Ottawa-based Thermal Energy posts record first half; revenues up 51%

thermal

Fiscal 2020 is shaping up to be a banner year for Ottawa’s Thermal Energy International as the local cleantech company reports record revenues and profits so far this year.

Thermal (TSX-V:TMG), which sells energy efficiency systems to numerous Fortune 500 customers, reported revenues of $7.8 million for the three-month period ended Nov. 30, 2019, an increase of 51 per cent year-over-year. The firm swung to a net profit of $385,000 from a loss of $112,000 in the same quarter last fiscal year.

Thermal Energy has turned in a record performance over the first two quarters of its fiscal year. Year-to-date revenues are up seven per cent to $12.8 million while profits clocked in at $626,000, again up from a loss last year.

“These are by far the strongest results in our company’s history and are a clear indication of the success of our growth strategy,” said Thermal Energy CEO William Crossland in a statement.

Thermal said it is seeing strong demand for its heat recovery products in Europe and the integration of Boilerroom Equipment Inc. – acquired in a $2.25-million deal in 2018 – into its operations has been a boon for the company. The firm said it has invested in engineering, sales, marketing and other segments of its business and expects to see continued growth as a result.

Thermal Energy’s order backlog stood at $8.2 million as of Nov. 30, an increase of $3.3 million from the same time a year before.