Blumetric Environmental (BLM) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue rose 80% year-over-year to $62.6 million, with Q4 revenue at $18.0 million, the highest quarterly result to date.

• Net loss for the year was $2.3 million, compared to net earnings of $0.1 million in 2024; Q4 net loss was $2.2 million.

• Major achievements included doubling Gemini Water's revenues, shipping first ASUWPS units to Rheinmetall Canada, and investing in growth initiatives.

• Acquisition of DS Consultants Ltd. and a $15 million brokered offering closed after year-end.

Financial highlights

• Gross margin declined to 29% from 40% year-over-year; Q4 gross margin was 23% versus 34% in Q4 2024.

• Adjusted EBITDA for the year was $2.4 million, up from $2.0 million; Q4 Adjusted EBITDA fell to $0.2 million from $0.5 million.

• Working capital increased to $6.9 million from $5.5 million; net cash position improved to $2.1 million from net debt of $0.2 million.

• Free cash flow for the year was $127,000.

Outlook and guidance

• Targeting $100 million in annual revenues, leveraging expanded manufacturing and recurring O&M contracts.

• Integration of DS Consultants and execution of flagship WaterTech projects are key 2026 priorities.

• Management aims for DS Consultants to achieve progressive annual EBITDA targets of $4.0, $5.0, and $6.0 million over the next three years.