BluMetric Environmental (BLM) AI Stock Analysis

• Market Cap: C$66.60M
• Dividend Yield: N/A
• Average Volume (3M): 43.92K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.93
• Revenue Growth: 63.49%
• EPS Growth: -133.70%
• Country: CA
• Employees: 220
• Sector: General
• Sector Strength: N/A
• Industry: Waste Management
• EPS (TTM): 0.00
• Shares Outstanding: 54,587,147
• 10 Day Avg. Volume: 24,640
• 30 Day Avg. Volume: 43,923
• PEG Ratio: <0.01
• Price to Book (P/B): 3.10
• Price to Sales (P/S): 0.78
• P/FCF Ratio: 38.74
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.06
• Revenue Forecast (FY): C$62.61M

• Rating: 44 Neutral
• Price Target: C$1.00 ▼(-35.90% Downside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is driven primarily by weakened financial performance: margins have compressed, profitability is negative, and recent operating/free cash flow are both negative despite revenue growth. Technicals also lean bearish with the price below major moving averages and a slightly negative MACD. Valuation is constrained by current losses (negative P/E) and no indicated dividend yield support.

Positive Factors

Revenue Growth / Business Model

Sustained top-line growth (~10% TTM) reflects scalable fee-for-service and project-based revenues across environmental and water services. Project scopes (multi-month to multi-year) and time-and-materials billing provide predictable revenue backlogs and allow utilization gains to translate into lasting scale if margins recover.

Balance Sheet Flexibility

A moderate debt-to-equity (~0.54) suggests the company is not overlevered relative to peers, providing structural capacity to finance working-capital swings and convert backlog into revenue. This debt posture preserves funding optionality for project execution and selective investment while profitability normalizes.

Specialized Service Position

Niche technical expertise in environmental remediation, water infrastructure and compliance creates durable competitive advantages: high switching costs, regulatory-driven demand, and long procurement cycles with government customers. These structural traits support recurring engagements and pricing power over time.

Negative Factors

Negative Profitability

Persistent operating losses and a negative net margin (~-3.7%) indicate structural profitability issues. Margin erosion undermines free cash generation and the ability to self-fund growth or absorb project overruns, raising execution risk and pressuring long-term return prospects unless operational fixes restore margins.

Weak Cash Generation

Negative operating and free cash flow constrain the firm's ability to finance project working capital, invest in capabilities, or repay debt from operations. In a project-driven business where timing and milestone payments vary, sustained cash deficits increase reliance on external financing and raise liquidity and execution risk.

Capital Base Volatility

Material fluctuations in the equity base point to prior dilutive financings or capital adjustments, which can erode shareholder value and complicate strategic planning. Combined with negative returns on equity, this instability raises the probability of future capital raises and increases governance and financing execution risk.

BluMetric Environmental Business Overview & Revenue Model

Company Description

BluMetric Environmental Inc. provides solution-oriented consultation, design, products, and construction services to clients with environmental issues in Canada and internationally. The company offers professional services in the fields of environmental geosciences and engineering, industrial hygiene, occupational health and safety, renewable energy, water and waste water treatment, and environmental contracting and management. Its professional services include environmental permitting and compliance, environmental reporting, environmental site assessments, geomatics and data management, industrial hygiene, management systems, physical hydrogeology and clean water, property assessments and environmental due diligence, waste management, and waterpower and hydraulic structures, as well as occupational health, and safety and ergonomics. The company also provides SROD - shipboard reverse osmosis desalinator systems; and ROWPU- reverse osmosis water purification units that produce drinking water from nearly water source. The company serves commercial and industrial customers, military, mining, and governments. BluMetric Environmental Inc. is headquartered in Ottawa, Canada.

How the Company Makes Money

BluMetric generates revenue primarily through its consulting and engineering services, which are billed on a project basis. Key revenue streams include contracts for environmental assessments, site remediation projects, and ongoing monitoring services. The company also earns money from specialized training programs and software solutions related to environmental management. Significant partnerships with government agencies and private sector clients enhance its revenue potential, as they often lead to long-term contracts and repeat business in the growing field of environmental sustainability.

BluMetric Environmental Financial Statement Overview

Summary

Revenue is growing (TTM ~$68.9M, ~10% growth), but operating profit is negative with ongoing net losses (net margin ~-3.7%) and notable gross margin compression (~24% recently vs ~40% in FY2024). The balance sheet is moderately levered (debt-to-equity ~0.54) but returns are negative, and cash flow is a key weakness with negative TTM operating cash flow (~-$1.1M) and free cash flow (~-$1.6M).

