BQE Water Reports Q1 2022 Results

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[{"type":"text","content":"BQE Water Reports Q1 2022 Results\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n VANCOUVER, BC –\n \n \n TheNewswire - May 25, 2022\n \n \n -\n \n \n BQE Water Inc. (TSXV:BQE)\n \n ,\n \n a leader in the\ntreatment and management of mine impacted waters,\n \n is pleased to\nrelease its interim consolidated financial results for the three\nmonths ended March 31, 2022.\n \n \n “After reporting strong full-year 2021 results, we delivered a solid\nfirst quarter in 2022, recording our first positive net income for a\nfirst quarter due to robust revenues from technical services and new\nrecurring revenues from plants entering operations. Building on the\ngrowth trajectory that started last year, including our strong balance\nsheet, healthy project pipeline and growing recurring revenue streams,\nwe are going into 2022 with a positive outlook. So far this year, we\nhave brought online our first project to remove selenium from ash pond\nwater in the US,”\n \n stated David Kratochvil, President\n& CEO of BQE Water.\n \n \n \n \n \n 1\n \n \n \n FINANCIAL HIGHLIGHTS\n \n \n \n \n \n Grew Proportional Revenues by $2.0 million or 128% compared to Q1\n2021.\n \n \n \n \n Recorded an historic high net income for Q1 of $190,000. This is our\nfirst Q1, typically the weakest quarter, with positive net income.\n \n \n \n \n Increased Adjusted EBITDA by $677,000 compared to Q1 2021.\n \n \n \n \n Increased working capital by $1.3 million or 45% over a 12-month\nperiod, from $3.1 million at March 31, 2021 to $4.4 million at March\n31, 2022.\n \n \n \n \n Increased net cash by $578,000 over a 12-month period, from $3.2\nmillion at March 31, 2021 to $3.8 million at March 31, 2022.\n \n \n \n \n Selected financial results are as follows:\n \n \n \n \n \n (in ’000s)\n \n \n \n \n 3 months ended Mar. 31\n \n \n \n \n \n \n \n \n 2022\n \n \n \n \n 2021\n \n \n \n \n \n \n \n \n $\n \n \n \n \n $\n \n \n \n \n \n \n \n Revenues under GAAP\n \n \n \n \n \n 2,467\n \n \n \n \n 980\n \n \n \n \n \n \n Proportional Revenues\n \n \n \n \n 3,529\n \n \n \n \n 1,551\n \n \n \n \n \n \n Net income (loss)\n \n \n \n \n 190\n \n \n \n \n (523)\n \n \n \n \n \n \n Adjusted EBITDA\n \n \n \n \n 446\n \n \n \n \n (231)\n \n \n \n \n \n \n \n \n \n 2\n \n \n \n OPERATIONAL SERVICES HIGHLIGHTS\n \n \n \n Our operational services consist...

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