Thermal Energy International Inc (TMG)

[Skydive21]

Company's order intake up 130% in fiscal 2023


Ottawa, Ontario--(Newsfile Corp. - September 27, 2023) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, today reported its financial results for the fourth quarter and year ended May 31, 2023. All figures are in Canadian dollars.


Highlights:



Revenue: $21.1 million for the year and $8.2 million for the quarter, a 84% increase compared to the same quarter last year

EBITDAi: $1.7 million for the year and $1.2 million for the quarter, a 476% increase compared the same quarter last year

Net income: $720 thousand for the year and $971 thousand for the quarter

Order intake: $27.3 million for the year and $5.2 million for the quarter

Order backlogii: $13 million as at May 31, 2023 and $21.4 million as at September 26, 2023