Thermal Energy International Inc. (TMG) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. I'm William Crossland, CEO of Thermal Energy International. Thank you for joining us today for our earnings call for the third quarter ended February 28th, 2025. Our news release, financial statements and MD&A are available on our website and have been filed on CDAR. Following my prepared remarks, we will have a question and answer session, at which time qualified equity research analysts joining us on MS Teams, we'll be able to ask questions. If you're joining us online, you should be able to see our slide presentation on your screen now. So before we get started, I'll point out that today's earning 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, our MD&A for the quarter, and other filings with the Canadian Securities Regulators. As an overview, although our revenue is a little softer in the quarter, our revenue for the year-to-date period was at an all-time high, 25% ahead of last year. Compared to last year, our quarterly margins were impacted by heat recovery projects that delivered much higher than normal margins last year and a bit lower than average this year. We see the current period as a temporary lull as our business development pipeline remains very strong. Moreover, our strong balance sheet and the investments we've made in our business over the past two years has positioned us to drive profitable growth. Revenue...