Thermal Energy International Inc. (TMG) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

I'm William Crossland, CEO of Thermal Energy International. Thank you for joining us on this lovely morning for our first quarter earnings call. Our news release, financial statements, MD&A are all available on our website and have also been filed on CDAR. Following my prepared remarks, we'll have a question and answer session, at which time qualified equity research analysts joining us on MS Teams will be able to ask questions. If you're joining us online, you should be able to see our slide presentation on your screen now. Before we get started, I have to point out that today's earning call may contain forward-looking statement within the meaning of applicable security laws. forward-looking statements are subject to risks and uncertainties and undue reliance should not be placed on such statements. Certain material facts or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. For additional information, please refer to our financial statements and our MD&A for the quarter and other filings with Canadian securities regulators. In terms of overview, it's important first to highlight that our first quarter of fiscal 2026 is compared against an abnormally strong first quarter a year ago when we reported a 63% growth in revenue and strong increases in EBITDA and net income. Q1 of last year was our highest first quarter revenue ever. In fact, even though Q1 is typically the weakest quarter of the year, last year's Q1 was the second best quarter ever in the company's history. And the only quarter to beat it was the next quarter, the second quarter of last year. So while we didn't beat last year's Q1 revenue, this year's revenue is up very significantly compared to two and ...