Thermal Energy International Inc (TMG)

Thermal Energy International to Present at Planet MicroCap Las VegasJune 9, 2026 7:00 AM
NewsfileOttawa, Ontario--(Newsfile Corp. - June 9, 2026) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, will be presenting at the Planet MicroCap Las Vegas conference powered by MicroCapClub on Wednesday, June 17, 2026 at the Bellagio Resort & Hotel. William Crossland, CEO of Thermal Energy, will be presenting at the event and will be available for meetings with investors. To access the live presentation, please use the following information: Date: Wednesday, June 17, 2026
Time: 9:30 a.m. (Las Vegas Local Time PST)
Webcast: https://event.summitcast.com/view/bpjo3VVjZ25pp6SXpUua92/Ak9yhc2VeNp9VnBKyZMkms 1x1 meetings will be scheduled and conducted in person at the Bellagio Resort & Hotel in Las Vegas, NV. If you would like to book 1x1 investor meetings with William Crossland of Thermal Energy, and plan to attend the Planet MicroCap Las Vegas 2026, please make sure you are registered here: https://www.meetmax.com/sched/event_130817/conference_register.html The Planet MicroCap Las Vegas 2026 website is available here: https://www.meetmax.com/sched/event_130817/conference_home.html If you are unable to attend the live presentation, all company presentation "webcasts" will be available directly on the conference event platform on this link under the tab "Agenda": https://www.meetmax.com/sched/event_130817/conference_presentations.html?bank_access=0&event_id=130817Readers are encouraged to subscribe to TEI News to receive strategic news and updates directly to their inbox.ENDSFor media enquiries contact:
Thermal Energy International Inc.
Canada: 613-723-6776
UK: +44 (0)117 917 2179
Marketing@thermalenergy.comFor investor enquiries:
William Crossland
President and CEO
Thermal Energy International Inc.
613-723-6776
Investors@thermalenergy.com Notes to editorsAbout Thermal Energy International Inc.Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy's proprietary and proven solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations while delivering a high return on investment with a short, compelling payback. Thermal Energy is a fully accredited professional engineering firm with engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices in Canada, UK, USA, Germany, Poland, and Italy. By providing a unique mix of proprietary products together with process, energy, and environmental engineering expertise, Thermal Energy can deliver unique, site-specific turnkey and custom engineered solutions with significant financial and environmental benefits for our customers.Thermal Energy's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit our investor website at https://investors-thermalenergy.com or company website at www.thermalenergy.com and follow us on Twitter at https://twitter.com/GoThermalEnergy.About Planet MicroCapPlanet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. For more information about Planet MicroCap, please visit: https://planetmicrocap.com/.About MicroCapClubMicroCapClub is an exclusive forum for experienced microcap investors to share and discuss microcap companies (sub $1 billion market cap) trading on global markets. Since 2011, its members have profiled 1500+ microcap companies. Investors can join the community by applying to become a member or subscribing to gain instant access. For more information, visit https://microcapclub.com/.# # #Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300641 Original: Thermal Energy International to Present at Planet MicroCap Las Vegas

Thermal Energy Reports 62% Revenue Growth and Improved Profitability for the Third QuarterApril 28, 2026 7:01 AM
NewsfileOttawa, Ontario--(Newsfile Corp. - April 28, 2026) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, today reported its financial results for the third quarter ended February 28, 2026. All figures are in Canadian dollars.Q3 2026 Highlights:
(Compared to Q3 2025)Revenue increased 62% to $9.4 millionAdjusted EBITDAi was $519 thousand, an improvement of $686 thousandNet income swung to $338 thousand from a loss of $403 thousandCash position of $4 million and working capital of $3.6 million at quarter end, each up more than $1 million since year end.Order backlogii was $14.7 million at quarter end, increasing to $16.3 million as at April 27, 2026.Overview"Thermal Energy delivered a standout third quarter, with the highest Q3 revenue in our history and solid performances across both our heat recovery project and GEM™ businesses," said William Crossland, Thermal Energy CEO. "The higher revenue drove considerable increases in our adjusted EBITDA and net income, with both swinging strongly into the black compared to the losses we reported this time last year. The strength of our second and third quarters drove our trailing four quarters revenue to a record $33.3 million, with adjusted EBITDA of $2.1 million and net income of $1.3 million. These big improvements compared to a year ago are a testament to our growth strategy and the significant reinvestments we made in our business in fiscal 2024 and 2025."We received $8.7 million in new orders in the quarter, which was an increase of 26% compared to the third quarter of last year, and helped drive our trailing four quarters order intake to an all-time high of $31.3 million. Order backlog was down slightly as we were more efficient at converting orders to revenue over the last couple quarters, due in part to the investments we made in our engineering team these past couple years. We have a very solid balance sheet with strong cash and working capital positions and virtually no bank debt. We believe we are very well positioned to continue executing our strategy and creating long-term value for our shareholders."Summary Financial ResultsIn thousand except % data
Three months
ended
Feb. 28, 2026

