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BQE Water
BQE Water (BQE) investor relations material
BQE Water Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary26 Nov, 2025
Executive summary
Achieved record technical services revenues of $22.6 million for the nine months ended September 30, 2025, with strong Q3 performance driven by new plant commissions in the USA and China.
Recurring revenue from operations decreased year-over-year due to contract restructuring and the loss of contribution from Minto Mine, partially offset by strong technical services at Eagle Mine and a new Quebec operation.
Financial highlights
Q3 2025 GAAP revenue was $9.3 million, up from $6.2 million in Q3 2024; proportional revenue was $10.7 million, up from $9.5 million.
Gross margin increased to $4.7 million from $3.7 million year-over-year.
Net income for Q3 2025 was $2.8 million, down from $3.5 million in Q3 2024; EPS (basic) was $2.15, down from $2.75.
Adjusted EBITDA for Q3 2025 was $3.3 million, down from $4.4 million in Q3 2024.
Working capital rose to $20.5 million at September 30, 2025, from $12.6 million at December 31, 2024.
Outlook and guidance
Anticipates a strong finish to 2025 with two engineering projects completing and several new major projects starting, expected to generate future recurring revenue.
New recurring revenue expected from recently commissioned plants in South Dakota and Shandong, China.
Investments in organizational structure and aquatic toxicology lab will increase costs and may temporarily reduce margins, but are expected to support long-term growth.
Clarify path to reclassify technical services as recurring operations
Assess long-term impact of metal depletion on China JV
Project margin recovery timeline from increased cost base
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Next BQE Water earnings date
Q4 202524 Apr, 2026
BQE Water
Next BQE Water earnings date
Q4 202524 Apr, 2026
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Frequently asked questions
BQE Water Inc. is a service provider specializing in the treatment and management of mine-impacted waters. The company offers water treatment solutions to the mining and metallurgical industries across various regions, including Canada, the United States, Latin America, and China. BQE Water focuses on reducing the life cycle costs of water treatment and recovering value from waste. Its services are designed to improve the environmental and operational performance of mining operations. The company is headquartered in Vancouver, British Columbia, and its shares are listed on the TSX.
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