Riding a wave of new contract wins, Thermal Energy International turned a profit in the first quarter of fiscal 2023 as revenues rose 66 per cent from a year earlier.
The Ottawa company, which specializes in products that capture and recycle energy from boiler plants and steam operations, posted revenue of $5.2 million for the three-month period ending Aug. 31. That’s up from $3.1 million in the first quarter of 2023 as the firm’s record-setting stream of new orders over the past 18 months translates into higher income.
Thermal Energy posted net income of $162,000 in the first quarter compared with a loss of $509,000 a year ago. Its gross profit of $2.8 million more than doubled year-over-year.
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“We are proud of the substantial growth in our revenue and gross profit during the quarter, as well as the strong turnaround in our bottom line compared to a year ago,” CEO William Crossland said in a statement.
The strong opening quarter follows a banner fiscal 2023 that saw Thermal Energy sign $27.3 million in new orders, its highest total ever.
Crossland said that momentum hasn’t slowed.
The company has already received more than $13.7 million worth of new orders in the first five months of fiscal 2024, and its order backlog stands at $22 million.
“Our strong order intake, order backlog, and project development activity are clear indications of the strong demand for our proven energy efficiency solutions as our global customer base actively pursues their carbon emissions reduction targets,” Crossland said.
Thermal Energy stock was down half a cent to 20 cents in mid-morning trading on the TSX Venture Exchange. The company’s share value has doubled over the past six months.
