Significant Revenue Growth
Fiscal 2025 revenue of $78.4M, up $26.9M or 52% versus fiscal 2024; Q4 revenue of $26.0M, +22% year-over-year.
EBITDA Turnaround
Fiscal 2025 EBITDA of $4.0M compared to a loss of $4.0M in 2024 — an $8.0M improvement, with Q4 EBITDA of $2.6M.
Shift to Higher-Value Revenue Mix
SPS and Recurring Revenue now represent 65% of total revenue in fiscal 2025 (up from 38% in fiscal 2022), driving more predictable and higher-margin business.
Gross Margin Expansion Since 2022
Gross margins improved from 23.9% in fiscal 2022 to 29.9% in fiscal 2025; core units (Municipal, Industrial Water & Reuse, Industrial Wastewater & Biogas) exceeded prior-year gross margins by an average of >6%.
Record and Growing Orders / Backlog
Q4 new orders $24.5M, +$15M or ~158% y/y (noted as the largest SPS & Recurring Revenue order quarter on record). Fiscal 2025 new orders $64.2M, +$14.2M or 28.5%. Backlog just under $75M with ~ $53M expected to be recognized in fiscal 2026; core BUs increased backlog by $14.8M (+>40%).
Strong Cash and Cash Flow Performance
Year-end cash of $16.6M plus $4.1M in security deposits; operating cash flow of $10.9M for fiscal 2025 and $3.8M in Q4; company repaid $2.5M of debt during the year.
Ivory Coast Addendum Progress and Contributions
Ivory Coast Addendum drove large incremental revenue (addendum revenue $20.4M higher vs prior year) and contributed $3.4M of EBITDA in fiscal 2025 (versus $0.2M in 2024). Collected 6 milestone payments totaling EUR 35.4M (~73% of total payments); project on track for Q3 2026 completion.
Cost and Organizational Improvements
SG&A rationalization (approx. 25% reduction noted), corporate cost savings of ~$0.5M, and strengthened executive team including a new CFO and expanded business unit leadership to drive growth, capital efficiency and services expansion.