Thermal Energy International Inc. · TSXV:TMG
Thermal Energy International — Q4 2025 Earnings Presentation
16 slides from Thermal Energy International's earnings presentation, Sep 23, 2025
Slide 1: Q4 2025 Earnings Call
Q4 2025 Earnings Call September 23, 2025 TSX-V: TMG | OTCQB: TMGEF
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Thermal Energy International Inc. (the "Company“ or “Thermal Energy”) with respect to future
Slide 3: Overview
Overview 1. Record fiscal year revenue 2. Improved Q4 gross margin and Adjusted EBITDA margin 3. Significantly paid down debt 4. Record Q1 order intake positions us for strong H2 2026 5. Key opportunities for growth 3
Slide 4: Revenue ($ millions)
Revenue ($ millions) 3 months ended May 31 12 months ended May 31 9 30 $29.8 $8.2 25 $7.5 $25.9 6 $6.8 20 $21.1 15 3 10 5 0 0 Q4 2023 Q4 2024 Q4 2025 FY 2023 FY 2024 FY 2025 4
Slide 5: Adjusted EBITDA ($ millions)
Adjusted EBITDA1 ($ millions) 3 months ended May 31 12 months ended May 31 1.25 2 $2.00 $1.17 1 $1.73 1.5 0.75 1 0.5 $1.05 $0.42 $0.40 0.5 0.25 0 0 Q4 2023 Q4 2024 Q4 2025 FY 2023 FY 2024 FY 2025 FY 2025 operating expenses included an additional $813K related to growth in headcount 5 1 Adjusted BITD
Slide 6: Net income ($ millions)
Net income ($ millions) 3 months ended May 31 12 months ended May 31 1 1 $0.97 $0.98 0.75 0.75 $0.72 0.5 0.5 0.25 $0.29 0.25 $0.22 $0.16 0 0 Q4 2023 Q4 2024 Q4 2025 FY 2023 FY 2024 FY 2025 FY 2025 operating expenses included an additional $813K related to growth in headcount 6
Slide 7: Strong balance sheet
Strong balance sheet Long-term debt As at May 31, 2025 4 3.5 $3.94 Cash 3 $3.27 2.5 $2.8 million $2.35 2 1.5 Working Capital 1 $2.4 million 0.5 0 $0.33 May 2022 May 2023 May 2024 May 2025 Reduced bank debt by $2M in fiscal 2025; repaid $1.1M in Q4 7
Slide 8: Order intake and backlog
Order intake and backlog1 $21.8M $12.9M $11.4M $24.3M Order intake Order backlog Order intake Order backlog 12 months ended as at quarter ending subsequent to record at reporting May 31, 2025 May 31, 2025 quarter end date, Sept. 22, 2025 1 Order backlog represents any purchase orders that have been
Slide 9: Record Q1 order intake
Record Q1 order intake $11.3M in orders received in Q1 2026 • Highest Q1 total in our history • 4X Q1 of last year • Most of the revenue from $7.5M in previously announced orders is expected in H2 2026 Received $5.1M in follow-up orders from leading pharmaceutical company 9
Slide 10: Key strategic initiatives to scale the business
Key strategic initiatives to scale the business ➢ Develop indirect sales channels in North America and Europe Driving increased ➢ Develop & promote standardized equipment packages sales growth and margin improvement ➢ Establish BEI manufacturing in Europe ➢ Leverage our proprietary digital CREST pla
Slide 11: Develop indirect sales channels in both NA and EUR
Develop indirect sales channels in both NA and EUR • Develop / cultivate networks of Independent Manufacturers’ Representative companies (“IMRs”) to focus on smaller equipment sales • IMRs have relationships / provide ongoing service to end customers and have a “line card” of complementary products
Slide 12: Increase sales of standardized equipment
Increase sales of standardized equipment Develop and promote standardized equipment packages • Pre-engineered solutions sold from a line card • Creates more opportunities for smaller projects Why? • Reduces project development time – no bespoke design required • Faster sales cycle – projects can be
Slide 13: Expand BEI HeatSponge Into Europe
Expand BEI HeatSponge Into Europe Add European manufacturing • BEI to supply components for assembly & testing in Europe • Move to contract fabrication shop as orders increase Why? • Largely untapped market for BEI • Shorter lead time and more cost effective
Slide 14: Leveraging direct and indirect sales with CREST
Leveraging direct and indirect sales with CREST Carbon Reduction & Efficiency Scoping Tool • Quickly and efficiently identifies energy savings and carbon reduction sales opportunities while on site • Catalyst for cross-selling; repeat business • Speeds up overall sales cycle • Reduces time needed fo
Slide 15: Summary
Summary • Strong balance sheet • Record Q1 order intake positions us for strong H2 2026 • Key strategic initiatives for growth: • Develop indirect sales channels • Increase sales of standardized equipment • Expand BEI into Europe • Leverage CREST 15 15
Slide 16: Analyst Q&A
Analyst Q&A If you are a sell-side analyst and are accessing the call directly via MS Teams, you can use the Raise Your Hand feature if you have a question. 16
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