Thermal Energy's First Quarter Highlighted by Record Q1 Order Intake and Higher Order Backlog

About this update from Thermal Energy International Inc.

[{"type":"text","content":"Ottawa, Ontario--(Newsfile Corp. - October 28, 2025) - 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 first quarter ended August 31, 2025. All figures are in Canadian dollars.","length":429,"tagName":"p"},{"type":"text","content":"Q1 2026 Highlights: ","length":19,"tagName":"p"},{"type":"text","content":"(Compared to Q1 2025)","length":21,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Order intake increased 323% to $11.9 million.","length":45,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Order backlogi at quarter end increased 37% to $18.5 million, growing to $20.8 million by October 27, 2025.","length":112,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Revenue decreased 19% to $6.9 million but was 32% higher than Q1 2024 and 119% higher than Q1 2023.","length":99,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Remained profitable with Adjusted EBITDAii of $350 thousand and net income of $166 thousand.","length":97,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Repaid $130 thousand in long term debt (remaining balance of only $200 thousand at quarter end).","length":96,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":449,"olType":false},{"type":"text","content":"Overview","length":8,"tagName":"p"},{"type":"text","content":""Our order intake was the highest amount ever achieved in our fiscal first quarter period and drove our order backlog up 37% year-over-year," said William Crossland, Thermal Energy CEO. "The increased order activity was seen across the business, including turnkey heat recovery and custom equipment, and included orders from customers spanning several sectors. However, as we indicated last quarter, the majority of the revenue from the orders received in the first quarter is expected to be earned in the second half of the fiscal year, and so we are expecting overall revenues in fiscal 2026 to be more heavily weighted towards the back half of the year."","length":677,"tagName":"p"},{"type":"text","content":""Whil...

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