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H2O Innovation has announced it secured 13 new orders worth $9.3 million for its Piedmont business line, specializing in corrosion-resistant equipment for desalination plants. This includes products like FRP cartridge filter housings and stainless steel duplex couplings. Sales will be recognized partially in the current fiscal year, with the remainder in the next. The company reports record sales in seawater desalination products over the past two months, bolstered by cross-business synergies within its Specialty Chemicals Group.
H2O Innovation reported a 20.1% revenue growth, reaching $42.0 million for Q2-FY2022, up from $35.0 million in the same period last year. Adjusted EBITDA rose to $3.8 million, indicating 9.0% of revenues, while net earnings increased to $0.8 million or $0.009 per share. The company completed acquisitions of JCO and EC, enhancing its market presence in North America. H2O Innovation aims for 10.0% organic revenue growth and an EBITDA margin above 11.0% by FY2024. The shares are set to trade on the TSX under the symbol HEO starting March 22, 2022.
H2O Innovation Inc. announces that its common shares will begin trading on the Toronto Stock Exchange (TSX) under the symbol HEO on or around March 22, 2022, coinciding with World Water Day. The up-listing aims to raise awareness of climate-related water challenges. The corporation emphasizes its commitment to environmentally sustainable practices through innovative wastewater treatment technologies and enhanced water reuse. However, the transition is subject to meeting TSX conditions and may involve risks that could impact future performance.
H2O Innovation (TSXV: HEO) will report its financial results for Q2 FY 2022 on February 14, 2022, at 8:00 a.m. (EST). A conference call will follow at 10:00 a.m. (EST), where management will present the results and hold a Q&A session. Investors and analysts can join by dialing 1-888-440-2131 or 438-803-0534. The company specializes in water technologies, operating through three pillars: Water Technologies & Services, Specialty Products, and Operation & Maintenance. Further details are available on their website.
H2O Innovation has received conditional approval to list its common shares on the Toronto Stock Exchange (TSX). This significant step is aimed at enhancing the corporation's visibility to investors in the water and ESG sectors. H2O Innovation intends to delist from the TSX Venture Exchange upon the TSX listing. The company has updated its stock option plan to meet TSX standards, with final approval pending on certain requirements. The shares will continue to trade under the symbol 'HEO' once listed on the TSX.
H2O Innovation Inc. has renewed its operation, management, and maintenance (O&M) contract with the City of Long Beach, Mississippi, for an additional four years, valued at $12 million. This contract renewal increases H2O Innovation's O&M backlog to $86.8 million. The renewal includes annual consumer price index increases, scope expansion, and the addition of five full-time resources. The company's O&M contract renewal rate is maintained at an impressive 99%.
H2O Innovation has successfully completed the acquisition of JCO, Inc. and Environmental Consultants, L.L.C., enhancing its operation, maintenance, and management services in New York's Hudson Valley. This strategic move aims to solidify H2O Innovation's position in the North American market, adding approximately 200 customers and 120 employees. The targets generated $17.0 million in revenue and $1.3 million in net earnings for the year ending September 30, 2021. The transactions are expected to be immediately accretive to H2O Innovation’s net earnings and EBITDA, strengthening the company's operational footprint.
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H2O Innovation has announced the resumption of its water treatment project with the City of San Diego, California, previously suspended. The contract value increased from $8.8 million in 2017 to $11.2 million due to changes and inflation. This project is part of San Diego's multi-year Pure Water program, aimed at supplying over 40% of the city's water by 2035. As of October 31, 2021, the company's Water Technologies and Services backlog stood at $44.2 million. The project faces risks related to supply chain challenges and labor shortages.
H2O Innovation has secured a new credit facility agreement with National Bank of Canada, increasing it to $55 million and extending the term to December 1, 2024. This facility will fully repay $14.5 million in outstanding term loans, with the remaining funds allocated for general corporate needs, including working capital and acquisitions. CEO Frédéric Dugré emphasized that this new funding supports the company’s operations and acquisition strategy outlined in its 3-Year Strategic Plan.