Ottawa, May 30, 2024 – BluMetric Environmental Inc. (TSXV: BLM) (“BluMetric” or “the Company”), a full-service environmental consulting and engineering cleantech firm, announces its financial results for the second fiscal quarter ended March 31, 2024.

Financial Highlights

Revenue for the quarter ended March 31, 2024, was $7.1 million compared to $7.4 million for the same period in 2023.
Gross margin for the quarter ended March 31, 2024, was 43% compared to 37% (as restated; see note below) for the same quarter in the previous year.
EBITDA (see definition below) for the quarter ended March 31, 2024, was $0.4 million, compared to $0.3 million in the same quarter of the previous year.
Net earnings for the quarter ended March 31, 2024, was $0.1 million compared to $0.1 million in the same quarter of the previous year.
Working capital (see definition below) as at March 31, 2024 was $11.3 million, compared to $11.5 million as at March 31, 2023.
Net cash (see definition below) as at March 31, 2024 was $2.4 million, compared to net cash of $2.4 million at March 31, 2023.
Backlog for project delivery in fiscal year 2024 of $16.4 million as at March 31, 2024.
“This quarter we saw incremental improvements with higher margin revenues and profitability while preparing for our cleantech manufacturing ramp up,” stated Scott MacFabe, CEO at BluMetric Environmental Inc. “As we head into the back half of this fiscal year, our focus shifts to the successful execution of our record backlog of equipment orders and building our sales momentum. We are encouraged by the robust quoting and marketing activities in our Military market as global trends demand Mission Ready Water solutions.”

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