Ottawa’s Thermal Energy more than doubles revenues with another hot quarter

Thermal Energy
Thermal Energy

Following up on its best fiscal year yet, Thermal Energy International (TSX-V:TMG) kept its hot streak going with a huge leap in first quarter revenues.

The Ottawa-based provider of energy efficiency systems reported revenues of $6.8 million for the quarter ending Aug. 31, an increase of 120 per cent from last year. Driving the increase were earnings from an $11-million contract with a pulp and paper customer that was announced last December, the company’s largest deal to date.

Thermal Energy also reported a $49,000 net loss for its first quarter of fiscal 2019, down from a loss of $181,000 a year ago.

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In a letter to shareholders, CEO William Crossland expressed both his gratitude and his confidence with the Ottawa firm’s recent performance.

He pointed to the company’s record fiscal 2018 revenues of $17.4 million, its recent acquisition of Boilerroom Equipment Inc., a growing order backlog – $9.3 million compared, with $7.8 million a year ago – and a growing workforce in Ottawa as well as around the world as reasons to be excited about the company.

“With a strong order book and our expanded team, product offering and market reach, we are well positioned to continue our momentum in fiscal 2019 and beyond,” Crossland wrote.

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