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Thermal Energy International
Thermal Energy International (TMG) investor relations material
Thermal Energy International Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary27 Jan, 2026
Executive summary
Achieved record quarterly revenue of $10.2 million (CAD 10.2 million), up over 18% year-over-year, the highest in company history, driven by strong heat recovery project execution and increased GEM sales.
Adjusted EBITDA reached $814 thousand (CAD 814,000), more than tripling year-over-year; net income surged to $618 thousand (CAD 618,000), a twentyfold increase.
Maintained a strong balance sheet with $2.0 million in cash, $3.4 million in working capital, and virtually no bank debt.
Order backlog reached $21.5 million as of January 26, 2026, up 20% year-over-year, reflecting robust demand.
Strong operating cash flow and significant debt reduction since May 2022.
Financial highlights
Q2 revenue grew over 17% year-over-year to $10.2 million, with both heat recovery projects and equipment sales contributing.
Gross profit reached a record $4.0 million, with gross margin improving to 39% from 33% a year ago.
Operating expenses for Q2 were $1.9 million to $3.2 million, up $605,000 year-over-year, including one-time costs and higher salary expenses.
Trailing twelve-month net income was $2.14 million, with operating cash flow for the trailing twelve months at $1.6 million before changes in working capital.
Adjusted EBITDA for Q2 was $814 thousand, with TTM Adjusted EBITDA reaching $3.23 million.
Outlook and guidance
Despite accelerated project completions, full-year expectations remain unchanged, with a strong second half anticipated.
Management expects the downward trend in trailing twelve-month EBITDA and net income to reverse soon.
Early traction with the streamlined HeatSponge turnkey offering and strong order intake position the company for continued growth.
Order backlog as of January 26, 2026, stood at $21.5 million, indicating strong future revenue visibility.
HeatSponge strategy: What margin impact expected?
Operating expenses: What is the normalized run rate?
Customer strategy: How are target applications identified?
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Next Thermal Energy International earnings date
Q3 202628 Apr, 2026
Thermal Energy International
Next Thermal Energy International earnings date
Q3 202628 Apr, 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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