Thermal Energy International Inc. · TSXV:TMG
Thermal Energy International — Q3 2026 Earnings Presentation
13 slides from Thermal Energy International's earnings presentation, Apr 28, 2026
Slide 1: Q3 2026 Earnings Call
Q3 2026 Earnings Call April 28, 2026 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 Q3 revenue of $9.4M (record TTM1 revenue of $33.3M) 2. Significant increases in adjusted EBITDA2 and net income for the quarter and TTM 3. Strong balance sheet; virtually no debt 4. Record TTM order intake of $31.3M 1 Trailing twelve months ended February 28, 2026. 2 Adjusted BITD
Slide 4: Revenue ($ millions)
Revenue ($ millions) 3 months ended February 28 Trailing 12 months ended February 28 12 +68% +92% 10 35 $9.4 30 $33.3 8 $30.5 25 $26.6 New record 6 Q3 record 20 $5.6 $6.1 $5.8 4 15 $17.3 10 2 5 0 0 Q3 2023 Q3 2024 Q3 2025 Q3 2026 TTM 2023 TTM 2024 TTM 2025 TTM 2026 4
Slide 5: Operating expenses ($ millions)
Operating expenses ($ millions) 3 months ended February 28 Trailing 12 months ended February 28 4 12 $3.1 $12.5 $10.9 $10.9 3 9 $3.1 $2.9 $2.5 $7.4 2 6 $1.9 1 3 0 0 Q3 2023 Q3 2024 Q3 2025 Q3 2026 TTM 2023 TTM 2024 TTM 2025 TTM 2026 Q3 YoY variance mainly driven by $402K $538K of the TTM increase wa
Slide 6: Adjusted EBITDA ($ millions)
Adjusted EBITDA1 ($ millions) 3 months ended February 28 Trailing 12 months ended February 28 0.8 3 $0.82 2.5 $2.74 0.6 2 $0.52 $2.08 0.4 1.5 $0.32 0.2 1 $1.08 0.5 $0.76 0 Q3 2023 Q3 2024 -$0.17 Q3 2026 0 -0.2 TTM 2023 TTM 2024 TTM 2025 TTM 2026 Q3 2025 1 Adjusted BITDA is a non-IFRS financial measu
Slide 7: Net income/loss ($ millions)
Net income/loss ($ millions) 3 months ended February 28 Trailing 12 months ended February 28 0.6 1.6 $1.66 $0.52 0.4 1.2 $1.35 $0.34 0.2 0.8 $0.04 0 0.4 Q3 2023 Q3 2024 -$0.40 Q3 2026 $0.23 -0.2 0 -$0.40 TTM 2024 TTM 2025 TTM 2026 -0.4 -0.4 Q3 2025 TTM 2023 7
Slide 8: Net income vs operating cashflow ($ millions)
Net income vs operating cashflow ($ millions) Trailing 12 months ended February 28 3 $1.66 2.5 $2.77 $1.35 2 $2.23 1.5 $1.66 $1.58 1 $1.35 0.5 $0.23 $0.38 $0.23 0 -$0.40 -$0.40 TTM 2024 TTM 2025 TTM 2026 -0.5 TTM 2023 Net income Operating cashflow before changes in working capital items 8
Slide 9: Strong balance sheet
Strong balance sheet As at February 28, 2026 Cash Working Capital Bank Debt* $4.0 M $3.7 M <$7 K * Repaid >$3.9 million in long-term bank debt since May 2022, including ~$1.4 million in the TTM ending February 28, 2026. 9
Slide 10: Key repeat business received in Q3
Key repeat business received in Q3 • $3.2M turnkey heat recovery order from multinational frozen food company (Dec. 15, 2025) • $1.5M turnkey HeatSponge order from multinational building materials company (Dec. 17, 2025) • $1M turnkey HeatSponge order from global nutrition company (Feb. 18, 2026) 10
Slide 11: Strong order intake
Strong order intake We’ve been executing our $31.3 M $14.7 M backlog faster; more efficiently converting +41.9% -0.9% orders to revenue Order intake Order backlog TTM ended Feb. 28, 2026 as at Feb. 28, 2026 11
Slide 12: Summary
Summary • Record Q3 and TTM revenue • Significant increases in adjusted EBITDA and net income for the quarter and TTM • Strong balance sheet and virtually no bank debt • Record TTM order intake of $31.3M 12 12
Slide 13: 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. 13
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