Business
Thermal Energy International's Third Quarter Results Highlighted by Continued Revenue Growth and Strong Momentum
Profitable cleantech company's year-to-date results remain well ahead of a year ago Ottawa, Onta...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy International's Third Quarter Results Highlighted by Continued Revenue Growth and Strong MomentumProfitable cleantech company's year-to-date results remain well ahead of a year agoOttawa, Ontario--(Newsfile Corp. - April 25, 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 third quarter ended February 29, 2024. All figures are in Canadian dollars.Highlights: Revenue increased 8% to $6.1 million for the quarter and 42% to $18.4 million for the nine months ended February 29, 2024, on a year-over-year (\"YoY\") basisGross profit increased 17% to $3.1 million for the quarter and 63% to $9.3 million for the nine-month period, on a YoY basisEBITDAi for the quarter was $322 thousand compared to $816 thousand in the third quarter of last year. Year-to-date EBITDA increased by $1 million or 181% YoY, to $1.6 millionNet income for the quarter was $44 thousand compared to an income of $524 thousand in the same quarter last year. Year-to-date net income increased by $943 thousand YoYCash balances and working capital remain strong at $7.5 million and $3.4 million respectivelyOrder intake was $8.3 million for the quarter and $26.9 million for fiscal 2024 year-to-date (as at April 24, 2024)Order backlogii was $20.4 million as at February 29, 2024 and $22.9 million as at April 24, 2024Overview\"We had a strong quarter with growth of 8% and 17% in revenue and gross profit respectively, \" said William Crossland, Thermal Energy CEO. \"While we remained profitable, investments we made for continued growth did lower our EBITDA and net income for the quarter. These investments included expanding our team, investments in technology, and the recent move of our U.K. operations. We've added nine net new people in the first nine months of fiscal 2024. On the technology side, we made investments in our Carbon Reduction and Efficiency Scoping Tool that allows our sales and engineering teams to quickly and efficiently identify energy saving and carbon reducing opportunities while on site with customers, as well as a new global accounting program and enterprise resource planning software. We also had additional moving,...