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.
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World Junior Championships set to boost Ottawa’s economy and global reputation
The World Junior Championships will kick off in Ottawa in December, bringing tens of millions of dollars of economic activity to the city, as well as a chance for local
World Junior Championships set to boost Ottawa’s economy and global reputation
The World Junior Championships will kick off in Ottawa in December, bringing tens of millions of dollars of economic activity to the city, as well as a chance for local
“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.
