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Ottawa, 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 Highlights
"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 Outlook
BluMetric 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 assess potential acquisitions in technology or professional services that will align with and strengthen its sales, operations, and product offerings.
The Company believes that its strong financial position provides flexibility to execute on its long-term strategy to scale cleantech products and services, expand geographically and execute on potential M&A.
Financial Table
| Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Nine Months Ended June 30, 2024 | Nine Months Ended June 30, 2023 | |
| (restated1) | (restated1) | |||
| ($000) | ($000) | ($000) | ($000) | |
| Revenue | 8,115 | 6,941 | 23,773 | 24,833 |
| Gross profit | 3,550 | 2,458 | 10,197 | 8,606 |
| Gross margin | 44% | 35% | 43% | 35% |
| Operating expenses | 3,436 | 3,319 | 9,440 | 8,536 |
| Operating profit (loss) | 115 | (861) | 757 | 71 |
| Finance costs | 61 | 14 | 165 | 56 |
| Earnings (loss) before provision for income tax | 53 | (875) | 600 | 15 |
| Income tax expense (recovery) | 27 | (146) | 216 | 208 |
| Net earnings (loss) | 26 | (729) | 384 | (194) |
| Earnings (loss) per share – basic and diluted | 0.00 | (0.02) | 0.01 | (0.01) |
| EBITDA2 | 302 | (675) | 1,304 | 563 |
| Free cash flow3 | 204 | (981) | 856 | (81) |
| Working capital4 | 11,300 | 10,360 | ||
| Net cash (debt)5 | 1,722 | 3,920 |
Note 1: During the preparation of the financial statements for the period ended December 31, 2023, the Company determined that the indirect labour costs that do not contribute to revenue generating projects should be reclassified as overhead expenses under the Sales, general and administrative caption. The Company had previously accounted for the amounts under the Cost of sales caption. There is no effect on basic or diluted net earnings per share.
Note 2: EBITDA represents net income before interest expense, income taxes, depreciation of property and equipment, and amortization of intangible assets. The Company uses this measure as part of assessing operating performance. There is no direct comparable IFRS measure for EBITDA.
Note 3: Free cash flow is a non-IFRS measure and is calculated as operating cash flows less net capital expenditures and net payment of lease obligations.
Note 4: Working capital is a non-IFRS measure and is calculated by subtracting current liabilities from current assets. There is no directly comparable measure under IFRS.
Note 5: Net cash (debt) is a non-IFRS measure and is calculated as cash less total funded debt excluding lease liabilities. The Company uses this measure as part of assessing liquidity. There is no directly comparable measure under IFRS.
The full results are available at sedarplus.ca.
Pursuant to the Company's Board compensation policy, BluMetric has granted options of 567,000 common shares to Employees and Executives of the Company. These options are granted effective August 28, 2024, vest over two years, and are exercisable into common shares of BluMetric at a price of $0.50 per share for a period of seven years.
BluMetric to Host Investor Conference Call
BluMetric will host a conference call on Friday, August 30, 2024, at 1:00 PM ET (10:00 AM PT) to discuss the results. To join the conference call without operator assistance, enter your details and phone number at https://emportal.ink/3vNao6M for an instant callback. While we recommend joining closer to the start time, participants can join up to 30 minutes early, connecting to the call with hold music until the scheduled start.
You can also dial directly at 1-888-664-6392 (Toll-Free North America) or 1-416-764-8659 (International Toll) to be entered into the call by an Operator.
About BluMetric Environmental Inc.
BluMetric Environmental Inc. is a publicly traded environmental consulting and engineering company with expertise across professional and trade disciplines and technologies that allow for the design, fabrication and delivery of sustainable solutions to environmental and water challenges. BluMetric has more than 200 employees operating in ten offices and over 45 years of expertise. Headquartered in Ottawa, Ontario, BluMetric's team of industry experts serves Commercial and Industrial, Military, Mining and Government clients.
For more information, visit www.blumetric.ca or please contact:
Scott MacFabe, CEOBluMetric Environmental Inc. Tel: 1-877-487-8436 Email: [email protected]
Dan Hilton, CFOBluMetric Environmental Inc. Tel: 1-877-487-8436 Email: [email protected]
Brandon Chow, Principal & FounderPanolia Investor Relations Inc.Tel: 1-647-598-8815Email: [email protected]
Forward-Looking Statements
Some of the statements in this press release, including those relating to the Company's quarterly and annual results, future products, opportunities and cost initiatives, strategies, and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, are forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates, and projections regarding future events. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR+ at http://www.sedarplus.ca/. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221449
