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.
OBJ360 (Sponsored)

Ottawa’s Paterson Group offers a million reasons to give
There’s a particular image that David Gilbert, President of Ottawa-based Paterson Group, is delighted to share. It’s a map of the Ottawa area and beyond covered with thousands of dots,

Give your home a stunning makeover—for 30 to 40 per cent less cost—with NorthCo Services
In the home renovation industry, companies don’t often see repeat clientele—but Ottawa’s NorthCo Services is a rare exception. “We have an upcoming project which will be the third one for
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.