Thermal Energy Achieves Record Revenue of $29.8 Million in Fiscal 2025
Thermal Energy International (OTCQB: TMGEF), a global provider of energy efficiency solutions, reported its fiscal 2025 results with record annual revenue of $29.8 million, up 15% year-over-year. Despite Q4 revenue declining 9.3% to $6.8 million, the company achieved improved gross margins of 53.9% for the quarter.
The company's Q4 net income decreased 22.9% to $224,000, while Adjusted EBITDA fell 6% to $397,000. Notably, Thermal Energy significantly reduced its debt by repaying $1.1 million in Q4, leaving only $329,000 to be repaid by January 2026.
Most significantly, the company reported record Q1 FY2026 order intake of $11.3 million - four times higher than the previous year's Q1. The current order backlog stands at $24.3 million as of September 22, 2025, the highest ever reported.
Thermal Energy International (OTCQB: TMGEF), fornitore globale di soluzioni per l'efficienza energetica, ha pubblicato i risultati fiscali 2025 con ricavi annuali record di 29,8 milioni di dollari, in aumento del 15% su base annua. Nonostante i ricavi del Q4 siano diminuiti del 9,3% a 6,8 milioni di dollari, l'azienda ha registrato una marginalità lorda migliorata del 53,9% per il trimestre.
Il reddito netto del Q4 è diminuito del 22,9% a 224.000 dollari, mentre l'EBITDA rettificato è sceso del 6% a 397.000 dollari. Da notare che Thermal Energy ha ridotto significativamente il debito rimborsando 1,1 milioni di dollari nel Q4, lasciando solo 329.000 dollari da rimborsare entro gennaio 2026.
Ancora più significativo è che l'azienda ha riportato un record dell'ordine in entrata per il Q1 FY2026 di 11,3 milioni di dollari - quattro volte superiore al Q1 dell'anno precedente. L'attuale backlog degli ordini è di 24,3 milioni di dollari al 22 settembre 2025, il livello più alto mai registrato.
Thermal Energy International (OTCQB: TMGEF), proveedor global de soluciones de eficiencia energética, informó sus resultados fiscales 2025 con ingresos anuales récord de 29,8 millones de dólares, un aumento del 15% interanual. A pesar de que los ingresos del Q4 cayeron un 9,3% a 6,8 millones de dólares, la compañía logró márgenes brutos del 53,9% para el trimestre.
El ingreso neto del Q4 cayó un 22,9% a 224.000 dólares, mientras que el EBITDA ajustado descendió un 6% a 397.000 dólares. Cabe señalar que Thermal Energy redujo significativamente su deuda al reembolsar 1,1 millones de dólares en el Q4, quedando solo 329.000 dólares por pagar para enero de 2026.
Lo más destacado es que la empresa informó un récord de entrada de pedidos en el Q1 FY2026 de 11,3 millones de dólares, cuatro veces mayor que el Q1 del año anterior. El backlog actual de pedidos se sitúa en 24,3 millones de dólares al 22 de septiembre de 2025, el más alto registrado.
Thermal Energy International (OTCQB: TMGEF), 글로벌 에너지 효율 솔루션 공급기업은 2025 회계연도 실적을 발표했습니다. 연간 매출은 사상 최대치인 2980만 달러로 전년 대비 15% 증가했습니다. 다만 Q4 매출은 9.3% 감소한 680만 달러를 기록했고, 분기 총이익률은 53.9%로 향상되었습니다.
Q4 순이익은 22.9% 감소한 22만 4천 달러, 조정된 EBITDA는 6% 하락한 39만 7천 달러였습니다. 특히 Thermal Energy는 Q4에 110만 달러를 상환하며 부채를 크게 줄였고, 2026년 1월까지 남은 상환액은 32만9천 달러에 불과합니다.
가장 중요한 점은 FY2026년 Q1 수주액이 1130만 달러로 기록적 기록을 세운 것인데, 이는 전년 Q1 대비 네 배 증가한 수치입니다. 현재 수주 잔고는 2025년 9월 22일 기준 2430만 달러로, 지금까지 기록된 최고치입니다.
