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Thermal Energy International Reports 71% Revenue Growth and Improved Profitability in Second Quarter
01/25/2024 7:01:00 AM
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Ottawa, Ontario--(Newsfile Corp. - January 25, 2024) - 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 second quarter ended November 30, 2023. All figures are in Canadian dollars.


Highlights:



Revenue: $7.1 million, a 71% increase from the same quarter last year

Gross profit: $3.5 million, a 97% increase from the same quarter last year

EBITDAi: $830 thousand compared to a loss of $28 thousand in the second quarter of last year

Net income: $486 thousand compared to a loss of $266 thousand in the same quarter last year

Order intake: $12.8 million for the quarter and $22.2 million for fiscal 2024 year-to-date (as at January 23, 2024)

Order backlogii: $17.5 million as at Nov 30, 2023 and $23.6 million as at January 23, 2024