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.