Q2 2026 Thermal Energy International Inc Earnings Call Transcript
Key Points
- Thermal Energy International Inc (TMGEF) reported record quarterly revenue of $10.2 million, marking an 18% increase over the previous year and the highest in company history.
- The company achieved an adjusted EBITDA of $814,000, which is three times the EBITDA from the previous year.
- Net income for the quarter was $618,000, a significant increase, being 20 times higher than the same quarter last year.
- The company has a strong balance sheet with essentially no bank debt, having paid down term loans by more than $3.8 million since May 2022.
- Order backlog increased to $21.5 million, a 20% year-over-year increase, driven by strong demand and strategic initiatives like the HeatSponge turnkey projects.
- Operating expenses increased by $605,000 compared to the previous year, partly due to one-time costs and general inflationary pressures.
- Trailing 12-month revenues were slightly down from the previous year, attributed to a softer Q1 compared to a record first quarter last year.
- Despite the strong quarter, adjusted EBITDA on a trailing 12-month basis is still down, although the company expects this trend to reverse soon.
- Net income on a trailing 12-month basis decreased to $605,000 from $672,000 a year earlier.
- The company faces risks and uncertainties associated with forward-looking statements, which could impact future performance.
Good morning, everyone. I'm William Crossland, CEO of Thermal Energy International. Thank you for joining us this morning for our second quarter earnings call. Our news release, financial statements and MD&A are available on our website and have been filed on SEDAR. After my prepared remarks, we'll have a question-and-answer session, at which time qualified equity research analysts joining us on MS Teams will be able to ask questions. If you're joining us online, you should be able to see our slide presentation on your screen now.
Before we go any further, I have to point out that today's call may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are subject to risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements.
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