Las Vegas, Nevada – Thermal Energy International Inc. held its Q3 2024 earnings conference call on April 25 at 8:30 AM ET. The call, led by President and CEO William Crosland, marked the company’s first-ever earnings call for the fiscal year. During the call, Crosland emphasized the importance of forward-looking statements, cautioning listeners about risks and uncertainties typical in such projections.

One of the highlights presented during the call was the company’s revenue increase of 8% to $6.1 million for the quarter. While reporting an EBITDA of $322,000 and a net income of $44,000, Crosland also discussed the impact of investments made in the business’s future growth, which temporarily lowered profitability. The call also touched upon the company’s significant orders totaling $8.3 million for the quarter.

A key focus of the call was on the company’s investments in growth, including the addition of nine new employees in various departments such as sales, marketing, engineering, and finance. Technology-wise, the company is developing new tools and software to enhance efficiency and scalability. Additionally, the company moved its UK operations to a larger facility to accommodate increased demand and double throughput capacity.

Looking at the company’s performance over the last 12 months, ending February 29, 2024, Thermal Energy International reported its highest revenue on record at $26.6 million, marking a notable increase over the past two years. The company also saw strong growth in both custom equipment and turnkey projects, with EBITDA reaching $2.7 million for the same period.

Furthermore, the call highlighted the company’s order intake and backlog activity, demonstrating momentum in the business. With a record level of project development agreements and a focus on profitable growth, Thermal Energy International aims to continue expanding its market presence and meeting aggressive carbon emission reduction targets.

In conclusion, the company reiterated its commitment to driving growth organically and through strategic acquisitions. With a focus on proven technologies and distribution opportunities, Thermal Energy International looks forward to further expanding its market reach and delivering innovative solutions to its customers.