Ottawa-based Thermal Energy’s Q2 revenue up 39%


Thermal Energy International (TSX-V:TMG) continues to heat up in fiscal 2019 with sizeable revenue growth in the second quarter of the year.

On Wednesday, the Ottawa cleantech firm reported revenues of $5.2 million for the three-month period ending Nov. 30, an increase of 39 per cent year-over-year. Coming off a hot first quarter, Thermal’s revenues are up 76 per cent so far in fiscal 2019.

Thermal, which develops heat recovery and steam-trapping system for large customers such as hospitals and food and beverage producers, swung to a net loss of $68,000 in the second quarter from a profit of $109,000 over the same period in fiscal 2018. The local firm says costs related to last year’s acquisition of Boilerroom Equipment Inc. and a growing headcount added to its expenses.

Thermal Energy’s quarterly earnings come a day after it announced a $2.4-million deal with an unnamed customer in the food and beverage industry, its first in a new subsector of that market. The firm says it has an order backlog of $10.4 million as of Jan. 29.