Northwire Canada EditionFriday, October 16, 2026
Sign inSubscribe
Northwire
⌕
GOLD 4170.10 +1.5% SILVER 57.16 +2.3% COPPER 6.56 −1.5% OIL 97.97 +3.0% PALLADIUM 1136.00 +3.6% LUN 32.91 +0.6% DLP 0.290 −3.3% VCV 0.065 −13.3% GG 2.89 +1.4% NBLC 0.015 +0.0% SF 0.300 −4.8% ATY 0.215 +2.4% GHL 0.060 −7.7% STND 0.060 −7.7% B 0.550 −3.5% HBM 34.33 −0.5% NTR 98.77 −0.7% SGZ 0.035 +0.0% MKA 0.670 +0.0% LXM 0.175 −18.6% CLCH 1.08 −1.8% GOLD 4170.10 +1.5% SILVER 57.16 +2.3% COPPER 6.56 −1.5% OIL 97.97 +3.0% PALLADIUM 1136.00 +3.6% LUN 32.91 +0.6% DLP 0.290 −3.3% VCV 0.065 −13.3% GG 2.89 +1.4% NBLC 0.015 +0.0% SF 0.300 −4.8% ATY 0.215 +2.4% GHL 0.060 −7.7% STND 0.060 −7.7% B 0.550 −3.5% HBM 34.33 −0.5% NTR 98.77 −0.7% SGZ 0.035 +0.0% MKA 0.670 +0.0% LXM 0.175 −18.6% CLCH 1.08 −1.8%
Earnings

Thermal Energy Achieves Record Revenue and Improved Profitability in Second Quarter

By The Northwire Desk — AI Analysis Jan 27, 2026 · 07:03 TMG · 0.145 Thermal Energy International Inc.
TMG · Price

Executive Summary

  • Thermal Energy International reported record Q2 2025 revenue of $10.2 M, up >18% YoY, and a three‑fold increase in Adjusted EBITDA to $814 K.
  • Net income surged 2,133% to $618 K, while the company eliminated virtually all bank debt by repaying its term loan.
  • Order backlog grew to $21.5 M as of Jan 26 2026, reflecting strong demand for HeatSponge and other heat‑recovery solutions.

Key Details

  • Revenue: $10,188 K (Q2 2025) vs. $8,671 K (Q2 2024), +18% YoY – record level.
  • Gross Profit: $4,007 K, gross margin 39% (up from 33%).
  • Adjusted EBITDA: $814 K, up 202% YoY (from $270 K).
  • Net Income: $618 K, up 2,133% YoY (from $28 K).
  • Cash & Working Capital: Cash $2.0 M; working capital $3.44 M at quarter end.
  • Debt Repayment: Term loan reduced by $130 K; balance negligible as of Jan 26 2026.
  • Order Backlog: $15.0 M at quarter‑end (up 16% YoY); increased to $21.5 M after post‑quarter orders.
  • Orders Received in Quarter: $5.9 M, bringing YTD total to $17.8 M.
  • Operating Expenses: $3.249 M (+$605 K YoY) – includes one‑time restoration cost ($150 K), group incentive accrual ($200 K), website/design investment ($90 K), and higher salary/benefit costs.
  • Six‑Month Highlights: Revenue down $103 K vs. prior year; gross profit up $799 K due to product mix shift and improved heat‑recovery margins.
  • Management Commentary: CEO William Crossland highlighted record revenue, strong HeatSponge demand, and a debt‑free balance sheet providing flexibility for growth.

Notable Quotes

“This was an excellent quarter, marked by all‑time high revenue and gross profit, as well as a threefold increase in adjusted EBITDA,” – William Crossland, President & CEO.

The release also announced an earnings call/webcast scheduled for Jan 27, 2026 at 8:30 am ET.

Read the original news release →

More from Thermal Energy International Inc.

Apr 28, 2026 · 07:02

Thermal Energy International Posts Record Q3 Revenue as Profitability Turnaround Solidifies

Earnings Apr 15, 2026 · 07:05

Thermal Energy International Eyes European Capital as Debt-Free Growth Accelerates

Other Feb 18, 2026 · 17:22

Thermal Energy receives $1-million HeatSponge order

Production / Operations Feb 18, 2026 · 07:02

Thermal Energy Wins $1 Million Turnkey Project --- Ninth with Global Nutrition Company

Other Jan 21, 2026 · 07:03

Thermal Energy International to Announce Second Quarter Results on January 27, 2026

Earnings Dec 17, 2025 · 16:54

Thermal Energy receives $1.5-million order

Other