Thermal Energy reaches record annual revenue of $21.9mn in 2025

Thermal Energy International Inc. reported record annual revenue of $21.9mn for the fiscal year ended May 31, 2025, marking a 15% increase compared with the previous year. This growth was driven by strong performance in heat recovery projects, despite lower revenues from GEM (energy efficiency condensate return systems). In the fourth quarter, revenue fell 9.3% to $5mn, but the gross margin improved to 53.9%, compared with 41% for the full year.