Blumetric Environmental Q4 2025 Blumetric Environmental Inc Earnings Call | AllMind AI Earnings | AllMind AI
Q4 2025 Blumetric Environmental Inc Earnings Call
At this time, note that all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session.
Operator: At this time, note that all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. Also note that this call is being recorded on Wednesday, 28 January 2026. I would now like to turn the conference over to Brandon Chow. Please go ahead.
Operator: At this time, note that all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. Also note that this call is being recorded on Wednesday, 28 January 2026. I would now like to turn the conference over to Brandon Chow. Please go ahead.
And if at any time during this, call, you require immediate assistance.
Please press star zero for the operator. Also note that this call is being recorded on Wednesday, January, 28th, 2026.
I would now like to turn the conference over to Brandon Chow. Please go ahead.
Brandon Chow: Thank you, operator. Welcome everyone to BluMetric Environmental's Quarterly and Annual Earnings Conference Call. This call will cover BluMetric's financial and operating results for the Q4 2025 fiscal quarter and fiscal year ended September 30, 2025. Following prepared remarks, we will open the conference call to a Q&A session. Our call today will be led by Scott MacFabe, BluMetric's CEO, and Dan Hilton, the company's CFO. Before we begin with our formal remarks, I would like to remind everyone that some of the statements on this conference call may be forward-looking statements. Forward-looking statements may include, but are not necessarily limited to, financial projections or other statements of the company's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties.
Brandon Chow: Thank you, operator. Welcome everyone to BluMetric Environmental's Quarterly and Annual Earnings Conference Call. This call will cover BluMetric's financial and operating results for the Q4 2025 fiscal quarter and fiscal year ended September 30, 2025. Following prepared remarks, we will open the conference call to a Q&A session. Our call today will be led by Scott MacFabe, BluMetric's CEO, and Dan Hilton, the company's CFO. Before we begin with our formal remarks, I would like to remind everyone that some of the statements on this conference call may be forward-looking statements. Forward-looking statements may include, but are not necessarily limited to, financial projections or other statements of the company's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties.
Thank you. Operator, welcome everyone. To Blue Magic environmental's quarterly, and annual earnings conference. Call this call will cover blue metrics financial and operating results for the 2025 fourth fiscal quarter and fiscal year ended September 30th 202025 following repair remarks. We will open the conference call to a Q&A session. Our call today will be led by Scott McCabe through metrics CEO, and Dan Hilton, the company's CFO.
Before we begin with our forall remarks, I would like to remind everyone that some of the statements on this conference call may be forward-looking statements or looking statements may include, but are not necessarily limited to financial projections or other statements of the company's plans objectives expectations or intentions.
Brandon Chow: The company's actual results may differ significantly from those projected or suggested in any forward-looking statements due to a variety of factors, which are discussed in detail in our regulatory filings. There may also be references to certain non-IFRS measures such as EBITDA, backlog, working capital, free cash flow, and net cash. These non-IFRS measures are not recognized measures under international financial reporting standards and do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Please see our disclosures for further information and reconciliations of these non-IFRS measures. I will now hand the call over to Scott MacFabe. Please go ahead, Scott.
Brandon Chow: The company's actual results may differ significantly from those projected or suggested in any forward-looking statements due to a variety of factors, which are discussed in detail in our regulatory filings. There may also be references to certain non-IFRS measures such as EBITDA, backlog, working capital, free cash flow, and net cash. These non-IFRS measures are not recognized measures under international financial reporting standards and do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Please see our disclosures for further information and reconciliations of these non-IFRS measures. I will now hand the call over to Scott MacFabe. Please go ahead, Scott.
These matters involve certain risks and uncertainties the company's actual results May differ significantly from those projected or suggested in any forward-looking statements due to variety of factors which are discussed in detail in our regulatory filings. They may also be references to certain non-ifrs, measures, such as Abida, dialogue, working capital, free cash flow and net cash. These non-irs measures are not wreck
Recognized measures under International financial reporting standards and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Please see our disclosures for further information and reconciliations of these non-ifrs measures
I will now hand the call over to Comic phase. Please go ahead Scott.
Scott MacFabe: Thank you, Brandon, for the introduction. Welcome, everybody, to our Q4 and fiscal year 2025 earnings call for BluMetric Environmental. We appreciate all of you taking the time to join us on today's conference call, and per usual, I'll start off by providing an overview of the quarter, and Dan will go over our financial results in more detail. Firstly, we'd like to start off by giving those new to the story a reminder of what we do. BluMetric creates a better environment for business. And what does that mean? Well, BluMetric is a full-service water technology and environmental engineering firm. We design, fabricate, and deliver sustainable solutions to complex water and environmental challenges and have a rich history that spans over 50 years.
Scott MacFabe: Thank you, Brandon, for the introduction. Welcome, everybody, to our Q4 and fiscal year 2025 earnings call for BluMetric Environmental. We appreciate all of you taking the time to join us on today's conference call, and per usual, I'll start off by providing an overview of the quarter, and Dan will go over our financial results in more detail. Firstly, we'd like to start off by giving those new to the story a reminder of what we do. BluMetric creates a better environment for business. And what does that mean? Well, BluMetric is a full-service water technology and environmental engineering firm. We design, fabricate, and deliver sustainable solutions to complex water and environmental challenges and have a rich history that spans over 50 years.
Thank you Brandon for the introduction. Welcome everybody to our fourth quarter, in fiscal year 2025 earnings call for blue metric, Environmental
We appreciate all of you taking the time to join us on today's conference call. And per usual, I'll start off by providing an overview of the quarter and Dan will go over our financial results and for more detail.
First thing we'd like to start off by giving those new to the story. A reminder of what we do, we metric creates a better environment for business and what does that mean? Well that blue metric is a full service water technology and environmental engineering. Firm, we design fabricate and deliver Sustainable, Solutions to complex water and environmental challenges and have a rich history that spans over 50 years.
Scott MacFabe: We've evolved into a specialized integrator of environmental solutions in the fields of water and wastewater treatment, and professional environmental services for the natural and built environments. We aspire to be the environmental solutions and water tech company of choice globally. Now, let's discuss this quarter and fiscal year in more detail. The Q4 saw a significant increase in revenues of 63%, due primarily to the production and delivery of Watertech Canada's ASLOPS units to Ryan Mittel Canada, and the addition and post-acquisition organic growth of Gemini Water, also known as Watertech USA. The Q4 was no exception, where we saw continued strong growth organically of Gemini, and we're very happy with the results so far. This has been attributable to the investments we have made in people, sales, processes, and people. This is consistent with our approach for acquisitions in general.
Scott MacFabe: We've evolved into a specialized integrator of environmental solutions in the fields of water and wastewater treatment, and professional environmental services for the natural and built environments. We aspire to be the environmental solutions and water tech company of choice globally. Now, let's discuss this quarter and fiscal year in more detail. The Q4 saw a significant increase in revenues of 63%, due primarily to the production and delivery of Watertech Canada's ASLOPS units to Ryan Mittel Canada, and the addition and post-acquisition organic growth of Gemini Water, also known as Watertech USA. The Q4 was no exception, where we saw continued strong growth organically of Gemini, and we're very happy with the results so far. This has been attributable to the investments we have made in people, sales, processes, and people. This is consistent with our approach for acquisitions in general.
We've evolved into a specialized integrator of Environmental Solutions in the fields of water and wastewater treatment, and professional environmental services, for the natural and built environments. We aspire to be the Environmental Solutions and water tech company of choice globally.
Now, let's discuss this quarter and fiscal year in more detail.
The fourth fiscal quarter. Saw a significant increase in revenues of 63% due primarily to the production and delivery of water tech candidates, a swaps units to run the tell Canada, and the addition and post-acquisition organic growth of Gemini Water. Also known as watertech USA. The fourth quarter was no exception where we saw continued, strong growth, organically of Gemini, uh, and we're very happy with the results so far. This is been a tributable to the Investments. We have made in people sales processes and people. This is consistent with our approach for Acquisitions in general.
Scott MacFabe: One of the projects Watertech USA has been working on is a flagship St. Kitts Bird Rock facility, which is our largest seawater reverse osmosis project to date. We've reserved some costs in good faith to ensure a smooth completion and transition of the facility during the commissioning to strengthen and maintain the long-term client relationship in the region. We're negotiating change orders and other methods for recuperating some of these costs, but the discussions have not been yet completed. This led to a significant hit to the gross margin in the fourth quarter, and we expect the gross margin in the next quarter in fiscal 2026 to be more in line with historical levels. We believe this was the right decision as it helped us win the first operations maintenance contract in the Caribbean with the St. Kitts government.
Scott MacFabe: One of the projects Watertech USA has been working on is a flagship St. Kitts Bird Rock facility, which is our largest seawater reverse osmosis project to date. We've reserved some costs in good faith to ensure a smooth completion and transition of the facility during the commissioning to strengthen and maintain the long-term client relationship in the region. We're negotiating change orders and other methods for recuperating some of these costs, but the discussions have not been yet completed. This led to a significant hit to the gross margin in the fourth quarter, and we expect the gross margin in the next quarter in fiscal 2026 to be more in line with historical levels. We believe this was the right decision as it helped us win the first operations maintenance contract in the Caribbean with the St. Kitts government.
1 of the projects for watertech USA is working on. There's a flat Flagship St. Kitts Rock facility, which is our largest sea water reverse osmosis project today.
We reserved some costs in. Good faith to ensure a smooth completion and transition to the facility during the commissioning, to strengthen, the long-term client relationship in the region for negotiating change orders and other methods for recuperating some of these costs. But the discussions have not been yet completed. This led to significant hit the gross margin in the fourth quarter and we expect the gross margin in the next quarter and fiscal 2026 to be more in line with historical levels.
