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BluMetric Announces Q3 2024 Financial Results
Ottawa, Ontario--(Newsfile Corp. - August 28, 2024) - BluMetric Environmental Inc. (TSXV: BLM) ("...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"BluMetric Announces Q3 2024 Financial ResultsOttawa, 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 HighlightsRevenue 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 to 35% (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 OutlookBluMetric 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 ass...