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Thermal Energy International Inc. (TMGEF) is a profitable cleantech company that provides innovative energy efficiency and carbon emission reduction solutions to major corporations globally. With a strong focus on turn-key projects and custom equipment, the company has shown significant growth in revenue and gross profit in recent quarters, backed by robust business development activity and a continuously expanding order backlog. Recent projects, like the $1.9 million carbon reduction solution for a global materials company, exemplify Thermal Energy's commitment to helping its customers achieve ambitious environmental targets while delivering substantial cost savings. With a seasoned team of engineers, a comprehensive understanding of various industries, and a reputation for technological innovation, Thermal Energy is well-positioned to drive positive environmental impact and savings for its clients.
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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.
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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.
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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.
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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.
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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.
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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.
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Thermal Energy International Inc. (TMG:TSXV) has received a $3.7 million turn-key heat recovery order from a multinational food and drink producer, confirming growing momentum into the second half of fiscal 2024. The company's latest heat recovery technology is expected to help the customer reduce fuel use and greenhouse gas emissions by up to 20%. With a year-to-date order intake over $19 million, Thermal Energy's strong momentum continues.
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Thermal Energy International Inc. (TMG) grants 1,760,000 stock options to officers and directors as part of a remuneration and incentive program.
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Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) announces the relocation of its UK operations to a larger industrial unit on the outskirts of Bristol in response to the remarkable growth in demand for its GEM™ steam trap product. The new facility, 2.5X the size of the current manufacturing space, will more than double throughput capacity, allow for in-house equipment testing, research and development, and improved logistics. The growing demand for GEM steam traps is driven by the increasing number of companies committing to reducing carbon emissions and the rising cost of carbon and natural gas prices.
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Thermal Energy International Inc. reports strong financial results for Q1 2024, with revenue increasing by 66% and gross profit more than doubling compared to the same quarter last year. The company also received a significant heat recovery order and signed a Global Master Services Agreement with a pharmaceutical company. Order intake for fiscal 2024 is $13.7 million, and the order backlog is $22.0 million.
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FAQ
What is the current stock price of THERMAL ENGY INTL (TMGEF)?
The current stock price of THERMAL ENGY INTL (TMGEF) is $0.152 as of October 15, 2024.
What is the market cap of THERMAL ENGY INTL (TMGEF)?
The market cap of THERMAL ENGY INTL (TMGEF) is approximately 26.9M.
What does Thermal Energy International Inc. do?
Thermal Energy International Inc. is a cleantech company that provides energy efficiency and carbon emission reduction solutions to major corporations globally.
What is the recent financial performance of Thermal Energy International Inc.?
Thermal Energy International Inc. reported an 8% increase in revenue for the third quarter, with gross profit increasing by 17% year-over-year.
What recent project did Thermal Energy International Inc. announce?
Thermal Energy International Inc. announced a $1.9 million carbon reduction and energy efficiency solution for a global materials company, expected to save over $980,000 annually.
Where are Thermal Energy International Inc.'s common shares traded?
Thermal Energy International Inc.'s common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF.
THERMAL ENGY INTL LTD
OTC:TMGEF
TMGEF Rankings
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26.88M
160.08M
6.55%
0.24%
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