Q4 2025 Earnings Preview: What to Watch
What to expect from the upcoming earnings season for the ten profiled companies
It’s earnings season again. First results will come in this week, with the majority in March. Time to write what I’m paying attention to for the ten covered companies in this newsletter.
Earnings in February
BluMetric (BLM.V) — February 26th (Disc. I am long)
BluMetric files on a separate calendar, so they will report their Q1 FY2026 results. I think it will be an interesting quarter given it will be the first in which we see the numbers of their recently acquired consulting business. The last three quarters were underwhelming on the bottom line: in Q2 and Q3 the Canadian service business was slower, and in Q4 they absorbed a one-time expense of CA$1.1M in their water-tech business. They’ve already hinted at how the business will look post-acquisition on a pro forma basis: CA$85–90M in revenue, with 10% EBITDA at CA$100M revenue as the goal, and high single digits pro forma.
Things to watch: Numbers from the acquired company, margin improvement in their water-tech business.