On Monday, January 23, 2017, Ottawa-based cleantech company, Thermal Energy International (TSX-V: TMG) reported its financial results for the second quarter and six months ended November 30, 2016. While revenue was up for both the quarter and year-to-date, most striking were the significant increases in gross profit, EBITDAS and net income.
Gross profit increased 19% for the second quarter and 25% for the year-to-date. The Company also had strong improvements to EBITDAS, net income and adjusted cash flow. Year-to-date EBITDAS, net income and adjusted cash flow increased $606 thousand, $522 thousand and $446 thousand respectively.
“We had a strong first half of fiscal 2017 and have a healthy order backlog. Following the impressive gross profit increase we achieved in the first quarter, both our heat recovery and GEM sales were up in the second quarter and we continued to improve our profitability, with significant increases to gross profit, EBITDAS and our bottom line. Importantly, our market fundamentals are as strong as ever and we have only just begun to build our business in our key markets.” - William Crossland, CEO.