Thermal Energy gains steam as new orders roll in, revenues rise 60% in Q3

Thermal Energy
Thermal Energy

Thermal Energy International says it’s on pace for a “strong turnaround year” after posting its highest revenues since before the pandemic in the third quarter.

The Ottawa-based cleantech firm posted revenues of $5.6 million for the three-month period ending Feb. 28, a 60 per cent increase over the previous year. Thermal Energy reported net income of $524,000, compared with a loss of $894,000 in the third quarter of 2022.

The company, which specializes in products that capture and recycle energy from boiler plants and steam operations, said the revenue increase was driven mainly by higher sales of custom equipment. 

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Meanwhile, new product orders more than doubled in the third quarter compared with the previous year, rising to $4 million. Thermal Energy said it has received a record $22.1 million worth of new orders in the first ninth months of fiscal 2023, up 165 per cent from a year ago.

The company’s order backlog stood at $18.5 million as of April 20, up from $5.6 million in February 2022. Thermal Energy said its recently signed deals include contracts with a major cereal manufacturer, a leading snack producer, a global nutrition company and a “premium” brewery.

“Fiscal 2023 is on course to be a strong turnaround year for Thermal Energy,” CEO William Crossland said in a statement. “With our proven solutions, solid balance sheet, and recent investments in our team, Thermal Energy is well-positioned to be the energy efficiency partner of choice for multinational companies seeking a compelling payback while achieving their net-zero and other sustainability targets.”

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