BluMetric Announces Q3 2025 Consolidated Financial Results

Executive Summary

• BluMetric Environmental Inc. reported consolidated financial results for the third fiscal quarter ended June 30, 2025, showing significant revenue growth driven by the acquisition and organic expansion of Gemini Water and increased military market production.
• Revenue for the quarter nearly doubled year-over-year, rising to $14.7 million from $8.1 million, while the first nine months saw revenue increase to $44.6 million from $23.8 million.
• Despite top-line growth, the company reported a net loss of $0.5 million for the quarter and lower gross margins (36% vs 44% prior year) due to a shift in sales mix toward lower-margin Professional Services and delays in government contracts.

Key Details

• Quarterly Revenue: $14.7 million (up from $8.1 million in Q3 2024).
• Year-to-Date Revenue: $44.6 million (up from $23.8 million for the same period in 2024).
• Gross Margin: 36% for Q3 2025 (down from 44% in Q3 2024); 32% for the first nine months (down from 43% in prior year).
• EBITDA: $0.3 million for Q3 2025 (down from $0.4 million in Q3 2024); $2.2 million for the first nine months (up from $1.5 million).
• Net Loss: $0.5 million for Q3 2025 (compared to net earnings of $0.0 million in Q3 2024).
• Working Capital: $8.5 million as of June 30, 2025 (up from $5.5 million as of September 30, 2024).
• Net Cash: $3.4 million as of June 30, 2025 (compared to net debt of $0.2 million at September 30, 2024).
• Military Market Growth: Revenues in the Military segment increased by 76%, driven by production for the Rheinmetall Canada ASUWPS contract.
• New Contract: Subsequent to the quarter, the Company received a $3.8 million contract from Thales Canada to upgrade Royal Canadian Navy ships.
• Operational Challenges: Professional Services experienced historically low utilization rates due to prorogation of the Canadian Federal Government, federal and Ontario elections, and macro-economic conditions.
• Strategic Updates: BluMetric has more than doubled Gemini's revenues since acquiring it in 2024, supported by a new Gainesville, Florida manufacturing facility and new operations & maintenance division. The Company is assessing potential acquisitions in Professional Services.

Notable Quotes

• "Our WaterTech business continues to take advantage of our recent growth investments and strong market tailwinds in the Caribbean," said Scott MacFabe, Chair and CEO. "The Military market is also now ramping up with our Rheinmetall production, and we are encouraged by the Canadian government's increased defence spending."
• "We are entering our seasonally strongest two fiscal quarters for Professional Services and aim to improve our utilization and profitability in the segment."