Business
Thermal Energy Reports 62% Revenue Growth and Improved Profitability for the Third Quarter
Ottawa, Ontario--(Newsfile Corp. - April 28, 2026) - Thermal Energy International Inc. (TSXV...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy Reports 62% Revenue Growth and Improved Profitability for the Third QuarterOttawa, Ontario--(Newsfile Corp. - April 28, 2026) - 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 28, 2026. All figures are in Canadian dollars.Q3 2026 Highlights: (Compared to Q3 2025)Revenue increased 62% to $9.4 millionAdjusted EBITDAi was $519 thousand, an improvement of $686 thousandNet income swung to $338 thousand from a loss of $403 thousandCash position of $4 million and working capital of $3.6 million at quarter end, each up more than $1 million since year end.Order backlogii was $14.7 million at quarter end, increasing to $16.3 million as at April 27, 2026.Overview\"Thermal Energy delivered a standout third quarter, with the highest Q3 revenue in our history and solid performances across both our heat recovery project and GEM™ businesses,\" said William Crossland, Thermal Energy CEO. \"The higher revenue drove considerable increases in our adjusted EBITDA and net income, with both swinging strongly into the black compared to the losses we reported this time last year. The strength of our second and third quarters drove our trailing four quarters revenue to a record $33.3 million, with adjusted EBITDA of $2.1 million and net income of $1.3 million. These big improvements compared to a year ago are a testament to our growth strategy and the significant reinvestments we made in our business in fiscal 2024 and 2025.\"We received $8.7 million in new orders in the quarter, which was an increase of 26% compared to the third quarter of last year, and helped drive our trailing four quarters order intake to an all-time high of $31.3 million. Order backlog was down slightly as we were more efficient at converting orders to revenue over the last couple quarters, due in part to the investments we made in our engineering team these past couple years. We have a very solid balance sheet with strong cash and working capital positions and virtually no bank debt. We believe we are very well positioned to continue executing our strategy and creating long-term value for...