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.
OBJ360 (Sponsored)
Care, Serve, & Give: Dr. Helen Tang is redefining what it means to lead with purpose
Dr. Helen Tang is a dynamic and multifaceted leader whose passion for community and philanthropy is at the heart of everything she does. As a devoted mother of two and
Touchdowns & Team Building: Why Ottawa’s Top Companies Are Hosting Events with the REDBLACKS
With a renewed roster and sold-out premium spaces in back-to-back seasons, the REDBLACKS are doubling down on game day experiences that aren’t just for die-hard fans, they’re for forward-thinking businesses
“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.
