Thermal Energy International (TSX-V: TMG) (OTCQB: TMGEF) reported Q4 revenue growth of 84% and fiscal 2023 year end results that included record gross profit, order intake and value of project development agreements. Order backlog as at September 26, 2023 = 101% of fiscal 2023 full-year revenue.

1. Q4 Revenue Growth of 84% Caps Banner Year
Q4 2023 (ended May 31, 2023)
FY 2023 (ended May 31, 2023)
Revenue
increased 84%
to $8,207
Gross profit
increased 101%
to $3,832
EBITDA1
increased 476%
to $1,170
New record New record 3rd best
FY21 FY22 FY23
Revenue
$21,092
$15,909
$15,349
Gross profit
increased 42%
to $9,569
New record
EBITDA
of $1,728
(vs loss of $2,486)
2nd best
i EBITDA is a non-IFRS financial measure that represents earnings before interest, taxation, depreciation, amortization, impairment of intangible assets, and share-
based compensation expense.
+133%
Growth in order
intake to a record
$27,259
+165%
Growth in value of
project development
agreements
FY 2023 (ended May 31, 2023)
(all $ amounts in 000’s)