VANCOUVER, BC, May 29, 2024 /CNW/ - BQE Water Inc. (TSXV:BQE), a leader in the treatment and management of mine impacted waters, is pleased to release its interim consolidated financial results for the three months ended March 31, 2024. "In Q1 2024, we doubled our recurring operation revenues over the same period last year as our new streams of recurring revenue in the US mitigated the seasonality of our existing operations," said David Kratochvil, President & CEO of BQE Water. "Growing such revenue streams remains a strategic priority for us as we expand recurring revenues through additional plant operations over time. While our technical services for Q1 2024 decreased when compared to Q1 2023, we expect it to catch up to 2023 levels over the remainder of the year." FINANCIAL HIGHLIGHTS Recorded Proportional and GAAP revenues of $3.4 million and $2.5 million in Q1 2024 respectively, compared $3.6 million and $2.7 million in Q1 2023. Doubled recurring plant operation revenues to $1.8 million in Q1 2024 when compared to Q1 2023. Gross margin of $1.1 million in Q1 2024 compared to $1.0 million in Q1 2023, an 11% increase. Net loss of $486,000 in Q1 2024 compared to a loss of $342,000 in Q1 2023. Adjusted EBITDA loss of $121,000 in Q1 2024 compared to a loss of $80,000 in Q1 2023. Net cash and cash equivalents of $8.2 million at March 31, 2024, compared to $7.9 million at December 31, 2023, a 4% increase. Working capital of $9.9 million at March 31, 2024, compared to $10.5 million at December 31, 2023, a 6% decrease. Selected financial results are as follows: (in '000s) 3 months ended Mar. 31 2024 2023 Revenue from Operation Services 1,789 835 Revenue from Technical Services 719 1,856 Revenue from joint ventures in China 902 869 Proportional Revenues 3,410 3,560 OPERATIONAL SERVICES HIGHLIGHTS Our operational services consist of the operation or technical supervision of water treatment plants, which generate recurring revenues from three main sources: sales of recovered metals, water treatment fees and operations support fees. The Company's operations by source of revenue are as follows: Operations Location Revenue Source JCC-BQE Joint Venture Jiangxi province, China Sales of recovered metals MWT-BQE Joint Venture Shandong province, China  Sales of recovered metals Raglan Mine for Glencore Northern Québec, Canada Water treatment fees Minto Mine for Government of Yukon Yukon, Canada Water treatment fees Zhongkuang Metallurgical Facilities for MWT   Shandong province, China Operations support fees Zhaojin Metallurgical Facilities for MWT Shandong province, China Operations support fees Power utility ash pond for WesTech Eastern USA Water treatment fees Base metal project for a metal producer Southwestern USA Water treatment fees JCC-BQE Joint Venture Operations Our 50/50 joint venture with partner Jiangxi Copper Company ("JCC") operates three water treatment plants at Dexing Mine and at Yinshan Mine in Jiangxi province of China. The volume of water treated and pounds of copper recovered by the plants fluctuate seasonally depending on precipitation levels in the region. The operating results for Q1 2024 are as follows: (in '000s) 3 months ended Mar. 31 2024 2023 Water treated (cubic metres) 4,217 2,899 Copper recovered (pounds) 380 291 In Q1 2024, all three plants met mechanical availability and process performance targets set by the Company. The volume of water treated increased by 45% and the mass of copper recovered increased by 31% compared to Q1 2023. Such changes in water volume and feed grade from period to period are largely the result of environmental conditions beyond the control of the joint venture. MWT-BQE Joint Venture Operations Our 20% share in MWT-BQE is with our 80% partner Beijing MWT Water Treatment Project Limited Company ("MWT") and together we operate a water treatment plant at a smelter in Shandong province of China. MWT-BQE generates revenues from the sale of zinc and copper recovered from smelter wastewater. Operating results for Q1 2024 are as follows: (in '000s) 3 months ended Mar. 31 2024 2023 Zinc recovered (pounds) 31 78 Copper recovered (pounds) 5 41 The smelter periodically operated its production lines with ores from different sources which led to varying concentrations of zinc and copper in the feed and a fluctuation in the volume of wastewater treated by the plant. The joint venture has no control over the composition and volume of feed that flows into the plant. BQE Water ...