This slide deck provides an overview of Thermal Energy International's (TSX-V: TMG) 2021 fiscal year Q1 financial results.

1. An Innovative Technology Company Providing Custom Energy and Emission Reduction Solutions
TSX-V: TMG | enq@thermalenergy.com | www.thermalenergy.com
Q1 FY2021 Review and Update
Last-twelve-months for the first quarter ending August 31, 2020

2. Forward-looking statements
This presentation includes “forward-looking information”. For example, statements about the opportunities for repeat business; the possibility or expectation of
additional orders; growth in existing markets; entry into new markets; order backlog; introduction of new products and services; establishment and growth of
new distribution channels; growth opportunities and strategies; conversion of existing orders into revenues; are all forward looking information. Such forward
looking information reflects Thermal Energy International’s (“TEI”) current expectations with respect to future events and are based on information currently
available to management. Forward-looking information involves significant known and unknown risks, uncertainties and assumptions. For example, existing and
new customers may not place orders for any number of reasons; fulfilment of orders, installation of product and activation of product could all be delayed for a
number of reasons, some of which are outside of TEI’s control, which would result in anticipated revenues from such projects being delayed or in the most serious
cases eliminated; TEI may not be successful in identifying and developing new products and our new or existing products may not result in new orders or gain
acceptance in new geographical or industrial markets; we may not be successful in establishing new distribution channels or such new channels may not be
successful; our growth strategies may not be successful or result in the anticipated growth and orders received by TEI may not turn into revenue in the time frame
anticipated, or at all, due to many factors, some of which are outside of TEI’s control, including but not limited to TEI’s ability to deliver products on time and in
accordance with specifications and the continuing financial viability of the customer. Readers are also referred to the risk factors outlined in our management’s
discussion and analysis available at www.SEDAR.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the
forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking
informationcontainedinthispresentation.
Readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this presentation and TEI does
not assume any obligation to update or revise it to reflect new events or circumstances,except as required by law.
The term “EBITDA” as used in this presentation is not a recognized measure under IFRS, does not have a standardized meaning prescribed by IFRS and is therefore
unlikely to be comparable to similar measures presented by other companies. This measure is provided as additional information to complement IFRS measures
by providing further understanding of the Company’s results of operations from management’s perspective and should not be considered in isolation nor as a
substitute for analysis of our financial information reported under IFRS. Please refer to our management’s discussion and analysis for the applicable period for a
reconciliation of EBITDAto Net income (loss), the closest IFRS measure.
www.thermalenergy.com | 2

3. Revenue
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$6.8
$12.4 $13.2
$17.4
$21.1 $21.4
$19.3
0
5
10
15
20
25
FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 LTM
• 31% CAGR prior to COVID-19 global
pandemic being declared in March 2020
• FY2020 (May 31) revenue still up despite
COVID-19 global pandemic
• LTM revenue impacted by six months of
COVID-19 global pandemic
($ millions)
Annual and last twelve months for the first quarter ending August 31, 2020

4. Gross profit
Annual and last twelve months for the first quarter ending August 31, 2020
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• Last twelve months (LTM) gross profit
impacted by COVID-19 global pandemic
• LTM gross margin remained steady at 42%
$3.1
$5.8
$6.3
$6.9
$8.0
$9.0
$8.1
0
1
2
3
4
5
6
7
8
9
10
FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 LTM
($ millions)
46% 47% 48% 40% 38% 42% 42%
Gross margin

5. $5.4 $5.4 $5.6
$6.3
$8.2 $7.8 $7.5
0
1
2
3
4
5
6
7
8
9
FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 LTM
Operating expenses
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• FY2020 and LTM operating expenses down
due to:
• COVID-19 cost saving measures
implemented
• COVID-19 government wage subsidies
• Despite decreased revenue due to Covid-19,
as a percent revenue, FY2020 and LTM
operating expenses are less than FY2019
($ millions)
Annual and last twelve months for the first quarter ending August 31, 2020
79% 44% 43% 36% 39% 35% 38%
Percentage of revenue