Income Statement

TTM (Trailing-Twelve-Months) revenue rose to ~$68.9M with strong reported growth (~10%), but profitability has deteriorated meaningfully: operating profit is negative and net losses persist (net margin ~-3.7%). Gross margin has also compressed versus earlier years (roughly ~24% recently vs ~40% in FY2024), indicating weaker pricing/project mix and/or higher costs. Earlier years showed healthy profitability (notably FY2021–FY2022), but the current trajectory is unfavorable despite top-line expansion.

Balance Sheet

Leverage appears manageable with debt-to-equity around ~0.54 in the most recent periods, suggesting the company is not overly debt-loaded. However, returns on shareholders’ equity are currently negative (driven by net losses), and the equity base has fluctuated materially across periods, which raises questions around stability of capital structure and earnings quality. Overall, the balance sheet provides some flexibility, but profitability needs to recover to fully support it.

Cash Flow

Cash generation has turned weak: TTM (Trailing-Twelve-Months) operating cash flow is negative (about -$1.1M) and free cash flow is also negative (about -$1.6M), a sharp reversal from positive free cash flow in FY2025 annual. While cash flow has been volatile across years, the recent step-down—along with sharply negative free cash flow growth—signals elevated execution/working-capital risk and reduced financial flexibility until operating cash flow normalizes.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	62.58M	34.84M	35.08M	34.32M	35.48M
Gross Profit	15.16M	13.98M	7.59M	7.56M	9.42M
EBITDA	1.98M	1.46M	1.78M	2.24M	5.23M
Net Income	-2.30M	64.00K	506.72K	1.32M	3.73M
Balance Sheet
Total Assets	37.09M	37.99M	20.05M	19.67M	17.42M
Cash, Cash Equivalents and Short-Term Investments	2.11M	3.65M	3.04M	4.91M	4.73M
Total Debt	8.55M	7.60M	2.80M	2.15M	2.60M
Total Liabilities	21.35M	24.27M	7.86M	8.30M	7.56M
Stockholders Equity	15.74M	13.72M	12.19M	11.37M	9.86M
Cash Flow
Free Cash Flow	1.26M	-579.00K	-799.89K	1.11M	3.46M
Operating Cash Flow	1.63M	57.00K	-462.95K	1.20M	3.65M
Investing Cash Flow	-991.00K	-1.50M	-336.94K	-83.38K	-191.52K
Financing Cash Flow	-2.19M	2.07M	-1.07M	-929.66K	-1.21M

BluMetric Environmental Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.56
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BLM, the sentiment is Negative. The current price of 1.56 is above the 20-day moving average (MA) of 1.35, above the 50-day MA of 1.41, and above the 200-day MA of 1.39, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 35.64 is Neutral, neither overbought nor oversold. The STOCH value of 20.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BLM.

BluMetric Environmental Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VCI	81 Outperform	C$44.49M	12.22	69.72%	3.74%	45.73%	30.99%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
BLM	44 Neutral	C$66.60M	-16.58	-3.01%	―	63.49%	-133.70%
YES	42 Neutral	C$34.09M	-14.09	-419.23%	―	-27.40%	23.40%
ECM	41 Neutral	C$39.69M	-16.36	-1787.47%	―	135.68%	68.99%
ROOF	41 Neutral	C$31.43M	-2.08	―	―	12.06%	-52.13%

BluMetric Environmental Corporate Events

BluMetric Posts Record Q1 Revenue on DS Consultants Deal and Defense Demand

BluMetric reported record first-quarter fiscal 2026 revenue of $20.3 million, up 45% year over year, driven by its acquisition of DS Consultants, production of Rheinmetall Mission Ready Water systems, and strong mining sector activity, though gross margin compressed to 28% and the company posted a small net loss of $67,000 as operating expenses rose. The completion of the DS Consultants acquisition and a $15 million equity financing are expected to bolster scale, support progressive EBITDA contributions from the acquired business, and position BluMetric to capitalize on secular tailwinds in defense, mining, and water infrastructure, underpinning its strategy for profitable growth despite near-term integration and margin pressures.

The most recent analyst rating on (TSE:BLM) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on BluMetric Environmental stock, see the TSE:BLM Stock Forecast page.

BluMetric to Release Q1 2026 Results and Host Investor Call

BluMetric Environmental said it will release its financial results for the first quarter of fiscal 2026, covering the period ended December 31, 2025, after markets close on February 25, 2026. The update will provide investors and other stakeholders with the latest view of the company’s performance in its WaterTech and environmental consulting operations.

