Q3 2026 Thermal Energy International Inc Earnings Call Transcript
Key Points
- Thermal Energy International Inc (TMGEF) reported record Q3 revenue of $9.4 million, marking a 62% increase compared to the same quarter last year.
- The company achieved record trailing 12-month revenue of $33.3 million, up 92% from three years ago.
- Adjusted EBITDA for the quarter increased significantly to $519,000, up $686,000 year-over-year, demonstrating operational leverage.
- The company has a strong balance sheet with virtually no debt and a 41% increase in cash to $4 million.
- Order intake for the quarter was up 26%, with a trailing 12-month increase of 41% to an all-time high of $31.3 million.
- Operating expenses increased by $548,000 in Q3, primarily due to a $402,000 increase in foreign exchange loss.
- On a trailing 12-month basis, operating expenses rose by $1.6 million, with a significant decrease in foreign exchange gains contributing to this variance.
- The company experienced a slight reduction in order backlog, indicating a faster conversion of orders into revenue but potentially less future revenue security.
- The revenue mix, traditionally two-thirds turnkey projects and one-third equipment sales, was disrupted during the COVID period, affecting gross margins.
- Despite strong financial performance, the company may need to hire additional engineers if order volumes exceed expectations, indicating potential capacity constraints.
CEO of Thermal Energy International.
Thank you for joining us this morning for our third 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 and institutional investors joining us on MS Teams will be able to ask some 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 some forward-looking statements within the meaning of applicable security laws. Wait a minute. Okay, there we go.
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
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