BluMetric Announces Q2 2026 Financial Results
Rhea-AI Summary
BluMetric (OTCQX: BLMWF) reported Q2 2026 revenue of CA$18.3M, up 15% year-over-year, with gross margin rising to 31% from 27%. Six‑month revenue reached CA$38.6M.
Q2 adjusted EBITDA was -CA$0.6M and net loss CA$1.1M. Military revenue grew 78%, government revenue 31%. Working capital was CA$9.9M, net cash CA$2.9M plus CA$6.9M in available liquidity. BluMetric granted 1,078,000 options at CA$0.81 and will host its earnings call on May 28, 2026.
Positive
- Q2 2026 revenue rose 15% year-over-year to CA$18.3M
- Gross margin improved to 31% from 27% in Q2 year-over-year
- Six‑month revenue increased to CA$38.6M from CA$29.9M
- Military market revenues grew 78% in the quarter
- Government revenues increased 31% in the quarter
- Working capital reached CA$9.9M, up from CA$8.6M
- Net cash position improved 28% to CA$2.9M, with CA$6.9M liquidity
Negative
- Q2 adjusted EBITDA fell to -CA$0.6M from CA$0.6M
- Q2 net loss widened to CA$1.1M from CA$0.06M
- Operating expenses rose to CA$7.4M from CA$4.3M in Q2
- Six‑month EBITDA declined to -CA$0.3M from CA$1.9M
- Free cash flow was negative CA$0.6M in Q2 and CA$0.8M year-to-date
News Market Reaction – BLMWF
In the May 28 session, BLMWF declined 5.73%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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Delivered
Ottawa, Ontario--(Newsfile Corp. - May 27, 2026) - BluMetric Environmental Inc. (TSXV: BLM) (OTCQX: BLMWF) ("BluMetric" or "the Company"), an engineering WaterTech and full-service environmental consulting firm, announces its financial results for the fiscal quarter ended March 31, 2026.
Q2 2026 Select Financial Highlights
(in CA$ thousands, unaudited)
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | Additional Context | |
| Revenue | 18,277 | 15,926 | Increased |
| Gross margin | Improved gross margin and within target range | ||
| Adjusted EBITDA1 | (626) | 600 | Lower YOY due to higher operating expenses from DS Consultants, lower utilization due to seasonality, investments in recurring O&M services, and increased business development |
| Net earnings (loss) | (1,134) | (60) | |
| Free Cash Flow2 | (649) | (129) | Reflects investment requirements during scale-up |
| Working capital3 | 9,943 | 8,612 | Slight improvement and remains strong to execute on growth plan |
| Net cash4 | 2,859 | 2,219 | Positive and |
"We were able to deliver
Business Highlights and Outlook
In the fiscal quarter, BluMetric saw revenue growth (
In addition, WaterTech USA (Gemini Water) saw lower revenues as the entity executed on the completion and commissioning phase of several projects where revenue is primarily driven by onsite revenues and lower component and parts sales. As evidenced by recent contract announcements, WaterTech USA has a strong pipeline and has recently showcased its flagship St. Kitts Bird Rock facility at a key Caribbean water conference. The Company plans to double its U.S. manufacturing footprint to 50,000 sq. feet to accommodate existing market demand.
The Military market revenues increased by
As BluMetric enters the remaining fiscal year, the Company remains focused on executing on what is expected to be its next two highest revenue quarters. This will allow for improved profitability and to showcase the results of its continued investments in growth and more recurring revenue. This growth is supported by several tailwinds such as ongoing water scarcity and infrastructure development in North America, rising military spending fueled by geopolitical tensions, and a new mining cycle with higher metals prices.
The Company believes that the continued combination of its unique water technologies, growing demand for resilient and decentralized water solutions, and expert personnel, well positions the Company. BluMetric strives to demonstrate excellence in its execution, operations, and build a foundation for further longer-term growth.
