Business
Thermal Energy International Reports Strong Fourth Quarter Results and Record Year End Revenue
(via TheNewswire) Company also announces record order backlog to begin new year OTTA...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy International Reports Strong Fourth Quarter Results and Record Year End Revenue(via TheNewswire)\n\n \nCompany also announces record order backlog to begin new year\n\n\n \nOTTAWA, ONTARIO - TheNewswire - September 30, 2019 - Thermal Energy International Inc. (\"Thermal Energy or the \"Company\") (TSXV:TMG) (OTC:TMGEF), an innovative cleantech company and global provider of proprietary, energy efficiency and emissions reduction solutions, has announced its financial results for the fiscal year ended May 31, 2019. All figures are in Canadian dollars. \n\n \n \nHighlights:\n\n\n \n\n\n- Strong fourth quarter as evidenced by record GEM(TM) Steam Trap revenue, $3.5 million gross profit and $1.0 million EBITDAS\n\n\n\n- Robust growth for the year with a 21% increase in revenue (33% CAGR since 2015) and $9.2 million gross profit\n\n\n\n\n \n\n\n- Year end cash balance of $4.2 million\n\n\n\n- Record $14.0 million order backlog as at May 31, 2019 to begin the new year (41% higher than last year) which has since grown to $18.2 million\n\n\n\n \n \n\"These figures from our latest quarter and fiscal year are a significant marker of the positive impact our strategic growth plan is having on the business.\" said William Crossland, CEO of Thermal Energy. \n\n \n \n\"Both revenue and gross profit are at all time highs, up 21% and 11% respectively compared to last year. The final quarter of 2019 also proved to be our most successful to date in terms of GEM(TM) Steam Trap revenue, as well as generating record levels of quarterly gross profit and EBITDAS. All of which is reflective of a successful growth strategy that has contributed to the Company's revenue more than tripling since 2015, equivalent to a compound annual growth rate of 33%.\"\n\n \n \n\"We began the new financial year with a record $14.0 million's worth of confirmed orders with revenue yet to be recognized - 41% higher than the previous year. Now, in September, we have already increased our order backlog by another 30% to $18.2 million.\"\n\n \n \n\"This growing order backlog is a particularly useful measure of future revenue trajectory. Considering that 70% of last year's order backlog was represented by the single Resolute Forest Products \"mega\" order (announced December 2017), the Company's ability to not only maintain but actually grow revenue levels beyond t...