The company will host an investor conference call on February 26, 2026, at 9:00 a.m. Eastern Time to discuss the quarterly results, with both pre-registration and direct dial-in options available. A replay of the call will be posted on BluMetric’s investor relations website, supporting continued engagement with shareholders and analysts following the earnings release.

The most recent analyst rating on (TSE:BLM) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on BluMetric Environmental stock, see the TSE:BLM Stock Forecast page.

BluMetric Doubles Revenue in 2025 but Takes Profit Hit on Strategic WaterTech Project

BluMetric reported a transformative fiscal 2025, with revenue surging 80% year over year to $62.6 million and working capital and net cash positions improving, but profitability deteriorating as gross margin fell to 29% and the company swung to a $2.3 million net loss, partly due to cost overruns on the St. Kitts Bird Rock seawater reverse osmosis project. Management framed the margin pressure as a strategic decision to strengthen a key client relationship in the Caribbean—where it has since secured its first operations and maintenance contract—while highlighting strong growth from the full consolidation of Gemini Water and Military WaterTech deliveries, rapid expansion in commercial and industrial revenue, and post‑year‑end moves including the acquisition of DS Consultants and a $15 million equity raise that position the company for further growth and integration in fiscal 2026.

The most recent analyst rating on (TSE:BLM) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on BluMetric Environmental stock, see the TSE:BLM Stock Forecast page.

BluMetric Wins $5 Million Caribbean WaterTech and O&M Contracts

BluMetric Environmental has secured two Caribbean contracts worth a combined CA$5 million, underscoring its growing presence in regional water infrastructure. The company will supply a seawater reverse osmosis and membrane bioreactor system for a private island in the Exumas, Bahamas, in a CA$3.4 million project that integrates design, engineering, manufacturing, and service for both potable water and wastewater treatment. In addition, BluMetric has signed a CA$1.6 million one-year operations and maintenance agreement for its desalination plant in St. Kitts and Nevis, marking its first recurring O&M contract in the Caribbean and advancing its strategy to build a more stable, service-based revenue stream alongside its deployed WaterTech systems.

The most recent analyst rating on (TSE:BLM) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on BluMetric Environmental stock, see the TSE:BLM Stock Forecast page.

BluMetric Secures $5 Million Caribbean WaterTech and O&M Contracts

BluMetric Environmental has secured two contracts in the Caribbean worth a combined CA$5 million, underscoring its growing presence in regional water infrastructure. The company will provide a complete WaterTech solution for a private island in the Exumas, Bahamas, including a seawater reverse osmosis system capable of producing 320,000 gallons per day of potable water and a membrane bioreactor to treat 120,000 gallons per day of wastewater, in a project valued at CA$3.4 million. In addition, BluMetric has signed a CA$1.6 million, one-year operations and maintenance agreement for its desalination plant in St. Kitts and Nevis, which is expected to be renewed annually and marks its first recurring O&M contract in the Caribbean. Together, these wins highlight the company’s effort to pair its deployed WaterTech systems with recurring service contracts, reinforcing its long-term client relationships and positioning in the sustainable water and wastewater solutions market.

The most recent analyst rating on (TSE:BLM) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on BluMetric Environmental stock, see the TSE:BLM Stock Forecast page.

BluMetric Completes $15 Million Offering to Fund Strategic Acquisition

BluMetric Environmental Inc. has successfully closed a $15 million brokered offering, issuing over 11 million common shares at $1.30 each. The proceeds will fund the acquisition of DS Consultants Ltd., a firm specializing in engineering consulting services, and support general corporate purposes. This strategic acquisition aligns with BluMetric’s disciplined approach to growth and is expected to enhance its market position by integrating DS Consultants’ expertise in geotechnical engineering and environmental services.

The most recent analyst rating on (TSE:BLM) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on BluMetric Environmental stock, see the TSE:BLM Stock Forecast page.

BluMetric Expands with DS Consultants Acquisition and $15M Equity Offering

BluMetric Environmental Inc. has announced the acquisition of DS Consultants Inc., a firm specializing in geotechnical engineering and environmental services, for up to $22.5 million. This acquisition is expected to bolster BluMetric’s expertise and position in the Greater Toronto Area, enhancing its service offerings in the built environment. Additionally, BluMetric is conducting a $15 million equity offering to finance the acquisition and support working capital, with the offering expected to close on December 9, 2025.

The most recent analyst rating on (TSE:BLM) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on BluMetric Environmental stock, see the TSE:BLM Stock Forecast page.