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Visual21 Nov 2025
Data center suppliers
Thermal Energy International (TMG) investor relations material
Thermal Energy International Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary28 Oct, 2025
Executive summary
Q1 revenue was the second-best ever, lower than last year but significantly higher than two and three years ago.
Achieved record Q1 order intake of $11.9 million, up over four times last year's Q1 and 323% year-over-year, with order backlog rising 37% to $18.5 million at quarter end.
Significant progress in the pharmaceutical sector, with four major heat recovery project orders totaling $15 million over two years and $5.1 million in Q1 2026 from a leading global company.
Continued reduction of debt, with $3.7 million repaid since May 2022 and only $200,000 remaining, scheduled for full repayment by January 2026.
Maintained profitability with Adjusted EBITDA of $350,000 and net income of $166,000 in Q1, and strong operating cash flow.
Financial highlights
Q1 revenue was $6.9 million, up 32% from Q1 2024 and 114% from Q1 2023, but down 19% year-over-year.
Trailing 12-month revenue reached $29.2 million, up 86% over three years.
Net income for Q1 was $166,000; trailing 12-month net income was $1.13 million.
Adjusted EBITDA for Q1 was $350,000; trailing 12-month Adjusted EBITDA was $2.13 million.
Operating cash flow for the trailing 12 months was $1.1 million.
Outlook and guidance
Majority of Q1 order revenue expected to be recognized in the second half of fiscal 2026, indicating a back-end loaded revenue year.
Record order intake and backlog position the company for strong growth in the remainder of the fiscal year.
When will prior investments drive top-line growth?
Pharma sector growth strategy?
Pace of backlog conversion to revenue?
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Next Thermal Energy International earnings date
Q2 202630 Jan, 2026
Next Thermal Energy International earnings date
Q2 202630 Jan, 2026
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Frequently asked questions
Thermal Energy International Inc. is a company specializing in energy efficiency solutions for industrial and institutional clients. The company focuses on reducing carbon emissions and energy consumption through innovative products and services. Key offerings include thermal energy recovery systems, heat recovery equipment, and steam efficiency solutions. Thermal Energy International serves various sectors, including food and beverage, healthcare, pharmaceuticals, and pulp and paper industries. The company is headquartered in Ottawa, Ontario, and its shares are listed on the TSX.
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