Thermal Energy International Inc. (TMG) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, you can stop. Good morning, everyone. I'm William Crossland, CEO of Thermal Energy International. Thank you for joining us this morning for our second quarter earnings call. Our news release, financial statements, and MD&A are available on our website and have been filed on CDAR. After 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 go any further, I have to point out that today's call may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are subject to risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors 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 the Canadian Securities Regulators. Oops, here we go. So, an overview. Let's look at what was an excellent quarter for thermal energy, including record quarterly revenue of $10.2 million, which is more than an 18% increase over Q2 last year, and is the highest quarterly revenue in company history. Our adjusted EBITDA was $814,000, which is three times the EBITDA last year, and net income at $618,000 was 20 times last year's net income for the quarter. We also finished the quarter with a strong balance sheet with essentially no bank debt. And during the quarter, we saw very strong demand, resulting in record order intake for heat sponge, which helpe...