We believe this was the right decision as it helped us win. The first operations maintenance contract in the Caribbean with the St. Kitts government. This is announced last calendar year on December 22nd.
Scott MacFabe: This was announced last calendar year on December 22. The St. Kitts project is expected to be an important case study and serve as a template for future potential projects, which we are actively marketing. As evidenced with continued contract wins with our first O&M announcement, we continue our market traction in the Caribbean while we look for expanding our portfolio to include full end-to-end water solutions. This means not only offering potable water solutions, but also wastewater treatment and being able to service, operate, and maintain these facilities for the long term. Our ability to deliver on every step of the water project, from front end, design, engineering, installation, it helps our clients expedite their delivery and commissioning while reducing their overall costs. This can be replicated to other areas, including parts of Texas, who are facing similar water needs.
Scott MacFabe: This was announced last calendar year on December 22. The St. Kitts project is expected to be an important case study and serve as a template for future potential projects, which we are actively marketing. As evidenced with continued contract wins with our first O&M announcement, we continue our market traction in the Caribbean while we look for expanding our portfolio to include full end-to-end water solutions. This means not only offering potable water solutions, but also wastewater treatment and being able to service, operate, and maintain these facilities for the long term. Our ability to deliver on every step of the water project, from front end, design, engineering, installation, it helps our clients expedite their delivery and commissioning while reducing their overall costs. This can be replicated to other areas, including parts of Texas, who are facing similar water needs.
The sink is Project is expected to be an important case study and serve as a template for future potential projects, which we are actively marketing.
As evidence with continued contract wins with our first onm announcement. We continue our Market contraction Traction in the Caribbean. While we look for expanding our portfolio to include full end to end Water Solutions. This means not only offering portable water solutions, but also wastewater treatment, ending able to service operate and maintain these facilities for the long term.
Our ability to deliver on every step of the Water Project from Front End design. Engineering installation. It helps our clients expedite, the delivery and commissioning while reducing the overall costs.
Including parts of Texas who are facing similar. Water needs.
Scott MacFabe: In terms of our markets, the 2025 fiscal year saw an impressive 233% year-over-year increase in revenues in our commercial industrial market, mainly mostly due to Gemini Water, whose revenue is entirely classified for this market. This is offset by a softening in the overall market for professional services, which has since recovered to a more normalized level in Q4. As you may recall, we saw lower utilization earlier in the year and decided to retain our personnel, which appears to have been the right move in order to, to service the recovery in revenues. The military market saw an increase of 38% in revenues due to the refurbishment of water purification system for the Canadian Department of National Defence and the production of our ASWPS unit for Ryan Mittel.
Scott MacFabe: In terms of our markets, the 2025 fiscal year saw an impressive 233% year-over-year increase in revenues in our commercial industrial market, mainly mostly due to Gemini Water, whose revenue is entirely classified for this market. This is offset by a softening in the overall market for professional services, which has since recovered to a more normalized level in Q4. As you may recall, we saw lower utilization earlier in the year and decided to retain our personnel, which appears to have been the right move in order to, to service the recovery in revenues. The military market saw an increase of 38% in revenues due to the refurbishment of water purification system for the Canadian Department of National Defence and the production of our ASWPS unit for Ryan Mittel.
In terms of our markets, the 2025 fiscal year saw an impressive 233% year-over-year, increase in revenues in our commercial industrial Market made mostly due to Gemini Water. Whose revenue is entirely classified for this Market. This is offset by softening in the overall market for Professional Services which has since recovered to a more normalized level in the fourth quarter. As you may recall, we saw lower utilization earlier in the year and decided to retain our personnel, which appears to have been the right move in order to to service the recovery in revenues. The military markets saw an increase of 38% in revenues due to the refurbishment of water, purification systems for the Canadian Department of National Defence. And the production of our aspects unit for uh Ryan Mattel.
Scott MacFabe: Our mining market saw a slight decrease in revenues as we continue shifting towards higher value services, and we expect this to improve as Canadian mines develop and see better unit economics from increasing commodity prices. Furthermore, subsequent to the fiscal year, we announced the acquisition of DS Consultants. As we mentioned in previous conference calls, we were looking for professional services targets who could complement what we do in the built environment, improve our presence and capabilities in the Greater Toronto area, and find businesses which are complementary, not competing with our existing offerings. DS fits all of these criteria and gives a significant footprint in the area, along with 155 full-time employees. This brings our total employee headcount up to approximately 370 people right now.
Scott MacFabe: Our mining market saw a slight decrease in revenues as we continue shifting towards higher value services, and we expect this to improve as Canadian mines develop and see better unit economics from increasing commodity prices. Furthermore, subsequent to the fiscal year, we announced the acquisition of DS Consultants. As we mentioned in previous conference calls, we were looking for professional services targets who could complement what we do in the built environment, improve our presence and capabilities in the Greater Toronto area, and find businesses which are complementary, not competing with our existing offerings. DS fits all of these criteria and gives a significant footprint in the area, along with 155 full-time employees. This brings our total employee headcount up to approximately 370 people right now.
Our money market saw a slight decrease revenues as we continue shifting towards higher value services. And we expect this to improve as Canadian Minds developed and see better unit economics from increasing commodity prices.
Furthermore, subsequent to the fiscal year. We announced the acquisition of DS Consultants to mentioned in previous conference calls. We were looking for Professional Services targets who could complement. What we do in the built environment.
Improve our presence and capabilities in the greater Toronto area and find businesses which are complimentary not competing with our existing offerings DS. It's all of these criteria and gives a significant footprint in the area along with 155 full-time employees. This brings our total employee headcount up to approximately 370 people right now.
Scott MacFabe: Similar to Gemini Water, our goal is to provide the resources and support to help DS Consultants thrive and achieve its targeted growth goals, including progress annual EBITDA targets of CAD 4, 5, and 6 million over the next three years. As a reminder, professional service has always been central to BluMetric history and long-term success. It's a business which has historically been profitable and helped fund our higher growth water tech initiatives. I look forward to reporting on how our progress is going as we start the integration process and start seeing DS contribute to our P&L. This will be seen in its entirety in the second fiscal quarter of 2026 and onward. Overall, 2025 was a transformative year for BluMetric. We were able to execute on our growth milestones and lay down the foundation for solid fiscal 2026.
Scott MacFabe: Similar to Gemini Water, our goal is to provide the resources and support to help DS Consultants thrive and achieve its targeted growth goals, including progress annual EBITDA targets of CAD 4, 5, and 6 million over the next three years. As a reminder, professional service has always been central to BluMetric history and long-term success. It's a business which has historically been profitable and helped fund our higher growth water tech initiatives. I look forward to reporting on how our progress is going as we start the integration process and start seeing DS contribute to our P&L. This will be seen in its entirety in the second fiscal quarter of 2026 and onward. Overall, 2025 was a transformative year for BluMetric. We were able to execute on our growth milestones and lay down the foundation for solid fiscal 2026.
Similar to Gemini Water. Our goal is to provide resources and support to help DS Consultants Thrive, and achieve. Its targeted growth goals, including progress, annual evidence of 4, 5 and 6 million over the next 3 years.
As a reminder, Professional Services has always been Central to blame metrics history and long-term success. It's a business which is historically been profitable and helped fund. Our higher growth, water tech initiatives. I look forward to reporting on how our progress is going as we start the integration process and start start seeing DS contribute to our pnl.
This will be seen in its entirety in the second fiscal quarter of 2026 and onward.
Scott MacFabe: Our key investments in manufacturing assets, people, technologies, they'll all help us drive further adoption in our niche markets and bring us to a pathway to becoming a CAD 100 million annual revenue plus company. This will be contingent on our continued execution, and we'll make sure we strive for excellence across all of our major functions. With the recent acquisition of DS Consultants, successfully closing on our brokered offering, and visibility on contracts, we're setting ourselves up nicely for the coming year ahead. We're a unique company with unique water technologies, and this, combined with talented and committed people, creates a flywheel for us to become a larger and more dominant player in our markets. I'd now like to hand this over to Dan for a more detailed overview of the financials. Please go ahead, Dan.
Scott MacFabe: Our key investments in manufacturing assets, people, technologies, they'll all help us drive further adoption in our niche markets and bring us to a pathway to becoming a CAD 100 million annual revenue plus company. This will be contingent on our continued execution, and we'll make sure we strive for excellence across all of our major functions. With the recent acquisition of DS Consultants, successfully closing on our brokered offering, and visibility on contracts, we're setting ourselves up nicely for the coming year ahead. We're a unique company with unique water technologies, and this, combined with talented and committed people, creates a flywheel for us to become a larger and more dominant player in our markets. I'd now like to hand this over to Dan for a more detailed overview of the financials. Please go ahead, Dan.
Overall, 2025 was a transformative year for blue metric. We were able to execute on our growth milestones and lay down the foundation for solid fiscal 2026. Our key investments in manufacturing assets. People Technologies, they'll all help us drive further adoption in our Niche markets, and bring us to a pathway to becoming a 100 million annual revenue plus company. This will be contingent on our continued execution and we'll make sure we strive for excellence, across all of our major functions.
With the recent acquisition of DS Consultants successfully closing on our broker offering and visibility on contracts for setting ourselves up nicely for the coming year ahead.
Our unique company with unique water Technologies. And this combined with talented committed people, uh, creates a flywheel for us to become a larger and more dominant player in our markets. I'd now like to hand this over to Dan for more detailed overview of the financials. Please go ahead. Dan.
