Press Release

Strong, Profitable Growth in First Quarter

Sharp uptick in order intake subsequent to quarter end.

OTTAWA, ONTARIO – October 25, 2023 – Thermal Energy International Inc. (“Thermal Energy or the “Company”) (TSX-V: TMG, OTCQB: TMGEF), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, today reported its financial results for the first quarter ended August 31, 2023. All figures are in Canadian dollars.


  • Revenue: $5.2 million, a 66% increase from the same quarter last year
  • Gross profit: $2.8 million, more than doubled from a year ago
  • EBITDA[i]: $414 thousand compared to a loss of $230 thousand in the first quarter of last year
  • Net income: $162 thousand compared to a loss of $509 thousand a year ago
  • Order intake: $3.3 million for the quarter and $13.7 million for fiscal 2024 year-to-date (as at October 24, 2023)
  • Order backlog[ii]: $11.6 million as at Aug 31, 2023 and $22.0 million as at October 24, 2023


“We are proud of the substantial growth in our revenue and gross profit during the quarter, as well as the strong turnaround in our bottom line compared to a year ago,” said William Crossland, Thermal Energy CEO. “Subsequent to quarter end, we received our largest heat recovery order in several years – and our first turn-key heat recovery order from a pharmaceutical company. We also signed a Global Master Services Agreement with this customer and already have paid project development agreements (“PDA”) for two other sites active with them. Earlier this month, we received $1.9 million in repeat business from a global nutrition company and $2.6 million in repeat business from a multinational dairy company.”

“Following our record order intake in fiscal 2023, we have already received orders totalling over $13.7 million just five months into fiscal 2024. Our order backlog is currently $22.0 million, and we have 27 active PDAs in place. Our strong order intake, order backlog, and project development activity are clear indications of the strong demand for our proven energy efficiency solutions as our global customer base actively pursues their carbon emissions reduction targets.”

TMG - Q1 2024 Infographic - v1

Summary Financial Results

In thousands except 
% data

Three months ended August 31, 2023

Three months ended August 31, 2022



Gross profit 


Gross margin


Operating expenses  


$ 1,729
Net income (loss)




Cash position


Working capital


Orders received


Order backlog as of May 31



First Quarter 2024 Financial Review

First quarter revenue was $5.2 million, up 66% from the same quarter the year before. The growth was mainly due to the higher revenues from both Custom Equipment and Turn-key Heat Recovery Projects[1] due to the increase in sales orders received in fiscal year 2023. Gross profit increased by 105% to $2.8 million, due to growth in revenues and improving margins across all key product categories. Operating expenses were $748 thousand more than the same quarter last year, with $338 thousand of the variance due to an increase in foreign exchange loss, and $410 thousand due to recruitment of additional project engineers, sales staff and investment in the digitalization and automation of the key business processes. Nonetheless, the higher revenues and gross profit led to increases of $670 thousand and $644 thousand for net income and EBITDA, respectively, compared to the first quarter of last year.

Quarter end cash and working capital balances were around $4.1 million and $3.1 million, respectively.

Business Outlook and Order Summary

Orders received (“Order Intake”) during the first quarter totalled $3.3 million. The Company ended the quarter with an order backlog of $11.6 million, up 93% from the $6.0 million at the end of the same quarter of prior year.

The Company has also received $10.4 million in new orders subsequent to the August 31, 2023, quarter-end, bringing the current order backlog to $22.0 million as of October 24, 2023. A list and description of recent order highlights is available on page 13 of the Management’s Discussion and Analysis filed today.

Full financial results including Management’s Discussion and Analysis and accompanying notes to the financial results are available on and

Readers are encouraged to subscribe to TEI News to receive strategic news and updates directly to their inbox.

i Custom equipment refers to indirect contact heat recovery solutions (HEATSPONGE and SIDEKICK), and condensate return system solutions (GEMTM steam traps). Turn-key solution refers to direct contact heat recovery solutions (e.g., FLU-ACE®).

i EBITDA represents earnings before interest, taxation, depreciation, amortization, impairment of intangible assets, and share-based compensation expense. See note below about non-IFRS measures.

ii Order backlog represents any purchase orders that have been received by the Company but have not yet been reflected as revenue in the Company’s published financial statements. See note below about non-IFRS measures.


For media enquiries contact:
Thermal Energy International Inc.
Canada: 613-723-6776
UK: +44 (0)117 917 2179

For investor enquiries:
Thermal Energy International Inc.

About Thermal Energy International Inc.

Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy’s proprietary and proven solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations while delivering a high return on investment with a short, compelling payback.

Thermal Energy is a fully accredited professional engineering firm with engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices in Canada, UK, USA, Germany, Poland, and Italy. By providing a unique mix of proprietary products together with process, energy, and environmental engineering expertise, Thermal Energy can deliver unique, site-specific turnkey and custom engineered solutions with significant financial and environmental benefits for our customers.

Thermal Energy’s common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit our investor website at or company website at and follow us on Twitter at

# # #

This press release contains forward-looking statements relating to, and amongst other things, based on management’s expectations, estimates and projections, the anticipated effectiveness of the Company’s products and services, the timing of revenues to be received by the Company, the anticipated effects of COVID-19 on the business, backlog and revenue, the expectation that orders in backlog will become revenue, the anticipated benefits of the Company’s current efforts at training and business improvement efforts, opportunities for growth, the Company’s belief that it can capitalize on opportunities, the size of markets and opportunities open to the Company and expectations that order intake will bounce back.. Information as to the amount of heat recovered, energy savings and payback period associated with Thermal Energy International’s products are based on the Company’s own testing and average customer results to date. Statements relating to the expected installation and revenue recognition for projects, statements about the anticipated effectiveness and lifespan of the Company’s products, statements about the expected environmental effects and cost savings associated with the Company’s products and statements about the Company’s ability to cross-sell its products and sell to more sites are forward looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, some of which are outside of the Company’s control, could cause events and results to differ materially from those stated. Fulfilment of orders, installation of product and activation of product could all be delayed for a number of reasons, some of which are outside of the Company’s control, which would result in anticipated revenues from such projects being delayed or in the most serious cases eliminated. Actions taken by the Company’s customers and factors inherent in the customer’s facilities but not anticipated by the Company can have a negative impact on the expected effectiveness and lifespan of the Company’s products and on the expected environmental effects and cost savings expected from the Company’s products. Any customer’s willingness to purchase additional products from the Company and whether orders in the Company’s backlog as described above will turn into revenue is dependent on many factors, some of which are outside of the Company’s control, including but not limited to the customer’s perceived needs and the continuing financial viability of the customer. The Company disclaims any obligation to publicly update or revise any such statements except as required by law. Readers are referred to the risk factors associated with the Company’s business as described in the Company’s most recent Management’s Discussion and Analysis available at  


EBITDA and backlog are non-IFRS financial measures, do not have a standardized meaning prescribed by International Financial Reporting Standards and therefore may not be comparable to similar measures presented by other companies. Please refer to the Company’s most recent Management’s Discussion and Analysis available at for more details about these non-IFRS financial measures.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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