Thermal Energy International Reports Revenue Growth of 82.4%; Gross Profit Up 87.3% for Fiscal 2016

This morning, Ottawa-based cleantech company, Thermal Energy International (TSX-V: TMG) reported its fiscal 2016 year end financial results. Highlights included:

• Revenue increased 82.4% to $12.4 million, with higher heat recovery systems and GEMTM Condensate return systems sales;
• Gross profit increased 87.3% to $6.8 million;
• Net income of $259 thousand, representing an improvement of $2.4 million;
• Positive adjusted operating cash flow of $710 thousand, representing an improvement of $2.1 million.

“Fiscal 2016 was a strong year for both our heat recovery and GEM businesses. Our revenue rebounded, increasing more than 82% and resulting in the second most profitable year in the history of our company. While hospitals and food and beverage customers were the largest sources of revenue for the year, we continue to see applications for, and orders from, a variety of other sectors. Additionally, as we look ahead to fiscal 2017, we have a healthy order backlog of approximately $7.3 million, up from $5.9 million a year ago.”​ 
​- William Crossland, President & CEO.

Revenue for FY 2016 increased 82.4% to $12.4 million compared with $6.8 million in FY 2015.  Sales of heat recovery systems increased by 108.0%, while sales of GEM condensate return systems increased by 57.7%.
 
Gross profit for the year increased 87.3% to $6.8 million compared with $3.6 million in FY 2015. The gross profit expressed as a percentage of sales was 54.8% in FY 2016 compared with 53.4% in FY 2015.
 
EBITDAS for the year was $564 thousand compared with negative $2.0 million in the prior year, representing an improvement of $2.6 million.
 
The Company has net income of $259 thousand for the year compared to a net loss of almost $2.2 million in FY 2015.  Adjusted operating cash flow for the year was $710 thousand versus negative $1.4 million the year before.

​For more information on Thermal Energy, visit their website at www.thermalenergy.com and be sure to check out our special On The Radar feature here.