H2O Innovation’s 2018 Second Quarter Results – The Corporation is scaling up, showing growth in all business pillars
- Revenues reached $25.8 M for the second quarter of fiscal year 2018, representing a $5.9 M, or 29.4% growth, compared to the second quarter of the previous fiscal year;
- Recurring revenues from Specialty Products and Services (“SP&S”) and Operation & Maintenance (“O&M”) business pillars represent 74.5% of total revenues;
- Consolidated backlog, combining Water and Wastewater Treatment Projects (“Projects”) and O&M, stood at $116.1 M as of December 31, 2017, compared to $109.2 M for the period ended December 31, 2016, representing a 6.3% organic growth;
- Adjusted EBITDA1 reached $1.4 M for the second quarter of fiscal year 2018, representing a $0.6 M, or 67.8% growth, compared to the second quarter of fiscal year 2017;
- Adjusted EBITDA over revenues increased, from 4.1% for the three-month period ended December 31, 2016 to reach 5.3% for this quarter ended December 31, 2017;
- Net loss of ($1.3 M), compared to ($1.1 M) in the second quarter of previous fiscal year, mostly impacted by the tax reform. Without the $1.1 M impact from the new U.S. tax reform, net loss would have been ($0.2 M).
Quebec City, February 14, 2018 – (TSXV: HEO) – H2O Innovation Inc. (“H2O Innovation” or the “Corporation”) announces its results for the second quarter of fiscal year 2018 ended December 31, 2017. Revenues for the second quarter of fiscal year 2018 totaled $25.8 M, representing a $5.9 M or 29.4% increase, as compared with revenues of $19.9 M for the second quarter of the previous fiscal year. This increase is fueled by the organic growth of the Projects and SP&S business pillars. The Projects business pillar is currently regaining speed after a slowdown in specific projects, which impacted last fiscal year’s financial results. More projects are reaching the revenue recognition phase for this quarter compared to the same quarter of fiscal year 2017. SP&S results have been bolstered by the Maple business line, which is showing a faster growth with record results quarter after quarter. Our growing consolidated backlog, which stands at $116.1 M as of December 31, 2017, compared to $109.2 M last year, continues to provide excellent visibility on revenue recognition for the coming quarters.