BQE Water (BQE) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenues and technical services income, with strong project momentum in Canada, USA, and China.

• Advanced several major projects to commissioning, including a new plant for tailings remediation and emergency response operations at Eagle Gold Mine.

• Strategic focus remains on growing recurring revenue, with new initiatives in aquatic toxicology and expansion into rare earth and lithium projects.

Financial highlights

• Q2 2025 GAAP revenue reached $11.3M, up from $3.4M in Q2 2024; proportional revenue was $12.9M, up from $6.1M.

• Technical services revenue hit $10.1M in Q2 2025, a historical high for a quarter.

• Gross margin increased to $3.7M from $1.6M year-over-year.

• Net income rose to $1.9M from $560K; basic EPS was $1.48, up from $0.44.

• Adjusted EBITDA was $2.5M, up from $1.3M in Q2 2024.

• Working capital at June 30, 2025 was $16.2M, up 28% from December 31, 2024.

Outlook and guidance

• Strong results expected for the next two quarters as large projects complete and new recurring revenue streams are anticipated.

• Pipeline includes a mix of early and advanced-stage projects, with emphasis on selenium management and SART technology.

• Expansion into aquatic toxicology and rare earth/lithium purification projects to support future growth.