Thermal Energy International (TMG) Q3 2026 earnings summary

Executive summary

• Achieved record Q3 revenue of $9.4 million, up 62% year-over-year, driven by strong heat recovery and GEM business performance.

• Net income swung to $338 thousand from a loss of $403 thousand in Q3 2025.

• Adjusted EBITDA improved to $519 thousand, a $686 thousand increase year-over-year.

• Trailing four quarters revenue reached $33.3 million, with adjusted EBITDA of $2.1 million and net income of $1.3 million.

Financial highlights

• Q3 revenue: $9.4 million (+62% YoY); nine-month revenue: $26.5 million (+15% YoY).

• Gross profit for Q3: $3.5 million; gross margin 37% (down from 39% YoY).

• Operating expenses rose by $548 thousand in Q3, mainly due to FX loss and inflationary salary increases.

• Cash position at quarter end: $4.0 million; working capital: $3.7 million, both up over $1 million since year end.

Outlook and guidance

• Order intake in Q3 totaled $8.7 million (+26% YoY), with a current order backlog of $16.3 million as of April 27, 2026.

• Management expects continued execution of growth strategy and long-term value creation.