Ottawa clean-tech firm Thermal Energy increases Q2 revenues by 23%

Thermal Energy (TSX-V: TMG) investors pushed shares in the Ottawa-based clean-tech company up more than 13 per cent Monday after it reported a dramatic jump in quarterly revenue.

The firm said its revenues climbed 23 per cent, year-over-year, to $3.1 million in the three months ended Nov. 30, 2016.

Thermal Energy’s net profit jumped to $175,158, a significant improvement over the $25,630 quarterly profit a year earlier.

“Our market fundamentals are as strong as ever and we have only just begun to build our business in our key markets,” said company CEO William Crossland in a statement.

Thermal Energy sells technology that helps industrial and institutional organizations reduce emissions and become more energy efficient.

Sales of its GEM steam traps increased 34 per cent during the quarter on the strength of the partial fulfilment of a hospital order as well as a sale to an unnamed performance materials company.

Thermal Energy said it had an order backlog of approximately $7.1 million as of Jan. 19, up from $6.9 million a year earlier.

The company’s stock price reached as high as 13 cents a share, an increase of 1.5 cents or 13 per cent, on Monday before retreating to 12.5 cents in early afternoon trading.