Three months
ended
Feb. 28, 2025

Nine months
ended 
Feb. 28, 2026

Nine months
ended 
Feb. 28, 2025
Revenue$9,424
$5,815
$26,461
$22,955
Gross profit$3,500
$2,267
$10,697
$8,665
Gross margin
37%

39%

40%

38%
Operating expenses$3,065
$2,517
$9,186
$8,240
Net income $338

($403)$1,121

($65)Adjusted EBITDAi$519

($167)$1,683
$655
Cash position $3,957
$5,143
$3,957
$5,143
Working capital $3,654
$2,378
$3,654
$2,378
Orders received$8,723
$6,931
$26,503
$17,000
Order backlogii  as of February 28 $14,700
$14,800
$14,700
$14,800
 Financial Review for the Third Quarter Ended February 28, 2026Third quarter revenue grew 62% year-over-year to $9.4 million, which is a record for the Company's third quarter. The increase was mainly due to increased revenues from heat recovery projects and GEM. Gross profit increased to $3.5 million, mainly due to increased revenues.Operating expenses increased by $548 thousand mainly due to an increase in foreign exchange loss of $402 thousand and inflationary increases on salaries and general business costs of $146 thousand.Adjusted EBITDA increased to $519 thousand and net income increased $338 thousand, compared to losses of $167 thousand and $403 thousand respectively in the third quarter a year earlier. At the end of February, cash and working capital balances were approximately $4.0 million and $3.7 million, respectively.Financial Review for the Nine Months Ended February 28, 2026For the nine months ended February 28, 2026, revenue increased by $3.5 million, or 15%, to $26.5 million. The increase was mainly due to increased revenues from heat recovery projects and GEM. Gross profit increased by $2 million because of the increased revenues from both heat recovery projects and GEM.Operating expenses increased by $946 thousand. The variance was driven by a decrease in foreign exchange gains of $193 thousand, a $150 thousand one-time restoration cost accrued for a leased space, an increase in group incentive cost of $200 thousand, $90 thousand invested in website design and data scoping tool, $169 thousand increase in salary and benefit expense, and $144 thousand in general inflationary cost increases. Business Outlook and Order SummaryOrders received ("Order Intake") during the third quarter totalled $8.7 million, bringing the year-to-date total to $26.5 million. The Company ended the quarter with an order backlog of $14.7 million.The Company also received $1.6 million in new orders subsequent to quarter end, bringing the current order backlog to $16.3 million as of April 27, 2026. A list and description of recent order highlights is available on page 16 to 17 of the Management's Discussion and Analysis filed today.Full financial results including Management's Discussion and Analysis and accompanying notes to the financial results are available on www.sedarplus.ca and investors-thermalenergy.com/en/financial-overview.Notice of Earnings Call and WebcastManagement of Thermal Energy will host an earnings call and webcast today, April 28, at 8:30 am ET. A question-and-answer session will follow management's prepared remarks, at which time qualified equity analysts will be able to submit questions via the webcast.The live webcast will be available at https://tinyurl.com/TMG2026Q3. You may join the webcast via MS Teams on your computer, mobile app or room device. Please join the webcast approximately 15 minutes prior to the earnings call to ensure adequate time for registration and admittance to the webcast.For more information, including dial-in information (audio only), refer to the Company's press release from April 21, 2026. Readers are encouraged to subscribe to TEI News to receive strategic news and updates directly to their inbox.ENDSFor media enquiries, contact:
Thermal Energy International Inc.
Canada: 613-723-6776
UK: +44 (0)117 917 2179
Marketing@thermalenergy.com
For investor enquiries:
William Crossland
President and CEO
Thermal Energy International Inc.
613-723-6776
Investors@thermalenergy.com
 Notes to editorsAbout Thermal Energy International Inc.Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy's proprietary and proven solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations while delivering a high return on investment with a short, compelling payback. Thermal Energy is a fully accredited professional engineering firm with engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices in Canada, UK, USA, Germany, Poland, France, and Italy. By providing a unique mix of proprietary products together with process, energy, and environmental engineering expertise, Thermal Energy can deliver unique, site-specific turnkey and custom engineered solutions with significant financial and environmental benefits for our customers.Thermal Energy's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit our investor website at https://investors-thermalenergy.com or company website at www.thermalenergy.com and follow us on Twitter at https://twitter.com/GoThermalEnergy.Forward-Looking StatementsThis press release contains forward-looking statements relating to, and amongst other things, based on management's expectations, estimates and projections, the anticipated effectiveness of the Company's products and services, the timing of revenues to be received by the Company, the expectation that orders in backlog will become revenue, the anticipated benefits of the Company's current efforts at training and business improvement efforts, opportunities for growth, the Company's belief that it can capitalize on opportunities, the size of markets and opportunities open to the Company and the impact of investments that the Company has made on the Company's ability to scale. Information as to the amount of heat recovered, energy savings and payback period associated with Thermal Energy International's products are based on the Company's own testing and average customer results to date. Statements relating to the expected installation and revenue recognition for projects, statements about the anticipated effectiveness and lifespan of the Company's products, statements about the expected environmental effects and cost savings associated with the Company's products and statements about the Company's ability to cross-sell its products and sell to more sites are forward looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, some of which are outside of the Company's control, could cause events and results to differ materially from those stated. Fulfilment of orders, installation of product and activation of product could all be delayed for a number of reasons, some of which are outside of the Company's control, which would result in anticipated revenues from such projects being delayed or in the most serious cases eliminated. Actions taken by the Company's customers and factors inherent in the customer's facilities but not anticipated by the Company can have a negative impact on the expected effectiveness and lifespan of the Company's products and on the expected environmental effects and cost savings expected from the Company's products. Any customer's willingness to purchase additional products from the Company and whether orders in the Company's backlog as described above will turn into revenue is dependent on many factors, some of which are outside of the Company's control, including but not limited to the customer's perceived needs and the continuing financial viability of the customer. Volatility with respect to tariffs and trade regulation may continue and may impact the Company in ways not currently anticipated. The Company disclaims any obligation to publicly update or revise any such statements except as required by law. Readers are referred to the risk factors associated with the Company's business as described in the Company's most recent Management's Discussion and Analysis available at www.sedarplus.ca. Non-IFRS Financial MeasuresThe Company believes the following non-IFRS financial measures provide useful information to both management and investors to better understand the financial performance and financial position of the Company.EBITDA and Adjusted EBITDAManagement believes that EBITDA (earnings before interest, taxation, depreciation and amortization) and Adjusted EBITDA (EBITDA plus share-based compensation expense) are useful performance measures. The Adjusted EBITDA approximates cash generated from operations, before tax, capital expenditures and changes in working capital. Adjusted EBITDA also assists comparison among companies as it eliminates the differences in earnings due to how a company is financed. EBITDA and Adjusted EBITDA do not have a standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures presented by other companies. There is no direct comparable IFRS measure for EBITDA or Adjusted EBITDA.A reconciliation of net income to EBITDA and Adjusted EBITDA is shown below.
Three months endedNine months ended
Feb 28, 2026
$Feb 28, 2025
$Feb 28, 2026
$Feb 28, 2025
$Total net income attributable to owners of the parent322,627(416,630)1,047,766(125,362)Total net income attributable to non-controlling interest14,94913,99473,45459,870Interest charge30,38270,21191,339235,657Interest revenue(6,088)(7,962)(16,845)(51,900)Income tax expense13,95114,44071,08849,451Depreciation and amortization74,34096,815224,692294,927EBITDA450,161(229,132)1,491,494462,643Share based compensation68,40761,638191,683192,250Adjusted EBITDA518,568(167,494)1,683,177654,893 Order BacklogOrder backlog is a useful performance measure that Management uses as an indicator of the short-term future revenue of our Company resulting from already recognized orders. The Company includes in "order backlog" any purchase orders that have been received by the Company but have not yet been reflected as revenue in the Company's published financial statements. It is important to note that once an order or partial order is recorded as revenue, the order backlog is reduced by the amount of the newly reported revenue. Order backlog does not have a standardized meaning prescribed by International Financial Reporting Standards and therefore may not be comparable to similar measures presented by other companies.For additional details on non-IFRS financial measures, please refer to the Company's most recent Management's Discussion and Analysis available at www.sedarplus.ca for more details about these non-IFRS financial measures.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.i Adjusted EBITDA represents earnings before interest, taxation, depreciation, amortization, and share-based compensation expense. See note below about non-IFRS measures.
ii Order backlog represents any purchase orders that have been received by the Company but have not yet been reflected as revenue in the Company's published financial statements. See note below about non-IFRS measures.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294529
Original: Thermal Energy Reports 62% Revenue Growth and Improved Profitability for the Third Quarter

