Thermal Energy International management attributes Q1 2027 revenue decline to project delays, GEM shipment timing

• Thermal Energy International management commentary reported a CAD 272,398 net loss for fiscal Q1 2027, ended August 31, 2026.
• Revenue fell 9.2% to CAD 6.22 million, partly reflecting slower heat recovery projects due to customer site-readiness issues.
• Lower GEM revenue reflected shipment timing; two orders dispatched before quarter-end could not be recognized until delivery to customer sites.
• Operating expenses rose 9.9% to CAD 3.15 million, driven by unfavorable foreign exchange, salary allocation changes and inflation.
• Adjusted EBITDA turned negative at CAD 79,930 versus positive CAD 350,178 a year earlier, primarily reflecting lower pretax earnings.

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