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Thermal Energy International's Fourth Quarter Revenue Growth of 84% Caps Banner Year
Company's order intake up 130% in fiscal 2023 Ottawa, Ontario--(Newsfile Corp. - September 27, 2...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy International's Fourth Quarter Revenue Growth of 84% Caps Banner YearCompany's order intake up 130% in fiscal 2023Ottawa, Ontario--(Newsfile Corp. - September 27, 2023) - 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, 2023. All figures are in Canadian dollars.Highlights: Revenue: $21.1 million for the year and $8.2 million for the quarter, a 84% increase compared to the same quarter last yearEBITDAi: $1.7 million for the year and $1.2 million for the quarter, a 476% increase compared the same quarter last yearNet income: $720 thousand for the year and $971 thousand for the quarterOrder intake: $27.3 million for the year and $5.2 million for the quarterOrder backlogii: $13 million as at May 31, 2023 and $21.4 million as at September 26, 2023Overview\"The fourth quarter was one of our best quarters ever, setting new records for revenue and gross profit, and was a great finish to an excellent year,\" said William Crossland, Thermal Energy CEO. \"For the fiscal year, we had record gross profit and our second highest annual revenue and EBITDA. We saw a return in demand for our turn-key solutions, adding to the already strong growth we had in Custom Equipmentiii. Additionally, our order intake and number of signed project development agreements in fiscal 2023 were higher than ever.\"\"We continue to see strong interest from companies looking to save money while reducing their carbon emissions. Since the end of our fiscal year, we've received $8.4 million in new orders, including a $4 million order from a multinational pharmaceutical company - our largest turn-key order since before the pandemic. Additionally, we have several active project development agreements that we expect to convert into orders, and we have a robust and growing business development pipeline, positioning us well for a solid fiscal 2024.\" To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/2616/182022_d3d1390794e61b5a_001full.jpgSummary Financial ResultsIn thousand except % dataThree months endedMay 31, 2023Three months endedMay 31, 20...