Thanks Scott.
Today, I'll be presenting blue, metrics 2025 fiscal, fourth quarter and year end results in more detail.
Dan Hilton: Thank you, Scott. Today, I'll be presenting BluMetric's 2025 fiscal Q4 and year-end results in more detail. Revenue for the 2025 fiscal year was $62.6 million, compared to $34.8 million in the prior year. Revenue for the Q4 of the fiscal year was $18 million, compared to $11.1 million in the same period in 2024. As Scott mentioned, the revenues for both periods increased primarily due to the rapid growth of WaterTech USA and delivery of the Rheinmetall ASWAP unit. Across the company's key markets for the fiscal Q4, the commercial and industrial markets revenue increased year-over-year due to WaterTech USA, which was offset by weaker performance by professional services, which also contributed to this market segment.
Danny Hilton: Thank you, Scott. Today, I'll be presenting BluMetric's 2025 fiscal Q4 and year-end results in more detail. Revenue for the 2025 fiscal year was $62.6 million, compared to $34.8 million in the prior year. Revenue for the Q4 of the fiscal year was $18 million, compared to $11.1 million in the same period in 2024. As Scott mentioned, the revenues for both periods increased primarily due to the rapid growth of WaterTech USA and delivery of the Rheinmetall ASWAP unit. Across the company's key markets for the fiscal Q4, the commercial and industrial markets revenue increased year-over-year due to WaterTech USA, which was offset by weaker performance by professional services, which also contributed to this market segment.
Revenue for the 2025 fiscal year was 62.6 Million.
Compared to 34.8 million in the prior year.
Revenue for the fourth quarter of the fiscal year was 18 million compared to 11.1% in 2024.
As Scott mentioned, the revenues for both periods increase, primarily due to the rapid growth of watertech USA and delivery of the Ryan, matal a swap unit.
Across the company's key markets for the fiscal fourth quarter, the commercial and Industrial markets Revenue increased over a year due to water tech USA, which was offset by weaker performance by Professional Services, which also contributed to this Market segment.
Dan Hilton: While we saw weakness in professional services for Q1, Q2, and Q3, we're happy to report that things have since improved in Q4, resulting in total revenues for professional services almost matching the same levels as in the previous fiscal 2024 year. As we've previously discussed, it was important to retain our personnel, as it wouldn't have been possible to execute this recovery if we had to do a workforce reduction earlier in the fiscal year. The government saw a modest increase and continues to play a stable component of our overall customer base. We highlighted the reasons for the military market revenue increases and expect to see production of the ASWAP systems with Rheinmetall Canada continue for approximately four more quarters. Lastly, the mining market decreased due to a general sector slowdown and recalibration of our go-to-market efforts.
Danny Hilton: While we saw weakness in professional services for Q1, Q2, and Q3, we're happy to report that things have since improved in Q4, resulting in total revenues for professional services almost matching the same levels as in the previous fiscal 2024 year. As we've previously discussed, it was important to retain our personnel, as it wouldn't have been possible to execute this recovery if we had to do a workforce reduction earlier in the fiscal year. The government saw a modest increase and continues to play a stable component of our overall customer base. We highlighted the reasons for the military market revenue increases and expect to see production of the ASWAP systems with Rheinmetall Canada continue for approximately four more quarters. Lastly, the mining market decreased due to a general sector slowdown and recalibration of our go-to-market efforts.
Well, we saw weakness in Professional Services for the first 3 quarters. We're happy to report that things have since improved in the fourth resulting in total revenues for Professional Services. Almost matching the same levels as in the previous fiscal 2024 year,
As we've previously discussed, it was important to retain our personnel as it. Wouldn't have been possible to execute this recovery if we had to do a Workforce reduction earlier in the fiscal year,
the government saw modest increase in continues to play a stable component of our overall customer base.
We highlighted, the reasons for the military Market Revenue increases and expect to see production of the a swap systems with Ryan Mattel Canada. Continue for approximately 4, more quarters.
lastly, the mining Market decreased due to a general sector's slowdown and recalibration
Dan Hilton: As evidenced by recent announcements, we are now starting to see the mining sector pick up again, with many of our clients requesting proposals. As a reminder, we generally expect to see fluctuations in our core markets as we continue executing, and some will make up for others depending on the quarter. Having a strong presence in our core markets helps to manage these natural fluctuations. Our gross margin for the fiscal year was 29%, compared to 40% for the prior fiscal year. Gross margin for the fourth fiscal quarter was 23%, compared to 34% in the prior year. The decrease in gross margin for the fiscal year is mainly attributable to the change in sales mix, where there has been a material increase in the relative sales of water tech over professional services during the period.
Danny Hilton: As evidenced by recent announcements, we are now starting to see the mining sector pick up again, with many of our clients requesting proposals. As a reminder, we generally expect to see fluctuations in our core markets as we continue executing, and some will make up for others depending on the quarter. Having a strong presence in our core markets helps to manage these natural fluctuations. Our gross margin for the fiscal year was 29%, compared to 40% for the prior fiscal year. Gross margin for the fourth fiscal quarter was 23%, compared to 34% in the prior year. The decrease in gross margin for the fiscal year is mainly attributable to the change in sales mix, where there has been a material increase in the relative sales of water tech over professional services during the period.
Proposals as a reminder, we generally expect a c fluctuations in our core markets as we continue executing and some will make up for others. Depending on the quarter. Having a strong presence in our for markets helps to manage these natural fluctuations.
Our gross margin for the fiscal year was 29% compared to 40% for the prior fiscal year.
Gross margin for the fourth fiscal quarter was 23% compared to 34% in the prior year.
The decrease in gross margin for the fiscal year is mainly attributable to the change in sales mix where there has been a material increase in the relative sales of water tech over Professional Services During the period
Dan Hilton: For the fiscal Q4, the consolidated gross margin was reduced by $1.1 million of gross profit as a result of costs absorbed in the St. Pitts project to strengthen a long-term and strategic relationship with that client. Of these overruns, approximately $600,000 relates to the operation, labor, and consumables of the facility prior to the O&M contract, and the balance related to project close overruns, for which a $90,000 change order remains under negotiation. As a result, our bottom line would have been stronger if we had not absorbed these costs. As Scott mentioned, we are in discussions with the client with the goal to recoup some of these in the next quarter. Our original mandate was to construct the facility, which has been done successfully. Operating the facility was not part of this original budget.
Danny Hilton: For the fiscal Q4, the consolidated gross margin was reduced by $1.1 million of gross profit as a result of costs absorbed in the St. Pitts project to strengthen a long-term and strategic relationship with that client. Of these overruns, approximately $600,000 relates to the operation, labor, and consumables of the facility prior to the O&M contract, and the balance related to project close overruns, for which a $90,000 change order remains under negotiation. As a result, our bottom line would have been stronger if we had not absorbed these costs. As Scott mentioned, we are in discussions with the client with the goal to recoup some of these in the next quarter. Our original mandate was to construct the facility, which has been done successfully. Operating the facility was not part of this original budget.
The fiscal fourth quarter, the Consolidated gross margin was reduced by 1.1 million dollars of gross profit as a result of costs and sourced in the sits project to strengthen the long-term and strategic relationships that that client.
Of these overruns, approximately 600,000 dollars, relates to the operation labor and consumables of the facility. Prior to the onm contract, and the balance related to project close all runs for which a $90,000 change. Order remains under negotiation
as a result, our bottom line would have been stronger if we had not absorbed these costs,
As Scott mentioned, we're in the discussions. With the client, with the goal to recoup, some of these in the next quarter.
Dan Hilton: However, water availability is of critical importance in that region, and the decision was made in cooperation with the government to continue to allow the system to produce water during Q4, ahead of our previously announced O&M contract. Our relationship with the government is strong as a result, and a smooth transition of this facility will assist future business development opportunities with the local government and throughout the region. Operating expenses, net of amortization, increased by $4.2 million to $16.4 million for the fiscal year compared to the prior year. The increase is driven by operating expenses related to Gemini in the amount of $1.9 million, compared with $27,000 in the prior year.
Danny Hilton: However, water availability is of critical importance in that region, and the decision was made in cooperation with the government to continue to allow the system to produce water during Q4, ahead of our previously announced O&M contract. Our relationship with the government is strong as a result, and a smooth transition of this facility will assist future business development opportunities with the local government and throughout the region. Operating expenses, net of amortization, increased by $4.2 million to $16.4 million for the fiscal year compared to the prior year. The increase is driven by operating expenses related to Gemini in the amount of $1.9 million, compared with $27,000 in the prior year.
Our original mandate was to construct the facility, which has been done successfully operating facility was not part of this original budget. However, water availability is of critical importance in that region. And the decision was made in cooperation with the government to continue to allow the system to produce water during Q4 ahead of our previously. Announced onm contract.
Our relationship with the government as strong as a result. In a smooth transition of this facility will assist future Business Development opportunities, with the local government, and throughout the region.
Operating expenses, net of amortization, increased by 4.2 million to 16.4 million for the fiscal year, compared to the prior year, increase is driven by operating expenses related to Gemini the amount of 1.9 million compared with 27,000. In the prior year, these additional expenses are proportionately lower than the associated. Gross profit, resulting in economies of scale.
Dan Hilton: These additional expenses are proportionally lower than the associated gross profit, resulting in economies of scale. The increase is also driven by lower personal utilization throughout the organization, driven by market uncertainty, primarily in Q3. Adjusted EBITDA for the fiscal year increased to CAD 2.4 million, compared to CAD 2 million for the prior year. The increase in EBITDA is mainly due to higher revenues, offset by the costs absorbed with the St. Kitts project and further investments to support a higher level of revenues and operations. The investments in our completed showcase project in St. Kitts, professional services practice, and establishing an operation and maintenance division, along with preparations for higher growth, have eroded fiscal 2025 EBITDA. However, it has positioned us well for 2026.
