Revenue and gross profit for the second quarter remained relatively consistent with the prior year second quarter, with a slight decrease in gross margin attributable to the Company's project mix in 2023 compared to 2022.
Throughout the second quarter, we remained focused on building a strong backlog, recruiting key business development personnel, and building partnerships to enhance and expand our business,' said Scott MacFabe, CEO of BluMetric. To this end, on
Revenue in the Commercial and Government markets were relatively consistent with the revenues from the same quarter last year. Revenue from the Mining market increased approximately 50% for both the quarter and year to date, when compared to similar periods in the prior year. This growth was primarily driven by a contract for a water treatment system at a mine site. Revenue from the Military market decreased due to the completion of contracts, and a longer sales and procurement cycle required for new contracts in this market.
Financial Highlights
Revenue for the three and six months ended
Gross margin for the three and six months ended
EBITDA for the three and six months ended
Net cash as at
Business Outlook
BluMetric's strategic initiatives and business development continue to support a solid project pipeline across all four key client markets.
As noted above, BluMetric has just signed a 3-year,
BluMetric is also in the process of developing an additional prototype for a mobile wastewater treatment system, which will be showcased at the
The Company made strategic hires in business development roles for the Commercial and Industrial market, and the Military market. These positions are key for driving growth in these markets.
As we enter the field work season, BluMetric will continue to build upon its success servicing clients in
Investor Conference Call on
BluMetric will host a conference call on
About
Contact:
Tel: 1-877-487-8436
Email: smacfabe@blumetric.ca
Forward-Looking Statements
Some of the statements in this press release, including those relating to the Company's quarterly and annual results, future products, opportunities and cost initiatives, strategies, and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as 'expects', 'anticipates', 'intends', 'plans', 'believes', 'estimates', or similar expressions, are forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates, and projections regarding future events. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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