Thermal Energy is staying hot in October.
After securing a large contract earlier this month, on Monday the Ottawa clean-tech firm announced revenue growth and a strong order backlog for its first quarter of fiscal 2018.
Revenues for the quarter ending Aug. 31 were $3.1 million for Thermal Energy (TSX-V:TMG), a full $1 million increase compared to the same period a year ago. A higher proportion of sales of its heat recovery systems led the firm’s rising revenues.
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A lower gross margin and higher operating expenses deepened the firm’s quarterly loss to $181,000, roughly $100,000 more than last year.
In a release, CEO Bill Crossland pointed to more work with its existing Fortune 500 food and beverage customer (unnamed) as a continuing source of revenue in the future as two multimillion-dollar projects move towards completion.
Speaking of future revenues, Thermal Energy’s order backlog is up to $7.8 million. The Ottawa firm also recently announced it had secured a $1.3 million contract, providing heat recovery systems to an existing hospital customer.
Fiscal 2017 saw the firm set an all-time revenue record of $13.2 million.
Thermal Energy’s share price ended the day unchanged at nine cents on the TSX Venture Exchange.