Danny Hilton: These additional expenses are proportionally lower than the associated gross profit, resulting in economies of scale. The increase is also driven by lower personal utilization throughout the organization, driven by market uncertainty, primarily in Q3. Adjusted EBITDA for the fiscal year increased to CAD 2.4 million, compared to CAD 2 million for the prior year. The increase in EBITDA is mainly due to higher revenues, offset by the costs absorbed with the St. Kitts project and further investments to support a higher level of revenues and operations. The investments in our completed showcase project in St. Kitts, professional services practice, and establishing an operation and maintenance division, along with preparations for higher growth, have eroded fiscal 2025 EBITDA. However, it has positioned us well for 2026.
The increase is also driven by a lower personal utilization throughout the organization driven, by market and uncertainty primarily in the third quarter.
Adjusted Eva for the fiscal year, increased the 2.4 million compared to 2 million for the prior year. The increase in Iva is mainly due to higher revenues offset by the costs, absorbed with the same kids project, and further Investments, to support a higher level of revenues and operations.
The investments in our completed showcase project in St. Kitts
Professional Services practice and establishing an operation and maintenance division along with preparations for higher growth of eroded fiscal 2025 Eva however it has positioned as well for 2026.
A net loss of 1.8 million was recorded for the fiscal year compared to net earnings of 64,000 in the prior year.
Dan Hilton: A net loss of CAD 1.8 million was recorded for the fiscal year, compared to net earnings of CAD 64,000 in the prior year. On 30 September 2025, BluMetric had a net cash balance of CAD 2.1 million, compared to a net balance of CAD 157,000 at 30 September 2024. As of 30 September 2025, the company had approximately CAD 6.1 million in cash availability between its operating line and cash balances and is not bound by any debt covenants. This past year has been transformative for BluMetric, witnessing strong growth due to the success of our Watertech USA and Canada divisions and ongoing investments across our markets. While some business segments faced challenges, we demonstrated resilience, particularly with professional services rebounding by year-end and the mining sector beginning to show renewed activity.
Danny Hilton: A net loss of CAD 1.8 million was recorded for the fiscal year, compared to net earnings of CAD 64,000 in the prior year. On 30 September 2025, BluMetric had a net cash balance of CAD 2.1 million, compared to a net balance of CAD 157,000 at 30 September 2024. As of 30 September 2025, the company had approximately CAD 6.1 million in cash availability between its operating line and cash balances and is not bound by any debt covenants. This past year has been transformative for BluMetric, witnessing strong growth due to the success of our Watertech USA and Canada divisions and ongoing investments across our markets. While some business segments faced challenges, we demonstrated resilience, particularly with professional services rebounding by year-end and the mining sector beginning to show renewed activity.
On September 30th 2025. Blue metric. Had a netcast balance of 2.1 million compared to a net.
Balance of 157,000 at September 30th 2024.
As of September 30th 2025 the company had approximately 6.1 million in cash, availability between South operating line and cash, balances and is not bound by any debt Covenants.
This past year has been transformed transformative for blue metrics witnessing, strong growth due to the success of our water tech, USA, and Canada divisions, and ongoing Investments across our markets, while some business segments, we demonstrated resilience, particularly with Professional Services, re-founding by year end, and the mining sector beginning to show renewed activity.
Dan Hilton: Strategic decisions, such as retaining key personnel and absorbing certain project costs, enabled us to reinforce important client relationships and maintain our momentum. Our foundation remains solid. As we look forward, our focus will be on sustaining this trajectory. We are a world-class environmental consulting and water technology firm, delivered by world-class people who do meaningful work every day. Water is ever scarcer, and the environmental concerns of our clients continue to require our world-class assistance. I'd like to thank everyone for taking the time to allow us to present our results, and I'll now hand it back over to Scott.
Danny Hilton: Strategic decisions, such as retaining key personnel and absorbing certain project costs, enabled us to reinforce important client relationships and maintain our momentum. Our foundation remains solid. As we look forward, our focus will be on sustaining this trajectory. We are a world-class environmental consulting and water technology firm, delivered by world-class people who do meaningful work every day. Water is ever scarcer, and the environmental concerns of our clients continue to require our world-class assistance. I'd like to thank everyone for taking the time to allow us to present our results, and I'll now hand it back over to Scott.
Strategic decisions such as retaining. New Personnel, in observing certain project costs enable us to reinforce important client relationships and maintain our momentum. Our foundation remains solid. As we look forward, our Focus will be on sustaining. This trajectory
We are a world-class environmental Consulting and water Technologies, firm delivered, by world-class people who do meaningful work every day.
Water is ever scarcer and the environmental concerns of our clients continue to require our worldclass assistance. I'd like to thank everyone for taking the time to allow us to present our results. And I'll now hand it back over to Scott.
Scott MacFabe: Thank you, Dan. That was a great update, and I echo the excitement surrounding the opportunities that lie ahead this year. We'll now take questions from participants, and we'll pass it back over to the operator.
Scott MacFabe: Thank you, Dan. That was a great update, and I echo the excitement surrounding the opportunities that lie ahead this year. We'll now take questions from participants, and we'll pass it back over to the operator.
Thank you, Dan. That was a great update. When I Echo the site excitement surrounding the opportunities that lie ahead this year. We'll now take questions for participants and we'll pass it back over to the operator.
Operator: Thank you, sir. Ladies and gentlemen, if you do have any questions, please press star followed by one on your touchtone phone. You will then hear a prompt that your hand has been raised, and should you wish to decline from the polling process, please press star followed by two. And if you're using your speakerphone, you will need to lift the handset first before pressing any keys. Please go ahead and press star one now if you have any questions. First, we will hear from Steven Kamermeyer at Clarus Securities. Please go ahead, Steven.
Operator: Thank you, sir. Ladies and gentlemen, if you do have any questions, please press star followed by one on your touchtone phone. You will then hear a prompt that your hand has been raised, and should you wish to decline from the polling process, please press star followed by two. And if you're using your speakerphone, you will need to lift the handset first before pressing any keys. Please go ahead and press star one now if you have any questions. First, we will hear from Steven Kamermeyer at Clarus Securities. Please go ahead, Steven.
Phone. You will then hear a prompt that your hand has been raised. And should you wish to decline from Napoleon process? Please? Press star followed by 2 and if you're using a speaker-phone, you will need to lift the hands up. First before pressing any keys, please go ahead and press star 1. Now, if you have any questions,
First, we will hear from Stephen Cameron. Meijer at
Go ahead Stephen. Good morning, guys.
Steven Kamermeyer: Good morning, guys.
Steve Kammermayer: Good morning, guys.
Scott MacFabe: Good morning.
Scott MacFabe: Good morning.
Dan Hilton: Hi, Steven. How are you?
Danny Hilton: Hi, Steven. How are you?
Steven Kamermeyer: Good. Just wanted to touch on the costs absorbed in the quarter for the St. Kitts project. I just want to make sure that that's not going to be ongoing and that those costs will be covered, I guess, in the new O&M contract as you guys start to operate that.
Steve Kammermayer: Good. Just wanted to touch on the costs absorbed in the quarter for the St. Kitts project. I just want to make sure that that's not going to be ongoing and that those costs will be covered, I guess, in the new O&M contract as you guys start to operate that.
Good morning. This is Steve. And how are you? Good. Um, just wanted to touch on on the uh, the costs absorbed in the quarter for for the St, Kitts projects. I just want to make sure that um that's that's not going to be ongoing and that those costs will be covered. I guess in the new onm contract. As you guys as you guys start to operate that,
Yeah, that's true.
Dan you, you can start and I'll color it in if you need to.
Dan Hilton: Yeah, no problem.
Danny Hilton: Yeah, no problem.
Scott MacFabe: Dan, you can start, and I'll color it in if you need to.
Scott MacFabe: Dan, you can start, and I'll color it in if you need to.
Dan Hilton: Yeah, sure. Absolutely. So thanks for the question, Steve. So certainly, as you can imagine, this particular facility is different than many of the facilities we build for other clients like, you know, Carnival, and Disney, and so on, the private islands. This was an operating water desalination plant to relieve material capacity issues in St. Kitts, and it was an election promise of the Prime Minister to ensure that there was water delivered to those people. So we did do what we had intended to and delivered the project on time, and water has been operating for several months now, relieving a lot of stress on that island. And part of the transition of that facility took longer than expected. We were never intending to operate the facility. Our goal was to manufacture it.
Danny Hilton: Yeah, sure. Absolutely. So thanks for the question, Steve. So certainly, as you can imagine, this particular facility is different than many of the facilities we build for other clients like, you know, Carnival, and Disney, and so on, the private islands. This was an operating water desalination plant to relieve material capacity issues in St. Kitts, and it was an election promise of the Prime Minister to ensure that there was water delivered to those people. So we did do what we had intended to and delivered the project on time, and water has been operating for several months now, relieving a lot of stress on that island. And part of the transition of that facility took longer than expected. We were never intending to operate the facility. Our goal was to manufacture it.
Yeah, sure, absolutely. So, thanks for the questions. Steve. Um, so certainly, as you can imagine um this particular facility is different than many of the facilities we build for our other clients like, you know, a cardinal in Disney and so on the private islands this was a operating water. Desalination plant to relieve um material capacity issues, and some kits. And it was an election promise of the Prime Minister to ensure that um there was water delivered to those people. So we did do uh what we had intended to and delivered the project on time.
