THERMAL ENGY INTL LTD - TMGEF STOCK NEWS

Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF), a provider of innovative energy efficiency and carbon emission reduction solutions, announced that CEO William Crossland has published a letter to shareholders. The letter, available on the company's website, offers insights into:

1. Thermal Energy's progress in fiscal 2024
2. Investments made for continued growth
3. Outlook for fiscal 2025
4. Significance of starting the year with the highest order backlog in company history

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Thermal Energy International (TSXV: TMG) (OTCQB: TMGEF) has announced record order intake for its fiscal year ended May 31, 2024, totaling $29.7 million. This represents a 9% increase year-over-year and a 151% increase over the past two years. The company's order backlog at the end of May was up approximately 40% compared to last year and over 200% higher than two years ago.

CEO William Crossland highlighted record order intakes for turn-key heat recovery solutions and the Boilerroom Equipment, Inc. subsidiary, as well as the second-highest annual order intake for the GEM business. These achievements reflect strong demand for Thermal Energy's efficiency and emission reduction solutions, demonstrating customer trust in their technology and expertise.

Thermal Energy International Inc. announced a $1.9 million turn-key heat recovery project for a global materials company to help achieve carbon emission reduction targets. The project is expected to save the customer over $980,000 annually, reduce CO2 emissions by 977 tonnes per year, and improve pollution prevention and control. The customer's engagement with the Science Based Targets initiative demonstrates a commitment to a low-carbon economy. The project is the result of a collaborative effort between the customer and Thermal Energy, showcasing trust in the technology and engineering capabilities of Thermal Energy. The project is set to be completed within nine months.

Thermal Energy International Inc. reported strong third-quarter results with revenue increasing by 8% to $6.1 million and gross profit up by 17% to $3.1 million. Year-to-date figures show a 42% revenue increase and a 63% gross profit increase. EBITDA for the quarter was $322 thousand, while net income was $44 thousand. Cash balances and working capital remain strong at $7.5 million and $3.4 million, respectively. Order intake was $8.3 million for the quarter and $26.9 million for the fiscal year. The order backlog stands at $20.4 million as of February 29, 2024, and $22.9 million as of April 24, 2024.

Thermal Energy International Inc. (TMGEF) to release fiscal Q3 2024 financial results on April 25, 2024. Management to host earnings conference call and webcast. Webcast details and dial-in instructions provided.

Thermal Energy International Inc. reported strong financial results for the second quarter ended November 30, 2023, with a 71% increase in revenue, reaching $7.1 million, and a 97% increase in gross profit, totaling $3.5 million. The company also achieved EBITDA of $830 thousand and a net income of $486 thousand, compared to losses in the same quarter the previous year. Order intake for the quarter was $12.8 million, and the order backlog stood at $17.5 million as of November 30, 2023. The CEO, William Crossland, expressed satisfaction with the results, attributing the growth to increased demand for the company's products and services, and the successful digitalization and automation of key business processes. The company is optimistic about its outlook and expects margins to return to historical levels as the product mix normalizes.

Thermal Energy International Inc. (TMGEF) has received a purchase order for a Hybrid Flu-Ace from a meat processing plant in Europe, valued at $1 million, expected to reduce fuel use for hot water by 80%. The project is set to be completed within 12 months, with significant fuel and carbon emissions savings. The Hybrid Flu-Ace boasts 90% to 99% fuel to hot water efficiency, low carbon emissions, and minimal maintenance, providing a rapid return on investment and reducing CO2 emissions by 292 tonnes per year, resulting in additional financial savings of approximately $240 thousand.

Thermal Energy International Inc. (TMG) announces record purchase order from a Fortune 500 food processing company for HeatSponge boiler economizers, marking the largest single order in the company's history, valued at approximately $540,000 CAD. BEI's revenue has almost doubled in the past two years, with a 33% year-over-year increase in order intake by the end of the second quarter. The company has also received notable orders from electric vehicle battery plants, military facilities, hospitals, and more. The acquisition of BEI and its product offering in 2018 has contributed to the company's growth.

Thermal Energy International Inc. (TMG) CEO discusses the company's resurgence and future growth prospects. The company returned to profitability in fiscal 2023 and saw a surge in project development agreements. Thermal Energy also announced a $3.7 million heat recovery order from a major European food and drink producer.