Ottawa’s Thermal Energy stays hot through Q2 2018

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Clean-tech firm Thermal Energy International continues to scale revenues through its second quarter of the year on the popularity of its heat recovery systems.

On Monday the Ottawa-based firm (TSX-V:TMG) reported revenues of $3.7 million for the quarter ending Nov. 30, 2017, an increase of 21 per cent over the same period a year earlier.

Thermal Energy’s FLU-ACE heat recovery systems are fuelling the growth. Revenues from that segment are up 132 per cent year-over-year in the first half of fiscal 2018.

The firm is also reporting an order backlog of $17.5 million, which is more than its reported annual revenue in 2017.

In a statement, CEO WIlliam Crossland said 2018 is “shaping up to be a banner year for Thermal Energy,” which recorded its largest-ever order last month: an $11-million deal with a Thunder Bay pulp and paper customer.

Despite the positive growth, the company’s net income fell in Q2. Thermal Energy posted a profit of $70,512 this past quarter, roughly $100,000 less than a year ago thanks to higher costs of sales and expenses.

Shares of Thermal Energy were up roughly six per cent in midday trading.