BluMetric Environmental Reports Strong Q1 2025 Financial Results

BluMetric Environmental Inc. (TSXV: BLM) (OTCQX: BLMWF) ("BluMetric" or "the Company"), an engineering WaterTech and full-service environmental consulting firm, announced its consolidated financial results for the first fiscal quarter ended December 31, 2024. The company reported a record start to the fiscal year, driven by a full quarter of revenue contribution from Gemini Water and strategic growth initiatives.

Financial Highlights
Revenue for the quarter ended December 31, 2024, was $14.0 million, up from $8.5 million for the same period in 2023. This significant increase was primarily due to the full quarter of revenue contributions from Gemini Water, which continues to deliver strong results. Gross margin for the quarter was 33%, down from 42% in the same quarter of the previous year, primarily due to increased component revenues associated with the large St. Kitts and Nevis project through Gemini Water.

Adjusted EBITDA for the quarter ended December 31, 2024, was $1.3 million, compared to $0.7 million in the same quarter of the previous year. Net earnings for the quarter were $0.4 million, up from $0.2 million in the same quarter of the previous year. Working capital as at December 31, 2024, was $9.3 million, compared to $11.2 million as at December 30, 2023. Net cash as at December 31, 2024, was $3.7 million, compared to net cash of $0.8 million at December 31, 2023.

Business Highlights and Outlook
The quarter saw a significant increase in revenues and profitability due to the full quarter of revenue contributions from Gemini with limited increases in total overhead. Furthermore, Gemini accelerated revenue recognitions for the quarter to help mitigate the potential impact of political and trade uncertainties in its supply chain through faster-than-expected hardware deliveries on key projects. The overall financial performance showcases management's continued commitment to executing its growth strategy while sustaining a level of profitability and cash generation.

The Company continues to see significant potential growth opportunities within its WaterTech business. Earlier this calendar year, BluMetric signed a new lease for a larger, 25,000 square foot manufacturing facility in Gainesville, Florida. This manufacturing space increase coincides with the approximate doubling of the workforce in Florida, which included several strategic hires in sales and client delivery. Along with the expansion of Gemini, the Company is preparing to execute on other key contracts like the Rheinmetall Canada partnership in the Military market. The first production system has completed its final field assessments and BluMetric is waiting for the last approvals before commencing full-scale production. The Military market continues to have the most significant sales pipeline in terms of order value but has been slower than anticipated to close contracts.

BluMetric is proud to announce that it is now Partnership Accreditation in Indigenous Relations (PAIR) Committed, confirming its relationship with Indigenous partners. In addition, the Company has been chosen by one of the First Nations' governments to plan and carry out an environmental cleanup of abandoned sites that pose potential risks to their community. BluMetric's expertise and its commitment to working alongside local communities ensure a respectful and sustainable approach to the ecosystems alongside the needs of the impacted geographies.

Overall, BluMetric is well-positioned to leverage the combination of its unique water technologies and professional services to meet the demand for more resilient and decentralized water solutions. The company's strong financial performance, strategic growth initiatives, and commitment to sustainability and community engagement make it an attractive investment opportunity in the WaterTech and environmental consulting sectors.