(via TheNewswire)
April 22, 2022 - TheNewswire -Vancouver, BC – BQE Water Inc. (TSXV:BQE)(OTC:BTQNF), a leader in the treatment and management of mine impacted waters,is pleased to release its unaudited consolidated financial results for the year ended December 31, 2021. Following the completion of the audit process, BQE Water will issue further disclosure for the audited results and the material differences (if any) compared to the unaudited annual results contained herein. While management has reviewed the unaudited figures below, until the audited results are released and approved by the board, shareholders and interested investors of BQE Water are advised to exercise caution with the following unaudited financial results.
“Our fiscal year 2021 was exceptional in many ways. Not only did we deliver our strongest financial performance with record Adjusted EBITDA of $4.1 million despite the challenges of a global pandemic, we also realized several key technical milestones. During the year, we brought online two SART plants for metallurgical facilities in China, completed commissioning of the first selenium removal plant in the power industry, advanced several selenium removal treatment plants to late stages, and acquired IP in cyanide destruction to provide a complete suite of cyanide management for our clients,” stated David Kratochvil, President & CEO of BQE Water.
1.FINANCIAL HIGHLIGHTS
-
Increased Adjusted EBITDA by 53%, from $2.7 million in 2020 to $4.1 million in 2021.
-
Grew Proportional Revenues by 16%, from $13.5 million in 2020 to $15.6 million in 2021.
-
Recorded new historic high net income of $2.6 million in 2021, a 125% increase from $1.2 millionin 2020.
-
Grew diluted Earnings Per Share by 122%, from $0.95 in 2020 to $2.11 in 2021.
-
Increased working capital by 29% year-over-year, from $3.5 million to $4.5 million as of December 31, 2021.
-
Increased net cash by 22% over the 12-month period, from $3.2 million to $3.9 million at the end of 2021.