H2O Innovation reports Q2 adjusted EPS C$0.029 vs. C$0.022 last year

Reports Q2 revenue C$63.9M vs. C$42M last year. "We could not be prouder of our financial results and operational performance for the second quarter of our fiscal year 2023, particularly given the challenging economic backdrop. In H2O Innovation, growth is present in every aspect of our business, with the water industry being at a critical inflection point. We achieved record-high quarterly revenues of $63.9 M, propelled by 27% organic growth, driving a 70% increase in adjusted EBITDA. The measures taken to mitigate price increases in raw materials and rapid inflation in wages are starting to reflect positively on our gross profit margins. The roadmap introduced at the Annual General Meeting of Shareholders in December supports further margin improvements and optimization of our cash-flow conversion. Moving forward, we have confidence in our strategy, the right resources and identified multiple opportunities to maintain our growth momentum while minimizing our risks. The drivers of the water industry are now incontrovertible, with the key themes being population growth, aging infrastructure, increasing regulations, water scarcity, aging workforce and water positive. All these factors contributed to grow our consolidated backlog to $206 M, an increase of 63% from last year. H2O Innovation has built a platform and continues to monetize it with repeat business and new customers, both municipal and industrial. Combined with our high recurrent business model, expanded international distribution network demanding more green chemistry and innovative products and solutions, our business outlook remains very robust", stated Frederic Dugre, President, Chief Executive Officer and co-Founder of H2O Innovation.