Thermal Energy International to Announce Third Quarter Results on April 28, 2026April 21, 2026 10:30 AM
NewsfileOttawa, Ontario--(Newsfile Corp. - April 21, 2026) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, will release its fiscal 2026 third quarter financial results prior to market open on Tuesday, April 28, 2026. Management will host an earnings conference call and webcast to review the financial results at 8:30 a.m. ET the same morning. A question-and-answer session will follow management's prepared remarks, at which time qualified equity analysts and institutional investors will be able to submit questions via the webcast. Other investors are invited to submit moderated questions related to the Company's financial and operational performance in advance (prior to 8:15 am ET on April 28, 2026) by email to investors@thermalenergy.com for consideration during the call. Joining the Webcast via Microsoft TeamsA live webcast of the earnings call with a slide presentation will be available at https://tinyurl.com/TMG2026Q3. You may join the webcast via MS Teams on your computer, mobile app or room device. Please join the webcast approximately 15 minutes prior to the earnings call to ensure adequate time for registration and admittance to the webcast.For more information on joining an MS Teams meeting, click here. Dial-in Instructions (audio only)For anyone unable to join via MS Teams, there will also be a dial-in option to join the conference call by phone. To access the conference call via dial-in, please use the information below. Please dial-in approximately 5 to 10 minutes prior to the earnings call to help ensure admittance. Calling from Canada: +1 437-703-4481
Find a local number
Phone conference ID: 940 147 690#Thermal Energy's financial statements and management's discussion and analysis will be filed on SEDAR+ at www.sedarplus.ca following the release, and will be available on the same day on Thermal Energy's website at https://investors-thermalenergy.com/en/financial-overview.Readers are encouraged to subscribe to TEI News to receive strategic news and updates directly to their inbox.ENDS For media enquiries contact:For investor enquiries:Thermal Energy International Inc.William CrosslandCanada: 613-723-6776President and CEOUK: +44 (0)117 917 2179Thermal Energy International Inc.Marketing @lngterm-6776 Investors@thermalenergy.com Notes to editorsAbout Thermal Energy International Inc.Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy's proprietary and proven solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations while delivering a high return on investment with a short, compelling payback. Thermal Energy is a fully accredited professional engineering firm with engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices in Canada, UK, USA, Germany, Poland, and Italy. By providing a unique mix of proprietary products together with process, energy, and environmental engineering expertise, Thermal Energy can deliver unique, site-specific turnkey and custom engineered solutions with significant financial and environmental benefits for our customers.Thermal Energy's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit our investor website at https://investors-thermalenergy.com or company website at www.thermalenergy.com and follow us on Twitter at https://twitter.com/GoThermalEnergy.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.# # #To view the source version of this press release, please visit https://www.newsfilecorp.com/release/293521
Original: Thermal Energy International to Announce Third Quarter Results on April 28, 2026

Thermal Energy International to Participate in TSX-Sponsored European RoadshowApril 15, 2026 7:05 AM
NewsfileOttawa, Ontario--(Newsfile Corp. - April 15, 2026) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, will participate in an exclusive three-day TSX-sponsored European roadshow from April 21 to April 23 featuring a select group of TSX and TSX Venture-listed companies at the centre of the evolving energy landscape.The roadshow is structured to encourage in-depth discussion and direct access, delivering a private, relationship-led experience across three of Europe's major financial centres. Thermal Energy will present to a curated audience of family offices and high-net-worth individuals in Zurich, Paris and London, with interests in the new energy economy and innovative business models. In its most recently reported quarterly financial results (for the quarter ended November 30, 2025), Thermal Energy's revenue reached a record $10.2 million, Adjusted EBITDAi tripled to $814 thousand, and net income increased to $618 thousand. Readers are encouraged to subscribe to TEI News to receive strategic news and updates directly to their inbox.i Adjusted EBITDA represents earnings before interest, taxation, depreciation, amortization, and share-based compensation expense. See note below about non-IFRS measures.ENDSFor media enquiries contact:For investor enquiries: Thermal Energy International Inc.William Crossland Canada: 613-723-6776President and CEO UK: +44 (0)117 917 2179Thermal Energy International Inc. Marketing @lngterm-6776 
Investors@thermalenergy.com  Notes to editorsAbout Thermal Energy International Inc.Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy's proprietary and proven solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations while delivering a high return on investment with a short, compelling payback. Thermal Energy is a fully accredited professional engineering firm with engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices in Canada, UK, USA, Germany, Poland, and Italy. By providing a unique mix of proprietary products together with process, energy, and environmental engineering expertise, Thermal Energy can deliver unique, site-specific turnkey and custom engineered solutions with significant financial and environmental benefits for our customers.Thermal Energy's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit our investor website at https://investors-thermalenergy.com or company website at www.thermalenergy.com and follow us on Twitter at https://twitter.com/GoThermalEnergy. # # #Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/292646
Original: Thermal Energy International to Participate in TSX-Sponsored European Roadshow

