Mid-tier over-the-counter market consists mostly of early-stage companies.
Coming off a money-losing quarter in which its revenues fell significantly year-over-year, Ottawa cleantech firm Thermal Energy International closed the latest fiscal year with record-setting order
Ottawa cleantech firm reported revenues of $3.7 million for the three-month period ending Feb. 28, down from $5.8 million a year earlier.
Ottawa-based firm says new facility in Pennsylvania will help it meet growing demand for its technology that recycles wasted energy from boiler plant and steam operations.
Despite the steep drop in sales, the company still managed to boost its net profit to $580,000 from $385,000.
It’s the latest deal in what CEO William Crossland said is shaping up to be a big year for local cleantech firm.
Local cleantech firm reported record revenues of $21.4 million in fiscal 2019, up two per cent from a year earlier.
The firm said that despite nearly doubling its revenues in the third quarter, it’s now in a “period of uncertainty” as businesses around the world grapple with the COVID-19 crisis.
Fiscal 2020 is shaping up to be a banner year for Ottawa’s Thermal Energy International as the local cleantech company reports record revenues and profits so far this year
A sizeable order backlog and a strong bottom line put Ottawa-based Thermal Energy on solid footing in its first quarter of the fiscal year – despite a 27 per cent drop in revenue