BQE Water Reports Audited Year End 2025 Results

Press Release

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, 2024.

“Building on our strong growth throughout the year, we closed out the fourth quarter achieving new records across nearly every key metric in our annual results. We ended the year delivering $35.5 million revenue (up 107%) and grew net income to $8.1 million (up 68%), to achieve a net margin of 23%. During the fourth quarter, we completed the operating season at Eagle Mine discharging over 1 million cubic meters of clean water for emergency treatment and mobilized our team to be ready to operate the 20-year operations service contract at the Britannia Mine treatment plant,” said David Kratochvil, President & CEO of BQE Water. “It will be another growth year in 2026 for BQE, as we anticipate continuing our emergency treatment at Eagle, restarting/resuming operations at the 7 sites we operated in 2025, and taking over operations at 4 additional treatment plants in BC, Quebec, and the Yukon.”

FINANCIAL HIGHLIGHTS

Record GAAP Revenues of $35.5 million and Proportional Revenues of $39.9 million in 2025, an increase of $18.4 million (107%) and $15.1 million (61%) respectively compared to 2024.
Gross margin of $15.3 million in 2025 compared to $8.4 million in 2024, an increase of $6.9 million (81%).
Record net income for the year of $8.1 million compared to $4.8 million in the prior year, an increase of $3.3 million (68%).
Earnings per share (basic) of $6.23 in 2025 compared to $3.78 in 2024.
Adjusted EBITDA of $8.2 million in 2025 compared to $5.6 million the year prior, an increase of $2.6 million (47%).
Increased working capital (current assets less current liabilities) by $8.8 million, or 70% year-over-year, to $21.4 million as at December 31, 2025.
Grew net cash and cash equivalents by $7.2 million, or 61% year-over-year, to $19.0 million as at December 31, 2025.

Selected financial results for the 5-year comparison including the compound annual growth rate (“CAGR”) are as follows:

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