BQE Water (BQE) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw a $2 million year-over-year revenue decline, but net income and Adjusted EBITDA remained comparable to Q2 2025.

• Five new long-term and three new short-term operations were added compared to the prior year, expanding operational reach.

• The company remobilized at Minto Mine and began a new 3-year contract at Nunavik Nickel Project.

• Aquatic toxicology laboratory became fully operational, supporting regulatory compliance and investigative work.

Financial highlights

• Q2 2026 GAAP revenue: $9.2M (down from $11.3M in Q2 2025); Proportional revenue: $11.3M (down from $12.9M).

• Gross margin increased 15% to $4.3M in Q2 2026 from $3.7M in Q2 2025.

• Net income: $1.8M (Q2 2026) vs $1.9M (Q2 2025); EPS (basic): $1.42 vs $1.48.

• Adjusted EBITDA: $2.4M (Q2 2026) vs $2.5M (Q2 2025).

• Working capital at June 30, 2026: $21.0M, down 2% from December 31, 2025.

Outlook and guidance

• Positive outlook for 2026 with anticipated revenue growth from increased operational sites and capital projects.

• Short-term operations revenue expected to rise in Q3 and Q4 with resumed and new contracts.

• Several large engineering studies and plant commissionings planned for H2 2026.

• System improvements in resource allocation and business development underway to support growth.

• Management remains cautious of geopolitical and market uncertainties.