Thermal Energy Wins $1 Million Turnkey Project --- Ninth with Global Nutrition CompanyFebruary 18, 2026 7:01 AM
NewsfileRecovered waste heat expected to provide $285 thousand in annual natural gas savings and reduce site-wide greenhouse gas emissions by 7%Ottawa, Ontario--(Newsfile Corp. - February 18, 2026) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, received an order for a turnkey heat recovery project worth approximately $1 million from a global nutrition company. The turnkey project will include adding one two-stage HeatSponge economizer to each of three natural gas fired boilers on site to recover waste heat from their exhausts. All figures are shown in CAD. "We're excited to receive more repeat business from this multinational food and beverage leader," said William Crossland, Thermal Energy CEO. "Not only is this our ninth turnkey project with this global client, but it is also our third consecutive HeatSponge turnkey project with them. This order reflects the strength of our long-standing partnership whereby we've been working to economically reduce the client's natural gas use and greenhouse gas emissions. Including this order, since 2019, we've done over $14.6 million in business with this customer and have at least partially penetrated 28 of their manufacturing sites across nine countries worldwide. This latest order further validates the value of our offering and the broader impact we deliver, underscoring the significant opportunity that remains as we continue supporting their global decarbonization efforts."This order, along with the seventh and eighth turnkey projects we announced with this client on November 5, 2025, stem from the strategy we communicated in September to develop and promote a streamlined HeatSponge turnkey solution, providing faster turnaround times and delivering strong returns on investment for our customers."This turnkey project is expected to be completed and revenue earned within 6 months. The Company expects the gross margin for this project to be in line with historical amounts for its turnkey projects. Thermal Energy's overall gross margins are available in its quarterly disclosure materials.Readers are encouraged to subscribe to TEI News to receive strategic news and updates directly to their inbox.For media enquiries contact:
Thermal Energy International Inc.
Canada: 613-723-6776
UK: +44 (0)117 917 2179
Marketing@thermalenergy.comFor investor enquiries:
William Crossland
President and CEO
Thermal Energy International Inc.
613-723-6776
Investors@thermalenergy.com Notes to editorsAbout Thermal Energy International Inc.Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy's proprietary and proven solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations while delivering a high return on investment with a short, compelling payback. Thermal Energy is a fully accredited professional engineering firm with engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices in Canada, UK, USA, Germany, Poland, and Italy. By providing a unique mix of proprietary products together with process, energy, and environmental engineering expertise, Thermal Energy can deliver unique, site-specific turnkey and custom engineered solutions with significant financial and environmental benefits for our customers.Thermal Energy's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit our investor website at https://investors-thermalenergy.com or company website at www.thermalenergy.com and follow us on X at https://x.com/GoThermalEnergy.Cautionary Statements This press release contains forward-looking statements relating to, and amongst other things, based on management's expectations, estimates and projections, the anticipated effectiveness of the Company's products and services, the timing of revenues to be received by the Company, the expectation that orders in backlog will become revenue, the anticipated benefits of the Company's current efforts at training and business improvement efforts, opportunities for growth, the Company's belief that it can capitalize on opportunities, the size of markets and opportunities open to the Company. Information as to the amount of heat recovered, energy savings and payback period associated with Thermal Energy International's products are based on the Company's own testing and average customer results to date. Statements relating to the expected installation and revenue recognition for projects, statements about the anticipated effectiveness and lifespan of the Company's products, statements about the expected environmental effects and cost savings associated with the Company's products and statements about the Company's ability to cross-sell its products and sell to more sites are forward looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, some of which are outside of the Company's control, could cause events and results to differ materially from those stated. Fulfilment of orders, installation of product and activation of product could all be delayed for a number of reasons, some of which are outside of the Company's control, which would result in anticipated revenues from such projects being delayed or in the most serious cases eliminated. Actions taken by the Company's customers and factors inherent in the customer's facilities but not anticipated by the Company can have a negative impact on the expected effectiveness and lifespan of the Company's products and on the expected environmental effects and cost savings expected from the Company's products. Any customer's willingness to purchase additional products from the Company and whether orders in the Company's backlog as described above will turn into revenue is dependent on many factors, some of which are outside of the Company's control, including but not limited to the customer's perceived needs and the continuing financial viability of the customer. The Company disclaims any obligation to publicly update or revise any such statements except as required by law. Readers are referred to the risk factors associated with the Company's business as described in the Company's most recent Management's Discussion and Analysis available at www.sedarplus.ca. # # #Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284239
Original: Thermal Energy Wins $1 Million Turnkey Project --- Ninth with Global Nutrition Company

