Business
Thermal Energy International Announces Strong Second Quarter Results
(TheNewswire) OTTAWA, ONTARIO - TheNewswire - January 26, 2021 ...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy International Announces Strong Second 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 January 26, 2021\n- Thermal Energy International Inc. (“Thermal Energy or the\n“Company”) (TSXV:\n \n TMG\n \n ), an innovative cleantech company and global\nprovider of energy efficiency and emissions reduction solutions, has\nannounced its financial results for the second quarter ended November\n30, 2020. All figures are in Canadian dollars.\n \n \n \n Second-quarter financial\nhighlights:\n \n \n \n \n \n \n - $5.0 million in revenue, a 77% increase compared to\nQ1\n \n \n \n \n - $2.4 million gross profit, up 84% compared to\nQ1\n \n \n \n \n - EBITDA of $788 thousand compared to $15 thousand in\nQ1\n \n \n \n \n - Net profit of $580 thousand compared to a net loss of\n$218 thousand in Q1\n \n \n \n \n - Quarter-end cash balances of $4.9 million and working\ncapital of $4.2 million\n \n \n \n \n - Order intake continues to track significantly ahead\nof last year – up 103% compared to Q2\n \n \n last\nyear and up 66% on a year-to-date basis\n \n \n \n \n \n \n “These latest financial results from our second\nquarter are extremely encouraging, with a rebound in revenue and\nprofitability and continued strength in order intake\n \n \n ,”\n \n said\n \n William Crossland\n \n , CEO of Thermal Energy.\n \n \n “Like many companies, COVID-19 has had an impact on our operations\nand revenues, most notably in the fourth quarter of last year and the\nfirst quarter of this year, when many existing projects were\ntemporarily placed on hold and there was a reduction in the level of\nnew opportunities that could be progressed without access to customer\nsites.\n \n \n “In the second quarter, with the easing of travel restrictions, and\nsites reopening with social distancing and other mitigation measures\nin place, we were able to resume delivery of many of the projects that\nhad been put on hold, as well as commence delivery of some of the\nrecently received new orders. This was particularly the case for\nturnkey Heat Recovery projects, which require onsite engineering,\ndesign, and installation.\n \n \n “As organizations focus on energy efficiency as a way of not only\nreducing carbon emissions b...