Business
Thermal Energy International Reports Strongest Quarter in More than Two Years
Third quarter highlighted by profitable growth across all product categories Ottawa, Ontario--(N...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy International Reports Strongest Quarter in More than Two YearsThird quarter highlighted by profitable growth across all product categoriesOttawa, Ontario--(Newsfile Corp. - April 25, 2023) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) (\"Thermal Energy\" or the \"Company\"), an innovative cleantech company and global provider of proprietary energy and carbon emissions reduction solutions to some of the world's largest corporations, has announced its financial results for the quarter ended February 28, 2023. All figures are in Canadian dollars.Quarter-End Highlights:Revenue: $5.6 million for the quarter, $12.9 million year-to-dateEBITDAi: $816 thousand for the quarter, $558 thousand year-to-dateNet income: of $524 thousand for the quarter, $(251) thousand year-to-date Cash and working capital balances are $4.3 million and $2.2 million respectivelyOrder intake: $4.0 million for the quarter, $22.1 million year-to-dateOrder backlogii: $16.2 million as at February 28, 2023 compared to $5.6 million at the same time last year, increasing to $18.5 million as of April 20, 2023.Overview\"Strong, growing demand for our energy efficiency solutions translated to our best quarterly results in over two years,\" said William Crossland, Thermal Energy CEO. \"Our revenue for the third quarter was our highest quarterly revenue since before the pandemic, while our gross profit and EBITDA were the highest in two years. Importantly, we had strong performance across the business, with both Custom Equipmentiii and Turn-key Projects delivering profitable growth in the quarter.\" \"Fiscal 2023 is on course to be a strong turnaround year for Thermal Energy. Our order intake for the first nine months is the highest ever recorded, exceeding that from a year ago by 165%, and we have a robust and growing business development pipeline. With our proven solutions, solid balance sheet, and recent investments in our team, Thermal Energy is well-positioned to be the energy efficiency partner of choice for multinational companies seeking a compelling payback while achieving their net-zero and other sustainability targets.\" Summary Financial ResultsIn thousand except % dataThree months endedFebruary 28, 2023Three months endedFebruary 28, 2022Nine months endedFebruary 28, 2023Nine months endedFebruary 28, 2022Revenue$5,603$3,...