BluMetric Environmental Inc. reported a 43% year-over-year increase in third-quarter revenue to $15.06 million, driven by an 80% rise in commercial and industrial sales and a 63% gain in mining revenue. The company’s Q3 2026 results, covering the period ended June 30, 2026, also showed adjusted EBITDA of CAD 1.1 million, up from CAD 0.3 million a year earlier, and a gross margin of 37%, compared with 36% in the prior-year quarter.
Earnings per share, however, fell short of analyst expectations. BluMetric posted an adjusted loss of CAD 0.0072 per share, missing the Wall Street consensus forecast of CAD 0.0359 per share by approximately 120%. The company’s net loss for the quarter widened to CAD 756,000 from CAD 451,000 a year ago, reflecting higher operating expenses of CAD 7 million, up from CAD 5 million in the same period of 2025.
Revenue growth was broad-based across segments, with commercial and industrial markets leading at 80% year-over-year growth. Mining revenue rose 63%, while military revenue declined 47% following the completion of a Rheinmetall contract, though year-to-date military sales remained up 66%. Contributions from DS Consultants and Whitteker Environmental totaled CAD 6 million in the quarter, including CAD 5.7 million from DS Consultants.
Management highlighted operational improvements, noting that adjusted EBITDA growth and gross margin expansion reflected operating leverage in professional services. Chief Executive Officer Scott MacFabe said the company is entering a new phase for its WaterTech business, with capacity expansions underway. WaterTech USA signed a lease in July 2026, increasing its manufacturing footprint to over 49,000 square feet starting October 1, 2026.
Despite the revenue beat, BluMetric’s stock fell 14.55% to $0.94 following the earnings release, extending its decline from a 52-week high of $1.65. The company maintained CAD 5.1 million in available liquidity as of June 30, 2026, though net cash decreased to CAD 1.2 million from CAD 3.4 million a year earlier. Analysts maintain a consensus "Strong Buy" rating with a price target of $2.16.