Uh, and uh, water has been operating for several months now.
Dan Hilton: However, due to some labor disputes in the island that the government was dealing with, we did end up operating the facility during Q4 and are now in discussions with the government to try and recoup our costs related to that. And that was about, with chemicals and the additional unexpected costs, consumed about CAD 600,000. There's also some small, a CAD 90,000 change order that we put in place that we're dealing with on the prime. So both of those items we're hoping to continue to negotiate and resolve successfully, and then we'll be able to record appropriately, a recoup of those revenues in a future period. You're correct in your question, it is a one-time event.
Danny Hilton: However, due to some labor disputes in the island that the government was dealing with, we did end up operating the facility during Q4 and are now in discussions with the government to try and recoup our costs related to that. And that was about, with chemicals and the additional unexpected costs, consumed about CAD 600,000. There's also some small, a CAD 90,000 change order that we put in place that we're dealing with on the prime. So both of those items we're hoping to continue to negotiate and resolve successfully, and then we'll be able to record appropriately, a recoup of those revenues in a future period. You're correct in your question, it is a one-time event.
We're leaving a lot of stress on that island and part of the transition of that facility um, took longer than expected. Um, we were never intending to operate the facility. Our goal was to manufacture it. Uh, however, due to some labor disputes in the island that the government was dealing with, um, we did end up operating the facility during Q4 and are. Now in discussions with the government to try and recoup our costs related to that. And that was about
Dan Hilton: That facility, we now have transferred that over to the government, and we do have, as we previously announced, an operation and maintenance contract in place, and we're recovering any costs that we incur as we assist them and oversee their management of the facility.
Danny Hilton: That facility, we now have transferred that over to the government, and we do have, as we previously announced, an operation and maintenance contract in place, and we're recovering any costs that we incur as we assist them and oversee their management of the facility.
With chemicals and the additional unexpected costs consumed about $600,000. There's also some small uh a 90,000 change order that we put in place that we're dealing with on the prime. So both of those items were hoping to uh, continue to negotiate and and resolved successfully, and then we'll be able to record appropriately. Uh, a recoup of those revenues in a future period. Uh, you're correct in your question, it is a 1-time event, um, that facility. Um, we now have transferred that over to the government and we do have, as we previously announced an operation of maintenance contract in place, and we're recovering any costs that we've heard as we assist them in, overseeing their management of the facility.
Scott MacFabe: Yeah. Steve, I would also add that, we're very proud of the team. They delivered this project on time, slightly ahead of, and in fact, this is the first time in over 20 years that the island has 24-hour water available to it. It's been a dire situation for many, and too long. And so, as you hopefully can imagine, when you have an operating system that we've executed on flawlessly, and then you turn the tap on and you're producing potable water, it's, it, it goes into the system. People are excited, as they should be, and it's what they, they deserve. But at the same time, getting the client, the administration, to catch up on the contracting, get their people in the right place to be able to execute.
Scott MacFabe: Yeah. Steve, I would also add that, we're very proud of the team. They delivered this project on time, slightly ahead of, and in fact, this is the first time in over 20 years that the island has 24-hour water available to it. It's been a dire situation for many, and too long. And so, as you hopefully can imagine, when you have an operating system that we've executed on flawlessly, and then you turn the tap on and you're producing potable water, it's, it, it goes into the system. People are excited, as they should be, and it's what they, they deserve. But at the same time, getting the client, the administration, to catch up on the contracting, get their people in the right place to be able to execute.
Yeah. Steve I would also add that uh we're very proud of the team. They develop they delivered this project uh on time slightly ahead of
And, uh, and in fact, this is the first time in over 20 years that the island has 24-hour water available to it. It's been a dire situation for many and well, too long. Um, and so, as you hopefully can imagine, when you have an operating system that we've executed on flawlessly,
Scott MacFabe: We didn't feel it was an appropriate response to say, "We're just gonna shut this off until we get the contract resolved." It's, you know, we can be difficult if we need to be, but this is not the time or place. And so as a result, we did make a conscious decision to continue operating until we could resolve this. And at the end of the day, that has bought a tremendous amount of goodwill, and it also puts us in very good stead with other projects in the region. So, these are not easy decisions to make, and we understand that they do, in some ways, affect and do affect our bottom line. We understand the focus on EBITDA.
Scott MacFabe: We didn't feel it was an appropriate response to say, "We're just gonna shut this off until we get the contract resolved." It's, you know, we can be difficult if we need to be, but this is not the time or place. And so as a result, we did make a conscious decision to continue operating until we could resolve this. And at the end of the day, that has bought a tremendous amount of goodwill, and it also puts us in very good stead with other projects in the region. So, these are not easy decisions to make, and we understand that they do, in some ways, affect and do affect our bottom line. We understand the focus on EBITDA.
and then you turn the tap on your producing portable water. It's uh, it it goes into the system and people are excited as they should be and it's what they, they deserve. Uh, but at the same time getting the work, the the client Administration to catch up on the Contracting, get their people in the right place to be able to execute. Um, we we didn't feel. It was an appropriate response to say. We're just going to shut this off until we get the contract resolved. That's, you know, we can be uh, we can be uh, difficult if we need to be, but this is not the time or place. And so as a result we uh we did make a conscious decision to continue operating until we could resolve this. And at the end of the day, that is bought a tremendous amount of Goodwill. And it also puts us in very good stead with other projects in the region. So, uh, these are not easy decisions to make and we understand that they do in some ways affect and do affect our our bottom line. Uh, we understand the focus on evida. We also see in the tremendous scale up of the business
Scott MacFabe: We also see the tremendous scale up of the business, which we intend to harvest to produce a better EBITDA. But right now, just the timing of how this worked out in closing the year was a bit difficult, but we do consider it a one-time event.
Scott MacFabe: We also see the tremendous scale up of the business, which we intend to harvest to produce a better EBITDA. But right now, just the timing of how this worked out in closing the year was a bit difficult, but we do consider it a one-time event.
Which we intend to harvest to produce a better rabbit up but right now there's the timing of how this worked out and closing the year was, was a bit difficult. But um, we do consider a 1 time event.
Steven Kamermeyer: Mm-hmm. Okay. No, I mean, it sounds like you ran it and absorbed the cost to be a good corporate citizen. And, if I heard correct, you're negotiating to recoup some of these costs? Did I hear that right?
Steve Kammermayer: Mm-hmm. Okay. No, I mean, it sounds like you ran it and absorbed the cost to be a good corporate citizen. And, if I heard correct, you're negotiating to recoup some of these costs? Did I hear that right?
Okay. No, I mean, it it sounds like you, you ran it and absorbed the cost to be uh good corporate Citizen. And and if I heard correct your negotiating to recoup some of these costs did I did I hear that, right?
Dan Hilton: Yep, that's correct.
Danny Hilton: Yep, that's correct.
Scott MacFabe: Yes.
Scott MacFabe: Yes.
Dan Hilton: Both with the government as well as with the prime on the contract. So the amount with the prime, which is related to the production of the facility, is about CAD 90,000. We expect to be able to recoup that. The amount that's with the government is still under negotiation, and we certainly hope to be able to recoup the vast majority of that, but that's still being discussed. And as a sign of good faith and our strong relationship with the government, there are other opportunities on the same island that they've introduced us to, and we're actively bidding on those. So I would remain confident we'll be able to recoup some of those funds, but we're still negotiating.
Danny Hilton: Both with the government as well as with the prime on the contract. So the amount with the prime, which is related to the production of the facility, is about CAD 90,000. We expect to be able to recoup that. The amount that's with the government is still under negotiation, and we certainly hope to be able to recoup the vast majority of that, but that's still being discussed. And as a sign of good faith and our strong relationship with the government, there are other opportunities on the same island that they've introduced us to, and we're actively bidding on those. So I would remain confident we'll be able to recoup some of those funds, but we're still negotiating.
Negotiation. And we certainly hope to uh be able to recoup the vast majority of that but that's still being discussed and and um as a sign of good faith. Uh and our strong relationship with the government. There are other opportunities on the same island that they've introduced us to and we're actively bidding on those. So, uh, I
Remain confident. We'll be able to recoup some of those funds but we're still negotiating.
Okay.
Steven Kamermeyer: Okay. Okay, no, that's great. Then, just moving over to Gemini here. Talking to you guys and reading the MD&A here, it seems like that's going full out on capacity. Is there any impetus now or in the near future to even expand that capacity more? I mean, I realize you just doubled it in the last nine months, but are you looking at expanding that at all?
Steve Kammermayer: Okay. Okay, no, that's great. Then, just moving over to Gemini here. Talking to you guys and reading the MD&A here, it seems like that's going full out on capacity. Is there any impetus now or in the near future to even expand that capacity more? I mean, I realize you just doubled it in the last nine months, but are you looking at expanding that at all?
Okay. Um, no, that's great. And then, um, just just moving over to uh, Gemini here. Um, talking to you guys and and reading the mdna here, it seems like that's going full, uh, full out on capacity. Um, is there any impetus now or or in the near future to even expand that capacity more? I mean, I realize you just doubled it to in the last 9 months, but are you looking at expanding that at all?
Yes, we are. In fact.
Go ahead, Dan. You can. You can color that in a bit if you like that's fine.
Scott MacFabe: Yes, we are, in fact.
Scott MacFabe: Yes, we are, in fact.
Dan Hilton: Yeah.
Danny Hilton: Yeah.
Scott MacFabe: Go ahead, Dan, you can, you can color that in a bit if you'd like. That's fine.
Scott MacFabe: Go ahead, Dan, you can, you can color that in a bit if you'd like. That's fine.
