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BluMetric Environmental Inc. reports news about its WaterTech engineering, environmental consulting, and water treatment businesses. The company designs, fabricates, and delivers water and environmental solutions for commercial and industrial, government, military, and mining customers in North America and the Caribbean.
Recurring updates include financial results, contract awards for wastewater treatment and shipboard reverse-osmosis desalination systems, recurring water testing services, acquisitions that expand operating capabilities, and governance matters such as director elections and stock option plan amendments.
BluMetric Environmental (TSXV: BLM) (OTCQX: BLMWF) reported its fiscal year 2024 results, highlighting the recent acquisition of Gemini Water on September 24, 2024. Annual revenue slightly decreased to $34.8 million from $35.1 million in FY2023, while Q4 revenue increased to $11.1 million from $10.3 million. Gross margin improved to 40% for FY2024 compared to 35% in FY2023.
The company maintained Adjusted EBITDA at $2.0 million for FY2024, while net earnings decreased to $0.1 million from $0.5 million in FY2023. Working capital decreased to $5.5 million from $11.1 million, primarily due to the Gemini Water acquisition. The Military market showed significant growth of 75%, driven by water purification systems refurbishment and the Rheinmetall contract.
For FY2025, BluMetric plans to expand its U.S. manufacturing footprint in Gainesville, Florida, and execute on a record order book, including the Rheinmetall contract and the 2,000,000 GPD St. Kitts and Nevis project.
BluMetric Environmental has secured a CA$1.1 million contract to supply a Sea Water Reverse Osmosis (SWRO) system for a Tier 1 Cruise Line in the Bahamas. The system will provide 80,000 gallons per day of potable water, replacing an existing SWRO system. The project will be executed by BluMetric's recent acquisition, Gemini Water, with delivery and commissioning expected in 2025. Due to market demand, BluMetric is exploring expansion options for its Florida operations, aiming to double its manufacturing footprint. The company is currently working on multiple projects, including an active 2,000,000 GPD project in St. Kitts and Nevis.