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Thermal Energy revenue up 92% in Q3

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Published on May 1, 2012; Published on May 1, 2012
OBJ Staff

Revenues for Thermal Energy rose 92 per cent to $3.6 million year-over-year, the firm said in third-quarter results released late Monday.

Topics :: North America , Europe

The company also lessened its net loss to $31,854, compared to $53,611 in Q3 2011.

"The growth in our revenue and our strong backlog of orders clearly demonstrate that our sales and marketing efforts across North America and Europe are paying off," stated CEO William Crossland.

"Our current focus is to drive sales from existing product lines, and we have recruited additional sales and marketing resources to facilitate this growth. The market place and our clients are recognizing the energy saving and emission reducing benefit our products offer and this is resonating into increased sales to new and existing customers."

The Ottawa-based clean tech company's backlog as of Feb. 29 was $2.9 million, compared with $1.6 million last year. Additionally, by April 30 Thermal Energy had $4.4 million in purchase orders that wasn't yet reflected as revenue.

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