BluMetric's Q2 revenues fall as COVID-related projects dry up

BluMetric pipe

BluMetric Environmental’s revenues dipped in the second quarter compared with a year earlier as the Ottawa cleantech firm failed to make up for a loss of “high-margin, COVID-related projects” that propped up its balance sheet in 2021.

BluMetric reported revenues of $8.2 million for the three-month period ending March 31, the second quarter of its 2022 fiscal year, down from $9.1 million the year before. It posted net earnings of $264,000, a decrease from net earnings of $1.1 million in the same period in 2021.

“Overall, revenue and margins were down as the second quarter of 2021 included non-recurring, high-margin COVID-related projects,” CEO Scott MacFabe said in a news release. “We are experiencing a pickup in our business development pipeline across all segments, which is expected to monetize in the coming quarters.”

The Ottawa firm, which specializes in water and wastewater treatment, is coming off a banner year in which it was named one of the top performers on the TSX Venture Exchange after its shares rose 300 per cent in 2021.

BluMetric has more than 160 employees in 10 offices across Canada. The company, which has roots going back more than 40 years, serves customers in the commercial and industrial, military, mining and government sectors in Canada and the United States.

Its shares finished the day holding steady at 39 cents on the TSX Venture Exchange. The stock started the year trading at 70 cents before shedding more than 40 per cent of its value.

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