BluMetric’s revenues jump 30% in Q1 as cleantech firm diversifies client base

BluMetric pipe

BluMetric Environmental’s revenues rose 30 per cent in the first quarter of fiscal 2023 compared with a year earlier thanks to larger field programs and increased material requirements for its cleantech solutions, the Ottawa firm said this week.

BluMetric reported revenues of $10.5 million for the three-month period ending Dec. 31, 2022, up from $7.8 million the year before. The company posted net earnings of $456,000, a decrease from net earnings of $552,000 in the same period in 2022, as operating expenses rose to nearly $1.6 million from about $1.3 million a year earlier.

CEO Scott MacFabe said BluMetric “continues to deliver solid financial results” as it expands its projects and lands new customers. 

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“Our strong client base, high-value services and strategic initiatives are supporting our success as we adapt to changing market conditions,” MacFabe said in a statement.

BluMetric, which specializes in water and wastewater treatment, serves customers in the commercial and industrial, military, mining and government sectors in Canada and the United States. In 2021, the firm was named one of the top performers on the TSX Venture Exchange after its shares rose 300 per cent.

The company said revenues from the commercial market increased by $1.7 million in the first quarter compared with the previous year as a result of a large remediation project for a brownfield development. 

Revenues from the mining sector jumped more than 60 per cent, the firm said, “driven by greater customer diversification and successful business development.”

BluMetric also said it signed a joint venture agreement with Kitikmeot Corp., an Inuit-owned company based in Nunavut, to support federal, territorial and private-industry clients in the territory.  

The firm, which has about 80 employees in the Ottawa area, said it plans to “invest in leadership” in the commercial and industrial markets and hire more staff at its fabrication facility “to take advantage of emerging opportunities.”

BluMetric’s shares were up a penny to 41 cents in late-afternoon trading on the TSX Venture Exchange. The firm’s stock has fallen 19 cents over the past 12 months, but has gained four cents since the start of 2023.

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