Revenues fell by the same amount, dropping from $1.4 million to $900,000 in the three months ending Aug. 31.
Company president and CEO William Crossland said the decline in revenues was expected due to the timing of several “key” corporate sales, the wind down of several large projects and the temporary delay of several installations.
In a statement, Mr. Crossland highlighted the expansion of Thermal’s in-house sales and marketing team from eight to 15 people as well as the training of more than 175 independent sales agents employed by its distributor partners.
“We believe the investments made, and which we continue to make, in our sales and distribution capabilities have strengthened the company’s long term growth prospects,” he stated.
The company’s flagship products include heat recovery technology and other systems that reduce energy use and emissions.