Business
Thermal Energy International Reports Fourth Quarter and Fiscal 2024 Results
Fiscal 2024 was a record year for revenue, order intake, and EBITDA Ottawa, Ontario--(Newsfile C...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy International Reports Fourth Quarter and Fiscal 2024 ResultsFiscal 2024 was a record year for revenue, order intake, and EBITDAOttawa, Ontario--(Newsfile Corp. - September 19, 2024) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) (\"Thermal Energy\" or the \"Company\"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, today reported its financial results for the fourth quarter and year ended May 31, 2024. All figures are in Canadian dollars.Highlights: (Comparisons are on a year-over-year basis)Revenue: $25.9 million (up 23%) for the year, $7.5 million (down 8%) for the quarter. Gross profit: $12.5 million (up 30%) for the year, $3.1 million (down 18%) for the quarter.EBITDAi: $2.0 million (up 15%) for the year, $0.4 million (down 64%) for the quarter.Net income: $1.0 million (up 36%) for the year, $0.3 million (down 70%) for the quarter.Order intake: $29.5 million (up 8%) for the year, including $5.1 million in the quarter.Order backlogii was $18.7 million as at May 31, 2024, up 43% compared to last year, and $21.3 million as at September 18, 2024.Overview\"Fiscal 2024 was a remarkable year for Thermal Energy International, setting new records in revenue, order intake, and EBITDA,\" said William Crossland, Thermal Energy CEO. \"Given the nature of our business our quarterly results can vary quite significantly. In this regard, our continued growth in annual revenue and profitability is especially noteworthy considering the exceptional fourth quarter we had in the prior year, which included revenue from a number of exceptionally large GEM orders, including $1.9 million from two major customers alone. Despite the lower GEM sales this quarter, our GEM sales for the year were still the highest ever and we also had significant growth across our business.\"\"We reinvested more than $1.5 million in the future growth of the business in fiscal 2024, including adding 9 net new team members, moving to a new UK facility and more than doubling the throughput capacity, and developing a proprietary mobile app to help us more quickly and efficiently identify energy-saving and carbon-reduction project opportunities. While these investments have yet to impact top-line growth, they better position us to capitalize on the strong momentum in...