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.
(Sponsored)
‘Prenup of business law’: Reasonable expectations in shareholder disputes
The scenario: You’re a 60 per cent shareholder. Your business partner holds the other 40 per cent. And you’ve just found a third party who wants to buy you out.
Desjardins Elevator Pitch Competition drives entrepreneurial energy at uOttawa
In uOttawa’s Desjardins Elevator Pitch Competition, a single team member stands before the judges, pitching for three minutes, fielding questions for five. There are no decks, notes, props or prototypes
“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.