Dan Hilton: Scott and I were both down there actually meeting with the management team in late December, and we had the landlord tour an adjacent, contiguous space. It's another 25,000 sq ft. And so, based on the demand that we're seeing, we definitely believe that's a decision that we will need to make in the current quarter. It would double our footprint, once again in Florida. We are going through the phase right now of optimizing what that space configuration would look like with the landlord and some designers prior to making a decision. But I think we're optimistic, I would say, based on the demand that we're seeing, that that space would be of value to us over the coming year.
Danny Hilton: Scott and I were both down there actually meeting with the management team in late December, and we had the landlord tour an adjacent, contiguous space. It's another 25,000 sq ft. And so, based on the demand that we're seeing, we definitely believe that's a decision that we will need to make in the current quarter. It would double our footprint, once again in Florida. We are going through the phase right now of optimizing what that space configuration would look like with the landlord and some designers prior to making a decision. But I think we're optimistic, I would say, based on the demand that we're seeing, that that space would be of value to us over the coming year.
I've got and I were both down there. Actually meeting with the management team in late December. Um, and we had the landlord tour, an adjacent uh, contiguous space. It's another 25,000 square feet. And so, um, based on the demand that we're seeing, we definitely believe about the decision that we will need to make, uh, in the current quarter. Um, it would double our footprint, uh, once again in Florida. Uh, we're going through the
phase right now of
Optimizing what that space configuration would look like um, with the landlord and some designers prior to making a decision. But I think we're optimistic, I would say, based on the demand that we're seeing that. Um,
Dan Hilton: When we signed the original lease, we had a right of first refusal on that space, and so we do have to make a decision before the end of the summer. But I think, we're in a position where we'll be able to make that decision, I think, this quarter.
Danny Hilton: When we signed the original lease, we had a right of first refusal on that space, and so we do have to make a decision before the end of the summer. But I think, we're in a position where we'll be able to make that decision, I think, this quarter.
Um, that space would be of value to us um, over the coming year. Um, when we signed the original lease, we had a right of first refusal, in that space and so we do have to make a decision before the end of the summer. But I I think, um,
We are in a position where we will be able to make that decision. I think this quarter.
Okay.
Steven Kamermeyer: Okay. Okay. And then, No, that's excellent. And then just one, maybe one more, if I can. Just on the DS integration, I know you've only had it for a few months now, but how, how's that going?
Steve Kammermayer: Okay. Okay. And then, No, that's excellent. And then just one, maybe one more, if I can. Just on the DS integration, I know you've only had it for a few months now, but how, how's that going?
Okay and then uh no that's excellent. Um and then just 1 maybe 1 more if I can just on the DS integration I know you have only had it for a few months now. But how how is that going? And and is it, is there anything any hiccups that you're experiencing uh yet or is it pretty smooth today?
Scott MacFabe: Mm-hmm.
Scott MacFabe: Mm-hmm.
Steven Kamermeyer: Is there anything, any hiccups that you're experiencing yet, or is it pretty smooth to date?
Steve Kammermayer: Is there anything, any hiccups that you're experiencing yet, or is it pretty smooth to date?
I think the, uh,
the the DS Consulting integration is going really well, and from the standpoint that
Scott MacFabe: I think the Des Nedhe consulting integration is going really well, and from the standpoint that we're in familiar businesses and we're familiar with each other, and there really isn't a competitive friction in here at all. It's really. We're already proposing on new, larger assignments together that we couldn't have pursued otherwise on our own. We're sharing resources, we're sharing staff. We're looking to expand them into geographies we currently are in, as in up in Sudbury, to access the mining market, into Quebec and Montreal to access the Quebec market. Really just taking advantage of our existing assets, our existing operating base, which is just the benefit of having that available and part of our integration and growth strategy for them. So they, they're very excited about that, taking advantage of that, and their clients are, too.
Scott MacFabe: I think the Des Nedhe consulting integration is going really well, and from the standpoint that we're in familiar businesses and we're familiar with each other, and there really isn't a competitive friction in here at all. It's really. We're already proposing on new, larger assignments together that we couldn't have pursued otherwise on our own. We're sharing resources, we're sharing staff. We're looking to expand them into geographies we currently are in, as in up in Sudbury, to access the mining market, into Quebec and Montreal to access the Quebec market. Really just taking advantage of our existing assets, our existing operating base, which is just the benefit of having that available and part of our integration and growth strategy for them. So they, they're very excited about that, taking advantage of that, and their clients are, too.
we're unfamiliar businesses, and we're familiar with each other. And, um, there really isn't a competitive faction in here at all. It's really, uh, we're already proposing on new larger assignments together that we couldn't have pursued otherwise on our own.
We're sharing resources, we're sharing staff. We're looking to expand them into geographies. We currently are in, as in up, in suburb to access the mining Market into Quebec and Montreal to access the Quebec Market.
and um, really just taking advantage of our existing assets, our existing, operating base which is
Scott MacFabe: So, we love having that addition to the team and also seeing better synergies with our existing staff in Toronto with them because they are a much stronger, bigger presence in the GTA than we are. So, it's early stages, but I can say that we're very happy with how things are progressing. It's gonna be a really nice add.
Scott MacFabe: So, we love having that addition to the team and also seeing better synergies with our existing staff in Toronto with them because they are a much stronger, bigger presence in the GTA than we are. So, it's early stages, but I can say that we're very happy with how things are progressing. It's gonna be a really nice add.
Just uh, uh the benefit of having that available and part of our integration and growth strategy for that. So they, uh, they're very excited about that, uh, taking advantage of that. And, and their clients are too. So, uh, we love having that having that addition to the team and, and also, uh, seeing better synergies with our existing staff in Toronto with them because they are have much stronger, bigger presence in the GTA than we are. So ugh. Its early stages, but um, I can say that, uh, that we're very happy with how things are are progressing. It's it's, it's going to be a really nice ad.
Good. Okay. Sounds like everything's going well with that. Uh that's all the questions I had. Thanks guys.
Steven Kamermeyer: Good. Okay, sounds like everything's going well with that. That's all the questions I had. Thanks, guys.
Steve Kammermayer: Good. Okay, sounds like everything's going well with that. That's all the questions I had. Thanks, guys.
Take care. Stephen.
Scott MacFabe: Take care, Steven.
Scott MacFabe: Take care, Steven.
Ladies and gentlemen, a reminder to please press star 1. Should you have any questions?
Operator: Ladies and gentlemen, a reminder to please press star one should you have any questions. Next question will be from Samir Havry. Please go ahead.
Operator: Ladies and gentlemen, a reminder to please press star one should you have any questions. Next question will be from Samir Jhaveri. Please go ahead.
And next question will be from Samir Havey. Please go ahead.
Oh, hi there guys. Um, so
Samir Havry: Oh, hi there, guys. So you know, you've done a number of acquisitions over the last couple of years, and EBITDA has suffered, but there's a trajectory in terms of recovery and the one-time costs kind of going away. Can you talk a little bit about the cadence this year for both revenue and what you see in terms of EBITDA as you get the scale effects coming through the acquisitions, but also for the DS acquisition? Just if you could give us a sense of what the revenue is over the last couple of years, and what you expect it to be, and how to hit the-
Samir Jhaveri: Oh, hi there, guys. So you know, you've done a number of acquisitions over the last couple of years, and EBITDA has suffered, but there's a trajectory in terms of recovery and the one-time costs kind of going away. Can you talk a little bit about the cadence this year for both revenue and what you see in terms of EBITDA as you get the scale effects coming through the acquisitions, but also for the DS acquisition? Just if you could give us a sense of what the revenue is over the last couple of years, and what you expect it to be, and how to hit the-
you know, you've done a number of Acquisitions over the last couple of years and debe does, um, suffered, but there's a trajectory in terms of recovery and, and the 1-time costs kind of going away. Can you talk a little bit about the Cadence this year for both revenue and and what you see in terms of IBA, as you get the scale effects coming through of the Acquisitions? But also, um, for the DS acquisition, just if you could give us a a sense of what the revenue is over the last couple of years and what you expect it to be in and how to hit the 5 and 6, uh, million targets.
Scott MacFabe: Sure.
Scott MacFabe: Sure.
Samir Havry: -five and six, million targets?
Samir Jhaveri: -five and six, million targets?
Scott MacFabe: Yeah. I'll start, and Dan, if you want to color in later, it would be good. Thanks for the question. It's a great one. We don't wanna on one hand, we look at what we've accomplished this year, and we're extremely pleased with our top line, of course. But at the same time, we understand that there's an expectation to scale up the EBITDA, commensurate with that kind of business, that we're now a $62 million top line business, and now we've added DF. And so when you put all that together, it's a really nice setup, but the last thing we want is for the investment community to think that we've abandoned our attention to EBITDA production. That's not the case at all.
Scott MacFabe: Yeah. I'll start, and Dan, if you want to color in later, it would be good. Thanks for the question. It's a great one. We don't wanna on one hand, we look at what we've accomplished this year, and we're extremely pleased with our top line, of course. But at the same time, we understand that there's an expectation to scale up the EBITDA, commensurate with that kind of business, that we're now a $62 million top line business, and now we've added DF. And so when you put all that together, it's a really nice setup, but the last thing we want is for the investment community to think that we've abandoned our attention to EBITDA production. That's not the case at all.
Great 1. Uh,
We don't want to on 1 hand. Uh, we look at what we've accomplished this year and and we're extremely
Uh pleased with our top line, of course. Um but at the same time we understand that there's an expectation to scale up the ebita. Commensurate with that kind of uh business that we're now uh 62 million, Topline business and now we've added DS. And so when you put all that together it's a it's a really nice setup. Um but the last thing we want is for the investors Community to think that we've abandoned our attention to Eva production, that's not the case at all.
