Business
Thermal Energy's First Quarter Results Highlighted by Record Revenue and Growing Profitability
Ottawa, Ontario--(Newsfile Corp. - October 30, 2024) - Thermal Energy International Inc. (TSXV: T...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy's First Quarter Results Highlighted by Record Revenue and Growing ProfitabilityOttawa, Ontario--(Newsfile Corp. - October 30, 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 first quarter ended August 31, 2024. All figures are in Canadian dollars.Q1 2025 Highlights: (Compared to Q1 2024)Revenue: $8.5 million (up 63%) EBITDAi: $0.6 million (up 33%) Net income: $0.3 million (up 91%) Cash and Working Capital: $5.0 and $3.8 million respectivelyOrder intake: $2.8 million (down 15%) Order backlogii was $13.5 million as at August 31, 2024 (up 17% year-over-year) and increased to $18.4 million as at October 28, 2024Overview\"We had an exceptional first quarter with record revenue and the strongest Turn-key Project revenue we've seen since before the pandemic,\" said William Crossland, Thermal Energy CEO. \"The quarter marked the highest gross profit since our record-setting fourth quarter of fiscal 2023, which benefited from a very favourable product mix. Importantly, EBITDA and net income in the first quarter were also both up significantly from the first quarter of last year and when compared to the last two sequential quarters.\"\"While this is an exciting time for Thermal Energy, our revenues, especially from Turn-key Projects can be quite lumpy depending on the timing of projects. As such, management and the board tend to focus more on the trailing twelve months and longer-term results. In this regard, our record first quarter revenue propelled our trailing twelve months revenue to a new all-time high of $29.2 million, up 26% year-over-year - a clear indication of the continued momentum in the business and the strong demand for our proven energy efficiency and carbon emissions reduction solutions.\"Summary Financial Results      In thousand except % dataThree months endedAug. 31, 2024Three months endedAug. 31, 2023Trailing twelve months endedAug. 31, 2024Trailing twelve months endedAug. 31, 2023 Revenue$8,469 $5,183 $29,166 $23,152  Gross profit$3,525 $2,767 $13,210 $10,987  Gross margin42% 53%
...