Thermal Energy Achieves Record Revenue and Improved Profitability in Second QuarterJanuary 27, 2026 12:01 PM
NewsfileQuarterly adjusted EBITDA more than tripled year-over-yearOttawa, Ontario--(Newsfile Corp. - January 27, 2026) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, today reported its financial results for the second quarter ended November 30, 2025. All figures are in Canadian dollars.Q2 2026 Highlights:
(Compared to Q2 2025)Revenue increased more than 18% to a record $10.2 million Adjusted EBITDAi increased 202% to $814 thousandNet income increased 2,133% to $618 thousandCash position of $2.0 million and working capital of $3.4 million at quarter endRepaid $130 thousand on bank term loan; balance negligible as at January 26, 2026Order backlogii at quarter end increased 16% to $15.0 millionOrder backlog as at January 26, 2026, was $21.5 millionOverview"This was an excellent quarter, marked by all-time high revenue and gross profit, as well as a threefold increase in adjusted EBITDA," said William Crossland, Thermal Energy CEO. "The big story was the dedication and execution of our engineers, who delivered sooner than expected on some of our turnkey projects to achieve record quarterly heat recovery revenue and record quarterly revenue overall."Meanwhile, our order backlog is up significantly year-over-year, powered by increased demand for our proven solutions, including unprecedented HeatSponge order intake in the quarter and year-to-date. Historically, HeatSponge sales were sourced primarily from a network of independent manufacturers' representatives, or 'IMRs.' What's especially exciting is that the surge in HeatSponge orders isn't just coming from IMRs. It's being driven by our own sales team successfully targeting larger, more strategic opportunities. Their efforts are expanding the reach of this excellent product line and reinforcing our confidence in the long-term trajectory of the business."Finally, we have a strong balance sheet and are essentially free of bank debt after repaying $130 thousand on our term loan during the quarter. We are well-positioned for the remainder of the fiscal year and have lots of flexibility for executing our growth plans."Summary Financial ResultsIn thousand except % data
Three months
ended
Nov. 30, 2025
Three months
ended
Nov. 30, 2024
Six months
ended
Nov. 30, 2025
Six months
ended
Nov. 30, 2024Revenue$10,188$8,671$17,038$17,140Gross profit$4,007$2,873$7,197$6,398Gross margin
39%
33%
42%
37%Operating expenses$3,249$2,643$6,121$5,722Net income $618$28$784$337Adjusted EBITDAiii$814$270$1,165$822Cash position $2,006$2,823$2,006$2,823Working capital $3,440$3,688$3,440$3,688Orders received$5,922$7,268$17,780$10,069Order backlogiv  as of November 30 $14,960$12,940$14,960$12,940 Financial Review for the Second Quarter Ended November 30, 2025Second quarter revenue grew over 17% year-over-year to a record $10.2 million. The increase was mainly due to increased revenues from heat recovery projects and GEM. Gross profit increased to a record $4.0 million, mainly due to increased revenues from both heat recovery projects and GEM.Operating expenses increased by $605 thousand mainly due to one-time costs incurred in the quarter, including a $150 thousand restoration cost recognized for a leased space, a group incentive accrual of $200 thousand, and an investment in website design and digital scoping tool of $90 thousand. In addition, the salary and benefit costs were $110 thousand higher because less salary costs were charged to project costs under cost of goods sold in the second quarter this year compared to prior year.Adjusted EBITDA increased 202% to $814 thousand and net income increased 2,133% to $618 thousand, compared to $270 thousand and $28 thousand respectively in the second quarter a year earlier. At the end of November, cash and working capital balances were approximately $2.0 million and $3.4 million, respectively.Financial Review for the Six Months Ended November 30, 2025For the six months ended November 30, 2025, revenue decreased by $103 thousand. The decrease was mainly caused by decreased revenues from heat recovery projects, which were partially offset by higher revenues from GEM. Gross profit increased by $799 thousand because of the change in product mix and the improved margin on heat recovery projects.Operating expenses increased by $398 thousand. The higher amount included a $150 thousand one-time restoration cost accrued for a leased space, an increase in group incentive cost of $140 thousand, $90 thousand invested in website design and data scoping tool, and $120 thousand in general inflationary cost increases. In addition, salary expenses increased because $94 thousand less salary costs were charged to project costs under cost of goods sold compared to prior year. Salary charged to projects is based on chargeable hours. The increase in operating expenses was offset by the increase in foreign exchange gains of $209 thousand compared to the first six months of last year.Business Outlook and Order SummaryOrders received ("Order Intake") during the second quarter totalled $5.9 million, bringing the year-to-date total to $17.8 million. The Company ended the quarter with an order backlog of $15.0 million, up 16% from the $12.9 million at the end of the same quarter in the prior year.The Company also received $6.5 million in new orders subsequent to quarter end, bringing the current order backlog to $21.5 million as of January 26, 2026. A list and description of recent order highlights is available on page 16 to 18 of the Management's Discussion and Analysis filed today.Full financial results including Management's Discussion and Analysis and accompanying notes to the financial results are available on www.sedarplus.ca and investors-thermalenergy.com/en/financial-overview.Notice of Earnings Call and WebcastManagement of Thermal Energy will host an earnings call and