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)

Can artificial intelligence help you buy your next house?
Should artificial intelligence help you make your biggest and riskiest financial transaction? Real estate lawyer Matt Mayo has some advice.

How one contract mistake cost a business more than $500K
Sometimes, the worst kind of termination clause is the one left out of your employmee contract – a hard lesson one business recently learned.
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.