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BluMetric Environmental Inc. (TSXV: BLM) has announced the acquisition of U.S.-based Gemini Water, for US$5.05 million. This strategic move expands BluMetric's cleantech water portfolio and marks its entry into the Caribbean and U.S. water markets. The purchase includes an initial payment of US$3.0 million and the issuance of 2,352,500 common shares, with the remaining balance to be paid through an earn-out over three years.
Gemini Water, founded in 2015, specializes in large-scale desalination and wastewater treatment systems. It has 7 million gallons per day (GPD) of treatment capacity across 22 locations. For the year ending June 30, 2024, Gemini's unaudited revenues were approximately US$7.3 million with EBITDA margins exceeding 10%. The acquisition is expected to diversify BluMetric's customer base, share expertise, and establish a U.S. manufacturing presence.
BluMetric Environmental Inc. (TSXV: BLM) has signed an $830,000 contract to supply a permanent water pre-treatment and purification system to a remote First Nations community in British Columbia. This marks BluMetric's first fixed system installation in a remote community, addressing the critical need for clean drinking water. The system will have a capacity of 199 m3 per day and includes commissioning and operator training.
CEO Scott MacFabe highlighted the company's success in deploying agile units for the Canadian military and sees this as an opportunity to expand into fixed installations for remote populations. The Mission Ready Water solution features minimized operator hands-on time, remote support capabilities, self-cleaning filtration, and modularity for cost-effective expansion. The system is expected to be delivered and commissioned in fiscal year 2025.
BluMetric Environmental Inc. (TSXV: BLM) announced its Q3 2024 financial results, showing improvements in revenue and profitability. Revenue increased to $8.1 million from $6.9 million in Q3 2023, while gross margin improved to 44% from 35%. The company reported EBITDA of $0.3 million, compared to a net loss of $0.7 million in the same quarter last year. Net earnings were $0.0 million, up from a $0.7 million loss in Q3 2023.
BluMetric is investing in cleantech expansion and new production units. The company is in the final stages of field-testing for the Rheinmetall contract, set for full production in fiscal 2025. BluMetric's strong financial position allows for potential M&A activities and geographical expansion. The company granted 567,000 stock options to employees and executives, exercisable at $0.50 per share over seven years.
BluMetric Environmental announced its Q2 2024 financial results, revealing a decline in revenue to $7.1 million from $7.4 million in Q2 2023.
Gross margin improved to 43% from 37% year-over-year, reflecting better operational efficiency.
EBITDA increased to $0.4 million, while net earnings remained stable at $0.1 million.
Working capital slightly decreased to $11.3 million from $11.5 million.
Net cash stood at $2.4 million, unchanged from the previous year.
The company reported a project backlog of $16.4 million, signaling robust future prospects.
CEO Scott MacFabe highlighted improved margins and a focus on cleantech manufacturing ramp-up and the execution of a record backlog of equipment orders.
Investment in manufacturing, new personnel, and inventory has begun to yield results, with significant contracts secured.
The company is poised for growth, driven by increased military spending and potential acquisitions.
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