Earlier this month, Thermal Energy International (TSX-V: TMG) reported its fiscal 2024 first quarter results for the period ended August 31, 2023. While the Company’s fiscal 2024 first quarter revenue was up 66% to $5.2 million, what’s more impressive is that the Company has already received about $13.7 million in news orders (order intake) just five months into fiscal 2024.
Thermal Energy International’s order backlog of $22 million (as at October 24, 2023) is more than 104% of its fiscal 2023 annual revenue (May 30, 2023 year end). The Company’s annual revenue in fiscal 2023 was up 32.6% from the prior year. Going back to those order intake and backlog figures, it's important to note that most of Thermal Energy’s orders are converted to revenue within 12 months of receipt.
Another good sign of the strong momentum Thermal Energy is experiencing is the remarkable year-over-year increase in the number and value of signed project development agreements (“PDAs”). The Company received 25 signed PDAs in fiscal 2023 compared to ten signed PDAs in the prior fiscal year. That number increased to 27 by October 24, 2023. According to a July 11, 2023 press release from the Company, while there is no guarantee that signed PDAs will result in completed turn-key projects, the Company considers PDAs to be a key metric in assessing the strength of its business development pipeline.