Thermal Energy International Reports First Quarter Financial Results
Key Highlights
- ➤Q1 revenue fell 9.2% to $6.2 million amid delayed heat recovery projects
- ➤Adjusted EBITDA was negative $80 thousand versus positive $350 thousand year over year
- ➤Net loss reached $272 thousand versus $166 thousand net income last year
- ➤Order backlog rose to $19.0 million by October 26 after $6.0 million post-quarter orders
- ➤Trailing-twelve-month revenue increased 17% and Adjusted EBITDA rose 76%
Expert Statements
William Crossland, CEO of Thermal Energy International Inc.
“While our first quarter results were below our expectations, it is important to highlight that our financial performance can fluctuate materially from quarter to quarter due to the timing, size, and mix of customer orders.”
William Crossland, CEO of Thermal Energy International Inc.
“Our revenue for the quarter was adversely impacted by delays in the delivery of a couple of heat recovery projects because a customer's facilities were not yet ready for the projects to advance, which was outside our control.”
William Crossland, CEO of Thermal Energy International Inc.
“The delays do not change the value of the projects or the demand we continue to see for our energy efficiency and decarbonization solutions.”
William Crossland, CEO of Thermal Energy International Inc.
“Accordingly, as usual, we believe investors are best served by focusing on customer adoption trends, our trailing-twelve-month performance, and longer-term growth trajectory rather than quarter-to-quarter fluctuations.”
Ottawa, Ontario--(Newsfile Corp. - October 27, 2026) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) (FSE: EUW) ("Thermal Energy" or the "Company"), a provider of high-ROI innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, today reported its financial results for the first quarter ended August 31, 2026. All figures are in Canadian dollars.
Q1 2027 Highlights: (Compared to Q1 2026) * Revenue decreased 9.2% to $6.2 million. * Adjusted EBITDA(i) was negative $80 thousand and net loss was $272 thousand. * Received $6.8 million in orders during the quarter and $6.0 million orders following quarter end. * Order backlog(ii) at quarter end was $13.0 million, growing to $19.0 million by October 26, 2026. * For the trailing twelve months ended August 31, 2026:* Revenue increased 17%. * Adjusted EBITDA was up 76%. * Net income increased $889 thousand. Overview
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