Business
Quarterly results reflect continued pandemic impact. But record Custom Equipment orders and revenue and record Turn-key Project development indicate strong, growing demand from customers
(TheNewswire) OTTAWA, ONTARIO – TheNewswire - April 29, 2022 &...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Quarterly results reflect continued pandemic impact. But record Custom Equipment orders and revenue and record Turn-key Project development indicate strong, growing demand from customers\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n OTTAWA, ONTARIO –\n \n \n TheNewswire -\n \n \n April 29, 2022 –\n \n \n Thermal Energy International\nInc.\n \n \n (“\n \n \n \n \n Thermal Energy\n \n \n \n \n \n ”\n \n \n \n or the\n“Company”)\n \n \n (TSXV:\n \n \n \n \n TMG\n \n \n \n \n \n )\n \n \n \n ,\n \n \n (\n \n \n OTC:\n \n \n \n \n TMGEF\n \n \n \n \n )\n \n \n , an innovative cleantech company and global provider of\nproprietary energy and carbon emissions reduction solutions to some of\nthe world’s largest corporations, has announced its financial\nresults for the third quarter ended February 28, 2022. All figures are\nin Canadian dollars.\n \n \n \n \n Quarter-End Highlights:\n \n \n \n \n \n \n Revenue:\n \n \n $3.5\nmillion for the quarter and $11.4 million for the year-to-date\nperiod.\n \n \n \n \n \n \n YTD Custom Equipment revenue is 12% ahead of last year\nand 23% more than the pre-pandemic levels the year before\n \n \n \n \n \n \n YTD Turn-key Project revenue is 18% below last year and\n67% below the pre-pandemic levels the year before\n \n \n \n \n \n \n \n \n EBITDA\n \n \n \n \n i\n \n \n \n \n :\n \n \n $(647) thousand for the quarter\n \n \n \n \n \n \n Net loss\n \n \n of\n$(894) thousand for the quarter\n \n \n \n \n \n \n Cash and working capital\nbalances\n \n \n is at $2.3 million and $1.5 million\nrespectively\n \n \n \n \n \n \n Order backlog\n \n \n \n \n ii\n \n \n \n \n $5.6\nmillion\n \n \n \n \n \n \n Custom Equipment backlog is $3.2 million, 78% ahead of\nthis time last year and 207% more than the year before\n \n \n \n \n \n \n Turn-key Project backlog is $2.3 million, 45% less than\na year ago and unchanged from the year before\n \n \n \n \n \n \n \n \n Custom Equipment\n \n \n iii\n \n \n YTD order\nintake is 11% ahead of last year, and 39% greater than the pre-Covid\nlevels the year before.\n \n \n \n \n \n \n Turn-key Project\ndevelopment:\n \n \n At record levels and double the\npre-pandemic high achieved in fiscal 2019.\n \n \n \n \n \n \n \n Overview\n \n \n \n “\n \n These disappointing quarterly results reflect\nthe continued ongoing disr...