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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.
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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.

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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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