BluMetric's Q3 revenues up nearly 25% to $8.5M

BluMetric pipe

Buoyed by rising sales to its industrial and government customers, Ottawa cleantech firm BluMetric’s revenues jumped nearly 25 per cent in the third quarter compared with the same period in 2020. 

BluMetric (TSX-V: BLM), which specializes in water and wastewater treatment, reported revenues of $8.5 million for the three-month period ending June 30, up from $6.9 million a year earlier. The company posted a profit of $687,000 compared with $673,000 in 2020.

The company said revenues in its commercial and industrial and government segments rose year-over-year, thanks largely to the delivery of COVID-19-related services and new projects coming online. 

Meanwhile, sales in its mining segment were flat in the third quarter, while revenues from its military customers dipped slightly due to the completion of projects.

The results follow a second quarter that saw BluMetric nearly double its sales from a year earlier.

In a news release, BluMetric management attributed its recent run of growth to its diversified client base, saying “market strength in any one sector helps offset weakness in another.”

The company said it plans to invest in expanding its reach in the industrial and mining markets noting that demand for services in those sectors is expected to rise “as the economy transitions out of a pandemic state.”