Scott MacFabe: But now we have a lot more to work with and a lot more to work on in order to produce the kind of results that we know that people are expecting. We have a stated ambition of growing the business to CAD 100 million top line and around 10% EBITDA, and the scale-up of the business should provide us the opportunity to execute on that. So Dan, maybe you want to provide a few more details in terms of the cadence of change.
Scott MacFabe: But now we have a lot more to work with and a lot more to work on in order to produce the kind of results that we know that people are expecting. We have a stated ambition of growing the business to CAD 100 million top line and around 10% EBITDA, and the scale-up of the business should provide us the opportunity to execute on that. So Dan, maybe you want to provide a few more details in terms of the cadence of change.
Um, but now we have a lot more to work with and a lot more to, uh, to work on in order to produce the kind of results, that we know that people are expecting, we have a stated ambition of growing the business to a 100 million Top Line and around 10% ebita and the the scale up of the business should provide us the opportunity to execute on that. So again, maybe you want to provide a few more details in terms of the Cadence and change.
Dan Hilton: Yeah, absolutely. So, I guess there's a couple things. I need to be sensitive a little bit with respect to DF Consultants, only because historically, they have not had audited financials. Their financials have been reviewed, and so that's part of the reason we've been somewhat reluctant to share their historical data. But I'm happy to share a few metrics that I think will frame up the scale of the operation, and then provide a timeline, I guess, as to when we can talk about it in more detail. So the CAD 4 million, CAD 5 million, and CAD 6 million EBITDA targets that were established by their management team, they expect to achieve those fully. And that first year CAD 4 million target is not a stretch target. That's what they've expressed to us, they've achieved in 2020, in the past fiscal year.
Danny Hilton: Yeah, absolutely. So, I guess there's a couple things. I need to be sensitive a little bit with respect to DF Consultants, only because historically, they have not had audited financials. Their financials have been reviewed, and so that's part of the reason we've been somewhat reluctant to share their historical data. But I'm happy to share a few metrics that I think will frame up the scale of the operation, and then provide a timeline, I guess, as to when we can talk about it in more detail. So the CAD 4 million, CAD 5 million, and CAD 6 million EBITDA targets that were established by their management team, they expect to achieve those fully. And that first year CAD 4 million target is not a stretch target. That's what they've expressed to us, they've achieved in 2020, in the past fiscal year.
Yeah absolutely. So um I guess there's a couple things I need to be sensitive a little bit with respect to DS Consultants only because historically they have not had audited financials, their financials have been reviewed. And so that's part of the reason we've been somewhat reluctant to share their historical data but I'm happy to share a few metrics. I think we'll frame up the scale of the operation and then provide a Time.
Dan Hilton: So we believe that is a very achievable number, and then 5 and 6 would be the stretch goals as we help to encourage them to integrate with us and look for cross-selling opportunities, and so on. They have disclosed to us historically, in the last year, that their top line is about $24 million. So that gives you a sense of their EBITDA margin that they've reported. Now, the lack of information that we're carrying in our public documentation really relates to the fact that we've not had an opportunity yet to compile their financial results. Obviously, we did a lot of due diligence, and we've used some professionals to assist, but the challenge really is for us to get in there and just actually close out a period.
Danny Hilton: So we believe that is a very achievable number, and then 5 and 6 would be the stretch goals as we help to encourage them to integrate with us and look for cross-selling opportunities, and so on. They have disclosed to us historically, in the last year, that their top line is about $24 million. So that gives you a sense of their EBITDA margin that they've reported. Now, the lack of information that we're carrying in our public documentation really relates to the fact that we've not had an opportunity yet to compile their financial results. Obviously, we did a lot of due diligence, and we've used some professionals to assist, but the challenge really is for us to get in there and just actually close out a period.
Timeline, I guess is when we can talk about it in more detail. So the 4,500 and 6 million, even the targets that were established by their management team. Um, they expect to achieve those fully in that first year of 4 million Target is not a stretch Target, that's what they've expressed to us. Uh, they've achieved in 20 in the past fiscal year. Um, so we believe that is a very achievable number. And then 5 and 6 would be the stretch goals as we help to encourage them to integrate with us and look for cross selling opportunities and so on.
Dan Hilton: So, we closed that transaction in December, which is our Q1. So we release our Q1 results, the last week of February, so about a month from today. And in those results, we will have the entire month of December of DF Consultants' revenue included, and those will be numbers that we've participated in, in pulling together, and we'll have certainly significantly higher levels of assurance, on what they've achieved. And it's our expectation in our Q1 MD&A and documentation that we share with the market, that we'll be able to get into a much more confident analysis of DF Consultants and where we see them landing. But what they've presented historically is CAD 24 million top line, and the CAD 4 million EBITDA that we expect them to achieve in 2026, is consistent with what they've delivered historically.
Danny Hilton: So, we closed that transaction in December, which is our Q1. So we release our Q1 results, the last week of February, so about a month from today. And in those results, we will have the entire month of December of DF Consultants' revenue included, and those will be numbers that we've participated in, in pulling together, and we'll have certainly significantly higher levels of assurance, on what they've achieved. And it's our expectation in our Q1 MD&A and documentation that we share with the market, that we'll be able to get into a much more confident analysis of DF Consultants and where we see them landing. But what they've presented historically is CAD 24 million top line, and the CAD 4 million EBITDA that we expect them to achieve in 2026, is consistent with what they've delivered historically.
They have disclosed to us historically uh in the last year that their top line is about 24 billion dollars. Um so that gives you a sense of their either, their margin, um, that they've reported now the the lack of information that we're hearing in our public documentation. Really relates to the fact that we've not had an opportunity yet to compile their financial results. Uh, obviously we did a lot of due diligence and we've used some professional to assist, but the challenge really is, um, for us to get in there, and just actually close out a period. So, um, we close that transaction in December, uh, which is our q1. So, we release our q1 results, uh, the last week of February. So, about a month from today,
Dan Hilton: On a pro forma basis, if you were just to add together, the historic revenues of BluMetric and, DF Consultants, as they presented them, you end up with a number between $85 and 90 million. We obviously hope to grow this year, and so we've stated publicly in a few of the documents that we've shared, that we have ambitions to have a 10% EBITDA at $100 million in revenue. We believe that's achievable. Certainly, as a small microcap, that's challenging with the additional costs that you absorb, but at $100 million or more in revenue, we believe, as we look at our own operations and some of our peers, that 10% is the target that we've set ourselves for, for EBITDA, and so that's what we hope to, to achieve in the near term.
Danny Hilton: On a pro forma basis, if you were just to add together, the historic revenues of BluMetric and, DF Consultants, as they presented them, you end up with a number between $85 and 90 million. We obviously hope to grow this year, and so we've stated publicly in a few of the documents that we've shared, that we have ambitions to have a 10% EBITDA at $100 million in revenue. We believe that's achievable. Certainly, as a small microcap, that's challenging with the additional costs that you absorb, but at $100 million or more in revenue, we believe, as we look at our own operations and some of our peers, that 10% is the target that we've set ourselves for, for EBITDA, and so that's what we hope to, to achieve in the near term.
And in those results, we will have the entire month of December of DF Consultants, Revenue included. And those will be numbers that we've participated in um in pulling together. And we'll have certainly significantly higher levels of assurance um on what they've achieved and it's our expectation and our q1 mdna. And and documentation that we share with the market that will be able to get into much a much more confident analysis of DX consultants and where we see the landing. But what they've presented historically is 24 million Top Line and the 4 million IBA that we expect them to achieve in 2026 is consistent with what they've delivered historically on a pro forma basis. If you were just to add together, uh, the historic revenues of blue metric and uh DS Consultants as they presented them, you end up with a number between 85 and 90 million. Um we obviously hope to grow this year. Um, and so
We've stated publicly and a few of the documents that we've shared that we have Ambitions to have a 10,000 ibida at $100 million in Revenue, we believe that's achievable certainly, as a small micro cap, it's challenging with the additional cost that you absorb. But add 100 million or more in Revenue. We believe, uh, as we look at our own operations and some of our peers that 10% is the Target that we set ourselves for uh, for Evita. And so, that's what we hope to, uh, to
Achieve in the near term.
Samir Havry: So if I do kind of the math, you're kind of running north of CAD 85 million on a quarterly run rate, if you just kind of normalize it. So where could we expect if they've got CAD 4 billion. You're already at kind of a 4%, 5% EBITDA margin for this year, excluding any kind of BluMetric historical contribution, and these one-time costs should be going away or be recovered. So are you already kind of pushing that high single digits, 7, 8, on a pro forma basis? Is that a fair assumption?
Samir Jhaveri: So if I do kind of the math, you're kind of running north of CAD 85 million on a quarterly run rate, if you just kind of normalize it. So where could we expect if they've got CAD 4 billion. You're already at kind of a 4%, 5% EBITDA margin for this year, excluding any kind of BluMetric historical contribution, and these one-time costs should be going away or be recovered. So are you already kind of pushing that high single digits, 7, 8, on a pro forma basis? Is that a fair assumption?
So it's if I do kind of the math here, kind of running north of 85 million on a, on a quarterly run rate if you just kind of normalize it so where could we expect? If, if they've got 4 billion? Um, you're already at kind of a 4 million uh, 4% 5% for this year.
Consumption.