Thermal Energy International (OTCQB: TMGEF), fournisseur mondial de solutions d’efficacité énergétique, a publié ses résultats financiers pour l’exercice 2025 avec un chiffre d’affaires annuel record de 29,8 millions de dollars, en hausse de 15 % sur un an. Bien que les revenus du T4 aient diminué de 9,3 % pour atteindre 6,8 millions de dollars, la société a enregistré une marge brute de 53,9 % pour le trimestre.
Le bénéfice net du T4 a reculé de 22,9 % à 224 000 dollars, tandis que l’EBITDA ajusté a baissé de 6 % à 397 000 dollars. Notamment, Thermal Energy a réduit sensiblement sa dette en remboursant 1,1 million de dollars au T4, laissant seulement 329 000 dollars à rembourser d’ici janvier 2026.
Plus significatif encore, la société a annoncé un carnet de commandes record pour le Q1 FY2026 de 11,3 millions de dollars, soit quatre fois plus élevé que le Q1 de l’année précédente. Le carnet de commandes actuel s’élève à 24,3 millions de dollars au 22 septembre 2025, le plus haut jamais enregistré.
Thermal Energy International (OTCQB: TMGEF), globaler Anbieter von Energieeffizienzlösungen, gab die Ergebnisse für das Geschäftsjahr 2025 mit einem Rekordumsatz von 29,8 Mio. USD bekannt, was einem Anstieg von 15 % gegenüber dem Vorjahr entspricht. Obwohl der Umsatz im Q4 um 9,3 % auf 6,8 Mio. USD fiel, verzeichnete das Unternehmen eine verbesserte Bruttomarge von 53,9 % für das Quartal.
Der Nettogewinn im Q4 ging um 22,9 % auf 224.000 USD zurück, während das bereinigte EBITDA um 6 % auf 397.000 USD sank. Bemerkenswert ist, dass Thermal Energy seine Schulden erheblich reduziert hat, indem es im Q4 1,1 Mio. USD zurückzahlte; ausstehend bleiben bis Januar 2026 lediglich 329.000 USD.
Am wichtigsten ist, dass das Unternehmen einen Rekord-Auftragswert im Q1 FY2026 von 11,3 Mio. USD meldet – viermal so hoch wie im Q1 des Vorjahres. Der aktuelle Auftragsbestand beträgt 24,3 Mio. USD zum 22. September 2025, der höchste Wert aller Zeiten.
Thermal Energy International (OTCQB: TMGEF)، مزود عالمي لحلول كفاءة الطاقة، أعلن نتائج السنة المالية 2025 بإيرادات سنوية قياسية بلغت 29.8 مليون دولار، بزيادة 15% عن العام السابق. على الرغم من تراجع إيرادات الربع الرابع بنسبة 9.3% إلى 6.8 مليون دولار، حققت الشركة هوامش إجمالية محسّنة بلغت 53.9% للربع.
انخفض صافي دخل الربع الرابع بنسبة 22.9% إلى 224 ألف دولار، بينما انخفض EBITDA المعدل بنسبة 6% إلى 397 ألف دولار. من الجدير بالذكر أن Thermal Energy قللت ديونها بشكل كبير من خلال سداد 1.1 مليون دولار في الربع الرابع، تاركة فقط 329 ألف دولار من الديون المستحقة حتى يناير 2026.
الأهم من ذلك أنه أبلغت الشركة عن دخل طلبات قياسي في الربع الأول من السنة المالية 2026 قدره 11.3 مليون دولار - وهو أربعة أضعاف ما كان في الربع الأول للسنة السابقة. يبلغ إجمالي الطلبات الحالي حتى 22 سبتمبر 2025 24.3 مليون دولار، وهو أعلى مستوى مُسجل حتى الآن.