webcast today, January 27, at 8:30 am ET. A question-and-answer session will follow management's prepared remarks, at which time qualified equity analysts will be able to submit questions via the webcast.The live webcast will be available at https://tinyurl.com/TMG2026Q2. You may join the webcast via MS Teams on your computer, mobile app or room device. Please join the webcast approximately 15 minutes prior to the earnings call to ensure adequate time for registration and admittance to the webcast.For more information, including dial-in information (audio only), refer to the Company's press release from January 21, 2026. Readers are encouraged to subscribe to TEI News to receive strategic news and updates directly to their inbox.ENDSFor media enquiries contact:For investor enquiries: Thermal Energy International Inc.William Crossland Canada: 613-723-6776President and CEO UK: +44 (0)117 917 2179Thermal Energy International Inc. Marketing@thermalenergy.com613-723-6776 
Investors@thermalenergy.com  Notes to editorsAbout Thermal Energy International Inc.Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy's proprietary and proven solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations while delivering a high return on investment with a short, compelling payback. Thermal Energy is a fully accredited professional engineering firm with engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices in Canada, UK, USA, Germany, Poland, France, and Italy. By providing a unique mix of proprietary products together with process, energy, and environmental engineering expertise, Thermal Energy can deliver unique, site-specific turnkey and custom engineered solutions with significant financial and environmental benefits for our customers.Thermal Energy's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit our investor website at https://investors-thermalenergy.com or company website at www.thermalenergy.com and follow us on Twitter at https://twitter.com/GoThermalEnergy.Forward-Looking StatementsThis press release contains forward-looking statements relating to, and amongst other things, based on management's expectations, estimates and projections, the anticipated effectiveness of the Company's products and services, the timing of revenues to be received by the Company, the expectation that orders in backlog will become revenue, the anticipated benefits of the Company's current efforts at training and business improvement efforts, opportunities for growth, the Company's belief that it can capitalize on opportunities, the size of markets and opportunities open to the Company and the impact of investments that the Company has made on the Company's ability to scale. Information as to the amount of heat recovered, energy savings and payback period associated with Thermal Energy International's products are based on the Company's own testing and average customer results to date. Statements relating to the expected installation and revenue recognition for projects, statements about the anticipated effectiveness and lifespan of the Company's products, statements about the expected environmental effects and cost savings associated with the Company's products and statements about the Company's ability to cross-sell its products and sell to more sites are forward-looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, some of which are outside of the Company's control, could cause events and results to differ materially from those stated. Fulfilment of orders, installation of product and activation of product could all be delayed for a number of reasons, some of which are outside of the Company's control, which would result in anticipated revenues from such projects being delayed or in the most serious cases eliminated. Actions taken by the Company's customers and factors inherent in the customer's facilities but not anticipated by the Company can have a negative impact on the expected effectiveness and lifespan of the Company's products and on the expected environmental effects and cost savings expected from the Company's products. Any customer's willingness to purchase additional products from the Company and whether orders in the Company's backlog as described above will turn into revenue is dependent on many factors, some of which are outside of the Company's control, including but not limited to the customer's perceived needs and the continuing financial viability of the customer. Volatility with respect to tariffs and trade regulation may continue and may impact the Company in ways not currently anticipated. The Company disclaims any obligation to publicly update or revise any such statements except as required by law. Readers are referred to the risk factors associated with the Company's business as described in the Company's most recent Management's Discussion and Analysis available at www.sedarplus.ca. Non-IFRS Financial MeasuresThe Company believes the following non-IFRS financial measures provide useful information to both management and investors to better understand the financial performance and financial position of the Company.EBITDA and Adjusted EBITDAManagement believes that EBITDA (earnings before interest, taxation, depreciation and amortization) and Adjusted EBITDA (EBITDA plus share-based compensation expense) are useful performance measures. The Adjusted EBITDA approximates cash generated from operations, before tax, capital expenditures and changes in working capital. Adjusted EBITDA also assists comparison among companies as it eliminates the differences in earnings due to how a company is financed. EBITDA and Adjusted EBITDA do not have a standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures presented by other companies. There is no direct comparable IFRS measure for EBITDA or Adjusted EBITDA.A reconciliation of net income to EBITDA and Adjusted EBITDA is shown below.
Three months ended
Six months ended

