Q1 NEWS: Thermal Energy Reports Q1 Financial Results; Revenue Growth of 118%
October 22, 2015
This afternoon Thermal Energy reported its financial results for the first quarter ended August 31, 2015.
Highlights included:
- Revenue increased 118% to $2.6 million;
- Gross profit increased 56.5% to $1.1 million;
- Net loss narrowed to $453 thousand;
- Adjusted operating cash flow was negative $336 thousand compared to negative $473 thousand a year ago;
- Net cash at the end of the quarter was $659 thousand;
- The Company had an order backlog of approximately $3.7 million as at October 22, 2015 compared to $3.0 million a year earlier.