Thermal Energy International Inc. announced its fiscal 2026 results, highlighting record order intake and improved profitability. Annual revenue reached CAD 33.9 million, up 13% compared with fiscal 2025 and 59% above the level three years earlier. Fourth‑quarter revenue was CAD 7.1 million, a 4% increase year‑over-year.
Gross profit for the full year amounted to CAD 14.2 million, representing a margin of 42.38%. Net income rose to CAD 1.34 million, an 86% increase since fiscal 2023. Adjusted EBITDA totaled CAD 1.9 million for the year, roughly CAD 0.8 million higher than the prior year; excluding a one‑time employer obligation adjustment of CAD 149,000, adjusted EBITDA reached a record CAD 2.1 million. In the fourth quarter, adjusted EBITDA was CAD 247,000, down 38% from the same period a year ago.
Operating cash flow accumulated to CAD 7.3 million over the last four years, while cumulative net income over the same span was CAD 3.2 million. Bank debt stood at under CAD 2,000 at year‑end after the company repaid more than CAD 3 million of loans in recent years, including over CAD 300,000 in fiscal 2026.
The firm repurchased approximately 3.6 million shares for about CAD 500,000. Order intake for fiscal 2026 rose to roughly CAD 30 million, the highest ever recorded for a fiscal year. The order backlog ended the year at CAD 11.8 million and grew to CAD 19 million after an additional CAD 7 million in orders received post‑year‑end.
Key customer activity included a global pharmaceutical leader placing CAD 5.1 million of orders in fiscal 2026, following an initial CAD 500,000 engineering project in 2025. A global nutrition company ordered its seventh, eighth and ninth turnkey heat recovery projects during the year, generating about CAD 2.5 million of order intake, and in August 2026 added three more orders worth CAD 2.1 million for fiscal 2027. Cumulative business with this nutrition client since 2019 exceeds CAD 16.8 million across 28 sites in nine countries.
Simplified HeatSponge turnkey orders totaled around CAD 5 million in fiscal 2026, comprising two projects with a multinational building materials firm and three with the nutrition company.
The company’s shares closed at CAD 0.17, up 6.25% from the previous close of CAD 0.16, giving it a market capitalization of CAD 33.67 million. Other metrics cited include a current ratio of 1.16, a beta of 2.06, a six‑month return of 37.84% and an InvestingPro financial health score of 2.76 out of 5.
