Business
Thermal Energy International Announces Promising Increase in Order Intake in First Quarter Results
(TheNewswire) OTTAWA, ONTARIO - TheNewswire - October 29, 2020 ...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy International Announces Promising Increase in Order Intake in First Quarter Results\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n OTTAWA, ONTARIO -\n \n TheNewswire -\n \n October 29, 2020\n- Thermal Energy International Inc. (\"Thermal Energy or the\n\"Company\") (TSXV:\n \n \n TMG\n \n \n ), an innovative\ncleantech company and global provider of energy efficiency and\nemissions reduction solutions, has announced its financial results for\nthe first quarter ended August 31, 2020. All figures are in Canadian\ndollars.\n \n \n \n First-quarter financial\nhighlights:\n \n \n \n \n \n \n - $2.8 million in revenue\n \n \n \n \n - 74% increase in orders received compared to the last\nquarter\n \n \n \n \n - 43% increase in orders received compared\nto\n \n \n the same quarter of the prior year\n \n \n \n \n - 47% gross margin, an increase of 3% from the same\nquarter of the prior year (44%)\n \n \n \n \n - Quarter-end cash balances of $4.6 million and working\ncapital of $3.7 million\n \n \n \n \n \n \n \"Our first quarter of this new financial year is\nrepresentative of the challenge facing many organizations across the\nworld as we all navigate the impact the current global pandemic is\nhaving on businesses and the economy,\"\n \n said William\nCrossland, CEO of Thermal Energy.\n \n \n \"Like many companies, we anticipated that COVID-19 would, and\nwill continue to, have a negative effect on operations and revenues.\nThis was shown most clearly during the fourth quarter last year and\ninto the first half of this quarter. Since that time, we have seen a\nrebound in activity and orders.\n \n \n \"Thermal Energy prides itself on providing a tailored,\nbest-in-class product and service, which often relies on detailed site\nsurveys gathered from facility visits. Therefore, during the fourth\nquarter of last year and the first half of this quarter, when such\nvisits were restricted, our business activity slowed. Many projects,\nwhere installation was already underway, were temporarily put on hold\nand there was also a reduction in the level of new opportunities we\ncould advance without being able to access sites.\n \n \n \"This was particularly the case for turnkey Heat Recovery\nprojects which require onsite engineering, design and installation.\nHowever, our other product categories such as\n ...