Dan Hilton: Yeah, I think that's reasonable. I think that, high single digits is where, on a pro forma basis, we would sit today, I mean, barring any one-time unusual costs, but we certainly don't have insight into anything along those lines at the moment. So yeah, hitting 10%, as I mentioned, is, I think, a realistic target for us at CAD 100 million, and, yeah, I think your conclusion is reasonable.
Danny Hilton: Yeah, I think that's reasonable. I think that, high single digits is where, on a pro forma basis, we would sit today, I mean, barring any one-time unusual costs, but we certainly don't have insight into anything along those lines at the moment. So yeah, hitting 10%, as I mentioned, is, I think, a realistic target for us at CAD 100 million, and, yeah, I think your conclusion is reasonable.
Yeah, I think that's reasonable. I think that um High single digits is where on a pro form of basis we would sit today. I mean barring any 1-time unusual cost but we certainly don't have insight into anything along those lines at the moment. Um, so yeah, hitting 10%, as I mentioned is I think a realistic Target for us at 100 million and yeah, I think your conclusion is reasonable.
Samir Havry: Okay, and so just to clarify, you know, you've got a lot of scale now compared to two years ago. The focus really is kind of sweating the assets, increasing that EBITDA and free cash flow this year. Is that a fair, fair assessment?
Samir Jhaveri: Okay, and so just to clarify, you know, you've got a lot of scale now compared to two years ago. The focus really is kind of sweating the assets, increasing that EBITDA and free cash flow this year. Is that a fair, fair assessment?
Dan Hilton: I would absolutely say that's a high priority for us. We certainly don't want to stall growth opportunities, and you know, as I mentioned earlier, there is significant traction in the water and especially wastewater space with our US subsidiary. We're not gonna slow down growth, but there's no question that the scale that we've created, which we believe is now very sustainable at these levels, gives us the opportunity to focus on EBITDA, and that's a priority for the year.
Danny Hilton: I would absolutely say that's a high priority for us. We certainly don't want to stall growth opportunities, and you know, as I mentioned earlier, there is significant traction in the water and especially wastewater space with our US subsidiary. We're not gonna slow down growth, but there's no question that the scale that we've created, which we believe is now very sustainable at these levels, gives us the opportunity to focus on EBITDA, and that's a priority for the year.
Okay. And so just to to clarify, you know, you've got a lot of um scale now compared to 2 years ago, the focus really is kind of sweating the assets increasing that iPad on free cash flow this year, is that a fair fair assessment? I I would absolutely say that's a high priority for us. We certainly don't want to stall growth opportunities and um you know, as I mentioned earlier, there is significant Traction in the water and especially Wastewater space, um, with our us.
Um subsidiary. So um we're not going to slow down growth but there's no question that the scale that we've created, which we believe is now very sustainable at these levels. Um gives us the opportunity to focus on you but that's a priority for the year.
Samir Havry: Okay, and then just final question from me is, the Rheinmetall, you've talked about the next four quarters in terms of run rate for that business. Can you remind us what that level of revenue is? And then kind of what happens post the four quarters. Is it an extension? Is it expansion within the rest of NATO that kind of determines that? Can you just run us through kind of the lapping of that, a year from now?
Samir Jhaveri: Okay, and then just final question from me is, the Rheinmetall, you've talked about the next four quarters in terms of run rate for that business. Can you remind us what that level of revenue is? And then kind of what happens post the four quarters. Is it an extension? Is it expansion within the rest of NATO that kind of determines that? Can you just run us through kind of the lapping of that, a year from now?
Okay. And then just final question for me is the rahmatul you talked about the next 4 quarters in terms of run rate for that business? Can you remind us what that um, level of Revenue is and then kind of what happens, post the 4 quarters. Is it an extension, is it um expansion, within the rest of NATO that kind of determines that? How can you just?
Run us through kind of the lapping of that uh, a year from now.
Dan Hilton: Yeah, absolutely. So the Rheinmetall contract, the ultimate buyer on that is the Canadian Department of National Defense through Rheinmetall. Rheinmetall is the integrator. They're doing the trailer, and we do all the water technology that resides on the trailer. Each of those units that we produce, there's 26 to be delivered in total, sells for below CAD 400,000 each. So that contract is sort of in the, call it CAD 12 million range, that will run through the next several quarters. Rheinmetall has an opportunity through DND to extend for an additional 10 units. We've had some preliminary discussions that suggest there's interest, but nothing at the moment that we can announce or that we can say is locked in.
Danny Hilton: Yeah, absolutely. So the Rheinmetall contract, the ultimate buyer on that is the Canadian Department of National Defense through Rheinmetall. Rheinmetall is the integrator. They're doing the trailer, and we do all the water technology that resides on the trailer. Each of those units that we produce, there's 26 to be delivered in total, sells for below CAD 400,000 each. So that contract is sort of in the, call it CAD 12 million range, that will run through the next several quarters. Rheinmetall has an opportunity through DND to extend for an additional 10 units. We've had some preliminary discussions that suggest there's interest, but nothing at the moment that we can announce or that we can say is locked in.
Yeah, absolutely. So the Ryan, the towel contract, the ultimate um buyer on that is the Canadian Department of National Defence through Ryan Mattel. Ryan Mattel is the integrator, they're doing the trailer, um, and we do all the water technology that resides on the trailer. Each of those units that we produce. There's 26 to be delivered in total, um, sells for
Low 400,000 dollars each, um, you know, so that contract is sort of in the call at 12 million dollar range uh that will run through uh the next several quarters.
Dan Hilton: Although I would say that there are tremendous tailwinds at the moment in the military market. We're seeing a lot of activity. We're in lots of discussions, both on the Ryan Mattel contract and others, with DND. So we're hopeful that their procurement process will give them the freedom to spend as they've been committing to publicly. But we've not yet seen any of those contracts. Option exists for additional units for sure, and there's also other programs that are similar to that, that we're in discussions with the military with, but timing is up in the air. We're hopeful with everything we're hearing and the political pressure to meet our NATO spending commitments, but we haven't seen anything on paper yet.
Danny Hilton: Although I would say that there are tremendous tailwinds at the moment in the military market. We're seeing a lot of activity. We're in lots of discussions, both on the Ryan Mattel contract and others, with DND. So we're hopeful that their procurement process will give them the freedom to spend as they've been committing to publicly. But we've not yet seen any of those contracts. Option exists for additional units for sure, and there's also other programs that are similar to that, that we're in discussions with the military with, but timing is up in the air. We're hopeful with everything we're hearing and the political pressure to meet our NATO spending commitments, but we haven't seen anything on paper yet.
To find the cow uh has an opportunity um through DND to extend for an additional uh 10 units. Um we've had some preliminary discussions that suggests there's interest, but nothing at the moment that we can announce or or um, know that we can say is locked in, although I would say that they are tremendous Tailwind at the moment in the military Market, we're seeing a lot of activity. Um, we're in lots of discussions both on the Ryan and tell contract and others uh, with DMD. And so we're hopeful uh, that their procurement process will give them the freedom to um, spend as they've been committing to publicly. Um, but we've not yet seen any of those contracts. So option exists for additional units for short, and there's also other programs that are similar to that, that we're in discussions with the military with, but um, time,
Is up in the air. We're hopeful with everything we're hearing and the political pressure to meet our NATO spending commitments, but um, we haven't seen anything papered yet.
Okay. Thanks very much, guys. I I don't know how to get off of this, so I don't know if I get pushed back into the queue.
Samir Havry: Okay, thanks so much, guys. I don't know how to get off of this, so I don't know if I get pushed back into the queue.
Samir Jhaveri: Okay, thanks so much, guys. I don't know how to get off of this, so I don't know if I get pushed back into the queue.
Thanks.
Dan Hilton: Thanks.
Danny Hilton: Thanks.
Ladies and gentlemen, again, should you have any questions please press star followed by 1 on your touch on the phone?
Operator: Ladies and gentlemen, again, should you have any questions, please press star followed by one on your touchtone phone. At this time, Mr. MacFabe, we have no other questions registered. Please proceed.
Operator: Ladies and gentlemen, again, should you have any questions, please press star followed by one on your touchtone phone. At this time, Mr. MacFabe, we have no other questions registered. Please proceed.
And at this time. Mr. Macfab we have no other questions registered, please proceed.
Dan Hilton: Thank you, operator. Appreciate everybody's participation this morning on our call. A lot to review, but we're very proud of what we've accomplished, and we have great tailwinds pushing us forward into this year. So we're excited about the future, and we definitely are looking forward to executing and, as discussed. So, stay tuned, and very shortly, you'll see an update from us at the end of February. So with that, I wish you all a good day, and thank you for your support.
Danny Hilton: Thank you, operator. Appreciate everybody's participation this morning on our call. A lot to review, but we're very proud of what we've accomplished, and we have great tailwinds pushing us forward into this year. So we're excited about the future, and we definitely are looking forward to executing and, as discussed. So, stay tuned, and very shortly, you'll see an update from us at the end of February. So with that, I wish you all a good day, and thank you for your support.
Thank you, operator. Um appreciate everybody's participation this morning on our call uh a lot to to review.
Uh, but we're very proud of what we've accomplished and where we have great, uh, Tailwind pushing us forward into this year, so we're excited about the future. And uh, we definitely are looking forward to executing and as discussed, so um, stay tuned and uh, very shortly. You'll see an update from us at the end of February. So with that, I wish you all a good day and uh,
Thank you for your support.
Operator: Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending, and at this time, we do ask that you please disconnect your lines.
Operator: Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending, and at this time, we do ask that you please disconnect your lines.
Thank you, sir. Ladies and gentlemen, this is indeed conclude your conference call for today. Once again, thank you for attending and at this time we do ask that you please disconnect your lines