Thermal Energy International（OTCQB: TMGEF），全球能源效率解决方案提供商，公布了2025财年业绩，年收入创纪录，达到2980万美元，同比增长20%。
尽管第四季度收入同比下降9.3%至680万美元，但该季度毛利率提升至53.9%。
第四季度净利润下降至22.4万美元，经调整后的EBITDA下降6%至39.7万美元。值得注意的是，Thermal Energy在第四季度偿还了110万美元以大幅降低债务，至2026年1月尚需偿还的余额仅为32.9万美元。
最重要的是，公司宣布在2026财年第一季度的新订单额为11.3百万美元的创纪录水平，较上一年Q1增长四倍。当前未完成订单余额截至2025年9月22日为2430万美元，为历史最高。
- Record annual revenue of $29.8 million, up 15% year-over-year
- Q4 gross margin improved significantly to 53.9%
- Record Q1 FY2026 order intake of $11.3 million, 4x higher than previous year
- Highest-ever order backlog of $24.3 million as of September 2025
- Substantial debt reduction with $1.1 million repaid in Q4, only $329,000 remaining
- Q4 revenue decreased 9.3% to $6.8 million
- Q4 net income declined 22.9% to $224,000
- Operating expenses increased by $715,000 year-over-year
- Annual gross profit decreased 1% to $12.3 million
- Working capital declined to $2.4 million from $3.5 million year-over-year
Company reports results for fourth quarter and fiscal year 2025; record order intake for first quarter of fiscal 2026
Ottawa, Ontario--(Newsfile Corp. - September 23, 2025) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, today reported its financial results for the fourth quarter and year ended May 31, 2025. All figures are in Canadian dollars.
Q4 2025 Highlights:
(Compared to Q4 2024)
- Revenue decreased
9.3% to$6.8 million . - Gross profit increased by
17.3% to$3.7 million ; gross margin improved to53.9% for the quarter. - Net income decreased
22.9% to$224 thousand . - Adjusted EBITDAi decreased
6% to$397 thousand ; Adjusted EBITDA margin improved to5.8% for the quarter. - Repaid
$1.1 million in long term debt (remaining balance of$0.3 million on May 31, 2025). - Order backlogii was
$12.9 million as at May 31, 2025, growing to$24.3 million (the highest ever reported by Thermal Energy) by September 22, 2025.
Overview
"While our revenue was down in the fourth quarter, our quarterly gross profit and Adjusted EBITDA margins improved, and we still achieved our highest fiscal year revenue ever," said William Crossland, Thermal Energy CEO. "But the big story for us is that, after suppressed levels of order intake throughout fiscal 2025, our order intake in the first quarter of fiscal 2026 reached
"We significantly reduced our bank debt, repaying
"While the significant reinvestments in our business over the last two plus years has impacted our profitability, those investments should now enable us to scale. In addition, we have identified a few additional strategic opportunities to drive profitable growth. These include: (1) developing and promoting higher-margin standardized equipment packages for smaller, less complex heat recovery projects; (2) adding a sales channel comprised of independent sales representatives for all of our key technologies, which will free up our internal sales team to focus on larger, more strategic opportunities; and, (3) expanding Boilerroom Equipment Inc. ("BEI") into Europe — all of which can be leveraged by our new award-winning Carbon Reduction & Efficiency Scoping Tool ("CREST"), which can quickly and efficiently identify thermal energy savings and carbon reduction opportunities for both our own sales team and our new independent representative channel."