Nov 30, 2025
$
Nov 30, 2024
$
Nov 30, 2025
$
Nov 30, 2024
$
Total net income attributable to owners of the parent578,393
12,978
725,139
291,268
Total net income attributable to non-controlling interest39,529
14,694
58,505
45,876
Interest charge29,727
78,151
60,957
165,446
Interest revenue(4,836)(12,739)(10,757)(43,938)Income tax expense37,832
16,669
57,137
35,011
Depreciation and amortization72,148
94,687
150,352
198,112
EBITDA752,793
204,440
1,041,333
691,775
Share based compensation61,638
65,306
123,276
130,612
Adjusted EBITDA814,431
269,746
1,164,609
822,387
 Order BacklogOrder backlog is a useful performance measure that Management uses as an indicator of the short-term future revenue of our Company resulting from already recognized orders. The Company includes in "order backlog" any purchase orders that have been received by the Company but have not yet been reflected as revenue in the Company's published financial statements. It is important to note that once an order or partial order is recorded as revenue, the order backlog is reduced by the amount of the newly reported revenue. Order backlog does not have a standardized meaning prescribed by International Financial Reporting Standards and therefore may not be comparable to similar measures presented by other companies.For additional details on non-IFRS financial measures, please refer to the Company's most recent Management's Discussion and Analysis available at www.sedarplus.ca for more details about these non-IFRS financial measures.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.i Adjusted EBITDA represents earnings before interest, taxation, depreciation, amortization, and share-based compensation expense. See note below about non-IFRS measures.
ii Order backlog represents any purchase orders that have been received by the Company but have not yet been reflected as revenue in the Company's published financial statements. See note below about non-IFRS measures.
iii Adjusted EBITDA represents earnings before interest, taxation, depreciation, amortization, and share-based compensation expense. See note below about non-IFRS measures.
iv Order backlog represents any purchase orders that have been received by the Company but have not yet been reflected as revenue in the Company's published financial statements.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281752
Original: Thermal Energy Achieves Record Revenue and Improved Profitability in Second Quarter

