Canadian cleantech company, Thermal Energy International, reported that it had achieved record revenue and gross profit for its latest fiscal year ended May 31, 2017. Revenue for the year was $13.2 million, representing an increase of 6.4% over revenue of $12.4 million for fiscal 2016. The higher revenue was due to a 28.6% increase in GEM™ steam trap sales for the year. Gross profit increased 9.5% to a record high $7.4 million compared with $6.8 million the year before. As a percentage of revenue, gross profit increased to 56.4% from 54.8% in fiscal 2016.
“Our record highs in revenue and gross profit in fiscal 2017 are the result of the successful execution of our strategy on multiple fronts,” said William Crossland, CEO of Thermal Energy. “We gained new customers; sold more to existing customers; and continued to develop our corporate accounts. We also launched our new ‘Super-Efficient Cogeneration™’ service offering during the year, subsequently announcing our first project under this offering at the end of August. Importantly, this provides us with another complementary service to sell to both existing and prospective customers. We look to build on our momentum and capitalize on the very favourable market conditions we have been witnessing around the world for emission reduction and energy efficiency solutions.”
The company’s EBITDAS increased 32.9% to $750 thousand compared with $564 thousand in the prior year. Net income increased 51.7% to $393 thousand compared with $259 thousand in the prior year.
Subsequent to year end, the company had received orders totaling $3.28 million from a leading Fortune 500 food and beverage customer, including a $1.82 million heat recovery order (announced July 6, 2017) and a $1.46 million “Super-Efficient Cogeneration™” project (announced August 31, 2017). Also subsequent to year end, Thermal Energy had received $244 thousand in GEM orders representing repeat business from a leading performance materials company.
Including these recent orders, Thermal Energy had an order backlog of approximately $9.0 million as at September 22, 2017, compared to $7.3 million when it reported fiscal 2016 results a year earlier.
The company is headquartered in Ottawa, Canada, with offices in the U.K., Italy, U.S., China and sales worldwide. Thermal Energy’s common shares are listed on the Toronto Venture Exchange under the symbol “TMG”.