Summary Financial Results
| In thousand except % data | Three months ended May 31, 2025 | Three months ended May 31, 2024 | Twelve months ended May 31, 2025 | Twelve months ended May 31, 2024 | ||||||||
| Revenue | $ | 6,825 | $ | 7,529 | $ | 29,780 | $ | 25,880 | ||||
| Gross profit | $ | 3,679 | $ | 3,136 | $ | 12,344 | $ | 12,452 | ||||
| Gross margin | ||||||||||||
| Operating expenses | $ | 3,293 | $ | 2,663 | $ | 11,532 | $ | 10,818 | ||||
| Net income | $ | 224 | $ | 290 | $ | 158 | $ | 982 | ||||
| Adjusted EBITDAiii | $ | 397 | $ | 422 | $ | 1,052 | $ | 1,988 | ||||
| Cash position | $ | 2,799 | $ | 6,965 | $ | 2,799 | $ | 6,965 | ||||
| Working capital | $ | 2,396 | $ | 3,509 | $ | 2,396 | $ | 3,509 | ||||
| Orders received | $ | 4,776 | $ | 5,052 | $ | 21,776 | $ | 29,460 | ||||
| Order backlogiv as of May 31 | $ | 12,851 | $ | 18,672 | $ | 12,851 | $ | 18,672 |
Financial Review for the Fourth Quarter Ended May 31, 2025
Fourth quarter revenue decreased
Operating expenses were
The Company had Adjusted EBITDA of
At the end of May 31, cash and working capital balances were approximately
Financial Review for the Fiscal May 31, 2025
For the year ended May 31, 2025, revenue was a record
Operating expenses amounted to
R&D expense increased by
The Company achieved Adjusted EBITDA of
Business Outlook and Order Summary
Orders received ("Order Intake") during the fourth quarter totalled
The Company received
Full financial results including Management's Discussion and Analysis and accompanying notes to the financial results are available on www.sedarplus.ca and investors-thermalenergy.com/en/financial-overview.
Notice of Earnings Call and Webcast
Management of Thermal Energy will host an earnings call and webcast today, September 23, at 8:30 am ET. A question-and-answer session will follow management's prepared remarks, at which time qualified equity analysts will be able to submit questions via the webcast.
The live webcast will be available at https://tinyurl.com/TMG2025Q4. You may join the webcast via MS Teams on your computer, mobile app or room device. Please join the webcast approximately 15 minutes prior to the earnings call to ensure adequate time for registration and admittance to the webcast.
For more information, including dial-in information, refer to the Company's press release from September 16, 2025.
Readers are encouraged to subscribe to TEI News to receive strategic news and updates directly to their inbox.
| For media enquiries, contact: Thermal Energy International Inc. Canada: 613-723-6776 UK: +44 (0)117 917 2179 Marketing@thermalenergy.com | For investor enquiries: William Crossland President and CEO Thermal Energy International Inc. 613-723-6776 Investors@thermalenergy.com |
Notes to editors
About Thermal Energy International Inc.
Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy's proprietary and proven solutions can recover up to
Thermal Energy is a fully accredited professional engineering firm with engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices in Canada, UK, USA, Germany, Poland, France, and Italy. By providing a unique mix of proprietary products together with process, energy, and environmental engineering expertise, Thermal Energy can deliver unique, site-specific turnkey and custom engineered solutions with significant financial and environmental benefits for our customers.
Thermal Energy's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit our investor website at https://investors-thermalenergy.com or company website at www.thermalenergy.com and follow us on Twitter at https://twitter.com/GoThermalEnergy.
Forward-Looking Statements
This press release contains forward-looking statements relating to, and amongst other things, based on management's expectations, estimates and projections, the anticipated effectiveness of the Company's products and services, the timing of revenues to be received by the Company, the expectation that orders in backlog will become revenue, the anticipated benefits of the Company's current efforts at training and business improvement efforts, opportunities for growth, the Company's belief that it can capitalize on opportunities, the size of markets and opportunities open to the Company and the impact of investments that the Company has made on the Company's ability to scale. Information as to the amount of heat recovered, energy savings and payback period associated with Thermal Energy International's products are based on the Company's own testing and average customer results to date. Statements relating to the expected installation and revenue recognition for projects, statements about the anticipated effectiveness and lifespan of the Company's products, statements about the expected environmental effects and cost savings associated with the Company's products and statements about the Company's ability to cross-sell its products and sell to more sites are forward-looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, some of which are outside of the Company's control, could cause events and results to differ materially from those stated. Fulfilment of orders, installation of product and activation of product could all be delayed for a number of reasons, some of which are outside of the Company's control, which would result in anticipated revenues from such projects being delayed or in the most serious cases eliminated. Actions taken by the Company's customers and factors inherent in the customer's facilities but not anticipated by the Company can have a negative impact on the expected effectiveness and lifespan of the Company's products and on the expected environmental effects and cost savings expected from the Company's products. Any customer's willingness to purchase additional products from the Company and whether orders in the Company's backlog as described above will turn into revenue is dependent on many factors, some of which are outside of the Company's control, including but not limited to the customer's perceived needs and the continuing financial viability of the customer. Volatility with respect to tariffs and trade regulation may continue and may impact the Company in ways not currently anticipated. The Company disclaims any obligation to publicly update or revise any such statements except as required by law. Readers are referred to the risk factors associated with the Company's business as described in the Company's most recent Management's Discussion and Analysis available at www.sedarplus.ca.
