Thermal Energy International Reports Record Revenue for Fiscal 2018

Highlights:
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• Revenue for the year increased 32.0% to $17.4 million;
• Three-year compound annual revenue growth of 21%;  
• Gross profit increased 12.0% to $8.3 million;
• Net income increased 57.7% to $619,000;
• Order backlog of $12.7 million as at September 26, 2018, compared to $9.0 million as at September 22, 2017 

OTTAWA, ONTARIO / TheNewswire / September 28, 2018 - Thermal Energy International Inc. ("Thermal Energy" or the "Company") (TMG), an innovative cleantech company providing proprietary and proven energy efficiency and emissions reduction solutions to the industrial, commercial and institutional sectors worldwide, today announced its financial results for the three- month ("Q4" or the "quarter") and twelve-month (the "year") periods ended May 31, 2018. All figures are in Canadian dollars.

"I am proud to report yet another record-breaking fiscal quarter and year due to the hard work and determination of our team in the execution of a well-defined growth strategy." said William Crossland, CEO of Thermal Energy.

"Over the last three years we have invested significantly in our team and capabilities with staff additions in Ottawa, Bristol, Texas, Poland and Germany. We have also expanded our product offerings and expertise and these investments are now starting to pay off. Growing our sales, marketing and technical capabilities and expanding our portfolio of complimentary energy efficiency solutions are key parts of a strategy that has resulted in our revenue almost tripling over the last three years.

"In June, just after year end, we announced the acquisition of Boilerroom Equipment Inc., adding further to our product portfolio, distribution networks, engineering and project management expertise. The addition of Boilerroom Equipment Inc.'s HeatSponge, Sidekick and Rainmaker technologies to our GEMTM, FLU-ACE(R), Dry-Rex(R), and CoGen, is part of the Company's strategy to develop a broad portfolio of thermal energy efficiency solutions targeted at the industrial, institutional and commercial markets, and become a unique one-stop-shop for all of our clients' thermal energy efficiency and heat recovery needs."​

>> Read the full news release

Source: Thermal Energy International Inc.