6. EBITDA
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($ thousands)
• After record EBITDA for FY2020, LTM is
showing the impact of COVID-19
• Excluding the $1.3 million in strategic
growth-oriented investments made during
FY2018 & FY2019 EBITDA would have been:
• FY2018: $1.2 million
• FY2019: $0.9 million
Annual and last twelve months for the first quarter ending August 31, 2020
-$2,049
$564 $750 $617
$176
$1,921
$1,465
-3000
-2000
-1000
0
1000
2000
3000
FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 LTM

7. Net income
Annual and last twelve months for the first quarter ending August 31, 2020
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• FY2020 and LTM net loss impacted by
a $3.1 million non-cash write down of
goodwill and other intangible assets
• Excluding the $3.1 million in goodwill and
other intangible assets write-offs FY2020
and LTM net income would have been $1.2
million and $705 thousand respectively
-$2,155
$259 $393
$619
-$451
-$1,897
-$2,356
-3000
-2500
-2000
-1500
-1000
-500
0
500
1000
1500
FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 LTM
($ thousands)

8. Cash position
Year end and first quarter ending August 31, 2020
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$0.7
$1.1
$3.0
$3.3
$4.2
$4.8 $4.6
0.0
1.0
2.0
3.0
4.0
5.0
6.0
May.15 May.16 May.17 May.18 May.19 May.20 Aug.20
• Cash position remains strong and largely
unchanged
($ millions)

9. Working capital
Year end and first quarter ending August 31, 2020
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$0.5
$1.0
$1.4
$2.0 $2.0
$2.9
$3.7
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
May.15May.16May.17May.18May.19May.20 Aug.20
• Working capital position remains strong
• May 31, 2020 working capital was the
strongest it had been in over 10 years
• August 31, 2020 working capital further
benefited from a low interest government
backed COVID-19 working capital loan
($ millions)

10. Order Book
Order backlog as of reporting date
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$3.4
$7.8 $7.8
$9.3
$14.6
$9.6
0.000
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
Oct.15 Oct.16 Oct.17 Oct.18 Oct.19 Oct.20
• Order backlog has dropped since last year
due to COVID-19 but remains the second-
best October order backlog in company
history
• While order backlog is lower:
• Orders received for Q1 this year are
• 74% higher than Q4 last year and
• 43% higher than Q1 last year
• Orders received since the beginning of
this fiscal year (June 1) total $8.7
million and are 64% higher than the
same period last year
($ millions)

11. Q1 FY2020 Review and Update
First quarter ending August 31, 2020
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12. Revenue
First quarter
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• Revenue down due to COVID-19
$1.2
$2.6
$2.1
$3.1
$6.8
$5.0
$2.8
0
1
2
3
4
5
6
7
8
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19 Q1 20 Q1 21
($ millions)

13. Gross profit
First quarter
www.thermalenergy.com | 13
• Gross profit down due due to COVID-19
• Gross margin stable despite COVID-19
$0.7
$1.1
$1.5 $1.5
$2.2 $2.2
$1.3
0
0.5
1
1.5
2
2.5
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19 Q1 20 Q1 21
($ millions)
60% 43% 68% 49% 32% 44% 47%
Gross margin percentages

14. Operating expenses
First quarter
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$1.5 $1.5 $1.5
$1.7
$2.0
$1.8
$1.4
0
0.5
1
1.5
2
2.5
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19 Q1 20 Q1 21
($ millions)
125% 58% 68% 55% 30% 37% 51%
Percentage of revenue
• Operating expenses down due to:
• COVID-19 cost saving measures
implemented
• COVID-19 government wage subsidies

15. EBITDA
First quarter
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-$658
-$401
$3
-$186
-$51
$472
$15
-900
-700
-500
-300
-100
100
300
500
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19 Q1 20 Q1 21
($ millions)
• EBITDA still positive despite COVID-19

16. Net income
First quarter
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-$668
-$453
-$80
-$181
-$49
$241
-$218
-800
-700
-600
-500
-400
-300
-200
-100
0
100
200
300
Q1 15 Q1 16 Q1 17 Q1 18 Q1 19 Q1 20 Q1 21
($ millions)
• Net income down due to COVID-19

17. An Innovative Technology Company Providing Custom Energy and Emission Reduction Solutions
TSX-V: TMG | enq@thermalenergy.com | www.thermalenergy.com
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