Non-IFRS Financial Measures
The Company believes the following non-IFRS financial measures provide useful information to both management and investors to better understand the financial performance and financial position of the Company.
EBITDA and Adjusted EBITDA
Management believes that EBITDA (earnings before interest, taxation, depreciation and amortization) and Adjusted EBITDA (EBITDA plus share-based compensation expense) are useful performance measures. The Adjusted EBITDA approximates cash generated from operations, before tax, capital expenditures and changes in working capital. Adjusted EBITDA also assists comparison among companies as it eliminates the differences in earnings due to how a company is financed. EBITDA and Adjusted EBITDA do not have a standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures presented by other companies. There is no direct comparable IFRS measure for EBITDA or Adjusted EBITDA.
A reconciliation of net income to EBITDA and Adjusted EBITDA is shown below.
| Three months ended | Twelve months ended | |||||||||||
| May 31, 2025 $ | May 31, 2024 $ | May 31, 2025 $ | May 31, 2024 $ | |||||||||
| Total net income attributable to owners of the parent | 198,528 | 278,473 | 73,166 | 929,504 | ||||||||
| Total net income attributable to non-controlling interest | 25,446 | 11,875 | 85,316 | 52,664 | ||||||||
| Interest charge | 53,905 | 94,700 | 289,562 | 416,816 | ||||||||
| Interest revenue | (11,367 | (49,340 | (63,267 | (49,340 | ||||||||
| Income tax (recovery) expense | (27,817 | (95,126 | 21,634 | 16,981 | ||||||||
| Depreciation and amortization | 96,976 | 116,584 | 391,903 | 384,329 | ||||||||
| EBITDA | 335,671 | 357,166 | 798,314 | 1,750,954 | ||||||||
| Share based compensation | 61,636 | 65,306 | 253,886 | 237,251 | ||||||||
| Adjusted EBITDA | 397,307 | 422,472 | 1,052,200 | 1,988,205 | ||||||||
Order Backlog
Order backlog is a useful performance measure that Management uses as an indicator of the short-term future revenue of our Company resulting from already recognized orders. The Company includes in "order backlog" any purchase orders that have been received by the Company but have not yet been reflected as revenue in the Company's published financial statements. It is important to note that once an order or partial order is recorded as revenue, the order backlog is reduced by the amount of the newly reported revenue. Order backlog does not have a standardized meaning prescribed by International Financial Reporting Standards and therefore may not be comparable to similar measures presented by other companies.
For additional details on non-IFRS financial measures, please refer to the Company's most recent Management's Discussion and Analysis available at www.sedarplus.ca for more details about these non-IFRS financial measures.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
i Adjusted EBITDA represents earnings before interest, taxation, depreciation, amortization, and share-based compensation expense. See note below about non-IFRS measures.
ii Order backlog represents any purchase orders that have been received by the Company but have not yet been reflected as revenue in the Company's published financial statements. See note below about non-IFRS measures.
iii Adjusted EBITDA represents earnings before interest, taxation, depreciation, amortization, and share-based compensation expense.
iv Order backlog represents any purchase orders that have been received by the Company but have not yet been reflected as revenue in the Company's published financial statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/267467
FAQ
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