively addressing...