Financial Highlights Table
(in CA$ thousands, except per share data, unaudited)
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | Six Months Ended March 31, 2026 | Six Months Ended March 31, 2025 | |
| Revenue | 18,277 | 15,926 | 38,568 | 29,893 |
| Gross profit | 5,627 | 4,307 | 11,279 | 8,918 |
| Gross margin | ||||
| Operating expenses | 7,383 | 4,297 | 13,404 | 8,131 |
| Operating expenses, net of depreciation and amortization5 | 6,521 | 3,805 | 11,725 | 7,197 |
| Operating profit (loss) | (1,755) | 10 | (2,098) | 787 |
| Finance costs | 117 | 71 | 214 | 155 |
| Earnings (loss) before provision for income tax | (1,913) | (61) | (2,713) | 632 |
| Income tax expense (recovery) | (779) | (1) | (1,485) | 314 |
| Net earnings (loss) | (1,134) | (60) | (1,200) | 318 |
| Earnings (loss) per share - basic | (0.02) | 0.00 | (0.02) | 0.01 |
| Earnings (loss) per share - diluted | (0.02) | 0.00 | (0.02) | 0.01 |
| EBITDA6 | (679) | 600 | (339) | 1,910 |
| Adjusted EBITDA | (626) | 600 | 287 | 1,910 |
| Free cash flow | (649) | (129) | (824) | 489 |
| Working capital | 9,943 | 8,612 | ||
| Net cash | 2,859 | 2,219 |
Note 1: Adjusted EBITDA is a non-IFRS measure and is calculated as net income before interest expense, income taxes, depreciation of property and equipment, and amortization of intangible assets net of acquisition costs and non-cash share compensation. The Company uses this measure as part of assessing operating performance. There is no direct comparable IFRS measure for Adjusted EBITDA.
Note 2: 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 3: 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 4: 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.
Note 5: Operating expenses, net of depreciation and amortization is a non-IFRS measure and is calculated as operating expenses less depreciation and amortization. The Company uses this measure as part of assessing operating performance. There is no direct comparable IFRS measure.
Note 6: EBITDA is a non-IFRS measure and is calculated as 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.
The full results are available at sedarplus.ca.
Pursuant to the Company's Board compensation policy, BluMetric has granted options of 1,078,000 common shares to Employees and Executives of the Company. These options are granted effective May 27, 2026, vest over two years, and are exercisable into common shares of BluMetric at a price of
BluMetric to Host Investor Conference Call
BluMetric will host a conference call on Thursday, May 28, 2026, at 9:00 AM ET (6:00 AM PT) to discuss the results. To join the conference call without operator assistance, it's important to register and enter your phone number at https://emportal.ink/4raxHzp at least 15 minutes before the call's start time or later to receive an instant automated callback.
You can also dial directly to be entered into the call by an Operator. Please dial 1-888-699-1199 (Toll-Free North America) or 1-416-945-7677 (Local).
The replay of the conference call will be available on the Company's investor relations website at blumetric.ca.
About BluMetric Environmental Inc.
BluMetric Environmental Inc. is a publicly traded water technology and environmental engineering firm. BluMetric designs, fabricates, and delivers sustainable solutions to complex water and environmental challenges. The Company is supported by more than 345 employees across 16 offices and 3 manufacturing facilities, with over 50 years of history. Headquartered in Ottawa, Ontario, BluMetric's team of industry experts serves Commercial and Industrial, Government, Military, and Mining clients in North America and the Caribbean.
For more information, visit www.blumetric.ca or please contact:
| Scott MacFabe, Chair and CEO BluMetric Environmental Inc. Tel: 1-877-487-8436 x242 Email: smacfabe@blumetric.ca | Dan Hilton, CFO BluMetric Environmental Inc. Tel: 1-877-487-8436 x550 Email: dhilton@blumetric.ca |
| Brandon Chow, Principal & Founder Panolia Investor Relations Inc. Tel: 1-647-598-8815 Email: brandon@panoliair.com |
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 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/299109