Thermal Energy International publishes fiscal 2026 audited financial statements report

• Thermal Energy International audit report covered fiscal 2026 financial statements for the year ended May 31, 2026, issued by Welch LLP.
• Auditor delivered an unmodified opinion, concluding the consolidated financial statements present fairly under IFRS.
• Key audit matter focused on revenue recognition for fixed-price heat recovery projects, including management’s estimates of costs to complete.
• Welch highlighted estimation uncertainty in future labor, subcontractor, materials assumptions, which can shift the timing and amount of revenue recognized.
• Prior-year audit was performed by another auditor, which issued an unmodified opinion dated Sept. 22, 2025.

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