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Thermal Energy - Q4 Revenue Growth Caps Banner Year

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Trevor Heisler
Trevor Heisler

Thermal Energy International (TSX-V: TMG) (OTCQB: TMGEF) reported Q4 revenue growth of 84% and fiscal 2023 year end results that included record gross profit, order intake and value of project development agreements. Order backlog as at September 26, 2023 = 101% of fiscal 2023 full-year revenue.

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Q4 Revenue Growth of 84% Caps Banner Year Q4 2023 (ended May 31, 2023) FY 2023 (ended May 31, 2023) Revenue increased 84% to $8,207 Gross profit increased 101% to $3,832 EBITDA1 increased 476% to $1,170 New record New record 3rd best FY21 FY22 FY23 Revenue $21,092 $15,909 $15,349 Gross profit increased 42% to $9,569 New record EBITDA of $1,728 (vs loss of $2,486) 2nd best i EBITDA is a non-IFRS financial measure that represents earnings before interest, taxation, depreciation, amortization, impairment of intangible assets, and share- based compensation expense. +133% Growth in order intake to a record $27,259 +165% Growth in value of project development agreements FY 2023 (ended May 31, 2023) (all $ amounts in 000’s)

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Thermal Energy - Q4 Revenue Growth Caps Banner Year

  • 1. Q4 Revenue Growth of 84% Caps Banner Year Q4 2023 (ended May 31, 2023) FY 2023 (ended May 31, 2023) Revenue increased 84% to $8,207 Gross profit increased 101% to $3,832 EBITDA1 increased 476% to $1,170 New record New record 3rd best FY21 FY22 FY23 Revenue $21,092 $15,909 $15,349 Gross profit increased 42% to $9,569 New record EBITDA of $1,728 (vs loss of $2,486) 2nd best i EBITDA is a non-IFRS financial measure that represents earnings before interest, taxation, depreciation, amortization, impairment of intangible assets, and share- based compensation expense. +133% Growth in order intake to a record $27,259 +165% Growth in value of project development agreements FY 2023 (ended May 31, 2023) (all $ amounts in 000’s)