Thermal Energy's First Quarter Highlighted by Record Q1 Order Intake and Higher Order Backlog

Executive Summary

• Order intake surged 323% YoY to C$11.9 M, driving a 37% increase in order backlog to C$18.5 M (C$20.8 M as of Oct 27, 2025).
• Revenue fell 19% YoY to C$6.9 M but remained 32% above Q1 2024 and 119% above Q1 2023; the company stayed profitable with Adjusted EBITDA of C$350 k and net income of C$166 k.
• The firm repaid C$130 k of long‑term debt, leaving a balance of C$200 k, and maintains strong cash (C$4.3 M) and working capital (C$2.7 M).

Key Details

• Order Intake: C$11.858 M in Q1 2025 (record high for any first quarter).
• Order Backlog: C$18.506 M at 31 Aug 2025; increased to C$20.8 M by 27 Oct 2025 after post‑quarter orders.
• Revenue: C$6,850 k (down 19% YoY).
• Gross Profit: C$3,189 k; gross margin improved to 47% from 42% YoY.
• Operating Expenses: C$2,872 k (down C$207 k YoY).
• Adjusted EBITDA: C$350 k (vs. C$553 k YoY).
• Net Income: C$166 k (vs. C$309 k YoY).
• Cash Position: C$4,289 k; Working Capital: C$2,743 k.
• Debt Repayment: Additional C$130 k long‑term debt repaid; remaining balance C$200 k.
• R&D Expense: Up C$45 k YoY due to increased activity.
• Future Revenue Outlook: Majority of Q1 orders expected to be recognized in H2 2025, indicating stronger revenue profile for fiscal 2026.

Notable Quotes

“Our order intake was the highest amount ever achieved in our fiscal first quarter period… With our growing order backlog and strong balance sheet, we are well positioned for both the balance of the fiscal year and our future growth.” – William Crossland, CEO

The release includes full financial tables, non‑IFRS measure explanations, and forward‑looking statements; these have been omitted for brevity.