Thermal Energy International Reports 71% Revenue Growth and Improved Profitability in Second Quarter
01/25/2024 7:01:00 AM

The stock market is a mystery to me. Why is this going down with results like this? A penny stock that's making a profit and nobody wants it?


Turn-Key Projects and Custom Equipment businesses up significantly year-over-year


Ottawa, Ontario--(Newsfile Corp. - January 25, 2024) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, today reported its financial results for the second quarter ended November 30, 2023. All figures are in Canadian dollars.


Highlights:



Revenue: $7.1 million, a 71% increase from the same quarter last year

Gross profit: $3.5 million, a 97% increase from the same quarter last year

EBITDAi: $830 thousand compared to a loss of $28 thousand in the second quarter of last year

Net income: $486 thousand compared to a loss of $266 thousand in the same quarter last year

Order intake: $12.8 million for the quarter and $22.2 million for fiscal 2024 year-to-date (as at January 23, 2024)

Order backlogii: $17.5 million as at Nov 30, 2023 and $23.6 million as at January 23, 2024

Thermal Energy Subsidiary Receives Purchase Order for 8 Boiler Economizers 01/10/2024
Thermal Energy International Inc., a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, today announced that its wholly owned subsidiary, Boilerroom Equipment, Inc., has received a purchase order valued at approximately $540,000 from a Fortune 500 food processing and commodities...(Newsfile Corp)

Company's order intake up 130% in fiscal 2023


Ottawa, Ontario--(Newsfile Corp. - September 27, 2023) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, today reported its financial results for the fourth quarter and year ended May 31, 2023. All figures are in Canadian dollars.


Highlights:



Revenue: $21.1 million for the year and $8.2 million for the quarter, a 84% increase compared to the same quarter last year

EBITDAi: $1.7 million for the year and $1.2 million for the quarter, a 476% increase compared the same quarter last year

Net income: $720 thousand for the year and $971 thousand for the quarter

Order intake: $27.3 million for the year and $5.2 million for the quarter

Order backlogii: $13 million as at May 31, 2023 and $21.4 million as at September 26, 2023

LOVE THE BACKLOG...Order backlog: $13 million as at May 31, 2023 and $21.4 million as at September 26, 2023

MASSIVE GROWTH...Revenue: $21.1 million for the year and $8.2 million for the quarter, a 84% increase compared to the same quarter last year
EBITDAi: $1.7 million for the year and $1.2 million for the quarter, a 476% increase compared the same quarter last year
Net income: $720 thousand for the year and $971 thousand for the quarter
Order intake: $27.3 million for the year and $5.2 million for the quarter
Order backlogii: $13 million as at May 31, 2023 and $21.4 million as at September 26, 2023

TMG.V/TMGEF...NEXT GROWTH STOCK...AMAZING!!!