Q3 Highlights
Great results, indicative of future , solid business progress.
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Highlights of Q3, 2023 Results
VANCOUVER, BC – BQE Water Inc. (TSX-V: BQE), a leader in the treatment and management of mine impacted waters, is pleased to release its interim consolidated financial results for the three and nine months ended September 30, 2023.
“In the third quarter, we set record highs in revenue, net income and Adjusted EBITDA. Our growth was largely driven by new streams of recurring revenue through the operations established in the Yukon and in Southwest USA. By the end of the third quarter, we expanded our water treatment operation services to four different sites in North America. Looking forward, we plan on executing our long-term growth strategy by expanding our project pipeline and growing our recurring revenues from water treatment services.” stated David Kratochvil, President & CEO of BQE Water.
FINANCIAL HIGHLIGHTS
- Recorded Proportional and GAAP revenues of $8.0 million and $6.2 million in Q3 2023 respectively, 40% and 78% increases compared to Q3 2022 and both historic highs during a quarter largely due to new recurring revenues from operations and growth in technical services in 2023.
- Operating margin of $3.3 million in Q3 2023 compared to $1.7 million in Q3 2022, an 88% increase.
- Record high net income of $2.1 million in Q3 2023 compared to $573,000 in Q3 2022, a 272% increase.
- Adjusted EBITDA of $2.7 million in Q3 2023 compared to $1.4 million in Q3 2022, a 101% increase.
- Working capital of $10.0 million as at September 30, 2023, an increase of $2.9 million or 40% from December 31, 2022.