BQE Water Reports Audited Year End 2023 Results April 25, 2024 VANCOUVER, BC – BQE Water Inc. (TSX-V: BQE), a leader in the treatment and management of mine impacted waters, is pleased to release its audited consolidated financial results for the year ended December 31, 2023.
“We are extremely pleased with our annual results which reflect the stage of the Company’s growth as we establish new streams of recurring revenue from water treatment plant operations,” said David Kratochvil, President & CEO of BQE Water. “In 2023, we expanded our scope in the Yukon and added an operation in Southwest America which, together, increased operational services revenues by $4.1 million over last year. Our revenues from technical services also increased by 23% yearoveryear, which helped propel us to new highs in revenues, Adjusted EBITDA and net income, and provides us with good visibility with respect to our future growth potential.” FINANCIAL HIGHLIGHTS - Achieved record Proportional Revenues of $22.7 million in 2023, a 20% increase from 2022.
- Recorded historic high revenues under GAAP of $18.1 million in 2023, a 49% increase compared to 2022.
- Share of income from China joint ventures was $419,000, $1.1 million lower than in 2022.
- Net income for the year was $2.6 million compared to $1.2 million in 2022, a 128% increase.
- Adjusted EBITDA was $4.6 million compared to $3.1 million the year prior, a 52% increase.
- Increased working capital by 47% year-over-year to $10.5 million as at December 31, 2023.
- Grew net cash and cash equivalents by 27% year-over-year to $7.9 million as of December 31, 2023.
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