Business
Thermal Energy International Announces Second Quarter Financial Results
(TheNewswire) Ottawa, O N - TheNewswire - January 30, 2023 - Thermal Ener...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy International Announces Second Quarter Financial Results\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Ottawa, O\n \n \n N\n \n \n -\n \n \n TheNewswire -\n \n \n January\n30, 2023 -\n \n Thermal Energy International Inc. (“\n \n \n Thermal Energy\n \n \n \n ”\n \n or the\n“\n \n Company\n \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 , an innovative\ncleantech company and global provider of proprietary energy and carbon\nemissions reduction solutions to some of the world’s largest\ncorporations, has announced its financial results for the quarter\nended November 30, 2022. All figures are in Canadian dollars.\n \n \n \n Record Order Intake and record Turn-key Project\ndevelopment indicate strong, growing demand from customers. Quarterly\nresults reflect residual pandemic impact on the longer sales cycle\nTurn-key Project orders.\n \n \n \n \n Quarter-End Highlights:\n \n \n \n \n \n \n Revenue:\n \n \n $4.2 million for the\nquarter, $7.3 million year-to-date\n \n \n \n \n \n \n EBITDA\n \n \n \n \n i\n \n \n \n \n :\n \n \n $(28) thousand for the quarter\n \n \n \n \n \n \n Net loss:\n \n \n of $(266) thousand for\nthe quarter, $(775) thousand year-to-date\n \n \n \n \n \n \n EBITDA\n \n \n :\n \n \n $(28) thousand for the quarter, $(258) thousand,\nyear-to-date\n \n \n \n \n \n \n \n \n Cash and working capital\nbalances\n \n \n are $2.7 million and $1.8 million\nrespectively\n \n \n \n \n \n \n Order intake:\n \n \n $14.4 million for\nthe quarter, $18.1 million year-to-date\n \n \n \n \n \n \n Order backlog\n \n \n \n \n ii\n \n \n \n \n $17.1\nmillion as at November 30, 2022 compared to $7 million at the same\ntime last year, increasing to $19.5 million as of January 26,\n2023.\n \n \n \n \n \n \n Overview\n \n \n \n “The results for this second quarter show Custom Equipment\n \n iii\n \n \n \n has continued its\nrecord-breaking trajectory and now Turn-key Project activity and\npipeline has also resumed with confidence” said William Crossland,\nThermal Energy CEO.\n \n \n “The number of paid Project Development Agreements (PDA) signed, a\nsignificant step in the sales and engineering cycle of Turn-key\nprojects, is at the highes...